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Blogs

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  • How to improve collections operations
    28th September 2023
    How to improve collections operations
    Picture this: A local pest control company, " Navi Bugs Control," was celebrating its second year in the business. As they looked over their finances, a stark reality hit them: while their services were in demand, their bank account told a different story. Despite sending out numerous invoices, they were struggling to get paid. The managing director, Jane, mentioned in a recent interview, "By the time we hit 74 days of accounts receivable, it felt like we were chasing ghosts. We had the demand, the team, and the services, but our cash flow was an impending nightmare."
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  • The Exclusive Impact of the Digital Personal Data Protection Bill 2023
    26th September 2023
    The Exclusive Impact of the Digital Personal Data Protection Bill 2023
    Explore the recently passed Digital Personal Data Protection Bill, 2023. Introduced in Lok Sabha on August 3, 2023, by the Minister of Electronics & Information Technology, it gained approval from both Lok Sabha on August 7, 2023, and Rajya Sabha on August 9, 2023, followed by Presidential assent on August 11, 2023.
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  • The role of No code and Low code in digitalisation of fintech sector
    25th September 2023
    The role of No code and Low code in digitalisation of fintech sector
    Ever wondered how a local farmer, miles away from the nearest bank, can effortlessly open an account without ever setting foot in a branch? Or how a small business in a distant village manages its finances without an internet connection? The magic behind these scenarios is the innovative use of no-code and low-code applications. With Perfios onboarding APIs, the world of digital banking and financial inclusivity is expanded, reaching every corner of our nation. But before diving deep into these transformative tools, let's understand their foundational principles and how they're reshaping our digital landscape. Join us on this enlightening journey.
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  • Re-imagine the way your customer journeys are built and be future ready!
    22nd September 2023
    Re-imagine the way your customer journeys are built and be future ready!
    Picture this: you've just sat down with a cup of tea, browsing your favourite online store, when a pop-up suggests an item that feels as though it was handpicked just for you. It's not magic; it's hyper-personalisation at play. Now, let's throw in some surprising figures. A recent Evergage study, a wing of Salesforce, disclosed a staggering 86% of companies reporting a measurable surge in business outcomes due to hyper-personalisation. Moreover, according to a Deloitte report, a whopping 90% of consumers find such personalised marketing not only appealing but almost irresistible. And it doesn’t stop there. Reflect on this – a 2021 McKinsey report divulged that 78% of consumers admitted that personalised content nudged them closer to revisiting a brand.
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  • Forensic Accounting Checks on Individuals and Companies
    21st September 2023
    Forensic Accounting Checks on Individuals and Companies
    Imagine being an investor, placing your faith and money into a startup that promises excellent returns. You diligently monitor monthly statements, trusting the reports and the team's integrity. But then, a revelation: discrepancies in revenue and financial misreporting. A scenario which many thought was far-fetched became a shocking reality with the confession by the co-founder of TargetOne Innovation Private Limited, parent company to GoMechanic, valued at a whopping $285 million last year.
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  • Get information about litigations pertaining to people involved in a property/plot of land in a minute!
    20th September 2023
    Get information about litigations pertaining to people involved in a property/plot of land in a minute!
    Ever tried digging into the legal history of a property you're eyeing, only to find yourself lost in a sea of jargon and endless paperwork? You're not alone. A study by Bengaluru-based Daksh uncovered that a staggering two-thirds of all civil cases in the country are tied up with land and property disputes. It's a dizzying labyrinth out there, and it’s evident we need a better map.
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  • Combining 3500+ courts and tribunals data to give you a comprehensive legal background verification report
    19th September 2023
    Combining 3500+ courts and tribunals data to give you a comprehensive legal background verification report
    Recent headlines reveal an unsettling trend: Individuals are increasingly slipping through checks with falsified backgrounds. An alarming statistic from the Q1 '21 Trends Report by First Advantage India underlines this, highlighting a 49.7% rise in discrepancies within the telecom sector alone. These gaps in verification pose serious concerns for businesses and individuals alike.
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  • Health Insurance Fraud, Waste, and Abuse (FWA) is on the Rise - Here's How to Control It
    14th September 2023
    Health Insurance Fraud, Waste, and Abuse (FWA) is on the Rise - Here's How to Control It
    The Indian health insurance industry has been experiencing stellar growth fueled by pandemic-driven demand shifts, the availability of digital products, and increasing disposable incomes. Indeed, according to Avendus Capital’s study, India’s retail health insurance market will be worth $25 billion in five years, catering to 250 million individuals.
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  • Streamlining Health Claims: Embrace Automation with These 5 Effective Methods
    11th September 2023
    Streamlining Health Claims: Embrace Automation with These 5 Effective Methods
    In the aftermath of the COVID-19 pandemic, the highly underpenetrated health insurance industry has reported stellar growth of 23% in 2022-23, according to the RBI’s latest Financial Stability Report. And yet, only 35% of the non-life players have posted underwriting profits in FY19-FY22.
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  • Do you have unclaimed insurance? Here's everything you need to know
    25th August 2023
    Do you have unclaimed insurance? Here's everything you need to know
    Do you know people in your friends and family who have unclaimed insurance policies? ET Wealth estimates that more than Rs 82,000 crore of investor wealth is lying unclaimed in forgotten and lost investments. Did you know that you or your loved ones might be missing out on some much-needed benefits? Don't fret! We've got all the answers you need.
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  • Make Insurance Coverage Seamless: Perfios's IRDAI-Compliant Bank Account Verification Solution
    21st August 2023
    Make Insurance Coverage Seamless: Perfios's IRDAI-Compliant Bank Account Verification Solution
    Picture this: Ms. Patel decides to claim insurance for medical treatment she has received recently. But to her dismay the insurer is unable to process the health claim due to an error in bank details, consequently, forcing Ms. Patel to meet the expenses out of pocket until the issue is resolved. This example brings forth the importance of bank account verification (BAV).
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  • Business Rule Engine - Supercharging InteGREAT’s efficiency, driving streamlined decision-making
    4th August 2023
    Business Rule Engine - Supercharging InteGREAT’s efficiency, driving streamlined decision-making
    In the ever-evolving landscape of modern business, staying ahead of the curve demands intense innovations, agile adaptability, and perfect precision. So, imagine a dynamic tool that empowers your organization to swiftly respond to changing market trends, enforce regulations effortlessly, and optimize decision-making with unparalleled efficiency.
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  • Is Video PD the Key to Personalizing Customer Interactions?
    2nd August 2023
    Is Video PD the Key to Personalizing Customer Interactions?
    In today's tech-driven world, businesses are constantly seeking innovative ways to engage with the customers. Banking and NBFC sectors, in particular, face unique challenges in customer interaction due to geographical constraints. This results in delayed processes and clinical experiences coupled with traditional methods like face-to-face meetings and phone calls.
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  • Demystifying Document Digitization: A Complete Guide
    18th July 2023
    Demystifying Document Digitization: A Complete Guide
    Several years back, the Digitalization wave reached Indian soars with a resounding impact, redefining systems, and processes across industries and business lines. Under its influence, among many remarkable outcomes, vast piles of paper disappeared from the institutional work benches across the nation at a breakneck speed, replaced by digitized workflows. But has this pace been matched by an equally fluid shift in the customer psyche?
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  • Top Fintech Companies in India
    14th July 2023
    Top Fintech Companies in India
    FinTech companies in India are greatly helping the under-served society with their services and are also performing well for India being the most potent market in the world! Slightly over 50% of the Indian populace is now an internet user!
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  • Credit Score – All That You Need To Know
    20th June 2023
    Credit Score – All That You Need To Know
    Your life is much better with a good credit score, as this 3-digit number affects almost every aspect of your life! Getting loans of higher amounts for longer tenure with lesser interest rates, premium credit cards offering better rewards and credit utilization limits, and better deals in other financial products- all are easier to avail with a better credit score. A good credit score comes especially useful in case of an unforeseen financial emergency.
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  • Risk Management in Lending - Efficient Strategies to Mitigate Risks
    8th June 2023
    Risk Management in Lending - Efficient Strategies to Mitigate Risks
    In the world of finances, risk management refers to the process of identifying, analyzing, and mitigating the uncertainties associated with lending projects. Every lending investment involves some degree of risk and it would not be an exaggeration to say that risk is inseparable from returns.
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  • How Account Aggregators Are Revolutionizing the Financial Industry
    9th May 2023
    How Account Aggregators Are Revolutionizing the Financial Industry
    The financial industry has undergone significant changes over the years, with new technologies and innovations continuously emerging. One such innovation is account aggregators, which are revolutionizing the way we manage our finances. Account aggregators are digital platforms, and part of the India Stack along with UPI, Aadhaar etc, that allow users to consolidate their financial data from multiple banking & investment accounts in one place. This has resulted in consumers benefitting from significant ease & security and financial service providers benefitting by being able to offer innovative services. Let's take a closer look at how account aggregators are changing the financial industry.
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  • Table Structure Identification: via Graph Neural Networks
    4th May 2023
    Table Structure Identification: via Graph Neural Networks
    In the previous article, we have introduced and discussed an opencv based solution to solve the Table Identification task. We have also discussed a few limitations that the rule based structure recognition methods have. We also gave some post-credits on using Graph Neural Networks for overcoming these limitations. To recall, let’s revisit the challenges before diving into the solution.
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  • How to best leverage a Credit Decisioning Engine or Business Rule Engine to simplify automation in underwriting?
    26th April 2023
    How to best leverage a Credit Decisioning Engine or Business Rule Engine to simplify automation in underwriting?
    In today's fast-paced world, Banks and other financial institutions are constantly striving to find new ways to simplify and automate their credit underwriting process to bring in significant benefits, both in terms of efficiency and accuracy. Today, close to about 40% of the loan life cycle in spent in manually underwriting an SME loan application. However, frequent changes to credit policies due to regulatory compliance, rapidly varying bank’s risk appetite, competitive landscape, and other external factors, coupled with the need to manage risk exposure, can make this a daunting task.
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  • How to achieve automation in the entire underwriting lifecycle
    20th April 2023
    How to achieve automation in the entire underwriting lifecycle
    Two friends Mr. Aditya and Ms. Sheela had always dreamt of starting their own businesses and when the right opportunity knocked both started working towards it.
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  • Leveraging Data and Technology for underwriting
    11th April 2023
    Leveraging Data and Technology for underwriting
    Meet Prachi, a loan credit manager at a lending institution in India. Prachi has been working in the banking industry for over a decade, and she has seen first-hand how tedious and time-consuming the manual loan processing system can be. She starts her day by checking her inbox, which is flooded with loan applications that need to be processed. Each application is accompanied by a bundle of documents, which Prachi must manually verify and validate before approving the loan. The documents include identity proof, address proof, income proof, bank statements, and business plans, among others.
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  • Perfios' Hyper-Personalization Solutions: A Game Changer for Businesses
    24th March 2023
    Perfios' Hyper-Personalization Solutions: A Game Changer for Businesses
    In today's connected environment, customer expectations have reached an all-time high. To remain competitive, businesses need to do more than just meet customer needs. The way a business interacts with its customers can significantly impact their perception of the brand, regardless of whether they make a purchase or not.
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  • Intelligent Document Processing : An introduction to Table Identification
    17th March 2023
    Intelligent Document Processing : An introduction to Table Identification
    In the digital era, the financial world deals with portable documents in the form of scanned images, pdfs which are digitized to extract the relevant transaction details and then processed for different use cases.
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  • Introducing Asset Drishti by Perfios – The better way to serve clients!
    3rd March 2023
    Introducing Asset Drishti by Perfios – The better way to serve clients!
    Perfios has come up with a novel solution Asset Drishti for RIAs to better leverage the account aggregator (AA) ecosystem.
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  • 23rd February 2023
    Perfios Wins the ‘Best Lending Tech Initiative of the Year’ at the ETBFSI Excellence Awards
    Perfios Software Solutions was recently awarded as the 'Best Lending Tech Initiative of the Year' by the Economic Times at the ETBFSI Excellence Awards. The awards were held on 17th February 2023 at Sofitel hotel, Mumbai to recognize organizations which have demonstrated uniqueness, impact and innovation in the BFSI sector.
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  • Digitizing Documents - The OCR Way
    16th February 2023
    Digitizing Documents - The OCR Way
    Gone are the days when documentation used to mean piling up heaps of paper in the corner of an office. Along with the digital wave came the paper-less tide. Every enterprise today is making the shift towards becoming tech savvy and digital. While this transition is on the way, there’s still an enormous quantum of documents that are vital to the companies and are yet in the paper format. Manual data entry silos continue to exist in a state of not being entirely accurate, efficient or cost & time effective.
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  • An overview of government privacy norms for VPNs
    11th February 2023
    An overview of government privacy norms for VPNs
    VPN stands for Virtual Private Network, which is a technology that enables you to create a secure connection over the internet from your device to a server managed by a VPN provider. The connection encrypts your internet traffic and helps protect your online privacy and security by hiding your IP address and making your online activities less traceable.VPNs are commonly used to access blocked websites, protect personal data, and enhance online security.
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  • 18th January 2023
    Perfios Software Solutions awarded ‘Best Fintech in Value Added Services' at the BT-KPMG Best Banks & Fintechs Awards
    India’s largest SaaS-based B2B fintech software company Perfios Software Solutions was named “Best Fintech in Value Added Services” at the BT-KPMG Best Banks & Fintech Awards. The award was received by Mr. Debasish Chakraborty, Co-founder and CTO of Perfios from honourable minister Mr. Nitin Gadkari, eminent banker Mr. K V Kamath, and India Today Group Chairman and Editor-In-Chief, Mr. Aroon Purie.
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  • 23rd December 2022
    Everything You Should Know About OCEN
    OCEN (Open Credit Enablement Network) is a decentralized credit network that aims to provide a platform for connecting credit providers and borrowers in a transparent and secure manner. With OCEN, borrowers can access a range of credit products from different lenders, and lenders can offer their products to a wider pool of borrowers. The goal of OCEN is to create a more efficient and accessible credit market that is free from intermediaries and barriers to entry.
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  • 23rd September 2022
    Global FinTech Fest 2022: Five Key Take-Aways for FinTechs to Address Every Dynamic Digital Trend
    Amidst global slowdown of economy, constant push for accelerated digitization and keeping up with regulatory ups and down, the Global FinTech Fest held last week in Mumbai was a much-needed platform for FinTechs and Regulators to gather at a single forum to display how vital the role of FinTech is for a strong growth trajectory of the Indian financial landscape
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  • 5th April 2022
    Perfios' Current Offering - Where Did the Need For Automated Payslip Processing Stem From?
    Back in the day, Perfios was the first to introduce a cloud-hosted, completely automated finance management solution in the Indian market. We then followed it up by building our data platform, capable of generating customized reports using our home-brewed ML techniques. Today, we are a solutions provider of 75+ products specially designed for the BFSI sector in 18 countries globally. While the fourteen-year journey looks like a dream today, trust us when we say it has been anything but so.
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  • 23rd March 2022
    How Does Payslip’s Automated Processing & Verification Further Help in Loan Processing?
    In the digital era, most processes are supercharged and are completed in a fraction of what they used to take earlier. Loan processing is one such process where financial institutions have significantly cut down the turnaround time, enabling their customers to have faster access to credit.
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  • 8th February 2022
    Beyond A Product Feature: Leveraging The AA Framework For Driving Business Growth
    So far, this series of blogs has taken the reader into a close at hand inspection of one of the contemporary debates in the alleys of the Indian economy: The Account Aggregator (AA) Framework and its implications for financial services growth in the country. Undoubtedly, amidst an industry landscape that is being progressively Digitalized, the democratization of customer financial data reveals unprecedented opportunities for Financial Institutions (FIs). They stand to reap the most of it through a deliberate choice of a partner for the AA-enabled solutions.
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  • 7th February 2022
    The TSP With An Advantage: How Perfios is Defining the AA-enabled Products in India
    As an idea and a technology concept, Account Aggregator (AA) responds to the demands of a digital economy, necessitating the democratization of data for expanding financial services access. With its gradual mainstreaming into the Indian banking parlance, our previous blog post took a deep dive into its origin and the benefits that BFSI institutions stand to reap by being onboard the AA ecosystem. Nevertheless, while the conservatives stand to miss the first-mover advantage to innovate on a platform, that is, by law, the way forward, gaining AA awareness is only winning half the battle! What characterizes an excellent AA solution, and how are the benchmarks defined for a successful implementation for those willing to transform?
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  • 1st February 2022
    Account Aggregator Framework: A Take Into The Future of Financial Data Sharing
    Business transformation exists at the intersection of enriched customer experience and greater operational control. Nevertheless, while Digital, the motive force behind transition in the 21st century, has made noticeable inroads into the Indian BFSI landscape, significant challenges still persist on both sides of the banking desk. But in the New India that is surging ahead, is it fanciful to imagine a reality where data is democratized, trust is distributed, and the need for confidentiality does not necessarily stymie financial services growth? With the rollout of the Account Aggregator (AA) Framework well underway, such a future might be much nearer than we think!
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  • 15th December 2021
    Expedite Loan Disbursements with CAM Automation
    The COVID-19 Pandemic has accelerated an otherwise slow digital adoption within the banking segment. With changing customer expectations and the growing aspiration for personalized services combined with the rise in FinTechs, banks have identified a ‘digital-first’ plan that will help them reduce costs, enhance operational efficiency and mitigate operational risks.
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  • 10th December 2021
    Enriching Credit Assessments with Fraud Forecasts
    The Pandemic has forced a significant transformation in the banking industry - dependence on digital infrastructure and assets. The shifting consumer behavior, the need for personalized solutions, and the drive to provide operational excellence have led to this alteration. Despite the push for digital excellence, a lot of banking operations still rely on manual methods. There is an underlying need to automate these processes, not just for speed and productivity but also to mitigate risks and prevent fraud.
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  • 10th December 2021
    How to Credit More Loans with Less Work?
    The financial services sector is continuously evolving to match the customer’s growing expectations. In the penchant to offer enriching experiences to the customers, the banks have vigorously invested in ensuring seamless front-end operations. Despite the front-end operations going digital-first, many back-end activities are still dependent on legacy systems and processes. From managing credit analysis to disbursing loans and processing the payments, many procedures are done manually.
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  • 2nd November 2021
    Borrowers, Income Analysis and FSA - The Inseparable Trio To Be!
    Evolution into the current human race took over a million years but income analysis of borrowers and lending process would evolve quicker! From the former times of complete paper based analysis to a digital version- we have indeed come a long way. But the most taxing, time-consuming, and indispensable task is still the evaluation of the borrower's financial statements to assess the creditworthiness of business entities. This dilemma stems from the massive amount of disjoint financial data, a lengthy process, and the shakiness of risk models. In any financial institution, banks or NBFCs, lenders need to assess both, the accounting and finance documentation to know the overall financial position of the borrower’s entity.
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  • 28th October 2021
    Decode the Language of a Borrower Entity. Analyze Financial Statements with Perfios
    In the highly competitive lending market, appraising the creditworthiness of borrower entities with accuracy in short periods is an absolute desideratum for success. Lending is a risk-based business, to reduce risk is essential, increasing accuracy imperative and speed is a necessity.
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  • 20th October 2021
    What Makes Perfios Financial Statement Analyzer the Ideal Tool for Elevating Credit Decisions?
    For years, valuable institutional bandwidth has been lost in the tedious compiling, cleaning, and dissection of financial data to deliver actionable insights . Tools driven by automation, analytical tools, machine learning (ML) or deep learning (DL), when run in unison with the sheer volume of generated data, can improve data quality and optimize planning processes. In the financial services sector, with technology intertwined with every aspect of the business, CFOs are increasingly asked to reconsider using technology to optimize their finance operations.
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  • 22nd September 2021
    Speed (Scan of Documents) is Wonderful, but Accuracy is Imperative!
    In today's ever-changing dynamic market, the speed with accuracy has become the need of the day. With digitalization being the new norm, Perfios provides an intelligent solution to speed up processing large volumes of unstructured data, thus minimizing manual paperwork while generating a faster response to new opportunities. This solution provides its customers with improved compliance, transparency, powerful automated workflows, valuable insights and quicker turnaround times.
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  • 21st September 2021
    AI & Human Synergy - The Hybrid Model that combines AI and Subject Matter Expert Intervention in Document Scanning
    Technology is constantly rapidly racing ahead, bringing about the invention of newer and better techniques constantly, each promising more competitive advantages to industries than the other. With the outbreak of Covid-19, tech-innovators are continually striving to upgrade the existing technologies and replace them with enhanced tools that will reduce pressure on manpower leading to cost-savings and maximized accuracy.
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  • 9th September 2021
    The AI Pathway: Taking Inequity Out of The Credit Equation
    Vivek Sharma has been an innovator at heart since his kindergarten days. A green technology evangelist and a firm believer in the climate cause, it has always been his dream to contribute meaningfully towards the Net Zero vision. So, no one was surprised when Vivek declined cushy corporate job offers in the final days of engineering and resolved to incorporate his waste-to-energy (WTE) venture to power SMEs in rural India.
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  • 7th September 2021
    AI & Underwriting: Towards A Collaborative Future In Credit Risk Assessment
    India's economy is at an inflection point, manifesting unmistakable signs of recovery. However, the incumbent risk assessment practices come short in sustaining a resurgence in credit access, limiting the nation's aspirations to be on a high economic growth trajectory. Dated evaluation tools struggle to accommodate the explosion of data that characterizes modern businesses and individual lifestyles, failing to paint an applicant's risk profile in totality.
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  • 17th June 2021
    InteGREAT: Maximizing Digital Advantage Across The BFSI Value Chain
    The financial services sector in India is perhaps one of the earliest beneficiaries of the surging digitalization wave in the country. The transformation of banking that has continued with varying tempo has received a shot in the arm with the expanding connectivity coverage, the fintech revolution, and a National resolution to drive inclusion. Today, stakeholders on both sides of the counter are exceptionally aspirational.
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  • 2nd June 2021
    Elevating Financial Services Experience With Simplified Customer Onboarding
    Digitalization has delivered the adequate impulse for the Indian Banking Story to turn a corner. The marriage of progressive digital constructs with legacy business models and services architectures has allowed financial institutions to innovate faster, explore deeper, and transform to scale with high reliability. The development has provided the means to convert revolutionary proof of concepts into sustainable revenue streams, allowing lenders to redefine their tactical and strategic postures.
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  • 27th April 2021
    Don't Delay the Good
    Once a wealthy merchant navigated the high seas going from one state to another when his boat got caught in a raging storm and capsized. The Merchant was marooned, holding onto a log of wood and trying not to drown. He was sure he would die before the night passed.
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  • 19th April 2021
    The Power of Doing: How Imperfect Action Trumps Perfect Planning
    Before I quit my secure, high-profile banking job to become a technology entrepreneur, I was unsure and uncertain for months. I kept pushing the decision because I wanted to feel “ready” before taking the plunge. Until one day, I concluded that I could not keep looking out for the right time. The feeling of wanting to be ready was imaginary, and time would never make me ready. Making a move would, and I had to make the move.
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  • 17th April 2021
    The Silver Lining of a Tough Boss: How to Turn Adversity into Success
    A few of days back, I was speaking with a mentee about dealing with difficult bosses and difficult colleagues. The conversation was regressing into self-pity, the world is unfair mode, and I did not want to get pulled into anything negative.
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  • 9th April 2021
    The reflection of your soul: How the world reflects your inner being
    This evening I was in a conversation with a friend who was complaining about something someone had done, and I reminded him about the story of the two travelers. I have taken his permission to share the story. Some of you may have heard of it.
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  • 30th March 2021
    The Power of Consistency: Why You Should Never Break the Chain
    It is a scientific truth that water becomes steam when it is heated to 100 degrees centigrade. Now imagine we put some water in a container and put it on a stove, and just as the water is heating up, we move the container from the stove. What will happen? The water will cool down naturally. However, if we continue heating the water long enough, the water transforms from a liquid state into steam as soon as the temperature hits the hundred-degree mark.
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  • 10th March 2021
    Streamlining Escrow: How Smart Monitoring Can Simplify the Process
    An `Escrow Account` is a financial instrument in which an asset or escrow money is under the purview of a neutral third party, which is essentially a bank or a recognised lender; during the process of completion of a transaction. Being an age-old method adopted globally, the same is about efficient risk management and simplification of complex transactions for all parties.
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  • 27th February 2021
    Three Ways To Influence Decision Makers
    Across our personal and professional domains, we are all accountable to people with more power than we do, and they will take decisions that impact how we feel and what we do.
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  • 21st February 2021
    Your Calendar Tells You What You Truly Value
    Have you blocked chunks of time consciously in your calendar to focus on the actions, tasks that matter for you? Or are you under the impression that scheduling is not needed? That everything will happen naturally, on its own.
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  • 18th February 2021
    No Excuses
    There have been many times in the last year after I started my daily blogging where I have told myself, ”I can’t do it, I can’t write my blog today because other pressing matters are consuming my attention. I don’t have the inspiration or the time to write something meaningful and of value for my readers.”
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  • 17th February 2021
    Getting The Best Out of Account Aggregation
    As we wrote earlier, Account Aggregation is poised to become the UPI of data by providing a scalable, interoperable and expandable data architecture. However, a world-class platform is by itself necessary but insufficient in deriving business value. Success will need you to design new products, use cases, customer experiences, as well as redesign processes which suffer from data friction.
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  • 8th February 2021
    The Choice of Plenty: Deciding the Right Technology Solution Provider
    The last decade has seen the financial services sector of India undergo a transformative change. With the emergence of new-age technology solution providers or technology-driven start-ups in the financial space, established financial institutions have begun shifting from traditional legacy systems to partnership models with these technology start-ups.
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  • 31st January 2021
    3 Choices: Change, Leave or Accept | Which One Will You Make?
    Take a moment and think about this question. What are the three choices we always have in our life? I picked up the answer to this question as a nugget of wisdom from a Biography, The Almanac of Naval Ravikant by Eric Jorgensen. Naval Ravikant is an Indian-American entrepreneur, investor, and a brilliant mind. This book captures a collection of Naval’s wisdom and experience over the years, shared as a curation of his most insightful interviews and reflections.
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  • 21st January 2021
    A Perspective To Overcome Jealousy
    Jealousy is an extremely toxic emotion. When I was young, I had a lot of jealousy. Though others may not have noticed it, I felt it in full force inside me. But, over the years, I have managed to tame it a lot through some aggressive mental gardening.
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  • 20th January 2021
    If You Can't Decide, The Answer is No!
    At different times in our life, we face difficult choices that involve doing or NOT doing something. The difficulty is that the outcome of the choice we decide on will significantly impact our future life.
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  • 19th January 2021
    The Power of Compounding
    The topic of “Compound Interest” has always fascinated mankind. Einstein is supposed to have said that “Compound interest is the eighth wonder of the world.”
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  • 7th January 2021
    The UPI of Data is Coming. Are You Ready?
    Perfios Software presents a One-Stop resource center for everything you need to know about RBI’s Account Aggregator framework. The Account Aggregator (AA) ecosystem is live as of 28th December, 2020. As a leading financial institution you may already be a part of this ecosystem, or evaluating your entry strategy, perhaps through a TSP (Technology Service Provider).
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  • 24th December 2020
    Ready for Take Off: Credit Card Analysis
    Indian society has evolved from a savings-focused and debt-averse country to a more consumption-focused, leveraged economy. With the growth of India’s credit economy and rising number of consumers applying for credit each month, this market is paving way for some interesting trends in the credit card industry.
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  • 20th December 2020
    The Power of Pausing: Why Everyone Needs a Break from Their Routine
    As a tumultuous 2020 winds down heralding the new year, many go into their Christmas and year-end break, hoping to unwind and rejuvenate. Everyone must take a break from their daily routines to relax and rejuvenate.
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  • 18th December 2020
    Cut the Branch of Comfort
    A few days back, I was in a coaching conversation with a young friend who was feeling stuck in his career. As we got chatting, something triggered a train of thoughts for him, and he said. “I just realized that I have been stuck in a web of comfort of my own making. I have been working very hard on things that are in my comfort zone and resisting anything that does not feel comfortable. It’s time I did something different.”
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  • 18th December 2020
    Art of Acceptance: How to Utilize Your Time and Let Go of Stress
    All our stress comes from resisting the present moment- When we want the present moment to be different from what it actually is. Our car can breakdown in the middle of heavy traffic, or someone could lose a job or the business results don’t come as expected. Many situations cause discomfort or deep pain in our lives. The pain is real and cannot be avoided in those moments when something bad happens or when something is not going the right way.
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  • 1st December 2020
    Ten Signs You Are Growing
    One of the fundamental human needs is seeking personal growth. It is human nature to try and grow across both the material and spiritual realms of our life as we age. Material and Spiritual dimensions are the guardrails of our life. They need to evolve in tandem. If not a sense of imbalance creeps into our lives.
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  • 30th November 2020
    Decision Making - Science Or Art?
    When it comes to decision making, all of us struggle with some types of difficult and complicated choices. You are a business leader, and you have been asked to execute a redundancy program, and you have to let go of 10% of your teammates. You are conflicted. “How do I decide, what is the right call to take.?”
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  • 16th November 2020
    Go Beyond Survival Thinking
    There is a distinction between Survival and Survival Thinking. Many times in our life, we encounter challenges and problems that could significantly impact our experience in that moment of crisis.
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  • 14th November 2020
    The Marshmallow Test
    In the late 1960s and early 1970s, Stanford psychology professor Walter Mischel ran a fascinating social study known as the Marshmallow Experiment. In this study, a group of 32 children aged 3 to 6 years was put through a test of self-restraint. The experiment involved every kid being taken into an isolated room where a single Marshmallow was strategically kept on the table.
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  • 13th November 2020
    Beyond Default: The Active Work of Being Open-Minded | Perfios
    Having an open mind towards everything that happens in our life can be very tough. Every one of us has some core beliefs and values, and we reinforce those throughout our lives by exposing ourselves to situations and people that represent similar values and beliefs.
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  • 8th November 2020
    Introspection
    In a conversation with a friend recently, a question cropped up. “We all have some self-improvement goals like being calm or being more organized, or not telling white lies or being disciplined about personal commitments, etc. But we keep slipping every so often on these goals. How do we course correct and come back on track when we slip up?”
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  • 7th November 2020
    Think Effectiveness, Not Just Efficiency
    Have you ever felt this way? You spend the day finishing many tasks, but somehow, you think nothing much has been done at the end of the day. There is a simple reason for this feeling. You were likely to be efficient instead of being effective. These two terms may sound similar, but there is a big difference between them. Efficiency is when you perform any given task, it doesn’t matter if it is important or not, in the most economical manner.
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  • 2nd November 2020
    Ease of GST Filings – A Boon for Lenders
    The 42nd Goods and Service Tax (GST) Council meeting was held on 5th Oct 2020 and the 43rd meeting on 12th Oct 2020, chaired by Finance Minister Nirmala Sitharaman, to discuss the GST compensation for state governments for FY21. Amidst all the speculations, the GST Council has however brought some relief to businesses intending to enhance Ease of Doing Business and improve the compliance experience.
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  • 26th October 2020
    Handling Fraud In A Digital World – A Pandemic In Its Own Right
    Everyone has been talking digital, something Financial Institutions wanted to do but in the foreseeable future. The pandemic changed this for everyone and brought it to the forefront. It has become the hot topic in most webinars and events today and we now accept that this change is irreversible . The flip side of jumping on the digital bandwagon is trying to get there too quickly and not recognizing the nuances that come with it.
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  • 20th October 2020
    Clear Your Head: A Beginner's Guide to Decluttering Your Mind
    “Pramod, having a cluttered table is bad Feng Shui. It blocks the free flow of the energy within you, and it will harm your performance”. This was a comment made by an ex-colleague of mine when he saw my workspace with piles of folders, books, magazines, and other Knick-knacks. Somehow that chance comment has stayed with me.
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  • 30th September 2020
    Three Paradoxes In Our Life
    When I am in coaching conversations, things get confusing sometimes. In some situations, the course of action could be “Be proactive, go out there, push or hustle,” and in some other situations, the course of action could be “Don’t push too hard. Give your best and let things pan out.”
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  • 28th September 2020
    Strengthening SME Lending with Multi GSTIN
    The turmoil in global markets has impacted multiple sectors with expected losses ranging from moderate to even significant. Ravi has manufacturing units of packaging materials in 9 states in India. Ravi's organisation is one amongst many of the banks' MSME customers who run their operations from various locations in India. Having operations severely impacted in 5 states, he reached out to bank(s) seeking immediate help for the survival of his business and was faced with an uphill task of convincing a growing list of circumspect lenders of his credit-worthiness under the prevailing business climate.
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  • 24th September 2020
    Loan Restructuring : A Long-Term Opportunity for Lenders and Borrowers
    The Supreme court directions on NPA classification post moratorium is a new challenge before lenders, while we await the final hearing on this. How can lender decide, which borrower to extend the facility, the one’s in stress need most help, but for lender there is the highest risk – can lender make big leap of faith, rely on past performance of the borrower than the current aberrations.
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  • 22nd September 2020
    Communication - It’s Your Bridge to Opportunities
    All of us need Opportunities to showcase our skills, capabilities, talent. But, where do Opportunities come from? They come from People who bring opportunities in our life. Opportunities don’t fall from the sky. Even if you believe in some higher power, destiny- those higher powers deliver the opportunities to us through people.
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  • 28th August 2020
    The Buzz Around "Embedded Finance"​ is Real
    There's a new kid in the town. The buzz word that's capturing the attention of VCs and PEs. It is called Embedded Finance, deemed to be the Future of the Economy! In this quick writeup below let us see why this is real and the hype is justified especially in India, and also see what are the factors that are accelerating its growth. Also, let's take a sneak peek into some of the aids available to accelerate the growth in this sector.
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  • 13th July 2020
    3 Types of Hacks for making better use of LinkedIn
    Depending on your LinkedIn Objective, identify what are the type of people you want to reach on LinkedIn (TG) and what are the keywords they will search to reach you.
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  • 20th May 2020
    How to Build a Minimum Viable Product - Perfios
    Does this picture sound familiar? I have seen it being used on several occasions to describe an MVP strategy. The picture seems perfect. I myself couldn’t have expressed such an important concept in such a simple but profound way.
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  • 1st February 2020
    Master Your Mind: How to Take Control of Your Thoughts and Thrive
    There is a Buddhist saying that our mind makes an excellent servant but a terrible master. To relate to this saying, we need to acknowledge a simple fact.
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  • 24th December 2019
    2020 will separate the leaders from the laggards – which one will you be?
    At Perfios, we serve over 200 Indian banks, NBFCs, Fintechs, wealth managers and mutual funds. We extract, categorize, aggregate, and analyze over 2,000 types of (un-)structured data from over 400 banks and financial institutions.
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  • 20th December 2019
    Changing Pace of Mutual Funds – how technology can help expand the industry.
    Over the ten years to February 2019, AUM of Mutual Funds in India have grown at a CAGR of 16% to reach INR 23.2 Trillion . An average CPI of 7% in that period , and therefore effectively negative interest rates on bank savings, prompted investors to seek relatively higher risk and higher return investment options.
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  • 5th March 2019
    Bridging SME Financing Gap Using AI/Machine Learning
    Small and Medium Enterprises (SMEs) are integral to the economic development of any country. They constitute the backbone of an economy providing employment and contributing significantly to the national GDP (gross domestic product).
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