API in Banking: Fueling Profitability for NBFCs

Non-Banking Financial Companies (NBFCs) have emerged as key players in addressing the financial needs of underserved individuals, filling the gaps left by traditional banks. Recent regulations and rising borrowing costs have prompted NBFCs to focus on niche target segments, offering innovative and personalised financial products. The adoption of new technologies and digitalization has propelled the rapid growth of NBFCs in India, with the lending industry projected to reach an optimistic $100 billion by 2023.

The Rise of Fintechs and Digital Transformation in the Lending Segment