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For long, lending has been the “bastion” of banks and lending institutions across the globe. In recent years, cloud platforms have transformed lending services through digitalization. With easy access to cloud-powered platforms, non-traditional lenders can now disburse easy loans for the convenience of their customers. As a cloud service, Lending-as-a-Service (LaaS) offers a modern approach […]

As global trade returns to the “normal” in 2024, cross-border payments are growing in relevance. Valued at $190 trillion in 2023, cross-border payments are set to increase by 53% by 2030. So far, “traditional” cross-border (or international) payments are time-consuming and expensive. Naveen Mallela of JP Morgan Payments observes that modern consumers expect cross-border payments […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]