New Delhi: In today’s competitive market, data is key to breaking into the finance sector and gaining an edge. The Indian financial sector has witnessed a significant transformation in recent years, thanks to technological advancements and regulatory reforms.
Currently, data is growing at an unprecedented rate, making it crucial for businesses to effectively aggregate and analyze this vast amount of information as credit risk. Data is the key to unlocking insights and driving informed decision-making in the financial industry. With Nexuses advanced data solutions API, BFSI-CISO and NBFCs can gain a competitive edge by leveraging real-time data analytics to identify emerging trends and make proactive business decisions. BFSI and CISO can leverage data aggregation APIs and solutions to mitigate credit risk and make informed decisions. By integrating data aggregation API’s into their systems, BFSI CISO NBFC’s can access comprehensive credit data from multiple sources, providing a holistic view of their customers’ credit profiles. This enables them to identify potential risks, monitor credit activities in real-time, and proactively manage their credit portfolios. According to a recent report, Indian banks are at a higher risk of defaulting on unsecured loans because the share of lending to overdue borrowers rose from 12 percent to 23 percent. Indian banks’ credit losses are likely to rise by 50–200 basis points due to the increasing risks of defaults on retail unsecured loans, according to UBS.
Lack of aggregated data and effective analysis of this data can hinder banks’ ability to accurately assess and manage these increasing risks. Without a comprehensive understanding of the trends and patterns within their loan portfolios, banks may struggle to identify potential defaulters and take proactive measures to mitigate losses. Therefore, it is imperative for Indian banks to prioritize the integration of robust data aggregation API’s and analysis systems in order to safeguard their financial stability in the face of rising default risks. Founder and CEO of Nexensus, Akanksha B. Dutt, says data-led decision-making can mitigate these risks by enabling banks to identify and assess potential defaulters more accurately. By leveraging advanced data aggregator APIs, banks can analyze vast amounts of customer data to identify patterns and indicators of default. Data aggregator API allows banks to make informed decisions and take proactive measures to mitigate default risks. Implementing robust data aggregation and analysis systems will help banks monitor and manage their overall portfolio performance, enabling them to identify potential vulnerabilities and take timely actions to ensure financial stability, she added. Nexensus offers comprehensive data aggregation API’s and solutions specifically designed for credit, credit monitoring, and risk analysis. By harnessing the power of data, financial institutions can make informed decisions, assess creditworthiness accurately, and effectively manage risks. With Nexensus, businesses can access a wide range of reliable and up-to-date data sources to streamline their operations and enhance their overall performance in the finance industry. Nexensus advanced analytics capabilities allow BFSI and CISO NBFCs to gain valuable insights into market trends and customer behavior, default, and optimize their lending strategies, enabling them to tailor their financial products and services accordingly.
Moreover, Nexensus robust security measures ensure the protection of sensitive financial data, maintaining trust and compliance with regulator requirements. With real-time updates and alerts, they can stay updated on any changes in their customers’ creditworthiness and take appropriate actions. By leveraging its’ robust data solutions, BFSI-CISO and NBFCs can enhance their risk management practices and drive better financial outcomes.
Nexensus, founded in 2013, is an Indian information services group with presence in business information, analytics, news, data, events and alerts. Used extensively by bankers, fund managers, investment bankers, corporate executives and lawyers Nexensus is powered by a combination of human analysts and AI technology that scans through billions of data points to build one of the most relevant data intelligence platforms.
With coverage of over 600 sources including Scores, Litigation, Default & Penalties, Fraud, Blacklists, Negative News, Raids, Industry Trends, compliances, public news Nexensus is empaneled with multiple public & private banks for credit review, data aggregator, risk review, EWS and credit monitoring services including 15 public and private Sector Banks.