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Make AI based Smart Credit Decisions

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Indian banking sector has seen unprecedented levels of Non-Performing Assets in recent years. This has significantly affected the ability of the banks to lend. Industries in India suffer due to non-availability of credit at the time of need. A recent survey from CII, indicated that the biggest problem hindering the growth of MSMEs in India is the availability of credit at the time of need. Banks are extremely risk averse and tend to take inordinate time in scrutinizing credit applications from borrowers. As they say, if the bank decides to lend next month, instead of this month, SMEs would have lost the business opportunity. As per RBI provisional data on global operations, as on 31.3.2019, the aggregate amount of gross NPAs of PSBs and Scheduled Commercial Banks (SCBs) were Rs. 8,06,412 crore and Rs. 9,49,279 crore respectively. Close to half of the Nationalized Banks and Co-operative Banks have NPAs exceeding 10%. This is not a healthy situation for financial instituti
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Accelerating Change through Digital Banking

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Banking has been transformed compared to 1990s, in India. We still remember the hoardings at a large nationalized bank in 1990, stating that they will be able to process a cash withdrawal transaction in 20 minutes. This was supposed to be the fastest transaction in that branch. Today, money transfers can be done using a mobile phone, sitting on your couch at home, within a minute. Mobile connectivity and declining data costs have dramatically increased the usage of internet. Over 80% of the households in India have access to mobile phones and over 300 million Indians use smartphones. This is roughly equivalent to the entire US population. The social media platforms such as facebook, Whatsapp and Instagram are logging more than 250 million monthly users in India. The increase in volume of digital payments, as shown above is indicative of the changing behavior of customers and their rapid acceptance of Mobile phone as the device of choice. Banks need to take a note of this,
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Banking at the doorstep

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Technology is playing a major role in transforming the banking industry. In the past decade, many banks in India have adopted technology to deploy new delivery channels, so as to enable customers to access their accounts round the clock. Banks can now offer banking services at the door step of the customer. The advances in communication and computing have enabled these services to be made available at the customer doorstep. Traditionally, in retail banking the relationship between the customer and the banker, was the key aspect. With the advent of all the delivery channels such as ATM, Online Banking, customers are feeling isolated. In this connection, doorstep banking has emerged as an alternative to keep the traditional flavor of relationship alive. This establishes frequent physical contacts between the customer and the banker. In this era of fierce competition in retail banking, this kind of banking, in which banks are offering banking services to their customers through
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