How Financial Services Can Leverage AI and Machine Learning in Application Development • October 29, 2024 - posted by Yogesh Bhagat
AI and machine learning technologies are profoundly impacting industries, including the financial services sector. Financial sector executives are applying AI-driven insights to transform how they work, think, and make decisions. According to Statista, the financial services sector invested $35 billion in AI technology in 2023. The 2024 report on the “State of AI in Financial […]
5 Benefits of Building Applications Using Microservices Architecture • October 22, 2024 - posted by Sankhadeep Chakraborty
Competing in challenging markets often requires businesses to stay nimble and agile in their customer experience delivery – be it for products or services. With the digital economy growing at an accelerated pace, it is natural for technology platforms to be the core of your business, on the consumer side as well as on the […]
Top 6 Challenges in Enterprise Application Modernization and How to Overcome Them • October 16, 2024 - posted by Debasis Mohanty
As digital technology continues to advance, legacy tools and applications cannot keep up with the fast pace of innovations and changing market requirements. The 2023 Foundry survey found that CIOs rate application modernization as their 3rd highest priority. Over 90% of CIOs believe that IT spending on modernization will grow – or at worse, stay […]
Managing Credit Card Dues – How Technology Has Made It Easier • September 30, 2024 - posted by Sankhadeep Chakraborty
In recent years, India has seen a massive increase in the issuance of credit cards. According to Statista, India recorded over 2.9 billion credit card transactions valued at ₹14 trillion in FY23. At the same time, there’s a rapid increase in credit card payment defaults. The credit card default amount was valued at ₹4,072 crores […]
Demystifying RBI’s Unified Lending Interface (ULI) Platform • September 23, 2024 - posted by Ashish Katkar
In the past decade, India has been a flag bearer globally for digital innovations in the financial sector. The Unified Payment Interface (UPI) initiative introduced for seamless digital payments has transitioned into the number one monetary transaction platform in the country. In just August of 2024, official records indicate that over 14.9 billion transactions took […]
Best Practices to Prevent Card Chargebacks • July 30, 2024 - posted by Debasis Mohanty
India is witnessing a massive surge in credit card usage. In March of 2024, the number of cards issued across the country crossed the milestone of 100 million for all banks and fintech companies combined. With the rising usage pattern, there is also an emerging trend of risks that card issuers, customers, as well as […]
Using Machine Learning to Predict and Reduce Delinquency for Card/Loan Portfolios • July 18, 2024 - posted by Yogesh Bhagat
Providing loans or credit is a fundamental business model of any financial institution with a banking license. The interest earned forms the major revenue component of their operations. However, things are not that easy when it comes to qualifying applicants for providing loans. Traditional underwriting approaches have truly lived their age and are almost incapable […]
Should the Payment Industry Be Worried About FraudGPT? • July 03, 2024 - posted by Sankhadeep Chakraborty
The digital age has ushered in a pervasive danger to the financial world known as FraudGPT: with the rapid advancement of artificial intelligence, cybercriminals have gained access to increasingly sophisticated tools. According to the 2024 AFP® Survey Report on Payments Fraud and Control, a staggering 80% of companies were targeted by fraudulent attacks or attempts […]
Credit Bureaus and Credit Scores in India: All That You Need to Know • June 25, 2024 - posted by Ashish Katkar
The significance of credit scores in India’s financial arena has witnessed a sharp incline, significantly affecting crucial aspects such as loan authorizations and interest rates. Despite its paramountcy, however, the majority of Indians are unacquainted with the mechanisms underlying credit bureaus and the variables that intrude on their credit scores. This blog aims to dispel […]
The Rise of Robo Advisors in Credit Card Management – A Perspective • June 07, 2024 - posted by Yogesh Bhagat
Today, credit cards have become a fundamental pillar of personal finance, especially in growing economies like India. In 2023 alone, 16.71 million new credit cards were issued in India and the total number of users almost hit the 100 million figure! However, as usage exploded, there were also concerns and challenges being raised. Indiscriminate spending, […]
How to Improve Customer Loyalty and Acquisition Using Embedded Finance? • June 03, 2024 - posted by Sankhadeep Chakraborty
In the contemporary realm, obtaining customer loyalty has become a formidable challenge. However, what if you could seamlessly integrate monetary instruments into your customer interactions, fostering profound involvement and alluring new users? Introducing embedded finance – a disruptive concept upending traditional methods of businesses’ engagement with their clients. Embedded finance is about adding financial services […]
Invisible Payments and the Rise of Frictionless Transactions • May 31, 2024 - posted by Debasis Mohanty
In the world of instant gratification, more consumers are gravitating towards frictionless transactions. A frictionless payment is any mode designed to be easy and quick for the paying customer. For instance, remember how payment gateways store your credit card information so that you can complete the transaction with a single click. According to this Forbes […]
Top GenAI Use Cases in Financial Services • April 30, 2024 - posted by Yogesh Bhagat
Long lines and frustrating paperwork at the bank are things of the past. Technology has empowered financial services companies to offer convenience and personalization without compromising on the human element. Generative AI, the new technology on the block, is more than a trendy term. It is unlocking a new era, an era that promises enhanced […]
Don’t Miss These 5 Software Testing Trends in 2024 • April 23, 2024 - posted by Sankhadeep Chakraborty
In today’s fast-paced digital world, software application development is happening at breakneck speed, pushing the need for software quality. Software testing is essential to guarantee the quality, usefulness, and safety of the applications being developed. Growing with the business needs, the software testing market size is expected to grow to a massive USD 90 billion […]
Card Payment Tokenization – What It Is and How It Works? • April 15, 2024 - posted by Ashish Katkar
Over the last decade, India has catapulted into a leadership position globally for its efforts to embrace digital payments across the nation. While UPI brought digital payments to the masses, the country’s rising middle class was also showing increased patronage of physical payment instruments like credit cards. Banks, Fintech companies, and even retail brands were […]
Is Virtual Credit Cards the Future of Credit Card Payments in India? • April 01, 2024 - posted by Debasis Mohanty
Digital payments have been on the rise in India since 2017. All such statistics indicate that the future of credit card payments and overall digital payments is on the rise. Technology has taken the digital payment setup one step ahead, and now the digital age is noticing something called virtual credit cards. The global virtual […]
How Banks Are Using AI to Tackle Traditional Barriers in Lending • March 28, 2024 - posted by Sankhadeep Chakraborty
In the last couple of decades, the banking sector has embarked upon a fundamental change in its approach to delivering services. They have transitioned from a model that puts their operational rigidity as the main focus area into one where the customer’s financial well-being is the priority. The explosive growth of self-service options across web […]
Why Automation and Digitalization of Lending Business is Future? • March 19, 2024 - posted by Ashish Katkar
Just like other industries, the wave of automation and digitalization is transforming the financial lending business also. The global pandemic only succeeded in accelerating this wave. The need for remote working and social distancing in the financial sector increased the shift towards automation and digitalization. The global lending industry faces a host of challenges like […]
Know Everything About Credit Card EMI: Do’s & Don’ts • February 28, 2024 - posted by Debasis Mohanty
The credit card market in India is very established and soaring in the contemporary time. As per reports, there were around 86 million credit cards active in India as of April 2023. The trend is going upward because a lot of banks and eCommerce websites are launching co-branded credit cards to attract customers based on […]
How to Use Payment Analytics to Grow Business? • February 26, 2024 - posted by Ashish Katkar
Be it through cash or any other mode, timely payments are essential to growing any business enterprise. In the modern age, companies are now accepting cashless forms of payment. At the global level, the volume of cashless payment transactions will reach 2.3 trillion by 2027. 30% of these transactions use payment methods like account-to-account transfers, […]
Let’s Understand the Different Types of Credit Cards • February 08, 2024 - posted by Sankhadeep Chakraborty
In 2022, around 73 million credit cards were issued in India, and this number is expected to grow to 200 million by 2026. With the various benefits and rewards that credit cards provide, their popularity has grown immensely in recent years. Many e-commerce companies typically give fantastic discounts when a transaction is made with a […]
What Is the Difference Between FinTech and RegTech? • January 29, 2024 - posted by Debasis Mohanty
Are you watching the battle for the future of finance? On one side, there are FinTechs and on the other one, we have RegTechs. FinTechs are transforming the way people manage their finances. RegTechs, acting as the guardians of compliance, are ensuring that innovation doesn’t trample over essential regulations. FinTech means companies using technology to […]
Will SoftPOS Set the Stage for the Next Phase in the Digital Payments Revolution? • January 24, 2024 - posted by Sankhadeep Chakraborty
How about the convenience of using your mobile phone as a digital payment terminal? This marks the next phase of digital payments in the form of SoftPOS. Short for Software Point-of-Sale, SoftPOS effectively enables retail merchants to run their business from any location without investing in expensive payment hardware. With smartphones equipped with near-field communication […]
B2B Payments – What Are the Trends in 2024? • January 11, 2024 - posted by Debasis Mohanty
In 2019, the global B2B payments market hit $732.4 billion, took a pandemic hit in 2020 at $868 million, only to bounce back impressively to $125 billion by the end of 2021. Yet, that’s not the end of the tale. Juniper Research projects an eye-popping leap, aiming for the global B2B payments industry to top […]
Important Trends Shaping the Credit Card Industry in 2024 • January 08, 2024 - posted by Sankhadeep Chakraborty
The credit card industry, with a global holder count of over 1.25 billion in 2023, is expanding and undergoing remarkable transformations. As we approach 2024, this sector continues its dynamic evolution on an impressive trajectory. Emerging technologies propel it along, and evolving consumer behaviors shape its course, all within the context of a changing regulatory […]
Let’s Explore the Connection Between Central Bank Digital Currencies and Financial Inclusion • January 08, 2024 - posted by Debasis Mohanty
According to the Reserve Bank of India (RBI), India’s financial inclusion index improved from 43.4 (in 2017) to 60.1 (in 2023). At the same time, the global financial inclusion (FI) index improved to 63.4 in 2023. Despite the recent progress, a significant portion of the world’s population remains excluded from the global financial system. According […]
How To Win in the Race of Hyper-Personalization in Credit Cards Business? • December 20, 2023 - posted by Ajay Wadbudhe
“There is a strong revenue and valuation argument to be made in favor of hyper-personalization,” stresses Deloitte in its Future of Retail Banking report. The consulting giant also dives deep into the personalization maturity curve, highlighting how it’s time for financial institutions to move from rule-based segmentation and leverage behavioral recommendations, omnichannel optimization, and predictive personalization to […]
Is RegTech a New Disruption in Financial Services Space? • December 20, 2023 - posted by Debasis Mohanty
The financial services sector has always attracted strict compliance regulations, and understandably so. For example, in 2017, the Guardian reported how the world’s biggest financial institutions, including Bank of America, JP Morgan, and Morgan Stanley, among others, were required to pay around £264 billion due to poor conduct. Today, with constantly evolving regulatory norms and the increasing […]
Payments Trends – What to Expect In 2024? • December 20, 2023 - posted by Ashish Katkar
Did you know that the total transaction value of the digital payment sector is expected to reach over $9 trillion by the end of 2023 and $14.78 trillion by 2027? These impressive figures clearly indicate the tremendous growth of the digital payment sector. From conventional cheque and cash payments to digital wallets and cryptocurrencies, the […]
Paying Rent Using Credit Card: Know Everything • December 12, 2023 - posted by Sankhadeep Chakraborty
India is undoubtedly one of the fastest-growing economies in the world. A major outcome of economic growth is the increased financial capacity of citizens. This paves the way for banks and financial institutions to offer more products and services. In recent years, credit cards have gained increased loyalty from Indians without any demographic restrictions. In […]
The Future of Credit and Digital Payments in Web3 • December 12, 2023 - posted by Debasis Mohanty
In recent years, digital or online payments have seen a rapid increase in the frequency and value of transactions. The global digital payments market is expected to increase from $96.19 billion in 2022 to $111.11 billion in 2023. In fact, Statista reports that the value of transactions through digital payments will reach $9.46 trillion by the end of this […]
What Should You Know About FedNow? • December 12, 2023 - posted by Ashish Katkar
In 2023, the Federal Reserve launched FedNow, a groundbreaking interbank payment system that offers instantaneous means for financial institutions to transfer funds within the United States. This article will outline the capabilities and advantages of FedNow, as well as everything you should know about it. What is FedNow? FedNow is an instant payment infrastructure developed […]
The Company Value of Being True to Ourselves and Others • December 12, 2023 - posted by Shruti Warke
In the age when trends like the Great Resignation are making headlines, it can be prudent to ask, “What makes people stick around”? More often than not, it is because employees believe that the organization remains true to its values and these values are conducive not only to organizational growth, but individual growth. The focus […]
How Does Credit Card EMI Work? • December 12, 2023 - posted by Ashish Sherlekar
Credit cards have become an inevitable part of today’s lifestyle. Yet, with the increasing complexity of available options, understanding the intricacies of credit card features can seem daunting. One such feature that often leaves cardholders perplexed but holds the potential to refashion their financial transactions is the “Credit Card EMI” — a mode of repaying […]
Demystifying Cross-Border Payments: Common Challenges and Solutions • December 12, 2023 - posted by Debasis Mohanty
According to the Bank of England, the global volume of cross-border payments is projected to surpass nearly 250 trillion in 2027. As the global economy becomes more interconnected, it is crucial to demystify the intricacies of cross-border payments and address the common challenges that arise. Traditional methods of conducting cross-border transactions often have limitations, such as high […]
What Is the National Common Mobility Card? • October 31, 2023 - posted by Debasis Mohanty
Powered by contactless technology, the National Common Mobility Card (or NCMC) is fast emerging as the default choice for cashless transactions among Indian commuters. Launched in 2019, NCMC enables travelers to access different modes of transport across the country. Currently, it is accepted in transport systems, including Delhi & Mumbai Metro rail, Mumbai’s BEST bus […]
Use Cases for Generative AI in Banking • October 03, 2023 - posted by Abhishek Mithal
The banking sector has demonstrated increased adoption of AI-powered technologies in the past few years. In fact, research suggests that AI in the banking market is expected to grow at a whopping CAGR of 32.36% up until 2030. Now, a fresh wave of innovation powered by generative AI (or GenAI) technology is engraving its foot in the […]
What Is API Monetization? • October 03, 2023 - posted by Ashish Katkar
In the present cloud-based ecosystem, APIs have become extremely popular as a way to integrate or connect different applications or systems. Valued at $4.5 billion in 2022, the API management market is expected to triple in size between 2022 and 2027 – all while growing at a CAGR of 25.1%. In the payments domain, the significance of […]
How the New Pre-Sanctioned Bank Credit Lines Through UPI Will Work • October 03, 2023 - posted by Sankhadeep Chakraborty
In August 2023, we witnessed a landmark achievement in India’s financial prowess. The country’s homegrown UPI payment infrastructure recorded over 10 billion transactions in a single month. As UPI continues to be the flag bearer of innovation in India’s fintech landscape, the Reserve Bank of India has just announced a new addition that broadens the spectrum of […]
Assessing the No-Interest Credit Card: Niche Product or a Vanguard of Change? • September 01, 2023 - posted by Ajay Wadbudhe
The spectrum of interest rates on credit cards available to the average person is broad, ranging from 5.88% to a massive 52.85% annually. Within this range of interest rates, the upper end may represent considerable monetary difficulties, potentially loading borrowers with sizable interest fees that continue to build up over time. As customers confront the consequences […]
Are Credit Cards Evolving Toward All-Purpose Financial Services Accounts • August 30, 2023 - posted by Ashish Sherlekar
For decades, credit cards have represented a territory of financial empowerment that has helped people transform their spending into rewarding experiences with the luxury of holding onto their liquid money till the billing dates. There are flipsides as well because credit cards are also widely considered a debt trap for consumers with poor financial discipline. […]
The Fascinating Story of Payment Cards • August 29, 2023 - posted by Debasis Mohanty
As per Statista, there will be around 28.44 billion payment cards in circulation by 2027. The domain of payment cards has evolved significantly over time, and there’s a fascinating story behind how all this has transpired. In the same vein, Hannah Fry, in her recent BBC show, presented the “secret genius” of the modern payment card. In the […]
Does Generative AI Make Current Biometric Security for Payments Obsolete? • August 04, 2023 - posted by Sankhadeep Chakraborty
For the last few years, biometric security has been touted as the future of payments. Traditionally, biometric technologies like face recognition are safer than the user name/password system. However, there have been concerns. For example, in his book “A Hacker’s Mind“, the renowned security technologist Bruce Schneier highlights the risks of biometrics data. He talks […]
Are Superapps Ready to Make a Comeback? • August 03, 2023 - posted by Debasis Mohanty
At the tail end of 2022, there was a lot of talk about how superapps were dying. This discourse found more heat in Tata Group’s ambitious super app Tata Neu’s failure to engage the audience and rake in positive reviews. The Times of India reported in January 2023 that Tata Neu missed the sales target by 50%. […]
BNPL – Strategy to Balance Profit and Growth • June 20, 2023 - posted by Abhishek Mithal
Buy Now Pay Later (BNPL) is a payment option that enables consumers to make purchases and split the total cost into installments without any interest or fees. With BNPL, shoppers can buy products upfront and defer the payment over time, typically in equal installments. As such, it provides an alternative to traditional credit cards and […]
Future of ATMs in an Increasingly Cashless Payment Ecosystem • June 20, 2023 - posted by Debasis Mohanty
Over the past decade, the popularity of digital banking has reduced the importance of ATMs across the globe. As more banking customers move towards cashless payments, banks are facing serious questions about the future of ATMs. Similarly, Daryl Cornell of Triton Systems says, “The ATM ecosystem is no different than any other cyclical industry, where participants ride […]
Role of AI in Revolutionizing the Payment Industry • May 25, 2023 - posted by Ashish Sherlekar
In today’s rapidly changing business landscape, data has become an invaluable and essential asset. But making sense of this growing volume of data hasn’t been easy for banks and financial institutions. That’s where Artificial Intelligence (AI) plays a huge role in boosting payment accuracy and efficiency. Read on as we unravel the role of AI in […]
How Does BaaS Solve the Lending Problem? • May 03, 2023 - posted by Ashish Katkar
With the advent of digital banking, there is an increasing trend of non-financial companies offering a host of financial services, including online payments and lending. As expressed by leading venture capitalists, facilities like embedded finance are “making every company into a fintech company.” Today, in the lending domain, banks and financial institutions are looking at innovative ways […]
Is Behavioral Biometrics the Next Big Weapon to Fight Fraud? • April 18, 2023 - posted by Abhishek Mithal
Between April and September 2022, banking entities in India reported 2,331 fraud cases involving INR 87 crore. This marked an increase from the previous six-month period, during which 1,532 frauds involving Rs 60 crore were reported by these entities. No doubt, the banking landscape is rife with frauds perpetrated by criminals, who use social engineering and other […]
Future of Credit Card Rewards • March 07, 2023 - posted by Debasis Mohanty
Constant innovations and emerging trends in the payment space have brought about several accelerating winds of change in the credit card industry. Stringent regulatory guidelines, progressive industry initiatives, and evolving customer expectations have ushered in a new era of technology-driven, touchless transactions. As alternate payment methods emerge (and evolve), the card industry is struggling to stay afloat. […]
Trends To Watch Out For In Merchant Acquiring • February 23, 2023 - posted by Debasis Mohanty
Research shows that the global merchant-acquiring market volume will reach $41.75 trillion by 2026. There are various factors contributing to its growth. With the merchant-acquiring market growing steadily, let’s look at the trends that will likely dominate the headlines in 2023. Trends To Watch Out For In Merchant Acquiring How To Leverage the Trends to […]
Is Credit Card on UPI a Game Changer? • February 23, 2023 - posted by Ashish Sherlekar
UPI payments have been a major hit in India ever since their launch in 2016. When even the tiniest of transactions are being carried out through UPI, it isn’t surprising that in just January 2023, Indians transacted Rs. 1299058.78 crores through it. In June 2022, 26 crore unique users were reported to be using UPI. In contrast, in FY21, […]
Payment Fraud Trends and Fighting Them in 2023 • February 15, 2023 - posted by Abhishek Mithal
Rapid digitization and fluctuating economic headwinds have created the perfect breeding ground for fraudsters to thrive. According to the recent State of Fraud Benchmark Report, financial institutions have lost over $500k to fraud in 2022 alone. As payments become increasingly digital, businesses across different sectors have become extremely vulnerable and susceptible to payment fraud. Continuous disruption brings with […]
IndiaStack – What You Need to Know? • January 09, 2023 - posted by Ashish Katkar
India has set a benchmark for the world in adopting digitization. From using cash predominantly, India has come a long way to accept and remit digital payments. In fact, India surpassed China in the total volume of real-time payments this year. According to IndiaStack’s website, Indians have completed 67 billion digital verifications and Rs 5.47 […]
5 Payment Trends to Watch in The Year 2023 • January 02, 2023 - posted by Abhishek Mithal
The payment industry was bustling with new developments and innovations in 2022. There was so much happening this year. Besides that, our research also predicted increased focus on cybersecurity, BigTech’s interest in investing in payments, the emergence of payment-as-a-service (PaaS), and more. The recent developments in the payment industry clearly indicate that customers and merchants […]
Top Retail Banking Trends and Predictions for the Year 2023 • December 28, 2022 - posted by Sankhadeep Chakraborty
2023 may be a very exciting year for the banking and financial sector. They are at thecrossroads of transitioning into bigger digital entities with better presence virtually. Theneed for digital transformation may be several, like lowering costs, improving compliance,etc., but 2023 will also be a year when banks and financial institutions will witness themassive growth […]
Crypto Credit Cards – What They Are, and How They Work? • November 29, 2022 - posted by Debasis Mohanty
Crypto credit cards are among the hottest trends in the crypto world right now. On the surface, they offer all the perks a traditional credit card offers but allow users to spend their cryptocurrencies. In fact, a recent survey outlined that 13 million American adults already have a credit card that allows them to use cryptocurrency for […]
Instant Payments Around the World • November 29, 2022 - posted by Sankhadeep Chakraborty
Gone are those days when transactions took hours or days to complete. Customers don’t have to wait to transact money during banking hours anymore. All this is possible due to instant payments. Instant payments are a way of exchanging and processing payments between bank accounts or peer-to-peer in real-time. The most common types of instant […]
Voice Payments – The Future of Payment Technology? • November 29, 2022 - posted by Ashish Katkar
As per Statista, there will be 8.4 billion digital voice assistants catering to the needs of users worldwide by 2024 (up from 4.2 billion in 2020). To put that into perspective, the number of voice assistants across devices worldwide would be more than the world population. And this doesn’t come as a surprise considering the immense market […]
Is P2P Lending Here to Stay? • November 29, 2022 - posted by Abhishek Mithal
The global P2P lending industry was valued at $64 billion in 2015. It’s estimated to be worth approximately $1 trillion by 2050. So, it can be said that Peer-to-Peer (P2P) lending is here to stay. P2P lending is a critical component of the fintech sector and has quickly become one of the most popular investment options. It […]
Open Banking & APIs – Regulatory Compulsion or Catalyst for Innovation • November 16, 2022 - posted by Debasis Mohanty
Over 86% of global banks are looking to use APIs and facilitate open banking capabilities. The concept of open banking has been around for many years but only for the sake of regulatory compliance. However, there has been rapid adoption of open banking globally in the wake of the pandemic. Most small businesses and individuals have found […]
Appreciation – A Key to Team Success • June 29, 2022 - posted by nikhil kadu
Appreciation is a key to the success of all teams under the Sun, be it a family, a housing society, a charity, a school, a corporate team, a project team, or any other team of people working towards a common goal! Appreciation acts as a big motivator to successful performance for most people. But for […]
How Banks are Embracing Biometrics Technology to Improve Security • June 02, 2022 - posted by Abhishek Mithal
Biometrics technologies is an exciting branch of technology that is gaining popularity at a rapid rate. It is estimated that between 2020 and 2025, the global biometric technology market will grow at a compound annual growth rate (CAGR) of 10.5%, reaching a total value of $8.5 billion. Biometrics technology is based on biometrics – a […]
Will Cryptocurrency Ever Become Mainstream? • May 17, 2022 - posted by Sankhadeep Chakraborty
In 2021, Elon Musk added #bitcoin to his Twitter bio and created a stir in the market. Cryptocurrency prices soared by about 20%, further accelerated due to his tweets. When the richest man on Earth supports cryptocurrency for transactions and investments, it surely makes a huge statement. The global cryptocurrency market evaluation summed up to […]
Is Digitization an Endgame – What’s Next for Banks? • May 17, 2022 - posted by Magesh Ramanathan
The pandemic outbreak in 2020 triggered an unprecedented overhaul in the banking sector. And the changes were, well and truly, reflected in the pattern of digitization. Statista reports that several “new banking functions” emerged in the wake of the crisis. These included digital appointments in branches, fully digital transactional pipelines, contactless payments, etc. In fact, […]
How Banks and Financial Institutions are Embracing Fintech Strategies to Stay Relevant and Grow? • April 29, 2022 - posted by Abhishek Mithal
A decade ago, the banking and finance sector had unwavering control over the way people approached organized financial discipline in their lives. Even on the B2B front, banks exerted their dominance and refused to break their legacy lending frameworks, and often denied businesses flexible access to capital to spur their growth. But moving into the […]
Low-Code No-Code Platforms – The Future of Software Development • April 18, 2022 - posted by Magesh Ramanathan
A new phase of software development, famously known as low-code and no-code, is here to take over the digital space. As their names suggest, these new generation platforms enable users to design, build and deploy enterprise-ready applications rapidly with little to no code. As per recent research by Gartner, 70% of upcoming applications developed by […]
Is it the Year of the Virtual Card? • March 31, 2022 - posted by Sankhadeep Chakraborty
Among the widely talked-about topics in the financial services industry, the virtual card has grown in acceptance among banks and consumers in recent years. In the digital world, consumers are now transitioning away from “physical” plastic cards by adopting virtual cards. While virtual cards have been in existence for some years now, is 2022 going […]
What Are The 3 Credit Card Trends to Watch for in 2022? • March 28, 2022 - posted by Magesh Ramanathan
We are living amidst a digital revolution, and the latest technology is revamping every enterprise. Be it any industry, the pandemic impacted it all and pushed them towards a digital overhaul. The disruption of the financial sector is also evident. In 20-21, the total digital transaction volume was at 4,371 crores (as against 3,412 crores […]
“Work is Changing” – Are you Ready? • March 01, 2022 - posted by nikhil kadu
The world of work was gearing up for disruption when COVID-19 struck and accelerated the move into the Future of Work. Two years later, this world looks like a mere shadow of its past. Digital transformation is now inevitable and the hybrid workplace is a certain reality. The disruption is ongoing as organizations identify how […]
Top Payment Trends in 2022 • February 25, 2022 - posted by Ashish Katkar
In the face of the ongoing COVID-19 pandemic, the global demand for faster and contactless forms of digital payments continues to rise with the adoption of innovative technologies. If 2021 was the year when we moved to the next era of digital payments, 2022 will be the year when business growth will be driven by […]
Is the Rise of the “Super-app” an Opportunity or Threat for Banks? • February 25, 2022 - posted by Sankhadeep Chakraborty
In recent years, the number of mobile apps has multiplied exponentially, and now, there’s an app for everything from ordering a taxi to making an online transaction. Effectively, mobile apps have transformed the way we live and conduct our daily business. Among the latest developments in mobile apps, the “super-app” has emerged that combines a […]
Learning For Project Managers From COVID-19 Pandemic • February 25, 2022 - posted by Ashish Sherlekar
Every situation teaches us a lesson. The pandemic was one such situation that caught the companies by surprise. Companies went remote overnight. They had to undergo digital transformation at a pace they had not anticipated before. Satya Nadella, the CEO of Microsoft, said that the company saw two years’ worth of digital transformation in two […]
Is Payment Network Adopting Cryptocurrencies a Clear Indicator of the Increasing Acceptance? • January 14, 2022 - posted by Sankhadeep Chakraborty
Recently, MasterCard announced that it is including cryptocurrency in its network. This essentially meant that MasterCard would support select cryptocurrencies on their network. Apart from the traditional payment methods, businesses and customers can transact using cryptocurrency. MasterCard considers it a win-win decision as customers will have payment flexibility, and businesses can build loyalty by offering […]
What Do You Need to Know About Card Tokenization? • January 14, 2022 - posted by Magesh Ramanathan
In Sep 2021, the Reserve Bank of India announced that Indian merchants will not be able to store any confidential credit and debit card information on their servers post Dec 2021. While the deadline has been extended by six months, the fact remains that organizations need to be prepared for this disruption. The Reserve Bank […]
Future of Payments – My Top 3 Predictions • December 15, 2021 - posted by Ashish Katkar
Is it going to be embedded finance or the rise of Banking-as-a-Service (or BaaS) platforms? As we come to the close of 2021, the year itself has been a “watershed moment” in the sphere of global payments. Driven by the 2020 global pandemic, technology is now emerging as the “game-changer” that could transform the way […]
The Team That Grows Together Stays Together • December 03, 2021 - posted by Shruti Warke
Organisations thrive only when they grow, and to grow, one has to embrace change and evolve. Learning is one of the best ways to achieve this change confidently. To set off on this path of learning, the employees of the organisation have to be exposed to the concept of growing through learning and by introducing […]
Is Embedded Finance the Future? • December 03, 2021 - posted by Debasis Mohanty
While the process of digital transformation began much before, the COVID pandemic has played its part in encouraging contactless payments all across the world. The future of financial services is now being dominated by emerging trends like the “Buy Now – Pay Later” model and wearable payments. One interesting observation that is worth noting is […]
Why Integrated DevOps is Critical for Payments Innovation • November 17, 2021 - posted by Sankhadeep Chakraborty
As more companies opt for the remote working modes, it is challenging for them to manage their operations in an environment that was not designed for a distributed workforce. According to the Microsoft and BCG research study, only 30% of remote-working managers find their companies innovating in areas like product development and customer experience. At […]
Buy Now Pay Later (BNPL) Frauds – Risks & Prevention • November 17, 2021 - posted by Debasis Mohanty
As a popular trend, Buy Now Pay Later (BNPL) continues to delight both online (and offline) shoppers across the globe. It comes as no surprise that global BNPL services continue to grow at a healthy rate of 39% and are attracting attention from major players like Amazon, PayPal, and Square. Not to be left behind, […]
Know All About e-RUPI – The New Digital Payment Instrument • October 21, 2021 - posted by Sankhadeep Chakraborty
The future of payments lies in going digital. One day, hard cash is going to be a lingering memory from the past. Thanks to initiatives such as e-RUPI, digital currency is developing at rates faster than the speed of light. But what is e-RUPI? Is it different from other forms of virtual currency? How will […]
Which Is the Right Approach for Payments – Modernization Vs. Digital Transformation? • October 05, 2021 - posted by Ashish Katkar
The terms modernization and digital transformation are often used interchangeably. After all, both involve the transformation of legacy systems. However, there’s a difference between both the terms. And payment providers need to know it because what they choose would define their future business strategies. So, let’s first understand the difference between both of them. Digital […]
What is the Future of Invisible Payments? • October 01, 2021 - posted by Sankhadeep Chakraborty
If we are to evaluate the major challenges for B2C or B2B companies and their customers in most domains, payments would often be at the top of the list. As the world became more mature and connected, trade and business practices too evolved without borders. The underlying monetary frameworks have matured considerably to accommodate new-age […]
Do “Buy Now, Pay Later” Programs Threaten Banks / Credit Card Issuers? • September 29, 2021 - posted by Debasis Mohanty
The 2020 pandemic not only impacted the way shoppers went about buying products but also made retailers think about alternative ways of offering their products or services. As the virus became more rampant, cashless forms of payments (aka digital payments) became the preferred mode. Among the many impacts of the pandemic, the “Buy Now, Pay […]
Is Teen Banking the New Way to Extending Banking Frontiers? • August 22, 2021 - posted by Ashish Sherlekar
Digital banking is a norm today and banks that don’t pay attention are destined to bow down before competitors who took the leap. While getting into the digital banking bandwagon is an essential element, it is no longer the only cool stuff that a bank needs to have. In fact, the COVID-19 pandemic pushed reforms […]
The Main Drivers Behind Payments Infrastructure Modernization • August 22, 2021 - posted by Sankhadeep Chakraborty
Among their multiple digital initiatives, in the recent decade, banks and financial institutions have looked to modernize their payment system or infrastructure. Needless to say, a modern payment system can directly improve their cash flow and win long-term customer loyalty. Hence, it comes as no surprise that the banking sector is relying heavily on digital […]
Why Adopting API-First Approach in Payment Has Become Critical? • August 22, 2021 - posted by Sankhadeep Chakraborty
Gone are those days when traditional financial institutions like banks could monopolize the financial industry. The millennials and Gen Z has now taken center stage in driving the economy. In fact, their spending power has crossed $3 trillion. As a digital-native generation, millennials and Gen Z prefer payment flexibility. They do not hesitate to disengage […]