Indonesia is working to establish itself as one of the top 10 economies in the world by 2045. A McKinsey report has predicted that approximately 90 million Indonesian citizens will join the consumer class by 2030 – a number higher than all emerging nations except China and India. In addition, government data indicates that Indonesia’s GDP is expected to grow…
The debt recovery process entails a lender sending out reminders, collecting payments, and, if necessary, initiating legal action against the party that defaults. Disputes will inevitably arise regarding the legal side of debt recovery. However, due to the overwhelming number of cases that are already on the docket, the traditional legal strategy of having cases resolved in court does not…
Businesses today are moving toward integrated, specialized, and intelligent strategies for effective customer engagement and retention. With the advent of Artificial Intelligence (AI), Natural Language Processing (NLP), and Robotic Process Automation (RPA), the banking and financial services industry is leveraging new possibilities in digital transformation. With 600 million smartphone users in India, and social media facilitating faster information exchange, powerful…
The demand for high-speed and seamless internet services is rising quickly across the nation as a result of India’s rapid foray into the digital transformation path, particularly in the financial services sector. According to a survey report, more than nine out of ten mobile phone users in India, complained about poor wireless connectivity, and two-thirds struggled with disrupted digital payments…
Over the past decade, the financial services sector has evolved tremendously, thanks to developments such as access to smartphones, internet penetration, simpler digital payments, data sharing, financial inclusion initiatives, and the rise of FinTechs. One resulting trend is the advent of new lending models that didn’t exist earlier. For instance, a person seeking a loan to pay for an expensive…
As per reports by the World Bank, emerging markets and developing countries are expected to bear a major economic brunt of the ongoing Russia-Ukraine war. Global energy prices and commodity prices have been pushed up by ongoing conflicts. Retail inflation in India grew by a mammoth 7.8 percent in April 2022. To address the rising costs, the Reserve Bank of…
As the world tries to return to a semblance of normalcy in a post-pandemic world, the lending industry is seeing some respite. A recent Moody’s report expects growth in bank loans to accelerate to 12-13% in FY 23 aided by increasing corporate earnings and easing of funding constraints for NBFCs. An Icra report predicts an 8.9-10.2 per cent growth for…
Introduction Debt Recovery Software is a process in which a loan goes unpaid continuously. To save the loan from becoming a bad loan or non-performing asset, the creditor hires a collection agency or a Debt Recovery Software, a third party that helps in the legal recovery of the loan. Loan Recovery Platform verifies every claim of creditors, and then a…