BFSI - NewNerve

The Power of AI in Customer Service and Compliance Management

24Jun

By AnkitNo Comments

BFSI, AI, Regtech, Technology

The Power of AI in Customer Service and Compliance Management

Artificial intelligence (AI) is rapidly changing the way businesses operate, and two key areas experiencing significant transformation are customer service and compliance management. AI-powered solutions are automating tasks, streamlining processes, and enhancing customer experiences, while also offering innovative approaches to regulatory compliance. AI: Revolutionizing Customer Service The rise of AI in customer service is driven by the desire to provide faster, more personalized, and efficient support. AI technologies like chatbots, virtual assistants, and machine learning are transforming the customer experience: Chatbots: These AI-powered conversational agents use natural language processing (NLP) to understand customer queries and provide automated responses. They can answer f...

India’s Fintech Sector: A Unicorn Breeding Ground with $11.4 Billion Potential

21Jun

By Ankit1 Comment

Fintech, Startups

India’s Fintech Sector: A Unicorn Breeding Ground with $11.4 Billion Potential

India's burgeoning fintech sector is proving to be a hotbed for future unicorns, with a staggering 30 startups poised to reach the coveted billion-dollar valuation mark, according to a recent report by Business Standard. This burgeoning ecosystem, valued at a collective $11.4 billion, is attracting significant investor interest and driving innovation across the financial landscape. The report, drawing insights from data compiled by Tracxn, highlights the key factors fueling this growth: Strong Government Support: The Indian government's proactive policies, including the Digital India initiative and the push for financial inclusion, have created a fertile ground for fintech startups to flourish. Favorable Regulatory Environment: The Reserve Bank of India (RBI) has been instrument...

Paytm Doubles Down on Payments and Distribution: A Return to Core Strengths

11Jun

By AnkitNo Comments

Payments, Fintech, Startups

Paytm Doubles Down on Payments and Distribution: A Return to Core Strengths

Paytm, the Indian fintech giant, is making a strategic shift, returning to its core strengths: payments and distribution. The company, which had ventured into various businesses like financial services, e-commerce, and grocery delivery, is now prioritizing its original offerings. This move comes after facing challenges in these newer ventures and a need to streamline operations. Back to Basics: A Strategic Shift Paytm's decision to refocus on its core competencies is a strategic move aimed at achieving greater efficiency and market share. This shift reflects the company's commitment to building a sustainable and profitable business. Here's a breakdown of Paytm's new strategy: Payments: Paytm's payments platform remains a key driver of revenue, encompassing mobile wallets, UPI pay...

InCred’s Stellar FY24 Performance: Revenue Soars, Profits Explode

10Jun

By AnkitNo Comments

BFSI, Payments, Wealthtech

InCred’s Stellar FY24 Performance: Revenue Soars, Profits Explode

InCred, the fintech unicorn, has announced impressive financial results for FY24, showcasing significant growth across all key metrics. Revenue Breakdown: InCred's revenue primarily comes from interest received on loan disbursements, accounting for 94% of its total operating revenue. This indicates that InCred's core business is lending, and they're doing it very effectively. The remaining 6% of revenue comes from fees, commissions, and dividends. This suggests that InCred is diversifying its revenue streams beyond just loan interest. Revenue Growth: InCred's revenue surged to Rs 1,267 crore in FY24, marking a remarkable 48% increase from Rs 856 crore in FY23. This impressive growth follows a 2.6X jump in revenue from FY22, where the company recorded Rs 488 crore. ...

Crypto in India: Exchanges, Regulations, Taxation and the Road Ahead

6Jun

By AnkitNo Comments

Payments, Cryptocurrency, Technology

Crypto in India: Exchanges, Regulations, Taxation and the Road Ahead

India's relationship with cryptocurrency has been a rollercoaster ride, marked by uncertainty, regulation, and, ultimately, a growing interest in the space. While the government has taken a cautious approach, the demand for crypto services, especially exchanges, continues to rise. This blog delves into the world of cryptocurrency exchanges in India, exploring their role, the current regulatory landscape, and what the future holds for this burgeoning sector. We'll also take a deeper dive into the taxation rules surrounding cryptocurrency in India. The Rise of Indian Crypto Exchanges: Crypto exchanges act as platforms where users can buy, sell, and trade cryptocurrencies. They provide a secure environment for transactions, offering various features like: Trading Pairs: Exchanges of...

Simpl’s Layoff Spree Continues: 30 Employees Let Go, Senior Leadership Restructured

6Jun

By AnkitNo Comments

Digital Lending, Lending

Simpl’s Layoff Spree Continues: 30 Employees Let Go, Senior Leadership Restructured

Bengaluru-based consumer credit startup Simpl has announced another round of layoffs, letting go of 30 more employees just a month after firing 160. The company informed the affected employees through one-on-one meetings on Thursday. This latest round of layoffs follows the departure of three to four senior executives on Wednesday. Vatsal Jain, Vice President of Enterprise Business; Ashwini Ravindranath, Vice President of Partner Success; and Ramkumar Narayanan, Vice President of Product and Operations, have all resigned. A company spokesperson stated that the decision to lay off 30 employees is part of their efforts to become fiscally prudent and achieve profitability by mid-2025. The affected employees will receive a severance package including a fixed salary for the two-month noti...

RBI’s Directions To Improve Cyber Resilience across Digital Payments Ecosystem

4Jun

By Ankit3 Comments

BFSI, Cyber Crime, Goverment Notice/Circulars, Regtech

RBI’s Directions To Improve Cyber Resilience across Digital Payments Ecosystem

The Reserve Bank of India (RBI) has taken a significant step towards bolstering the security of India's digital payments ecosystem with the release of its Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) on June 2, 2023. These Directions aim to improve overall information security preparedness, with a strong focus on cyber resilience, and are a testament to the RBI's commitment to safeguarding the integrity and reliability of digital transactions in India. A Multi-Layered Approach to Security: The Directions adopt a comprehensive approach to security, encompassing multiple layers of protection: Governance and Accountability: PSOs are mandated to establish a Board-approved Information Security (IS) policy, outli...

RBI Launches Survey on Computer Software and ITES Exports: A Look at India’s Tech Powerhouse, 2023-24

3Jun

By AnkitNo Comments

BFSI, Goverment Notice/Circulars

RBI Launches Survey on Computer Software and ITES Exports: A Look at India’s Tech Powerhouse, 2023-24

The Reserve Bank of India (RBI) has taken a significant step towards understanding the current state and future prospects of India's booming IT sector by launching a comprehensive survey on Computer Software and Information Technology Enabled Services (ITES) exports for the financial year 2023-24. This move underscores the central bank's recognition of the sector's crucial role in the Indian economy and its desire to gain valuable insights for policymaking. Understanding the Survey: The survey, conducted by the RBI, aims to gather data from various stakeholders in the IT sector, including software and ITES companies, export promotion councils, and industry associations. It will delve into various aspects of the sector, including: Revenue and employment: The survey will assess the ov...

Visa’s New Feature: One Card, Multiple Payment Options for UAE Consumers

2Jun

By AnkitNo Comments

Fintech, Global BFSI, Payments

Visa’s New Feature: One Card, Multiple Payment Options for UAE Consumers

Visa is set to revolutionize the payment experience for consumers in the UAE and the Gulf region with its new "Visa Flex Credential" feature. This innovative solution combines credit and debit card functionalities into a single card, offering users unprecedented flexibility and convenience. The Power of Choice at Your Fingertips The "Visa Flex Credential" allows cardholders to toggle between different payment options for each transaction. Whether it's paying with credit or debit, opting for installments, or even settling in a different currency, users can choose the most suitable method for their needs. This eliminates the need to carry multiple cards, streamlining the payment process and simplifying everyday transactions. Personalized Payment Preferences The fe...

Pravaah Portal and Retail Direct: RBI’s Digital Revolution, 2024

29May

By Ankit1 Comment

BFSI, Blog, Review

Pravaah Portal and Retail Direct: RBI’s Digital Revolution, 2024

The Reserve Bank of India (RBI) has taken significant strides in enhancing regulatory processes, facilitating retail investment, and providing comprehensive data on the fintech sector. Let’s delve into the details of these groundbreaking initiatives: 1. Pravaah Portal The Pravaah portal is a centralised, secure web-based platform that enables individuals and entities to apply online for regulatory approvals, licenses, and authorizations from the RBI. Here are the key features of the Pravaah portal: Application Process: The portal covers 60 application forms across different regulatory and supervisory departments of the RBI. Applicants can submit their applications directly through the portal. Status Tracking: Applicants can track the status of their applications and receive timel...