EVENT OVERVIEW
23 August 2016 | Vivanta by Taj, Mumbai
OCTOBER 2016 | VOLUME 02 | ISSUE 4 | US $10 | ` 75
REVOLUTION IN CO-OPERATIVE BANKS
Digitisation set to impact smaller cooperative banks to keep pace with Technological advancement on the Indian banking landscape.
SPECIAL INTERVIEWS
Sanjay Navneet Narkar Kumar Chief Technology Officer IDFC
Vice President Cooperative Banks and RRBs, NPCI
Contents october 2016
n volume 02 n issue 04
cover story
flashback
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IT Revolution in Cooperative Banks of India
When Corporate Excellence Showcased In Finest Form
Corporate
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Sanjay Narkar Chief Technology Officer IDFC Bank
Adelia Castelino Co-Founder In-Solutions Global Pvt Ltd
Vishwas Patel Chief Executive Officer CCAvenues India
Ravi Rajagopalan, MD & CEO Empays
Rajeev Arora Chief Operating Officer FINO PayTech Ltd
Hemant Nerurkar Chairman MindCraft Software
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Praveen Jayachandran Research Scientist IBM Research
Hitesh Sahijwala Director, Sales Red Hat india Pvt Ltd
Jyotish Werulkar Country ManagerEnterprise Sales Quick Heal Technologies
Deepak Bhatia Head-Sales Enterprise and Mobility, Nuance Communications India
Achintya Gupta Director, Sales & Marketing of Kuliza Technologies Pvt Ltd
Piyush Somani CEO and Founder ESDS
payment industry
36 Narayan Viswanathan Executive Director & Global Head (Sales & Marketing) Encore Theme Technologies
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15 Navneet Kumar National Payments Corporation of India (NPCI)
industry view 14
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32
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NEC India
\Orchestrating a brighter world
eHEALTH Magazine
CONFERENCE | AWARDS | EXPO 2nd Annual
Healthcare SUMMIT
OCTOBER 2016 VOLUME 02 n ISSUE 04
EDITOR-IN-CHIEF: Dr Ravi Gupta
CONFERENCE | AWARDS | EXPO
EDITORIAL TEAM - DELHI/NCR Assistant Editor: Souvik Goswami, Gautam Debroy, Sandeep Datta Senior Correspondent: Manish Arora BANGALORE BUREAU T Radha Krishna - Associate Editor MUMBAI BUREAU Kartik Sharma - Senior Assistant Editor Poulami Chakraborty - Correspondent JAIPUR BUREAU Kartik Sharma - Senior Assistant Editor CHANDIGARH BUREAU Priya Yadav - Assistant Editor HYDERABAD BUREAU Sudheer Goutham B - Senior Correspondent LUCKNOW BUREAU Arpit Gupta - Senior Correspondent AHMEDABAD BUREAU Hemangini S Rajput - Assistant Editor SALES & MARKETING TEAM Product Head: Fahim Haq, Mobile: +91-8860651632 Senior Manager: Gaurav Srivastava, Mobile: +91-8527697685 Manager: Manu Raj Singhal, Mobile: +91-9871543890 Senior Executive - Shivam Pathania SUBSCRIPTION & CIRCULATION TEAM Manager Subscriptions: +91-8860635832; subscription@elets.in DESIGN TEAM Creative Head: Pramod Gupta, Anjan Dey Deputy Art Director : Om Prakash Thakur, Gopal Thakur, Shyam Kishore EVENT TEAM Manager: Gagandeep Kapani ADMINISTRATION Head Administration: Archana Jaiswal EDITORIAL & MARKETING CORRESPONDENCE BFSI – Elets Technomedia Pvt Ltd: Stellar IT Park Office No: 7A/7B, 5th Floor, Annexe Building, C-25, Sector-62, Noida, Uttar Pradesh - 201301, Phone: +91-120-4812600, Fax: +91-1204812660, Email: info@elets.in, Banking & Finance Post is published by Elets Technomedia Pvt Ltd in technical collaboration with the Centre for Science, Development and Media Studies (CSDMS). Owner, Publisher, Printer - Dr Ravi Gupta, Printed at Vinayak Print Media, D - 249, Sector-63, Noida 201 307. UP and published from 710, Vasto Mahagun Manor, F-30 Sector-50, Noida, UP. All rights reserved, No part of this publication may be reproduced or transmitted in any form or by any means, electronic and mechanical, including photocopy, or any information storage or retrieval system, without publisher’s permission.
Write in your reactions to news, interviews, features and articles. You can either comment on the individual webpage of story, or drop us a mail at editorial@elets.in
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digitallearning
EDITORIAL
Technology as Catalyst in Coopertative Banking
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t a time when most of the people around us are turning tech savvy, it has become incumbent upon banks to ensure they contribute to country’s financial health and their clients have a delightful transaction experience as well.
Banks are required to deliver market leading solutions by putting customer needs at the centre of everything the banks do. Many feel there is need to innovate, connect and expand their existing services and increase value faster. There is also growing need for banks to have an unparalleled ability to address industry requirements at local as well as international-level. By organising Elets’ first CTO summit in the country’s business capital, one of our aims was to ensure the experts’ in-depth understanding of the market and experience bring valuable insight into India’s changing financial services landscape. It was intended to facilitate exploration of ideas and practices that can transform the Indian financial services industry by making financial institutions more efficient, competitive and resilient even in the face of challenging times. As CEOs/CTOs, presidents, directors and even senior government officials deliberated upon latest practices, innovations, technologies and solutions, it turned a highly enlightening conference for all the participating delegates in the audience and on the dias as well. Continuing with the spirit to ensure a better tomorrow for India, our latest issue also throws light on IT’s journey in cooperative banks. Looking forward to valuable feedback from our highly esteemed readers.
Dr Ravi Gupta Editor-in-Chief Ravi.Gupta@elets.in
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COVER STORY
IT Revolution in
Cooperative Banks Of India Over the last decade, the banks across the country have consistently used technology to change their operational landscape and presently the Indian Banking system is undergoing a crucial phase of digitization, observes Priyanka Sharma of Elets News Network (ENN)
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ith the banking sector experimenting the most with technology, the core banking platforms have rendered banks a strong launch pad to offer digital channel capabilities. Almost all banks today are feverishly building their online and mobile channel offerings. New technologies and functions are being added to the banking system to enhance customers’ experience. Observing the success of private banks, the central government appears to be determined to ensure the
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same even in smaller cooperative banks. It is being felt that digitalisation holds the potential to take control of your customer-experience ecosystem by managing your entire business from customers’ perspective and rethinking the legacy business model. Sensing opportunities with the IT development in the banking sector, Bihar Chief Minister Nitish Kumar has directed for digitising all Primary Agriculture Credit Societies and cooperative banks in the state. The directive was intended to make day-to-day banking system transparent so as to help in the implementation of
COVER STORY various schemes related to agriculture - the core economic sector in Bihar and ensure that the farmers get fertilisers and seeds in a transparent manner.
E-banking In India, the concept of e-banking is of recent origin. The traditional model for growth has been through branch banking. Only in the early 1990s, there has been a start in the non-branch banking services. In the context of the cooperative banks, a large part of this sector has been computerised. Whether it is the major loan accounts, the investment operations or the clearing systems, they all have been computerised at the head office level. The Cosmoss Cooperative Bank ,Pune, in Maharsahtra and The Kerela State Cooperative Bank have moved for core banking solution and many Urban Cooperative banks are in the process of shifting to core banking. The Cooperative Banks of all levels -- State , District and Cooperative Urban banks -- therefore have to also ensure that technologies are at par with the private banks. It wouldn’t be erroneous if one observes that slowly but steadily, India’s cooperative banks are emerging out of technological dark ages. Large parts of the sector now tick with a Core Banking System developed by the National Informatics Centre (NIC), the government’s web services organisation, which has brought them into the technology mainstream. The software runs from a remote central server, which individual banks access for their purposes via Internet. NIC hosts the service, besides providing implementation support. For any core banking project, the major cost heads are application development, data centre, disaster recovery site/ information security, data capture, hardware and helpdesk. In Co-operative Core Banking Solution (CCBS), NIC takes care of all aspects, except hardware and manpower. As the access is role-based, there are many security layers to make sure data is kept safe. Role-based access is an approach by which system access is restricted to only authorised users. Users are charged as per requirement during the implementation phase. NIC had developed the system in 2004 for the Bihar State Cooperative Bank (SCB), which was looking for total branch automation. Other cooperative banks started showing interest in 2010. As of now, the CCBS is implemented at more than 100 cooperative banking locations across Meghalaya and Chhattisgarh. The system operates at the levels of State Cooperative Banks, District Cooperative Bank (DCB), Primary Agriculture Co-operative Society (PACS) land development bank and Primary Agriculture Development Bank (PADB). CCBS is operating at the Jila Sahakari Kendriya Bank, a district cooperative bank, in Chhattisgarh. In Meghalaya, 46 SCB branches have been brought under CCBS. Pilot projects are underway at many more locations.
Six thousand PACS in Rajasthan, 89 PADBs in Punjab, one Chandigarh SCB, three branches of Delhi Financial Corporation and 315 locations of Treasury Saving Banks in Kerala are using Co-operative Core Banking Solution. The solution can be customised depending on local requirements. Meghalaya SCB still follows old Reserve Bank of India (RBI) clearing guidelines but wanted similar features in their version. Banks have records dating back decades, mostly handwritten. NIC had to make sure that every detail of every account closed or operating was migrated to the servers. For this special training was imparted to the employees.
Bihar's Chief Minister Nitish Kumar has directed for the digitising of all Primary Agriculture Credit Societies and Cooperative banks in the state During the implementation stage, training is given at three levels: nodal officers, PACS managers and direct users. There are various checkpoints to ensure the data entered is correct and complete. For the smooth functioning of the digitised banks, generators had to be installed in many places which had little or no electricity supply. Since the software is web-based, Internet connection is also essential. Most rural areas have connectivity issues; so, the NIC either requests for a leased line from the telecom operator or uses very small aperture terminal (VSAT) technology to connect to servers. NIC is working on adding more features like Internet banking and asset liability management, and is also working to integrate new schemes like Jan Dhan Yojana. All this makes one understand that even the rural bank-
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COVER STORY is extending tech-savvy services to its customers on a par with the private sector banks. Presently the bank is functioning with a network of 42 branches covering four States viz., Telangana, Andhra, Maharashtra and Rajasthan. After seeing the IT based success in the bank, the RBI has permitted the bank to extend its network to Gujarat State as well. The Co-operative Bank of Rajkot is equipped with high technology using Enterprise Banking Solution and Any Branch Banking at all branches for its customers. The bank has also installed Core Banking Solutions and its 11 branches are equipped with onsite ATMs. The bank also provides facilities such as locker at 26 branches, RTGS, NIFT and Online tax payment through HDFC in Rajkot city. Due to its new IT initiatives, this cooperative bank has earned a profit of Rs 32 crore this year.
ing system is evolving in a big way. Technology has helped the banks in impacting facilities to rural masses in getting the same facilities which people are enjoying living in urban India in the present times.
IT Journey Into small Co-operative Banks Samruddhi Cooperative Bank, Nagpur Taking the IT revolution ahead, Samruddhi Cooperative Bank based in Maharashtra launched the lender's firstever RuPay Card. With India adopting its own bank card, it turned the world’s sixth country to have its own card after China, Japan, and others. The National Payments Corporation of India (NPCI) in a short span facilitated the launch of RuPay Card and it
Technology has helped the banks in impacting facilities to rural masses which people are enjoying living in urban India has reached to small co-operative bank like Samruddhi. The Government plans to make this co-operative Bank a 100-crore venture.
Mahesh Co-operative Urban Bank , Hyderabad Telengana’s AP Mahesh Co-operative Urban Bank based in Hyderabad has various tehno-enabled initiatives and services this year. It is the first co-operative urban bank in the cooperative sector in South India that
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Amreli Jilla Madhyastha Sahakari Bank Taking the IT dream of Prime Minister Narendra Modi forward, Amreli Jilla Madhyastha Sahakari Bank is using information technology in the cooperative model to deliver goods to farmers and poor sections of society. It is one of the foremost banks to introduce Kisan Credit Card.
Rajkot Nagrik Sahakari Bank The bank has ventured into mobile apps and has made an RNSB Gift application for distribution of gifts to the shareholders of the bank. Through this app, close to three lakh members can take appointment online for collecting gifts.
Tiruchi’s Co-operative Banks on digital path Even the small co-operative banks of Tamil Nadu are implementing Core Banking Solution. These banks wants to be a part of e-governance, hence slowly but steadily they are marching towards cutting edge services. The Tiruchi District Central Cooperative Bank (TDCCB) has effectively brought all 52 branches in Tiruchi, Karur, Ariyalur and Perambalur districts under the CBS. With the help of CBS, the bank facilitates the transfer of funds through National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Direct Benefit Transfers (DBT).
Kerela Explores IT Revolution In Co-Operative Banks The Kerala government also wants to revive cooperative banks in the state by providing technological push to them. The government is exploring possibilities of tie-ups between these banks and technology companies to provide technology.
MESSAGE Maharashtra as a state has grown in leaps and bounds in last few years, emerging as the epitome of holistic growth and development. All thanks to its strategic positioning and Mumbai city, which plays a vital role as business capital of the country. On the other hand, Maharashtra has another facet of being a farm-based and cooperative-based state, where most of the people make a living out of farming. Fund management and development has also touched these households through the growth of multiple cooperative banks which has been booming in the state. It is indeed a matter of pride and pleasure that the state has persistently ride the tide of the growth and development across its regions. In this development saga of the state, the role of cooperative and cooperative banks are incredible and noteworthy. This dedication and approach to serve the grass root level of the society, has set example of excellence at several levels. Besides, their contribution to the rural population in financing their business and other necessities has changed the landscape of cooperative banks in Maharashtra for a better cause. I firmly believe that this initiative of Elets Technomedia in organising Maharashtra Cooperative Summit 2016 will be a landmark opportunity for cooperative banks to gather and meet and interact about the several aspects responsible for the sustainable growth and development of the cooperative banking sector in Maharashtra. These events will open doors for several stakeholders who will be able to interact with these banks and innovate several procedures of upgradation in the cooperative banking culture. The event will witness some of the best practises in the country being discussed in this platform. I extend my best wishes to the organisers on successfully organsing this event.
Subhash Deshmukh Minister Co-operation, Marketing and textiles Maharashtra State Mantralaya, Mumbai 400032 www.maharashtragov.in Date: 27.09.2016
Corporate Interview Sanjay narkar
IDFC Plans Reaching out to Customers
IDFC Bank, the newest lender in the country, is looking at an aggressive campaign to get individual depositors and lenders. For this, technological advancement is moving at a record pace. In an exclusive conversation with Elets News Network (ENN), Sanjay Narkar, Chief Technology Officer, IDFC Bank, tells us about the digital journey of the bank
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s a CTO of IDFC Bank, how are you trying to ensure a smooth transition in interbanking processes?
We are a young bank. So our challenge is to see that we remain ahead as far as other competitors are concerned and therefore technology plays a major role with digital being our core focus. With infrastructure, we have gone with the Cloud.
How IDFC trying to maintain freshness in the interbanking system ? One major change that we will bring in the days to come is that the IDFC will be the bank that will reach out to its customers rather than the other way around. The focus will be on how branch reaches to its customers and how we become a part of the technology initiatives. We are not opening much of the branches. But our focus is to reach the customer and bring in convenience. There are two main things. One is giving more freedom to operate and second is the choice to operate. Customer actually can reach us
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Corporate Interview
Sanjay narkar
and get his services, get his product right there where he is rather than he coming to the branch.
How do you see the significance of e-governance role in such a scenario? The way in which the transformation is happening, it is very important . E- governance is how we give service with the customer’s convenience that too with a secured architecture. This is what is going to play a major role. With Reserve Bank of India’s framework, we need to define all our governance related workflows, the service assurance is going to be far more important as far as mobility area is concerned. You need to ensure that your mobility is as such that whatever is your target, it is getting completed.
What challenges do you foresee for the banking industry in the next 5-10 years and as a CTO, how do you plan to overcome them? Foremost challenge is going to be customer’s behaviour management. If you see, today in India, everybody is tech savvy and therefore matching their expectations and giving the convenience which they require in their transactions and at the same time taking care of their financial roadmap is very important. So challenges will be how you get your customer’s stickiness and on top of it how do you offer your services which differentiate it from the others because this particular generation is choosy. They will always have the option. So you have to be on your toes all the time.
Do you think technology will be the ultimate weapon to overcome these challenges? We need to remember that we are living in the 21st century age where everything is driven by technology. Earlier people have to go to the branch where they were connected to the technology through PCs and laptops but now the range and technology barriers are gone.
How has technology helped the IDFC to stand apart from the traditional bankers in offering a complete package to its MSME’s & Corporates? From a technology standpoint, it is our firm belief that “Systems should follow processes and not the other way round”. The Misys Solution gave us an advantage to uniquely adapt the solution to our requirements and not restrict us only to the standard out of the box functionalities with restrictions on security, workflow and the usual challenges that a Bank usually faces.
IDFC has a strong legacy in the Infrastructure Lending but has recently made serious headway in the Transaction Banking space especially in Trade Finance & Supply Chain Finance. How has technology helped the bank to stand apart from the traditional bankers in offering a complete package to its MSME’s & Corporates? Customer Linked Finance and cash flow rationalization have always been a priority for all customers whether big or small. With Indian business touching new heights,transaction banking has come to the forefront in the last couple of years. A common Misys Platform encompassing front to back Trade Finance & Supply Chain finance with capabilities to support cross border helped us get an ideal platform and launchpad. From a technology standpoint, it is our firm belief that “Systems should follow processes and not the other way round”. The Misys Solution gave us an advantage to uniquely adapt the solution to our requirements and not restrict us only to the standard out of the box functionalities with restrictions on security, workflow and the usual challenges that a Bank usually faces.
Earlier people have to go to the branch where they were connected to the technology through PCs and laptops but now the range and technology barriers are gone How does IDFC position itself to its corporates with regards to the Technological advantages of its solutions especially in the area of Corporate & Transaction Banking? IDFC has created a unique bouquet of offerings which brings the entire value chain of a business starting from the dealer, manufacturer & the supplier to the table with a single goal of better Working Capital Utilization. The services may differ for ex-Trade Finance, Cash Management, Supply Chain Finance, Treasury or Lending Services STP has always been the main focus to enable to all our corporate to get a synchronous view of their positions and ability to bank with us round the clock without any manual intervention. october 2016 | bfsi.eletsonline.com | BFSI
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Industry View AMEYO
Significance of Technology in New-age Co-operative Banks Co-operative banks have traditionally played an integral role in helping rural and urban people with credit facilities, especially the ones with no or little access to finances to fund their basic needs. They provided economic security to small businesses and poor segment of the society and gained huge popularity in its initial few decades. However, with increased globalization and intense competition from commercial and private banks, co-operative banks have witnessed a slow pace of growth in the past years. Government interference, mismanagement, lack of awareness among people, restricted coverage and reluctance to adopt new and efficient technologies are few of the major impediments to their growth. In today’s technology-driven world, one can not ignore the role of technology in providing competitive banking services. In the view of enhanced competition and the fact that most of the banking commodities are undifferentiated products, it is customer service that becomes the sole differentiator factor to stay ahead in the business. Banks need to gear up for providing more efficient and cost-effective services leveraging the technological capabilities. Ameyo, a contact center platform and a market leader in omnichannel customer experience, can drive customer experience revolution and transform the way banks communicate with clients, thereby increasing revenues. Omnichannel banking being the buzzword today, banks have to be capable of delivering seamless customer experience over all devices in order to gain new customers and maintain the existing customers.
Importance of Delivering Proactive Customer Service Due to huge penetration of mobile devices and an ongoing shift in customer demographics, banks need to offer proactive care to increase brand loyalty and advocacy as well as to reduce call center inbound call volume. Proactively reaching out to customers via automated voice, email or text –for reminders about bill payments and card balances, how to manage finances or timely news on service updates, creates more than good
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will and enhances the overall brand experience while cutting costs.
IVR- A Blend of Self-Service and Human Support As banks receive a large number of calls every day, answering all of them with the exact information is highly exhaustible and time-consuming. Ameyo’s IVR software will help deal with smaller queries of customers keeping the agents free to handle complex queries. It enables self-service and simple issues can be easily dealt with it.
Voice Blaster to Expand Reach Ameyo offers innovative Voice Broadcasting solution for mass communication and makes it easy for banks to initiate and build relationships with the customers at lower costs. Voice broadcasting allows the user to send hundreds and thousands of pre-recorded voice messages instantly and simultaneously.
Improving Collections with Auto-Dialers Ameyo’s advanced automated dialing solutions can have a dramatic impact on debt collection and can help agents improve their connected rates drastically. Predictive dialing software and automatic dialer algorithms can improve call efficiency by lowering the wait time, number of dropped calls and idle time of agents.
Enhanced Customer Experience with Social Media Banks should also take social media seriously and get engaged with its customers on a 24X7 basis. Ameyo’s social media integrated solution helps in responding instantly to their questions, comments and complaints, especially during important crisis situations. Being active on social media and carefully listening to customers will showcase other potential customers that your bank actually cares and is committed to providing exceptional customer service. The role of technology in reviving and revolutionizing co-operative banking sector is inevitable. Customer service being the king of any service-driven industry, co-operative banks must make sure they have a capable and cost-effective contact center solution to live up to the customers’ expectations in every way possible.
Payment Industry
Navneet Kumar
NPCI transforming Indian retail payment system
The cooperative Banks must hasten adoption of NPCI product and services, which are expected as a minimum level of service by the customers, says Navneet Kumar of National Payments Corporation of India (NPCI) in an interview with Paulomi Chakraborty of Elets News Network (ENN) would increase but something as ground breaking as this would need a lot of treading over customer learning curve as well for the rural banking sector and their customers alike. While many cooperative banks have expressed interest in the same, most of them are having footprint in the urban landscape – TJSB Sahkari Bank was, in fact, part of the pilot and has gone live now. It has done exceptionally well for themselves among the mainline commercial banks.
IT has been adopted by entire banking industry. To what extent it has been adopted in the rural banking sector?
What role is the NPCI playing in rural banks and financial institutions? NPCI is an umbrella organisation for all retail payments system in India, set up in 2008 with the guidance and support of the RBI and Indian Banks’ Association. This can be looked at from two perspectives – the member banks and financial institutions and their customers i.e. the end customers. From member banks and financial institutions perspective, NPCI’s primary role is to provide a provision for a standard and interoperable environment along with settlement and dispute resolution mechanisms – typical of a payment network. All these ensure value additions for the banks’ end customer – for eg. earlier bank customers would be able to transact on their bank own ATM or ATMs of other banks with which they would have bilateral arrangements or ATMs of a small network of a few groups of banks that came together; whereas NPCI makes this a national network – allowing the customer of a bank to use ATMs of any NPCI member bank. This is quite attractive from banks’ perspective as their customer get more transaction points without having to invest in ATMs directly.
In a recent move NPCI launched Unified Payment Interface (UPI) and made it functional too. How is UPI benefitting the rural banking sector? These are early days for UPI even from mainline commercial banks’ perspective. Adoption is on the rise and transactions
A great deal. With NPCI providing level-playing field in terms of systems plus processes, security, charges, etc and good support from the Application Service Providers for the ecosystem reducing the burden on the banks, the technology adoption by the rural banking sector is near whole. NABARD has set aside Financial Inclusion Technology Fund (FITF) with which they provide financial support for the CBS for State plus District Central Cooperative Banks (DCCBs) and Micro ATM for Regional Rural Banks (RRBs), which has further helped to adopt technology at a faster pace by these banks. IFTAS is another entity that is doing focussed work for this segment, which will benefit technology adoption further.
What steps do you think the rural banking or cooperative banking sector should adopt to bring them at par with the entire banking sector? Apart from the internal steps mentioned earlier, the cooperative banks must hasten adoption of NPCI product and services, which are expected as a minimum level of service by the customers, even adopt aspiration products that their customer would choose from other banks. Innovate around these product and services to offer custom solutions to another sector – for eg. MFIs – we are in the process of facilitating certain pilots. They must recognise that some of the activities like mobile seeding and Aadhaar seeding is not done from compliance perspective but as a potential revenue source. They must also invest in customer education on products and also push for basic financial literacy.
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Corporate Interview Adelia Castelino
Online money transactions safe with
In-Solutions Global payment gateway
In-Solutions Global Pvt. Ltd is the leader in electronic financial transaction domain. Launched in 1988, the company deals with 25 million transactions on a daily basis. Adelia Castelino, CoFounder,In-Solutions Global Pvt Ltd shared with Elets News Network (ENN) how it’s done safely.
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eing a pioneer in payment card industry, how are your products simplifying operational complexities and secure payment gateway? Being the trendsetter in payment domain industry our competency lies in nurturing human capital and building technologically advanced solutions. On a day-to-day basis, the operational complexities of the transactions as well as the entities who are party to the payment card environment have to be provided with a proactive resolution. The out-of-box thinking and ideas are converted into action. Our solutions are automated based on the subject matter experts and
domain experts, R&D team, Design thinking engineers, etc‌ The parameters, use cases which are observed are embedded into the system, can be configured. We not only work on client requirement but also give insights on value adds for next generation consumers.
Your card management system has been deployed in 20 banks in last 15 years. How do you manage end-to-end cycles of credit, debit and pre-paid cards? We understand the end-to-end card lifecycle from source to destination. The entire technology from issuance, dispatch, reconciliation, risk management, dispute management, e-kyc all are in house managed services. The gamut of product under one single brand ISG helps us to serve in a seamless manner.
Your merchant management system has the ability to handle huge transactions, please explain how your 24X7 technical team gives support in dispute management and risk evaluation? ISG- merchant management system handles huge volume of transaction. We support 60% transaction of merchant acquiring in the Indian region. Our built-in fraud and risk management modules with pre-defined rule engine help to identify risky transaction and filter it. The extended services like Merchant Sales Pricing, Automated SOC, Sales force automation gives leverage in reduction of disputes and provide overview on business scenarios which are profit to the merchant. The merchant can log on to the portal in case of support; a ticket is raised to respective
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Corporate Interview
Adelia Castelino
team depending on the support or query raised and is resolved with help of right insights. The extended services empower the merchants for decision making.
ISG introduced "RuPay in a secured Box". How is it tailor-made to cater to the specific needs of the consumer? Understanding that consumer is the client of ISG, with Pradhan Mantri Jan Dhan Yojna, ISG leveraged support to meet the growing demand for “RuPay”. The modules can be customised depending on the requirement of different bank types. Reconciliation, Card Management, Payment Gateway and other products all are in house ISG products. Thus, any services required can be hosted by ISG. “RuPay-In a secured box” also supports AEPS and IMPS services.
How does ISGPay Payment gateway facilitate the transfer of information between a payment portal such as a website, mobile phone or interactive voice response service and a processor? ISGpay facilitates payment collection from various sources like debit card, credit card, IMPS, UPI etc… for websites, mobile phones or interactive voice response service and a processor. It does payment collection online as well as offline, Offline with POS. If the merchant doesn’t have a website ISGpay helps for payment collection through email, sms and QRcode. ISGpay does risk management, customer analytics, payment analytics for the merchant. It also does intelligent routing of transactions based on success ratio.
How are you contributing towards Narendra Modi government's favourite initiatives of e-governance? ISG launched http://www.consumerconnect.co.in in association with State Consumer Dispute Redressal Commission. The objective of this portal is to empower consumers and be aware of the rights which they avail. It provides protection by facilitating online case filing 24/7 Anytime and Anywhere. The consumers can file cases, store case related documents and track cases with alerts on phone and email. An integrated platform for case filing and court fee payment is boon to the end consumer.
Our built in fraud and risk management modules with predefined rule engine help to identify risky transaction and filter it. What are the innovative solutions you have in promoting Digital Payments in the country? With innovative solutions like Consumerconnect, ISGPay, Cash Deposit Machine, Bunch Note Acceptor, Interchange Fee Management we are promoting digital payments. EMV- Smart chip card to run multi applications on the same card will definitely increase the customer base in digital space.
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Corporate Interview Vishwas Patel
CCAvenue
the Multi-Currency
Payment Platform
With an increased freedom in the digital payment options, more and more focus is on the cyber security. And, one company which has pioneered this field is Avenues India. Here’s an exclusive interview with Vishwas Patel, Chief Executive Officer of CCAvenues India, who explains more about the security aspect of your day-to- day transactions.
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ith a rapid rise in cybercrime, how does CCAvenue provides a safe payment gateway to its customers?
We, at CCAvenue, have always felt that the best way to improve customer trust in online payments is by offering greater control over the transaction process between merchants and their customers. Moreover, security standard certifications such as ‘Verified by Visa’, ‘MasterCard SecureCode’ VeriSign’ on our website convey a message to customers that their confidential data will never be compromised. CCAvenue was the first Payment Gateway in the country to achieve the PCI DSS security standard in 2007. PCI DSS aims to ensure that all organisations that process, store or transmit credit card information maintain a secure environment. At CCAvenue, we have consistently kept up with the evolving security landscape so as to achieve PCI DSS 3.1 compliance in 2015. Besides, we have also achieved ISO 27001:2013 certification that not only validates our efforts towards complying with the highest level of security standards, but also reinforces the trust our merchants have placed on us.
Corporate Interview
Vishwas Patel
Tell us about your multiple currency process. Being cognizant to the evolving needs of our merchant base, CCAvenue has always strived to upgrade its platform to enhance their business potential. We soon realised that a majority of merchants cater to international customers too. But due to lack of currency options during checkout, they miss out on valuable business opportunities. Our team developed a new payment processing platform to meet this requirement. We introduced multi- currency payment platform so as to make it possible for customers to pay in their local currency and avoid conversion disputes. CCAvenue now offers 27 major currencies such as the US Dollar, Euro, Pound Sterling, UAE Dirham, Baht and Yen, to name a few. Additionally, CCAvenue also offers a dynamic currency converter (DCC) that converts the cost of a transaction into the customer’s local currency at the point of sale. DCC is available for up to 120 currencies.
CCAvenue has partnered with various banks like American Express, Standard Chartered bank for unique banking services, could you highlight some of these services? Our business relationship with American Express goes back a long way. CCAvenue was the first payment gateway to be certified by American Express for processing Amex and JCB cards directly through their Phoenix switch. We have also implemented American Express SafeKey, a 3-D Secure authentication tool that prevents online fraud by confirming the card member’s identity with an additional password. Furthermore, we have integrated Amex EzeClick, their quick checkout facility as well as Amex EMI. Even today, CCAvenue constantly forges alliances with leading as well as emerging banks to provide merchants with unique payment options. Currently, we have over 200 payment options including major Credit Cards, Debit Cards (All MasterCard /Visa /Maestro /RuPay Cards), Net Banking, Bank IMPS and Multi Bank EMI options. CCAvenue has South Asia’s largest Direct Debit Engine comprising the net banking facility of 55 banks. Our unique payment portfolio includes the core banking solutions of major banks such as American Express, Standard Chartered Bank, State Bank of India, Citibank, ICICI Bank, Axis Bank, HSBC Bank, HDFC Bank, and many more!. Soon, we shall be launching UPI (Unified Payments Interface) as a payment option. Built upon the IMPS mobile payment system, UPI will help our merchants by facilitating instant fund transfers through a unique virtual payment address.
How is CCAvenue helping in the e-governance initiative of the government? CCAvenue has always supported government initiatives by enabling payment processing for their products and services. We help several government organisations in accepting online payments for challans, taxes, and other bill payments. An RBI committee has estimated that over 30,800 million bills amounting to Rs 6,223 billion are generated each year in the top 20 cities in the country. CCAvenue was one of the first payment entities to receive in-principle approval from the RBI to operate as a BBPOU (Bharat Bill Payment Operating Unit) under the Bharat Bill Payments Systems (BBPS) and has now begun pilot testing the project with NPCI (National Payments Corporation of India). CCAvenue will now be able to operate as an individual bill payment collection operating unit. We will leverage the BBPS platform to collect bill payments on behalf of any service provider in the country, thereby leading the path to ‘FinServ Convergence’.
CCAvenue helps several government organisations in accepting online payments for challans, taxes, and other bill payments. How does CCAvenue help in maintaining the e-wallets of its customers? Today, every other player in the market is coming out with their own wallet as a customer acquisition strategy. Most of them offer discounts, cashbacks and other incentives to encourage higher transactions from customers. However, CCAvenue has always remained a neutral payment gateway. We make sure that our merchants’ customers remain their customers, and are not prone to be churned. We are a ‘customer convenience’ platform, not a customer acquisition platform like some of our competitors. CCAvenue is the country’s largest aggregator of third party wallets and have all the major wallets integrated on our platform – Reliance JioMoney, Paytm, MobiKwik, State Bank Buddy, Ziggit by IDFC Bank just to name a few. As more and more wallets are introduced, you can be sure that CCAvenue will include them in its widest payment network.
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Corporate Interview Ravi Rajagopalan
Trust Empays for Cloud-Based
payment solutions
With customers switching to mobile banking over traditional banking, Empays has taken a lead in launching such services for banks. In an exclusive interview with Elets News Network (ENN), Ravi Rajagopalan, MD & CEO, Empays, talked about the latest innovations in the world of digital payments. Excerpts:
H
ow is Empays innovating itself in helping banks to launch mobile financial services?
Empays has consistently innovated in the area of mobile financial services offered through banks. This arises from a belief that regulated financial institutions are the key to building and retaining consumer confidence in a turbulent world. In its existence, Empays has created two flagship products that are unique in the financial technology world -- The IMT System and Empays Payment Cloud. The IMT System in India is a network of ATMs that operate without a card and are linked to India’s leading banks. Anyone can receive a payment from an account holder in member banks using just the mobile number and a code. Using this, the person can get cash from any of these ATMs without using any card. All you need to do is to press the IMT button on the ATMs. Certified as a payment system by the RBI, the system is one of its kind in the country. At present, the State Bank Group, Axis Bank, Bank of India and Yes Bank are members. The Empays Payment Cloud is a unique platform that offers Digital Banking as a Service. As part of the platform, an account or customer relationship can be set up digitally in less than a minute in selected countries outside India. The platform embeds a payment mediation service that meets all the objectives of SWIFT but does so instantly. It currently powers international mobile payments for Barclays Bank Plc and Axis Bank plc in the UK, and for Emirates NBD and Mashreq Bank in the UAE. Other banks in other countries are in the pipeline.
Your instant money transfer is very popular. How does it help the common man? The Instant Money Transfer (IMT) system is extremely
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Corporate Interview
Ravi Rajagopalan
simple to use and reaches anyone - including a person without a bank account. It is the only such system of its kind regulated as a payment system by the Central Bank. The payment can only be initiated from a bank channel (like kiosk, ATM, mobile) and can only be withdrawn from a bank channel (ATM or Agent). As a result IMT is the cheapest mode of sending money. The payments are also instant. It means there is no question of waiting. Finally, the system is regulated by the Reserve Bank which promises the guarantee of safety that we provide as a result of the supervision by the RBI.
Empays payment cloud is all about digital payments. How does it allow rapid innovation with minimum investment? The APIs that are part of the Empays Payment Cloud are offered as a service that the bank can consume as part of digital payments. The system is hosted on private cloud in a safe and secure manner. A white labelled App is also available which contains the digital flow of payments. All this means the bank can prototype a payment in a month and go live in three to four months with no investment other than a setup fee and transaction-based payment scheme.
How are your products helping in the e-governance initiative of the Government of India? Getting cash and benefits in the hands of people is a massive priority and we are talking to government departments on how best to deliver Direct Benefit
Transfers on behalf of governments.
What are some new products that you plan to launch soon? We will be launching new products that bring social media and banking together in an innovative manner. We are also watching the space of contactless payments very closely and will be present in this space as well.
Empays is keen that the government uses native Indian innovations like Instant Money Transfer (IMT) to handle their payments and not just channels made available by the public sector agencies. What expectations do you nurture from the government in policies to work as a catalyst for this sector’s growth? As an alternate payment system, we request a levelplaying field. We have already requested for IMT to be included in the UPI framework which enables connectivity to IMPS. Secondly, we are keen that the government uses native Indian innovations like IMT to handle their payments and not just channels made available by the public sector agencies. If the government is keen on entrepreneurship, they must reward domestic entrepreneurs with volumes. 
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Corporate Interview rajeev arora
FINO PayTech
Expanding its Horizon Talking about the IT in payments, the whole world is getting transformed due to IT developments in day-today operations. One of the key things is people are looking more at the end product and how the customer is benefitting from technology that he’s putting up rather than the technology itself, says Rajeev Arora, Chief Operating Officer, FINO PayTech Ltd., in conversation with the Elets News Network (ENN)
K
indly tell us about the concept behind FINO PayTech company.
When we were setting up, the idea was to be able to provide financial services to the customers at the lowest price possible. So we were focused on micro customers and we were always focused on providing all the financial services to the customers. There are lots of undermined customers that still exist. These are customers who have balances but not enough to excite the large banks and they are underserved today. Our focus has always been in this segment because we believe it can be served efficiently and economically well with the multi product offering. So we will continue this journey. As a payments bank, we will provide all four financial products i.e. saving, remittance, lending and insurance either directly or through partners to the customers.
How do you pursue development within the IT sector? Talking about the IT in payments, the whole world is getting transformed due to IT developments in dayto-day operations. One of the key things is people are looking more at the end product and how the customer is benefitting from the technology that he is putting up rather than the technology itself. So mobile is a big conversation, self service is a big conversation and instant gratification is a big conversation. Banks are thinking out of the box and using everything else ensuring that the customer gets the service at all points of time.
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Corporate Interview
rajeev arora
How do you rate Indian banks and other financial institutions as in their capabilities and willingness to adopt new technologies as compared to other western countries?
gradually he will move on and take services by himself.
The technology being used in banks in India is at par if not ahead of others. Some of the new entrants are taking the technology to the next level and looking at building a very different international platform than what it has been in the past. Everything in the past was lending-oriented whereas now people are saying that lending is only one part of the business and transactions are the bigger part of the business and let me build something which focuses and delivers the transactions. Everything else is a by-product. People are looking at the transactions rather than just the loans and accounts.
It’s a revolutionary approach. It has taken care of two things. It has taken tokenlisation to the next level. You can make any ally or an acronym to make a payment. Second, they have taken security to the next level wherein the authentication is applicable only to the customer’s device. Anyone can originate a transaction from the mobile, anyone can accept and pay for that transaction without having to worry about the security or their connections getting compromised. If right amount of incentives are provided, say in terms of lower interchange for the merchant and maybe some incentive for using UPI for the customers, this can take India to the next level.
There has been a lot of talk about Unified Payment interface. What’s your take on it?
We generally view customers into two segments --urban and rural. What strategy do you have for each one of these? I am trying to catch up both legs of customers i.e the rural end as well as the urban-end focusing on the same contiguous segment living in two different geographies. We call them mass market, which are customers who earn 3 to 5 lakhs annually.
Banks are thinking out of the box and using everything else ensuring that the customer gets the service at all points of time
There have been a lot of IT initiatives to launch these operations. Kindly share about them as well.
Do you have any expansion plans?
We started our journey as a technology company to provide technology to the other people. So technology is the core and it continues to be the first brick which we lay in launching any operation. We were the pioneers in biometrics and smart cards in India. It has become mainstream now. We continue to focus on biometrics because we believe that it is an enabler for the customer segment that we work in and we continue to invest in Aadhar. We are investing a lot in mobile banking because our view is that while the customer may start his day today, with us assisting him in the transaction
We are following fiscal and digital. We will add some branches which will be more like hubs, which will be serving the customers. We are also looking at providing self service terminals and free wi-fi at our branches so that customer can route the connectivity and try and experience the transaction himself. The whole concept of independently being able to consume this service and instant privacy are the things which I think people will enjoy and gradually migrate. We are starting with 400 branches going to 1,500 branches and spread over 8 to 9 states and that is the plan.
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Corporate Interview Hemant Nerurkar
MindCraft Shaping History in Digital World MindCraft, which is a premier industry vertical specific company, provides business edge to clients through world class technology products and services. Hemant Nerurkar, Chairman of MindCraft Software, shares this and much more with Elets News Network (ENN) about his company.
A
s your organisation’s vision is to provide world class technology products and services, what solutions do you presently have to cater to banks’ needs? Today, banks are inundated with the need to innovate on account of global trends, regulatory changes and stakeholder demands. These growing pressures have made it imperative for banks to constantly evolve. MindCraft provides products and solutions that enable banks to manage huge business volumes, monitor risk, improve TAT etc. PayCraft is one of the first products we had developed. It is a highly scalable platform for processing bulk and online remittance transactions received from Exchange Houses across the globe. PayConnect is an integrated payment hub that helps banks keep track of all their domestic payment transactions. It is a centralised payment processing solution supporting all electronic payment systems such as RTGS, NEFT, NACH, IMPS, SWIFT etc. It provides real-time tracking of all payments processed. Aurum is a loan origination system that automates the entire lending cycle of the loan process. It also includes contractual reporting obligations, process modelling, and automated reports among other features. Another solution we have is MetRisk, which is a risk monitoring solution that delivers the risk exposure of an organization at an Enterprise level. Developed primarily for the insurance and mutual fund industry, the solution is also available for various types of treasury operations. There are a number of other projects, namely Kiosk Banking, development of banking applications on Facebook, BPM, Business Analytics, API implementation and MIS dashboards with drill-down capabilities on KPIs that we have successfully executed.
Which one of your 10 main solutions has maximum demand in the banking and financial
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Corporate Interview
Hemant Nerurkar
sector? Kindly tell us about your PayCraft and SalesCtrl solutions. Given the complexities in the remittance business, PayCraft is a solution that we see a lot of demand for. In their quest to be better prepared to manage risk and improve forecasting, we are also seeing an increasing demand for services around Business Analytics and BPM. With regards to our remittance solution, PayCraft has ready out-of-the box support for over 42 exchange houses in the GCC (Gulf Cooperation Council) region. This solution can help banks not only reduce costs related to foreign remittance but it can also help them increase their customer base. SalesCtrl, on the other hand, is a cross industry product developed by us. It is an opportunity management tool that captures and monitors the right information, from identification to closure and can be used by companies, irrespective of the industry vertical to which they belong. It has been developed primarily for the SME segment especially for companies in the services industry to help them bring about efficiency in their sales process.
Can you share names of some of your prominent clients? What feedback have you received from them? MindCraft's clientele includes some of the largest Indian companies in the BFSI sector, like Axis Bank, Avantha Ergo Life Insurance, Bombay Stock Exchange, Birla Sun Life Insurance, HDFC Bank, ICICI Bank, ICICI Prudential, Kotak Bank, NCDEX, NSDL, Ratnakar Bank, Reliance Life Insurance, SBI Life Insurance, Tata AIA Life Insurance, Yes Bank etc. We are proud of the long-term relationship we share with our clients. We are often considered to be the right-sized partner by our clients. We are large enough to provide a wide range of solutions and services that cater to the complete IT requirements of our customers. At the same time, we are small enough to give executive attention to each client engagement. Our clients have often pointed out that our speed to respond and the flexibility to adapt to change makes us a dependable and scalable partner.
What are the main challenges being observed in the Indian banking and finance sector on the technological front? Banks adopted technology very early, about 20 years ago. Initially, the focus was on branch automation. Later, it changed to Core Banking. After this, the development and adoption of technology by the RBI was so fast that banks found it very difficult to cope up with. Hence, most banks in India have a huge number of applications. The
current challenge is to Integrate all these applications. Documenting them and "service discovery" is another. In two to three years, the whole patchwork will start getting "refreshed". Large players could offer "Information Technology" on per transaction basis. Large Multinational Banks, mainly in the US, are looking at this option today. The fact is that all financial services companies, including banks, are finding it increasingly difficult to justify IT costs. As a first step, all secondary data could move out to service providers. In the long run, most businesses, including financial services, will have IT providers who will manage the entire show for a cost per transaction.
We are large enough to provide a wide range of solutions and services that cater to the complete IT requirements of our customers. Why was your organisation given the ‘IBM Client Value Innovation Award’? What is its significance? We have been working closely with IBM for over 12 years. We have contributed a lot to IBM and to our customers by selling IBM licenses and building solutions using the IBM platform. These days, the game is changing a bit. We need the solution before the customer will consider buying licenses. We have adapted to this change and helped IBM sell their platform to a variety of customers. Due to our solutions, it has been easier for us to consistently renew the licenses. IBM has always been very keen to ensure that the customers actually use their products and generate value for their organisations. We have been instrumental in helping IBM achieve this goal.
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Corporate Interview
Praveen Jayachandran
Blockchain Gamechanger in Banking Blockchain is a game changing technology to maintain record of all the transactions and processes in decentralised manner by banks, says Praveen Jayachandran, Research Scientist, IBM Research in an exclusive interview with Elets News Network (ENN). It’s very early stage of technology, prototypes are started getting build. So, there is a lot of promise and lot of hype as well. The reality is yet to be realised. But there are a lot of interests and lots of news articles. Banks and CTOs are also talking about it.
Which areas in particular are going to be influenced by Blockchain Technology?
How do you define Blockchain technology? How it is going to help or already helping the banking sector? Blockchain is a new technology. It’s a game changing technology that tries to bring in an ecosystem of participants together and maintain data and processes in decentralised manner. It helps maintaining distribute ledger of transactions that are immutable or final. No one can change the transactions unilaterally. Everyone has to go through what we call a process of consensus to agree that the transaction is valid and gets added to the code of transactions. That really helps many institutes including the financial industry. So, we have web applications in banking, finance, insurance, logistics means there are multiple use cases of Blockchain.
What response has this technology received in India?
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Among many prominent use cases of the technology, one is trade financing where Blockchain will be useful. So that will significantly reduce the complexity of the procession world, improve automation and optimisation of the processes. Hopefully, it will also reduce the cost of financing and that way it will probably open up the financing options to the untapped small and medium enterprises in India. So, that’s the hope there. The other area which we are seeing a lot of interest is around supply chain financing. It is like invoice discounting and processes around that. There is a lot of benefit in having those such type of processes mapped onto Blockchain because that will eliminate the need for any reconciliation of data across multiple entities such as banks, large manufacturers and their suppliers. It eliminates some of these redundant data being stored and disputes that arise. A single record related to the information of all the transactions will help in telling about the errors in the processes.
Are there any challenges in implementing this technology in India? In general, yes. But, in India specifically, we are unsure at this point. Generally, there are obviously challenges in early stages of a technology. There are definitely a lot of unknowns regards to the technology itself and how it can be adopted? There is business challenge in the sense that fundamentally, you try to get an ecosystem of participants together. So, from a business standpoint, it needs multiple parties to cooperate and that always takes time. It’s a new paradigm, so adoption needs to come from all the sections.
Industry View
Sajan Paul
Juniper
Connecting World, Empowering All The company started off with three employees in India when internet was in its infancy and there were limited web browsers and websites. It noticed a great opportunity in ensuring connectivity with everyone, said Sajan Paul, Director, Systems Engineering, Juniper Networks, India & SAARC, in conversation with Elets News Network (ENN) started establishing ourselves in India.
Which have been the key elements driving Juniper in India all these years?
T
ell us about Juniper’s business operations in India
Juniper has been founded with one mission -Connect Everything and Empower Everyone. We are in the business of network infrastructure and we have three major business units namely routing, switching and security. We work on three verticals that are service providing businesses, public-private sector and the enterprise sector (includes BFSI). We recently celebrated 20 years in India and have the largest engineering presence in country.
How has been Juniper’s experience of creating its footprints in India in last 20 years? Juniper started off with three employees in India. At that point internet was in its infancy and there were very limited web browsers and websites. Juniper saw a great opportunity in ensuring connectivity with everyone. We decided that internet protocol (IP) and ethnet (a family of computer networking technologies commonly used in local area network) are the two major technologies. So we started creating products that will exponentially grow in all dimensions. We normally talk about three dimensions that are scale, subscriber base and services. Keeping this in mind we started building most scalable and service rich router to begin with. That’s how we
The most important things in a business are customer intimacy, understanding the real business need and translating that into technology solution. There is a tendency of oversizing the network. A misconception is that the feature will be taken care of. But today’s operators don’t have that kind of budget that can be oversized beyond a point. So we have a network that can grow step-by-step, depending on the demand of scaleout. Today’s telecom companies are interested in monetising their existing infrastructure and getting new applications on board. They emphasise more on the top players and make revenue out of that. Telecom operators are of late gathering a lot of customer intelligence and then they provide personalised service. By 2020, we will see two-time higher population of devices in India. Nearly 25 to 30 million devices will come into picture.
What about Juniper’s market share at present? We are one of the leading vendors in the routing space and we are also one of the leading vendors in building cloud scale out data centres. We build devices that has two or three time greater capacity than competing vendors.
How prepared are you for future challenges? Technology is the need of the hour. We all have to move into automated systems. Skill set transformation for the existing engineers is a necessity, as this will develop their relevance in future.
Do you have any important advice for your customers? Technology is revolutionary so you need to look beyond the traditional things. Look what your business vision is and start architecting the network to follow that part. Think beyond what is available.
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Corporate Interview Hitesh Sahijwala
Red Hat
Catalysts In Developing Technologies Red Hat remains the sole example of a pure play open source organisation, matching the revenue generated by even modest-sized proprietary alternatives, Hitesh Sahijwala, Director, Sales, Red Hat india Pvt. Ltd, talks to Elets News Network (ENN) about the company’s plans
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Corporate Interview
Hitesh Sahijwala
W
hat are the various end solutions for banking sector in India, Red Hat deals with? Red Hat is one of the largest open source organisations. If you look at our global reach, we are a 2 billion dollar company in terms of revenue, having presence across the world. The philosophy of Red Hat is very clear. We are catalysts in the community of customers, partners and contributors to develop technologies which are State of the Art in the open source space. We harness the power of community to develop technology. I see Red Hat to be one of the leaders of the enterprises to open source segment.
Are Indian banks willing to open source technologies against the proprietorship of softwares? Across the industry, the acceptance for Red Hat as an enterprise open source vendor or a partner is very high. Today, Red Hat is not a part of one of the peripheral organisations partnering with the customers. It's part of the enterprise ecosystem. Whether customers are running their core banking or running their own organisation systems, or running their CRM or customers like Bombay Stock Exchange, the volume of the trade has been phenomenally high. The performance is 100 times better than the proprietary system which they were getting earlier.
Do you think there is still scope for open-end source systems? There is a lot of scope, if you look at the Banking and Finance sector. It is the largest adapter of this technology. Look at the government whether it is UID or my gov, they are all adopting open source. UID is running on RedHat platform. I do see very good adoption primarily because we are no more playing on a platform layer. We are providing technology the middle way which helps integrating your disparate systems which were traditionally there. We also provide advance web services to integrate the advance channels to a customer environment.
to the customer in terms of development. Speed to deploy is far more better and turnaround time is also far better. Because in proprietorship system you will be struggling within the four walls. But here you can open into a community that will help you in fixing bugs.
The performance of open source is 100 times better than the proprietary system which they were getting earlier Do you require special kind of skill sets to handle these open source solutions? The standard operating environment is one of the other USPs of open source and that’s what a lot of organisations want. If you look at the standardisation, process of development, process of maintenance are making seamless progress and this helps you in making things far more agile and adaptable.
Apart from Bombay Stock Exchange, what are the other clients you are catering to? We have lot of clients like Barclays Bank, Deutsche Bank who are using our open source technologies.
What are the advantages of using open source technologies?
Is it more secure than the proprietor?
The main advantage is that you get far more enhancements in technologies, more expertise, better knowledge transfer that is why you are far more closer
Yes, definitely. And this is what we are covering up. The security layer is far more robust than the normal proprietary architecture. ď Ž
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Corporate Interview Jyotish Werulkar
Seqrite
Enterprise Security Domain Leader Quick Heal Technologies’ new enterprise brand 'Seqrite' - aimed at IT security solutions for business enterprises - offers a range of products like endpoint security, unified threat management, mobile device management and others, the company’s Country Manager-Enterprise Sales Jyotish Werulkar tells much more to Elets News Network (ENN). Excerpts:
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W
hich is the most important and profitable segment for you in terms of business?
All industries and segments are equally important for us. We devise focused strategies for them, considering the market dynamics of each one of them. In the recent years, the need for robust IT and network security solutions has increased at enterprises, owing to certain trends such as BYOD (bring your own device) and developments such as; larger networks spanning multiple regions, inclusion of cloud technologies and like that. This creates an opportunity area for Seqrite, the enterprise security solutions brand by Quick Heal. Seqrite Solutions, an extension of Quick Heal’s industry leading offerings, are a combination of intelligence, analysis of applications and state-of-the-art technology. They are designed to provide better protection for our customers’ data, devices and networks. Focused exclusively on the enterprise market, Seqrite offers Endpoint Security, Server Security and Gateway Security solutions. By virtue of our offerings, the key industries which we are catering to are banking, government, healthcare, education,
Corporative interview
Jyotish Werulkar
logistics, manufacturing, publishing and transport.
How are Quick Heal and Seqrite contributing in Digital India initiative of the Government of India? Both at Seqrite and Quick Heal, our innovations are focused on the emerging threats to IT and network security, securing new and advanced IT devices and on the evolving expectations from consumers to protect these devices. For the success of Digital India, enterprises across industries are building capabilities and introducing next generation products and solutions to provide a robust foundation. A major part of the success and responsibility lies on the IT industry and Quick Heal being a part of the Indian IT industry as well as the leading provider of security solutions in India; is well equipped to support this ambitious initiative. We have indigenously developed comprehensive product offering across all segments - Home, SMB, Enterprise, across platforms - Windows, Mac, Android, iOS, Linux and for all devices - Desktops, Laptops, Mobiles, Tablets. We frequently introduce new updates and innovations to our existing solutions and our new products are introduced with features that counter the new age threats, such as; artificial intelligence and real time detection of threats. We have the combined strengths of capability and reach which positions us appropriately to support the Digital India initiative.
What major challenges are you facing in the Indian market? We view challenges as opportunities and accordingly devise our product development strategies. We are market leaders with around 30% market share of the consumer IT security segment in India. Our Enterprise Security Solutions, Seqrite, has over 25,000 customers and is securing more than a million endpoints. The legacy IT infrastructure needs to be enabled with IT security solutions to remain protected against ever increasing cyber security threats. Enterprises today need to be equipped with robust solutions to protect their IT infrastructure. At Quick Heal, we are committed to spreading awareness and introducing advanced solutions to address the evolving challenges of enterprises. Focused exclusively on the Enterprise market, Seqrite offers Endpoint Security, Server Security and Gateway Security solutions and recently we have introduced EPS 7.0, that encompass more competitive features with higher scalability and responsiveness. It is designed to support bigger networks with enhanced scalability.
What distinguishes you from a host of anti-virus products available in market? We take pride in being a ‘Make in India’ brand. Our advanced technologies and strong channel network gives us an edge over our competitors. Moreover, Quick Heal is the pioneer of IT security solutions in India and has a glorious and remarkable journey of growth and expansion for over the last two decades. We are seamlessly monitoring the cyber security threat scenario to provide our customers real time protection against advanced vulnerabilities. Our Threat Research & Response team analyses cyber vulnerabilities 24x7x365, thus enabling real time detection and prevention of threats. Our research work in machine learning and real time threat detection helps customers in instantaneously protecting their hardware and data.
By the virtue of our offerings, the key industries which we are catering to are banking, government, healthcare, education, logistics, manufacturing, publishing and transport. Lots of people face problem due to Ransomware on daily basis, do you have any solution? Ransomware variants will keep rising in the coming days as well. They are suspected to hit its targets with new and more advanced variants. This malware is also expected to remain complicated because of its continuously changing internal coding and obfuscation techniques. The new version of our all products also includes a very important capability of combating ransomware which has been posing serious threat to data, information and hardware since past few months. Our Ransomware protection feature is a highly comprehensive solution, specifically developed to detect / block Ransomwares. This feature has been made available to our Consumer and Enterprise customers. It has been able to successfully detect and block hundreds of ransomwares across consumer systems. Our Ransomware protection tool coupled with Backup and restore feature are being plugged in to the consumer and enterprise products through updates. Ransomware protection tool is currently available in Seqrite Endpoint Security (EPS) 6.x and EPS 7.x series. We are constantly innovating to equip our customers to monitor and prevent such threats and safeguard their critical data.
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Industry View NEC
NEC India
\Orchestrating a brighter world
"NEC Expresscluster : Software Solution for Maximizing Operating Time of your Business"
Creating the social value of safety, security, efficiency and equality
Proven Leadership "NEC is unique in that our portfolio and expertise spans the full spectrum of IT and Communications technologies. Committed to continuous innovation, our flexibility solutions have enabled government authorities, individuals and enterprises to achieve more flexible, secure and dynamic work environments." NEC combines its advanced technologies, services and knowledge and its more than 117 years of expertise as an ICT leader to help ensure the safety, security, efficiency and equality of society – enabling people to live brighter, more enriched lives.
An Enabled Future NEC is enabling new approaches to how Communications and IT services are delivered and managed, providing new ways for enterprises to operate and grow.
NEC's Server Family NEC's Server Family delivers innovative features that address today's complex IT infrastructure computing needs. From highly efficient, flexible servers with a Japanese reputation of rock solid reliabilityfor data centers that require large-scale consolidation, to servers that are easy to set up on demand for office environments that require small or medium-scale consolidation.
NEC Storage Solutions Data is growing at explosive rates. In all surveys Storage & Data Management is considered as a top priority among all CIO's and IT administrators. Even in midsize and smaller organisations hundreds of terabytes to petabytes of data needs to be managed. Compliance and regulatory requirements are forcing longer retention terms. This scale is becoming a genuine challenge for administrators who are looking for scalability, performance, data resilience and recovery, that are also fitting within their budgets.
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NEC Expresscluster: Software Solution for Maximizing Operating Time of your Business Our integrated EXPRESSCLUSTER solutions can minimize the damage organizations experience from system outages, whether they are planned or unplanned. Software solution for high availability and remote disaster recovery preventing data loss and protecting your IT system which finally leads to saving time and money. Recovery from all types of failures (hardware, network, application) Low cost software solution without storage disk Verification experience with 200+ application 1000+ km disaster recovery experience Achieving zero data loss 50+ countries’ experience of implementation 17,000+ customers world wide 30,000+ cluster systems in 20 years
NEC Fault Tolerant (FT) Servers: Exceptional uptime through dual modular hardware redundancy Achieving near-zero downtime is for mission-critical businesses that cannot afford a single moment of failure. NEC Fault Tolerant (FT) servers provide an innovative solution to address planned and unplanned downtime for your most important applications. The FT servers deliver exceptional uptime through dual modular hardware redundancy and help maximize your business outcomes. The servers provide continuous availability through hardware redundancy in all components: Processors, memory, motherboards, I/O, hard disk drives, and cooling fans.
99.999% uptime NEC’s fault tolerant servers are designed with innovative technology that enables continuous availability for a solution with up to 99.999% system uptime while providing data integrity and exceptional performance.
Corporate Interview
Deepak Bhatia
Nuance Giving Voice to Security Systems Nuance Communications is focused on helping companies to more cost-effectively manage customer interactions across channels – both when customers contact through the phone, web, and mobile and when organisations proactively reach out to them through voice, SMS, and e-mail, says Deepak Bhatia, HeadSales, Enterprise and Mobility, Nuance Communications, India in conversation with Elets News Network (ENN) Give us an overview of Nuance Headquartered in US, Nuance has regional offices in 35 countries and Sales representation in 65 countries. It’s a leading provider of voice and language understanding solutions for businesses and consumers globally. Through Nuance’s proven solutions, technology becomes more humanised, as people interacting with devices most frequently adapt to them rather than people feeling forced to adapt to their devices. An example of our technology is voice biometrics which uses the customer’s unique voiceprint for authentication. It can be passive, where the user can say anything and we match their voice to a voiceprint. Or it can be active, where the caller is asked to recite a passphrase.
How the breakthrough voice technologies by Nuance are ensuring change, especially in the financial sector? In India, the financial inclusion programmes are witnessing a lot of potential in the authentication space for voice biometrics. Almost 300 financial institutions around the world have already adopted this technology. One of our voice biometric deployments is with ICICI bank. We are working with many other organisations for forthcoming launch as well. Nuance’s technology is leading the industry, demonstrated by 75% of Fortune 100 organisations working with us across every major industry.
Apart from Voice biometrics, what are the other technologies that need to enter global market, especially in India? India has a booming economy and the entire Nuance product line is available in India. The four major technologies are ASR (Automatic Speech Recognition), Text to Speech, Voice Biometrics and Transcription. In ASR, we support 14
Indian regional languages and in Text to speech, we have seven languages, of which Hindi is brewing tremendous success. The Fourth and the very important technology which has evolved in the last couple of years is the Nuance Transcription Engine (NTE). NTE for contact centers, a powerful, fast and accurate engine that can quickly transform large amounts of recorded audio into actionable assets across a wide range of industries including financial services, banks, telecoms, insurance, and airlines to improve the operational efficiency of contact centers, as well as improving the customer experience. NTE supports 21 languages and 36 dialects, including Indian English and Hindi. Nuance’s transcription engines can transform common human dialogue to text which can later be used by systems and algorithms to make the engine smarter and also help other systems perform better. Through these four major pillars, we want to develop the story of digital India.
How do you view the government initiated “Make in India” and “Digital India” programme? Both these initiatives require a skilled workforce and are majorly driven by Skill India programme. We need people with high skills, so these are good initiative taken by government to create entrepreneurship and a skillful employable workforce.
What are your strategies to expand presence in India and become more visible? The booming market and the increasing interest of customers and partners paved a way for us to look forward for partner model having upgraded skills. Our partners across world are interested in the technologies, they seek inputs on the new inventions, know-how and knowledge share. The future looks bright.
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Corporate Interview Achintya Gupta
Kuliza
Building Smart Commerce Journeys Kuliza Technologies started its journey from Bangalore with just three people 10 years ago. Within a short span it has become one of the leading brands in digital solutions. In an exclusive conversation with Harshal Desai of Elets News Network (ENN), Achintya Gupta, Director, Sales & Marketing of Kuliza Technologies Pvt. Ltd. shares more about the company and its plans.
K
indly apprise us about your company and its Indian operations.
Basically, we are helping a lot of enterprises in digital transformation products. Kuliza is a product engineering firm working with enterprises. We deal in a lot of their challenges which involves building smart commerce journeys. For example, we have digital lending solutions. We have mutual fund commerce solutions also.
How has been Kuliza’s experience in India and what approach was applied to win clients’ trust? We have been in India for 10 years. Till 2013, we were mostly focusing on valley area where we were working for a lot of companies and their end to end products were being build by us. Since 2013, we are seeing a lot of market in India where we are targeting enterprises.
In which areas have you developed expertise in? There are three or four areas which are our USP. One is the whole consumer experience part. All the digital journeys in banking and finance sector are not intuitive in nature. They are powered by engines which are not meant for the end consumer. So this is one challenge we are solving. Second is really scalable technology using open source. We are big proponents of open source in India. We sort of have built end to end engines for companies like Nissan, Ford. In media space like Netflix, commerce space like google, in the finance
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space like PayPal, they use open space technologies and what we are preaching at this point of time in India is that enterprises should adopt open source for building their core systems. Third USP is solving data challenges using emerging technologies.
Are open source methods more secure? Absolutely, look at Paypal. It's the most secure engine in terms of transactions that are happening. Whatever we have build for the Ford is open source, whatever we are doing for HDFC Life for building their end to end policies engine right now, we are building it on the open source.
What growth opportunities you see for your business in India? There are two or three driving forces for our business. One is adoption of Internet. Three years ago it was very difficult for us to sell our mobile app but today it's no brainer. So the penetration of smartphones and internet in India is a big driver. Second driver is the startup ecosystem. Today, startups are competing with enterprises and enterprises are competing with the startups. These startups are on with the new age technologies using open space source who are able to build their end to end stack in three-four months, build the application and get it out in the market whereas enterprises are struggling for years. Third driving force is the upcoming project development layer which is aware of the technologies and for us it is easier to sell them open source solutions.
Corporate Interview
Piyush Somani
Smart Banking Solutions Using Cloud Services ESDS is one of the World’s leading Data Center Services and Cloud Solution providers. Piyush Somani, CEO and Founder of ESDS says, applications on Cloud Technology are easy and quick to develop, roll out and make initiatives live, in an interview with Elets News Network (ENN)
W
hat is this ESDS all about? What is its contribution towards Co-operative Banking Sector?
ESDS has been offering cloud hosting services to the cooperative banking sector for five years. We launched our eNlight cloud hosting platform in India in 2011. Since then, we started acquiring co-operative banks to be hosted on eNlight cloud. At that time, nationalised public sector banks and private banks were not ready to adopt cloud hosting but the cooperative banking sector wanted to cut down costs along with remaining profitable by hosting on cloud. Today, we are hosting around 218 co-operative banks, some of which are Urban Co-operative Banks and some are large District Central CoOperative Banks. We have formed alliance with partners like InfraSoft, Virmati and a few more and with these partners, we offer hosted core banking solution to banks and charge them on per branch basis.
With ESDS’s experience in serving to the banking sector, what differences do you observe while catering to the co-operative banking sector from other core banking sector? With my experience of serving 218 Co-Operative Banks currently, I have not seen any major difference between the cooperative banks, nationalized PSU banks or the private banks. The only difference is that RBI
mandated Core Banking and Financial Inclusion to the Nationalised Banks is much earlier than the Cooperative Sector. That made the cooperative sector a late entrant in Core banking as well as Financial Inclusion space. Nevertheless, they have done pretty well to cope up and have improved the speed at which they do Financial Inclusion.
What role can cloud play on G2C (Government to Citizen) and in supporting initiatives like StandUp India? The government was purely focusing on G2G when it came to IT, but now the Government has started focusing mainly on G2C (Government to Citizens).This has started since a couple of years only. The challenge which government was experiencing, they were not able to do the sizing when they were G2G. Some of the large private banks and the nationalised PSU banks have been experiencing these kind of problems with DDoS attacks or malicious traffic coming through public networks. So, on premise infrastructure is not good enough to handle citizen services and that is the reason you have to move on cloud. Our Honourable Prime Minister (Narendra Modi) announced about MUDRA Bank, StartUp India, StandUp India and all these initiatives had to be quickly developed, rolled out, made live. Because our PM now talks only about hours/days instead of months/years to implement new initiatives.
What is driving demand for data-centers in India? Now the country has started focusing more on automation, B2C and G2C. When you talk about B2C and G2C, the requirement for infrastructure is huge and this is what is driving the demand for Data Centers in India. As per the RBI Guidelines, almost all the Banks have moved to CBS (Core Banking Solutions) but Financial Inclusion is still in process.
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Corporate Interview
Narayan Viswanathan
Encore Aiming for
Paradigm Shift in Banking Space With fast adoption of technology in banking sector, it is important to provide solutions which can cater what is needed as per the size, requirement and location of a bank, says Narayan Viswanathan, Executive Director & Global Head (Sales & Marketing) Encore Theme Technologies, in an interview with Elets News Network (ENN) are changing in the transaction banking space such as things are becoming cashless and the workflow steps are getting eliminated. All these need solutions which can cater to this change and we represent the leading solution provider, Misys which proactively invest a lot in getting ready the solutions for this dynamics. We are privileged to be already associated with at least four large banks in India like State Bank of India and with private banks such as Indusind and kotak.
What are the key growth drivers for your business?
What is Encore Theme Technologies about? Kindly throw some light about its presence in India? It’s a decade long company formed in 2006. A number of technology providers and the bankers, who are in technology space, came together to create something that is not only exposed in India but also exposed beyond the Indian shores. The enterprise was formed to serve the banking sector for technology. One of the crucial offerings for us is our partnership with one of the leading banking solution providers called Misys. We primarily represent the partnership for Misys in transaction banking in the Middle East, South Asia and Asia Pacific. We have seen a wave that is beyond the retail wave and the real change we see is in corporate and transaction banking space. We play a crucial role here by bringing Mysis Technology into the Indian banking space. We are doing well in Middle-East and Asia-pacific and we see a good traction in the Indian banks which are rethinking on the way to transaction in banking technologies. Here, at the summit, leaders from different organisations had put together the dynamics which
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For Encore team, the key drivers will be the change which will come in the digitisation space. There are still so many banks with all the discussion happening around, such as consolidation in the market, many dynamic changes in the transaction banking and an expected revolution around corporate banking. The way banks are looking at serving the corporate customers is going through a paradigm shift that will be another key growth driver.
Is the scenario different in case of cooperative banks? Mysis has openly supported us to provide all the solutions on cloud and OPEX model. But IT providers have to be more affordable to the banks which can’t take up a large CAPEX appetite. It is important as along with core systems, banks have to take care of infrastructure, the need for security and many other threats so they cannot afford a large and very costly structure to run. If everything is provided as service then it is good. Mysis, HP and Encore Team are seriously evaluating, looking at South Asian banks, how we can bring the transaction banking solution on a cloud model. We are open to convert innovative pricing model for these banks, to allow them to afford such OPEX. 
Industry View Accops
Accops enables Secure & Cost Effective End User Computing
I
n today’s world when the business landscape is changing too fast, bank’s IT teams are pressed hard to help the organization to adapt to new technologies to deliver faster, better and cost effective service. To grow at a significant pace while maintaining high level of security and also staying competitive, Bank’s have to look at new way to manage their IT infrastructure. Day to day Desktop management, supporting legacy applications and maintaining applications on end user devices consumes almost 70% of the IT resources. Solutions like Application presentation virtualization and VDI can enable more agile, secure and management free end user computing environments. Virtualization enabled automation and greater visibility into the server infrastructure. VDI provides similar benefits for desktop computing. VDI migrates the complete desktop environment to datacenter, enabling better security of data and automation of desktop management. If a complete desktop can be migrated to VDI, critical applications requiring greater security can be delivered from data-center using Application virtualization. Accops, a globally leading product company from India, is developer of Application & Desktop virtualization (VDI), thin clients and Secure Remote Access products. Accops enables organizations to secure end user computing, reduce cost of operations by way
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of virtualization and enable secure mobility. Accops products are used by more than 350 organizations includes banks like Deutsche Bank, Dena Bank, SVC Bank, IDBI Federal and financial services organizations like LIC MF, Fidelity, Mahindra Finance. Accops enabled SVC Bank to cost effectively deliver the core banking application to their own bank employees as well as to the co-operative bank customers of SVC Bank. Vendors of Deutsche Bank, securely access the bank’s applications from unmanaged machines every day through Accops application virtualization solution. Fidelity could enable their work from home users to securely access the corporate network meeting the regulatory compliance requirements of secure access with strong authentication.
Flashback
BFSI CTO Summit 2016
23 August 2016
Mumbai
When Corporate Excellence Showcased In Finest Form Elets’ first BFSI CTO Summit in Mumbai proved to be a major draw with top-notch industry leaders and stakeholders making their presence felt with their pearls of wisdom during the grand show. From CEOs, presidents, directors and even senior government officials discussing innovation, latest technologies and solutions, it was truly an amalgamation of minds from India and abroad.
Various business leaders were also conferred upon awards in appreciation of their excellence. Inaugurated by Small Industries Development Bank of India Chairman and Managing Director along with UIDAI’s Deputy Director General and SBI’s Deputy Managing Director, the daylong summit highlighted ICT’s usefulness in serving customers the better way.
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Flashback
Inaugural Session
BFSI CTO Summit 2016
Role of IT for Better Customer Engagement in BFSI Sector
Dr. K Shivaji
Chairman & Managing Director, SIDBI
Whichever bank or
financial institution will be able to operate more progressively and advanced way through simplest and not only the lowest cost will be the key differentiator, and with that differentiation, gradually you will find that you don't need to visit the bank's branch.
Dr. Sanjay Chahande
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Mrityunjay Mahapatra
Deputy Director General, UIDAI, Government of India
Deputy Managing Director, State Bank of India
My only appeal to the bankers is that Aadhar needs to be institutionalised and must become dayto-day culture for the banking. In the public sector scenario, 100 million people are getting authentication done through Aadhar to get ration cards.
Building a partner ecosystem which is well lubricated and which seamlessly manages hopes of technology before it gets transmitted will be very important.
BFSI | bfsi.eletsonline.com | OCTOBER 2016
Flashback
BFSI CTO Summit 2016 Shiv Kumar Bhasin Chief Technology Officer, State Bank of India
We need to set up bank of the future which can deliver the digital banking future. To transform the industry, it is very very important to create an industry specific vision for the Chief Technology Officers.
Technology Presentation
Transforming Customer Engagement in Payment Ecosystem
Suresh Rajagopalan President-Software Products, FSS
Consumer will go and prefer new ways of doing business with the banks. So banks have to adopt the banking and finance technology, embrace these technologies and interconnect all of them.
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Flashback
Technology Presentation
BFSI CTO Summit 2016
Helping Large Financial Services Enterprises Seize the Cloud Opportunity
Satish Yadav
Market Lead IP Routing & Optical Business Division, Nokia India
Nokia has the expertise of building service networking providers and we use them to build some of the large enterprises, banks and financial institutions. We have products from last three years which are sipping 70 references where they have been deployed and there are more than 170 trials going on.
Krithiwas Neelakantan
Director, Channel & Alliances for India and SAARC Operations, Net App
We pride ourselves to be the single largest data management company on the planet. Efficiency, scale, virtualised, on cloud, off cloud, you name it and we do it very very well.
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Flashback
BFSI CTO Summit 2016 Technology Presentation
Reshaping IT to Fuel Digital Banking Transformation
Chen Zhentao
Solution Architect, Huawei Financial Services
Most of us in the banking industry there are mainly focused on three key parts - customers, products, and channels‌Until now we have 300 plus global financial institutes across six of the world's top 10 banks. We always hope to gather across with our clients through leveraging our people, experience and our solutions.
Panel Discussion
Technology for Secure and Safe Banking Moderator
Ganesh Kumar
Chief General Manager, IT, Reserve Bank of India
As a regulator, RBI has to ensure that the depositor's money is safe, is kept in a protective manner and that it is available to the depositor whenever he wants. That holds true for the market service participants as well. A lot of support is given by the RBI to see that ultimately the customers get comfort.
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Flashback
BFSI CTO Summit 2016 Bharat Panchal
Sankarson Banerjee
Head Risk Management and CISO, National Payments Corporation of India
Chief Technology Officer, National Stock Exchange
How good customer education we are giving, how good controls we are putting in our system, that is what is going to make a difference together. It is not something which we can outsource
Things that happen a lot, that are easy to monitor, easy to fix, but happen quite frequently. We must make sure that those doors are closed and not getting distracted by the fancy stuff. There is no point of having a biometric front door when your back door is open.
Kersi Tavadia
Chief Technology Officer, Bombay Stock Exchange
We have fairly been successful in the stock exchange because we have tried to fix our own problems. It is very important that you know your own problem.
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Rajesh Shet
VP & Business Head, BFSI, Manipal technologies Limited
Manipal technologies has been associated with the banks for more than seven decades. Over the years we have been handling sensitive data related to end customers related to banks. We have a larger responsibility securing the data that belongs to our customers.
Flashback
BFSI CTO Summit 2016 Prasun Srivastava
Head of Sales Engineering-India & SAARC, Identity & Data Protection, Gemalto
If you look at the current ecosystem in India, even with the new trade initiatives coming out of the RBI, we are really innovating in a very fast manner as compared to other regions. It’s been accepted globally. It was something that was unexpected of a country like India but now they have taken notice.
Anshuman Rai
Director, BFSI, EMC India
The industry is doing fine but there is still an opportunity, there are cases in the market that what if the wall is broken, you still need a last line of defence and this is where EMC India comes in.
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Flashback
BFSI CTO Summit 2016
Stephen Miles
Chief Technology Officer, Asia Pacific & Japan, CA Technologies
We are connecting to more people, thinking of building more channels in our business not just for more connectivity but treating customers with a different touch point to our business with an intelligent interaction, recognizing where he comes into a business, where he has changed through different hand off points during the course of the day and treating customers with intelligence and knowledge.
Panel Discussion
Leveraging Cloud and Datacenter for Business Benefits For Banks and Other Financial Services Providers
Moderator
Sanjay Narkar
Chief Technology Officer, IDFC Bank
It is a description which probably happened few years back. Now it is becoming a need of the hour for us to think really positively about the Cloud and I think BFSI sector as such has taken lead in doing this.
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Flashback
BFSI CTO Summit 2016
Anup Purohit
Chief Information Officer, Yes Bank
YES Bank is pretty aggressive in technology and implemented its entire YES money on cloud. It’s been eight years. The thought process was very clear in terms of where we will put the data, data has to be within the country and not going outside. So that we can show RBI all the servers.
K P Saha
Chandra Sankholkar
Managing Director, Senrysa technologies
General Manager-West, Amazon Web Services
The infrastructure that we have build in the banks is only for the 5% of population. So there has to be 100x of the infrastructure. Today we have to be fully ready to move in to the Cloud and I think there is no other option
The advantages of the Cloud are far more superseding any challenges that you have to say. In the fullness of the time,IT is going to be characterised by web services that we serve and deploy from the Cloud purely on a demand basis.
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Flashback
Panel Discussion
BFSI CTO Summit 2016
Discussion on Block chain Technology
Moderator
Shiv Kumar Bhasin Chief Technology Officer, State Bank of India
Block chain Technology is one of the most talked about and sensationalized issue lately. I believe that the entire banking sector is energised about using the Block Chain technology. This technology brings transparency and omits the presence of third party settlement in banking transactions.
Praveen Jayachandran
Research Scientist, IBM Research
People can interact with each other in a secure and transparent manner if they use Block Chain technology. This technology will guarantee immutability of transactions. Other than the legitimate party no one can modify the past history of transactions.
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Flashback
BFSI CTO Summit 2016
KRC Murty
VP-Chief Technology Office, Deutsche Bank
On the Global front, I see this technology picking up well. It will be great value in the next five to ten years. It will give a lot of transparency to the end customer. Internally, we have used this technology in our bank and it helped us in reducing a lot of time. This is the next big technology to take up.
N Rajendran
Sameer Jaini
Chief Technology Officer, NPCI
Chief Technology Officer, DCB Bank
In my view it’s essential to be well-prepared before getting into a new technology. It’s important to prepare infrastructure to use Block Chain technology. It’s a collaborative effort. We should first use Block chain as a non–financial service. Once we get the needed maturity, we can use it as financial service.
I can see this technology growing vastly within 4 years. Block Chain technology will bring down the cost of the transactions by making it smoother. But it’s a collaborative effort and a united participation to make it a success is a must.
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Flashback
Technology Presentation
BFSI CTO Summit 2016
Instant Issuance: An Essential Strategy
Tapesh Bhatnager
Business Head-South Asia, Financial Instant Issuance Verticle, Entrust Datacard
Entrust Datacard installs instant issuance device at the bank branch which will instantly issue a personalised card to customer. The process is beneficial, as the card would be hand delivered. It will omit the changes of card misplacement and the logistics cost in delivering card. Because of its immediate issuance, the activation rate of the card will go high.
Hitesh Sahijwaala
Director-Sales, Red Hat India Pvt Ltd
Starting from base of your data centre to the transformation in your digital World, Red Hat helps you out in building your base platform. It provides you with ingredients required for building up a cloud and that is the reason why many big brands like Microsoft and Amazon have been associated with Red Hat.
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Flashback
BFSI CTO Summit 2016
L Venkata Subramaniam
Senior Manager Knowledge Engineering and Data Platforms, IBM India
Cognitive computing can bring the organised as well as unorganised data together and bring out good analytical reports. These reports through data can tell about the companies that are going to be stressed in future and can play as a saviour.
Panel Discussion
Implementation of innovating Technologies for NextGen Banking Moderator
Gaurav Zutshi
Chief Digital Officer, Aditya Birla Financial Services
We have 8.8 million customers. Digital innovation helps in cross selling of the product very well because you can view their data footprint and their current financial assets. Referring can then recommend customers with the next best financial products apt for them. We, at Aditya Birla group, believe that Digital is going to be a good enabler.
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Flashback
BFSI CTO Summit 2016
V Balasubramaniam
President –Transaction Processing and ATM Services, FSS
FSS stands for fast, secure and simple payments. We are emphasizing on ATMs as per the RBI mandate and bringing more and internet services into our payment gateways. We are also emphasizing on paperless and cashless systems.
KG Subramanian
Director-IT,Barclay’s Bank India
We partner with the startups and provide them a platform, from the ideation stage to the solution stage. If the solution fits their requirements, we take it to next stage. There are 11 startups working with us. We also do various activities to attract startups and attract sponsors. This is how we evolve with eco system.
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Flashback
BFSI CTO Summit 2016
Milind Varerkar
Genreal Manger-IT, Saraswat Bank
We have taken a lot of initiatives to bring more and more digitization into our bank. On technology front we are using fault omitting systems, making infrastructure resilient, on the process end we are making sure that the loan origination and disbursements are automated.
Technology PresentationS
Sajan Paul
Director, Systems Engineering/CTO, Juniper Networks, India and SAARC
Juniper is networking and IT infrastructure company. It creates innovative technologies that help our customers connect their ideas, compete, and thrive in an ever-changing world. .., the world needs network innovation to connect ideas and unleash our full potential. Juniper is taking a new approach to the network one that is intelligent, agile, secure and open to any vendor and any network environment.
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Flashback
BFSI CTO Summit 2016 Anup Purohit CIO, Yes Bank
Yes bank is a technology solution and it also does Banking. We as Yes Bank keep challenging ourselves by taking up new industrial challenges annually and we try and get solution to those challenges. We have a huge network of corporate customers who are directly straight through processes have integrated with our core banking solutions.
Panel Discussion
Financial Technology with Robust Payment System: Need of Hour for Banks, Financial Services and Insurance providers Moderator
Suresh A Shan
Head –Innovation and Future Technology, Mahindra and Mahindra Financial Services Limited
Two to three years down the line, we will see the maximum use of paperless transactions. I expect banks to play a major role in this regard by bringing more and more services boosting up the digitisation.
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Flashback
BFSI CTO Summit 2016 Rajeev Arora
Chief Operating Officer, Fino PayTech
If you think of risks in going digital, you should understand there is risk in anything new and innovatory. We have to accept this risk involved in the banking sector to bring a breakthrough change. We’ve to welcome technology in order to avoid transactional cost (Logistics cost) that is involved in cash transactions.
Technology PresentationS
Amar Chakravarty Chief Information Officer, SBI General Insurance
Need for advanced electronic payment system is essential and we are late in this endeavour. If you go abroad and pay them in cash with a high denomination, you will find a discomfort in their behaviour. In India, we should reduced cash acceptability to ensure customers’ safety and banks can also reduce transaction cost.
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BFSI CTO Summit 2016 Biswabrata Chakrabarty
Chief Technology Officer, Cigna TTK Health Insurance
Every consumer wants the transaction to be convenient and cash-free transaction is the biggest and easiest option available pertaining to convenience. Cashless transactions do away with many hassles like handling paper money, transactional cost and error in computing the correct value.
Sumnesh Joshi
Assistant Director General, UIDAI, Government of India
In our case, E KYC (Know you Customer) is a game changer. When we talk about authentication getting document all the time and verifying it’s time taking. So initiatives like Aadhaar which is already authenticated and duplication of data is impossible. Since every individual has been given a separate and unique Aadhaar number and the number is linked with the Biometric system, cent percent authentication is possible.
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Flashback
BFSI CTO Summit 2016 Mukesh Malik
Chief Operating Officer, Aditya Birla Financial Services Group
Banking space has seen many regulatory innovations in last decade. Banks have enabled many payment gateways which help in moving 93 percent money to the bank electronically. Banks are becoming more and more flexible with non – banking players that are offering many ways of payments. It is important for banks to be open to technological advancements to catch up with the time.
Lalit Popli
Head IT, ICICI Prudential Asset Management
Use of upgraded technology in payment gateways is very beneficial. But for availing its optimum benefits, the companies have to invest in good payment mechanisms to avoid losing customer. It’s important to build consumer’s trust by ensuring her/him with a safe and secure transaction. It will help you in getting off all paper transactions and go digital.
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23 August 2016
Mumbai
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