Banking | Finance | Insurance & IT in BFSI

 Payroll cards are prepaid cards provided by companies to compensate their employees. They are almost similar to regular debit or credit cards and permit employees to access their salaries without requiring a bank account. The employer deposits the salary onto the card, enabling the employee to withdraw cash, make payments or shop online. These cards are especially helpful for workers without bank accounts. They save time for employees since they do not need to visit banks or wait in long queues to cash a cheque. Moreover, payroll cards are safer when compared to carrying cash in the wallet, thereby reducing the risk of loss or theft. The payroll cards sector is experiencing considerable growth. The use of payroll cards has increased in recent years because of the rise in adoption of digital payment solutions among businesses. These cards streamline payroll processes for companies and offer convenience to employees. Technological advancement and the move toward cashless payments ar...

Purchase order financing is a short-term financial solution that helps companies fulfill large customer orders. This situation often arises when a business lacks sufficient inventory or cash or is unable to utilize cash reserves. It acts as one of the financial management tools applied by companies seeking to complete considerable orders without damaging their cash flow. Sometimes, a company receives a customer order that exceeds its current inventory. Restocking the inventory quickly would require a significant cash infusion, which isn’t always feasible. This is when small business owners turn to purchase order financing for help. Startups and seasonal businesses are also examples of companies that might benefit from PO financing. One of the key advantages of purchase order financing companies is their speed. They evaluate and approve funding requests much faster than traditional banks. The top purchase order financing companies can deposit funds into a business’s account within 2...

A commercial property insurance policy is mainly designed to help protect business or commercial property in case of damage or loss brought about by acts of nature like earthquakes, tsunamis, and eruptions of volcanoes. A commercial property insurance policy covers all damage to a business’s properties. There are other types of commercial insurance products, including general liability insurance, professional liability insurance, property insurance, and home-based business insurance. Commercial insurance covers product liability, vehicle insurance, and business interruption insurance. Usually, commercial property insurance consists of key components, such as the cover page, common policy conditions, and general declarations. This policy covers various usual commercial property risks. Germany’s strong economy creates a stable environment for businesses, thereby driving higher demand for commercial property insurance. A positive economic outlook supports investment in commercial properti...

  Key takeaways: § Asset-based lending overview § Accounts receivable in ABL § Technological advancements § Industry strategies and collaborations What is asset-based lending? Asset-based lending (ABL) is a kind of loan in which a business is able to stabilize funding by using its assets as collateral, which include inventories, accounts receivable, or devices. This makes it easier for companies to get loans when they need funds, primarily when they have limited credit history or require instantaneous access to cash. Therefore, asset-based lending helps businesses finance short term liabilities or grow without having to approach industrial banks for loans. There is an increase in the demand for ABL because businesses prefer to utilize their assets instead of relying entirely on conventional bank loans. The increasing need for working capital and expansion opportunities drives the growth of the market. ABL permits companies to unlock value from assets they already own, helping them ...

Omnichannel e-commerce emphasizes the integration of all channels. Retailers that use this strategy are present on multiple platforms, and they ensure these platforms work together to provide a consistent and unified customer experience. Their messaging, branding, shopping experience, and pricing are harmonized across all platforms. This way, when a customer switches from one platform to another or makes additional purchases, the experience feels consistent. Increase in traffic and sales through constant availability According to Google, 53% of shoppers say they consistently research before making a purchase to ensure an informed decision. Retailers are able to offer a seamless experience across all the feeds with the omnichannel method, helping them to find what they need. This ease and stability aid the consumers’ research for a product, increasing their chances of making a purchase and boosting sales. They effectively capture and engage customers at various stages of their buying jo...

Consumer credit is the debt taken to buy goods and services. It can be in the form of any kind of personal loan or credit card. In simple words, it is an unsecured debt taken to acquire various commodities. However, housing loans or debt taken to buy plots do not fall under this category. These credits are provided by banks or financial institutions to help borrowers purchase everyday merchandise instantly. The interest is charged over the period to repay the credited amount. In the case of consumer credit, there is no requirement to carry cash while shopping. Individuals can choose payment plans that deliver access to products and services quickly rather than saving to cover the amount of that particular product. Many credit card retailers and organizations give special offers, rewards, and perks on the purchase of large items. Sometimes they also offer cashback on it. Role of digitalization and AI in consumer credit Integrating technology into consumer lending is essential for buildi...