Open Banking is an evolving and innovative norm in consumer banking. Open Banking refers to providing access to consumer banking through the use of Application programming interfaces (APIs) to third-party service providers. This provides open access to banking transactions and other financial data from Banks and NBFCs. This enables networking of accounts by consumers, financial institutions and...
The latest measure of social distancing could be worrisome and may have restricted our routine financial activities. No worries, here is some good news! The Reserve Bank of India (RBI) has taken a great initiative to retire the traditional paper-based KYC method for customer identification and digitalize the KYC process for the lending and non-lending ecosystem. Yes,...
Recently, the finance minister talked about loans for micro, small and medium scale enterprises (MSMEs) on the basis of GST invoices they file. Interesting! This adds another type of loan to a long list of loan categories. Loans are an integral part of our lives. They could be personal loans, car loans, home loans, or...
In one of our previous blog titled ‘The Potential of Blockchain’, we discussed why blockchain is the next generation of transaction systems. To continue the discussion further, in today’s blog we would like to discuss use case of blockchain in Human Resource. “Blockchain technology can be incorporated into multiple areas. The key use of blockchain…
The most talked about topic “Blockchain” is poised to disrupt the Banking / Payments industry. Along with Capital Markets (Trading/Clearing/Settlement), Insurance, Supply Chain, Transportation and Ride Sharing, Cloud Storage, Real Estate, Healthcare, Energy, Retail, Online Music, Government are the top ones. The Internet is abundant with articles explaining how blockchain provides a distributed ledger database…
There are three main things people need everyday banking services for (or rather have to rely on banks for) – Payments, Lending, and Investment. Individuals and businesses want to do one or more of the following: 1) Make payments to others for buying product or services from the (Transfer of money from one entity’s bank…
Background In the last 24-36 months, there has been a tremendous impetus in the FinTech startup ecosystem. We have seen an unprecedented funding as evident from CBinsights report on FinTech investments. Although there has been a slight dip towards the end of 2016, the sentiment is still strong for 2017. If we look at geographically...
Internet of things (IoT) is conquering and transforming cities, homes, industries, practically everything around us by making them more efficient and smart. According to Gartner, by 2020, there would be more than 20 billion connected things across the globe, powering a market worth approximately $3 trillion. However the chaotic growth of IoT does pose several...
There is a lot of excitement in the insurance industry about the potential impact of deep learning on several areas of the industry including the customer experience, underwriting, distribution and claims processing. You may wonder how deep learning will help insurers. Deep learning is a type of machine learning that uses multi-layered neural networks, this...