Introduction: India Steps Up to Shape Ethical AI in Finance The Reserve Bank of India (RBI) has released a landmark report titled “FREEAI”—Framework for Responsible and Ethical Enablement of Artificial Intelligence. In a world where AI is already making decisions about who gets a loan, who gets flagged for fraud, or which customer gets a faster response, it’s critical to…
The last decade has ushered in the digital world into our everyday lives. Digitization is not just about offices using complicated software, or the most intelligent employees working on computers throughout the day. We are dealing with a digital world in every realm of our lives. Mobiles have ensured that technology is available in a single swipe, and e commerce…
Due to the complicated, segregated legacy technology that makes up the operating system of the majority of banks, business banking clients frequently have a more difficult time obtaining a bank account than the average retail client. A fragmented, prone to error manual process not only produces a bad customer experience but also increases costs, complexity, and levels of dissatisfaction for…
Digital transformation continued to be an important trend in banking since 2018 and especially since the pandemic. Similar to its impact on other business domains, technology is rapidly changing every facet of the financial services industry. However, the sector still has a long way to go with a substantial percentage of banks are yet to launch a digital transformation strategy. …
The recurring payment collecting method in India has drastically changed since the introduction of e-mandates in 2018. E-mandate has simplified and made it much easier for lenders to collect recurring payments with a much reduced operational costs. So, what is this E-Mandate that almost transformed the recurring payments landscape in India? Let’s dig a bit deeper to know what it…
