Speacial Issue - India's Top 50 NBFCs' Ranking 2018

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SEPTEMBER-OCTOBER 2018 | VOLUME 04 | ISSUE 05 | US $10 | `100

SPE C IA L ISSU E

COVER STORY Changing Landscape of Security in NBFCs

FEATURE

Innovations in NBFCs — A Key Factor

ALSO FEATURING: 3RD BFSI CTO SUMMIT REPORT

13th DIGITAL TRANSFORMATION SUMMIT DECEMBER 2018 NEW DELHI

AWARDS 2018

CONTENTS SEPTEMBER - OCTOBER 2018

COVER STORY

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FEATURE — TECH INNOVATIONS IN NBFCs 12 Innovations in NBFCs — A Key Factor

INDUSTRY PERSPECTIVE 16 ‘Standard Chartered Bank Wishes to Emerge as Bank

Changing Landscape of Security in NBFCs

with Human Touch’ Zuzar Tinwalla Chief Information Officer, Standard Chartered Bank (India)

CONFERENCE REPORT

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RETAIL BANKING PERSPECTIVE

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18 Digital Journey of Retail Banking

Pinak Chakraborty Senior Vice President, DBS

INDUSTRY SPEAKS — AI PERSPECTIVE

India’s Top 50 NBFCs Ranking 2018

20 From Deterministic to Probabilistic Approach in Cyber Threats using AI Utpal Chakraborty Head - Artificial Intelligence, Yes Bank Ltd

INDUSTRY PERSPECTIVE 26 Red Hat - Redefining, Prioritising Services for BFSI Sector Hitesh Sahijwala

Director of Sales at Red Hat India

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EVENT NAME

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URBAN / SMART CITY 2nd Smart City Conclave

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30 November

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Ludhiana

December

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INNOVATION / WATER / HOUSING / ENVIRONMENT / TOURISM National WASH (Water, Sanitation & Hygiene) Summit

New Delhi

20 November

Uttar Pradesh State Road Safety Workshop

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November

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Mumbai

20 November

Elets Digital Transformation Summit

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14 December

3rd BFSI Leadership Summit

Mumbai

January

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HEALTH Healthcare Innovation Summit

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5 December

Healthcare Summit, Karnataka

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December

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Itanagar

December

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Bhopal

January 2019

EDUCATION 13th World Education Summit

Mumbai

7-8 December

10th School Leadership Summit

Chennai

19 January 2019

Higher Education Conclave

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31 January 2019

11 School Leadership Summit

Gurugram

16 February 2019

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New Delhi

15 March 2019

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EDITORIAL SEPTEMBER - OCTOBER 2018

NBFCs Paving Way for Holistic Development in India As India aims to share fruits of its development, prominently visible in urban areas, it is the non-banking financial companies (NBFCs) that are playing a key role in influencing people’s lives in rural areas.

Innovations have also expanded NBFCs’ scope to effectively facilitate handling of tedious processes for the deprived sections of the society.

In view of their growing significance, we have attempted to rank top 50 NBFCs of the country to highlight their role and importance in rural India. The perception-based ranking is a cursory glance at how NBFCs hold the potential to bring a real change despite their set of challenges.

While understanding their scope to effect a real transformation, one cannot undermine the challenges faced by the NBFCs, with security scenario being a prominent factor among all.

In the light of steadily changing scenario and charm to digitise all processes, we have attempted to explore ‘Changing Landscape of Security in NBFCs’ through our cover story.

Dr Ravi Gupta Editor-in-Chief The Banking & Finance Post Magazine, and Founder & CEO Elets Technomedia Pvt Ltd

Out latest issue also carries a feature story ‘Innovations in NBFCs -- A Key Factor’ which explores the vital role of innovation–driven technologies in NBFCs’ growth in the country.

In this whole perspective, it was justifiable enough for us to organise the 5th NBFC100 Tech Summit in Mumbai. It aims to highlight the vital significance of NBFCs, Small Finance Banks, Payments Bank, Housing Finance Institutions and Microfinance Institutions.

Earlier, in August, Elets Technomedia organised 3rd BFSI CTO Summit in Goa, showcasing the growing interface of technology in the banking sector. It witnessed a confluence of eminent personalities like Ankur Gupta, Principal Secretary, Department of Electronics & Information Technology and Elections, Government of Haryana, Rajagopal Devara, Principal Secretary, Department of Finance (Reforms), Government of Maharashtra, Padma Jaiswal, Secretary, Department of Information Technology, Government of Puducherry, B Raj Kumar, Deputy Chief Executive, Indian Banks’ Association and LR Ramchandran, Chief General Manager (CGM)– Financial Inclusion & Banking Technology, NABARD. This issue carries its detailed report.

To help the stakeholders in BFSI, Government, Retail, Automobile, e-Commerce, Manufacturing, Media and Entertainment sectors find innovative solutions of various issues in alignment with digitisation, Elets plans to organise 13th eINDIA Digital Transformation Summit, New Delhi on 14 December, 2018.

With a wide range of interviews, articles and industry perspectives, we hope this special issue will interest our esteemed readers and evoke their invaluable feedback.

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COVER STORY

CHANGING LANDSCAPE OF SECURITY IN NBFCs Cashless payments are gaining a widespread acceptance amongst Indians in recent times. Be it the traditional banking entities or nonconventional emerging players like NBFCs, everyone is ensuring there is safe and secure payment system. Focusing on the rising significance of digitisation and need for safe online payment system, Rashi Aditi Ghosh of Elets News Network (ENN) explores the changing security scenario of NBFCs.

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COVER STORY

In), 50 incidents affecting 19 financial organisations have been reported during November, 2016 to June, 2017.

According to the Indian computer emergency response team (CERT-In), 50 incidents affecting 19 financial organisations have been reported during November, 2016 to June 2017

now. Penetration of Aadhaar, e-KYC (Know Your Customer) are also adding a new dimension to this journey.”

DIGITISATION – A POPULAR TREND IN INDIA According to OrbisResearch.com’s report on “Digital Payment Systems Market in India-Drivers, Opportunities, Trends, and Forecasts to 2022”, Indian digital payments industry is expected to reach $700 billion by 2022 in terms of value of transactions.

It is expected that more than 80 percent of the urban population in India will adopt digital payments as a part of their routine by 2022 and 70 percent of the retail chains will adopt the same.

Nikhil Bandi, Chief Information Officer, Vistaar Financial Services Pvt Ltd, says, “Journey of NBFCs with the touch of technology has become very smooth.

Thanks to Prime Minister Narendra Modiled government that has flagged off Digital India initiative, financial institutions have transformed and are more progressive

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Emphasing on the role of digital payments, Mihir Bhavsar, Head, IT Indostar Capital Finance Pvt Ltd, says, “Cashless transactions are need of the hour. It is important for the customers to understand that e-payments are way safer and convenient than the cash transactions. Customers can complete their complete their transactions easily without visiting the bank branch physically.”

SIGNIFICANCE OF SECURITY IN NBFCs Anything that is available on the Internet or can get connected to it has the risk of getting hacked. To ensure safe and secure banking experience, the need to have a robust cybersecurity mechanism is vital.

On one hand, the demand for digital payments is set to rise, on the other hand the scare of cyber fraud is also bothering the financial institutions.

According to the Indian computer emergency response team (CERT-

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Atyujwal Deka Network and Cyber Security Sales Lead, West, North & East India, Cisco India says, “Nintyfivepercent of the companies are targeted by of malicious traffic in the recent times.

Hundred per cent of the organisations are contracted with website holding malware. No organisation is safe today because the threat can be caused internally as well. Several employees and the employers search various websites using the Internet of their own organisation and unfortunately if any of the searched websites contain malware, the entire host network has the risk of getting infected.”

Explaining the risk of in-house cyber fraud, Rajesh Singhal, Head, IT and CISO, Indian Clearing Corporation Ltd says, “The biggest threat that the e-payments face today, occurs within the organisation. Consumers have the tendency to use weak passwords, sharing their One Time Passwords (OTPs) and ignoring the statutory warnings. It is important to ensure proper training and awareness with regard to e-payments before implementing digitisation.”

ROLE OF TECHNOLOGY IN ENSURING DATA SECURITY Ensuring a strong cybersecurity is in place is not just important from the transactions point of view but it is equally important to protect the data as well.

There is a need to ensure top security for various confidential files, any casual approach in it can lead to tremendous losses in various dimensions. Data leakage can prove most damaging for any company, costing immeasurable losses at times for a company. Technology’s role can be critical.

Talking about the importance of data

SEPTEMBER -OCTOBER 2018

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COVER STORY security and the role by technology in ensuring the same, Chakradhar GR, HeadIT, Vaya Finserv Pvt Ltd, says, “As a part of Information Technology applications used within our organisation, we ensure that the implementation and authorisation is complete. We ensure two-factor and multi-factor authentication in the IT systems that we use. Not just in IT but from infrastructure point of view also our data is completely secured as all us we use cloud technology.”

NBFCs’ GROWING SIGNIFICANCE The NBFC sector in India is growing at a very fast pace. Several industry experts believe that the lending market is as big as $600 million and this is going to grow further at a rate of 19 -21 percent. To ride this growth wave efficiently, it is very important for the NBFCs to embrace smart technology.

NBFCs have been able to emerge as the new leaders of the Banking, Financial Services and Insurance (BFSI) Sector due to their ability to innovate and office customised products based on the

It is expected that more than 80 percent of the urban population in India will adopt digital payments as a part of their routine by 2022 and 70 percent of the retail chains will adopt the same.

earlier times. Deploying a new technique is also way cheaper in the recent times.”

Their (NBFCs) ability to adopt Cloudbased lending software which comeswith features such as paperless loan sourcing, giving access anywhere anytime, strong Business process Management, Lending Analytics built with Artificial Intelligence,

automatically takes the front seat. We believe in creating awareness amongst our employees and customers making them conscious to the fact that safety is paramount.”

Role of technology in terms of security is growing significantly because of one big reason --- Everyorganisation in every industry is now digital. Every corner of every business is now either a vulnerability point, or a valuable target.

And the upcoming adoption of Artificial Intelligence (AI) and Internet of Things (IoT) will only deepen this trend.

“Today, one cybercriminal with one lucky attack can take down a multi-billion-dollar company, either through ransomware or a credibility-destroying leak. There might be a bit too much emphasis on “new technologies” in cybersecurity. Obviously, we believe in using new technology to protect our clients. After all, we did develop the world’s first comprehensive AI-Driven MDR programme . But, modern cybersecurity needs to be about more than bolting a shiny new technology onto an obsolete approach to cyberdefense, as many MSSPs now do to stay relevant. We must constantly rethink cybersecurity from the ground up,” says Jose Varghese, EVP & Head of MDR Services.

WHY SHOULD NBFCs ADAPT SMART TECHNOLOGY?

demands of the customers. Agility in workflow and lowering down operational costs are also two very important factors that led to the rise of NBFCs. Sanjay Sharma, Co-Founder and Managing Director, Aye Finance, says, “With rise of technology, NBFCs are lauded with a plethora of opportunities.

The best part of this phase is the availability of tech-led services at much affordable prices unlike the scenario in the

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Omni-channel sourcing and Smart Collections, helped them in ensuring a secured experience to its consumers.

Ganapathy Subramanian, Co-Founder & Chief Operating Officer, FundsCorner says, “Security management in a financial institution depends on the way it looks at its technology implementation and adaptability. As soon as an organisation starts thinking about embracing technology for data management, security

India is a diversified market and in a bid to reach the requirements of consumers both in the urban as well as the rural areas simultaneously is not an easy task.

It is therefore significant to embrace emerging technologies and transforming traditional systems to technologies such as Cloud and Artificial Intelligence.

This will offer assistance in expanding the reachability. On one hand it will help in strengthening the customer base by streamlining the services, on the other hand it will also bring down their operational cost.

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COVER STORY

extremely dynamic space.”

Jyothirlatha B, Chief Technology Officer, Dewan Housing Finance Corporation Limited, says, “The acquisition cost meant for financial institutions should be less, and digitisation is the only option that can make this happen. We, at Dewan Housing Finance Corporation Limited, have taken several digital initiatives such as e-sanction. Our sales team has been provided with tablet computers so that the data generated can be digitised at the first place.”

NBFCs, in today’s market, have to play smart and offer products that meet the rapidly changing requirements of consumers. For example, a CRM system in lending business can help in understanding the customer needs, it can also assist in tracking leads with real time updates, increase awareness with tailored automated messages and mails and building sturdy relationship with customers.

Manoj K Mishra, Chief Technology Officer, Magma Fincorp Ltd says, “There are two sides of Information Technology (IT), traditional IT that delves into lending applications, ERPs, CRM etc.

There is a lot of struggle in dealing with this section. The other side of IT is all about Artificial Intelligence, Machine Learning, Data Science and several others.

This segment, in particular, is very helpful in mitigating the challenges faces by NBFCs.”

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Indian digital payments industry is expected to reach $700 billion by 2022 in terms of value of transactions.

It is important for lending companies like NBFCs to have an agile and secure system.

It helps them in combating the risk of frauds . Several tools like business process management will help the financial institution in deploying rules for lending and workflow processes for internal team to accept, reject, disburse loans and collections management.

Ravi Bajaj, Director-IT, Insta Capital Pvt Ltd says, “Earlier, banks and NBFCs would have to spend a lot for having a good technology setup and providing a seamless customer experience. It comprised getting an infrastructure and hiring a team of technology developers for functioning of the software. But today with cloud services, Application Programming Interface integration and use of software services, information technology is making it a level playing field for NBFCs to compete in this

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While the competition in the NBFC market is inflating with each passing day, it is ) important for the sector to implement technologies like Artificial Intelligence, Machine Learning and Analytics. These technologies will assist in tracking product performance, customer performance, customer choices, trends, Behavioral patterns in lending and re-payment.

Joydeep Dutta, Executive Director & Group Chief Technology Officer, Central Depository Services (India) Limited says, “The need for technology based upgradation excites a lot of us in the financial sector. However, in sync with advancement, it is also crucial to understand the fitment of the technology.

Do not apply technology just for the sake of doing it unless it accelerates your business growth.”

While tech-innovations are gaining a lot of popularity among the NBFCs, the need to understand the exact fitment of technology and its relevant implementation, is something that needs a lot of acceptance.

Experts favour the implementation of tech-driven innovations for development of NBFC sector and fighting away the risk of cyber-frauds but they also suggest to analyse the use of apt technologies based on the need of the hour. 

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FEATURE-TECH INNOVATIONS IN NBFCS

INNOVATIONS IN NBFCs — A KEY FACTOR NBFCs have become significant in India’s Banking, Financial Services and Insurance (BFSI) sector. Today, BFSI’s mention looks incomplete without talking about NBFCs’ critical role in its growth. Looking at major innovations that have propelled NBFCs to attain so much success, offers an interesting insight, writes Ahmad Shariq Khan of Elets News Network (ENN).

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nnovations are the lifeblood of Non-Banking Financial Companies (NBFCs), the relatively new entrant making waves. It is creating disruptions across the financial landscape of the country.

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Leveraging numerous IT-backed industry firsts, NBFCs have been able to script many success stories in the Indian BFSI sector in a relatively short span of time.

These 13,000 plus players (the figure

registered with the Reserve Bank of India) hold immense potential in terms of innovation and growth. Because of their several unique strengths; these are today considered the future growth drivers of the BFSI sector.

Considering India is home to the largest unbanked or under-banked population across the world makes it one of the most lucrative and sought-after destinations for NBFCs players.

For instance, consider the role of NBFCs in the financial inclusion of sectors such as Micro, Small and Medium Enterprises (MSMEs) that represent a segment which is still underserved financially. As per official estimates, the total unmet demand in the Micro, Small and Medium Enterprises (MSMEs) is close to Rs 2.9 trillion - and to cater to this yet-to-betapped opportunity NBFCs are utilising many cutting-edge technologies.

While doing so, they have invested heavily in new technologies that allow them to

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FEATURE-TECH INNOVATIONS IN NBFCS

offer many tailored products.

Citing the ability of NBFC players in embracing a lot of new technologies such as cloud computing, Prem Narayan, Deputy Director General, UIDAI, Government of India, says, “ Non-Banking Financial Companies (NBFCs) form an integral part of Indian financial system. These play a critical role in reaching out to the unbanked sections of Indian society, especially the Micro Small and Medium Enterprises (MSMEs) segment.”

In addition, some of the innovations that NBFCs have embraced or are joining the technology bandwagon as early movers are: Cloud Integration – Bringing in Ease and Efficiency Cloud computing helps in creating a flexible business model that ensures growing business needs. Some of the key benefits of cloud services are lower costs, quick implementation, and near-universal availability.

Further, since the need for buying and deploying hardware is not there, a webbased end-to-end Loan Origination Software (LOS) platform can be swiftly deployed in a matter of days unlike the case with legacy systems. Such systems are designed to be scalable easily to accommodate the requirement of an expanding business.

Automation –Actualising Speedy Outcomes

As the cloud is available on demand, the cost of infrastructure investment is low too.

Moreover, continuous software updates is possible on the cloud too.

Calling cloud technology a ‘great enabler’ for players such as Small Business Fincredit India Pvt Ltd., its Chief Technology Officer Deepak Mudalgikar says, “Cloud as a platform for service delivery has in recent times improved a lot, and has brought numerous benefits to many organisations.

The phenomenon of private cloud which is very mature and developed these days has been helping many organisations cut costs.”

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Leveraging on numerous IT-backed industry firsts, NBFCs have been able to script many success stories in Indian BFSI sector in a relatively short span of time.

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Another important tech innovation strongly harnessed by NBFCs is the power of Automation i.e. a technology that speeds up the lending processes and facilitates consistency in decisions.

A typical automation process is characterised by a series of predetermined decision rules that facilitates faster and more accurate processing of loan applications.

Lauding the utility of automation for NBFC sector, Sarath Chandra, Chief Technology Officer, Airtel Payments Bank, says, “Thanks to automation, we are moving towards a near-real-time

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technology, event-driven systems. Now as a transaction is happening, we could, in less than a minute, do credit rating for them. This way, we identify Anti Money Laundering (AML) or other frauds that might be happening in real time.”

Blockchain – The Gamechanger Thanks to Blockchain, many of the world’s leading banks and NBFCs are now saving millions in cost transactions and the amount of paper that they process.

Blockchain enables multiple parties that may not know each other from different geographical locations to have simultaneous access to a constantly updated digital ledger that cannot be altered. Because of its unique i.e ‘unalterable’ feature, Blockchain is being recognised as the new technology that has the potential to minimise fraud in the financial world. Going by estimates by the globally renowned consulting firm PwC, 45 percent of financial intermediaries like stock exchanges and money transfer services are prone to financial crimes routinely - and to curb this ill trend, Blockchain could be very handy. The utility of this technology can be gauged from a recent World Economic Forum (WEF) report that predicts - by 2025, 10 percent of global GDP will be stored on blockchains or blockchain-related technology.

These days, a number of Indian NBFC

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FEATURE-TECH INNOVATIONS IN NBFCS

players are utilising the power of this technology. Consider this: Bajaj Finserv, the leading NBFC in the country is said to be using blockchain technology for services like travel insurance and settling claims.

“For implementing e-KYC, adoption of analytics for customer centricity, mobility initiatives and creating a single view of the customer, Blockchain is set to play an important role, says Puneet Kaur Kohli, Group Chief Technology Officer, Manappuram Finance, a leading gold loan NBFC in the country.

Artificial intelligence (AI) and Cognitive Computing – Easing Business Processes AI is based on the premise that machines can make the better decision on the human’s behalf. Cognitive Computing is a wider term that includes an application of techniques such as machine learning, predictive analytics and speech recognition.

them well-suited for rural and semi-urban India. Today, thanks to these chatbots and robo-advisors, the entire process of availing various financial services by masses have become much easier and hassle-free.

“Vernacular chatbots with self-onboarding based on natural language communication are an integral part of our operations,” says Nikhil Bandi, Senior Vice President and Chief Information Officer at Vistaar Financial Services, one of the pioneers in lending to micro, small and medium-sized businesses.

Biometrics, Aadhaar based KYC – Bolstering Digital Footprints Indian Prime Minister Narendra Modi-led government’s recent push towards promoting initiatives such as Jan Dhan Yojana, Aadhaar and the emergence of UPI provided a good

contributed to the sector’s growth immensely.

The Idea of Social Score– Going Beyond the Traditional KYC Norm Know Your Customer (KYC) once used to be the only norm to assess credit-worthiness of customers. Today, thanks to a culture of promoting a holistic view of a prospective customer and assessing his ability to eventually service a loan, things have come down to the level that now besides Linkedin and Facebook posts even Swiggy’s (food delivery app) orders history is being taken into account by many NBFCs players for evaluating the credit-worthiness of customers.

As per Deepak Kapoor, Co-founder, InfoAxon Technologies, “To assess customers’ creditworthiness, apart for making use of info provided by the borrower, we match the data

As per Intel CEO Brian Krzanich, both AI and cognitive computing are “based on the ability of machines to sense, reason, act and adapt based on learned experience.” A lot of Indian NBFCs are harnessing the power of AI and cognitive computing in their day-to-day operations.

Deepak Mudalgikar, Chief Technology Officer, SBFC India Pvt Ltd, says, “ While being true to our tagline i.e. ‘loans made easy’, we aim to make our processes easier both for our employees and stakeholders and while actualising so - analytics, AI, machine learning and various other tools of cognitive computing play a key role.”

Chatbots and Robo-Advisors –New Avatars of Ease in Business Sensing the masses’ preference, a number of the NBFCs these days are employing chatbots and robo-advisors for interactions with prospects and customers for selfonboarding of the customer, customer servicing and employee-related services.

In most cases, these chatbots and roboadvisors have vernacular capabilities, making

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foundation for many NBFC players to cater to the potential demands across the nook and corner of the country, thereby facilitating the ‘last mile’ touchpoints and giving a boost to the idea of financial inclusion across the country.

Government’s demonetisation move and its subsequent push towards popularising Aadhaar based KYC among masses, mobile payment solutions, such as wallets, P2P transfer applications and mobile points of sale, are reported to be enjoying strong user adoption and the trend is bound to gain further momentum in coming times.

Likewise, Digital Signatures (DSC), e-National Automated Clearing House (eNACH), e-sign and e-stamp and other similar digital documentation platforms have found to be adopted by NBFCs much faster than many other domains. This has

with whatever is available in public domain, e.g. on the Ministry of Corporate Affairs (MCA) and GST portal, then we cross-verify this using the social media profiling of the borrower. This gives us a holistic picture of the customer in question.” Echoing similar views, Srivaths Varadharajan, Chief Information Officer, Niyogin Fintech Ltd, adds, “Besides application programming interface (API) integration and a Credit bureau’s perspective, the social profiling score is a critical indicator that we focus upon while looking at a loan request.”

Conclusively speaking, considering the futuristic technologies driving NBFCs growth, and gaining further currency across country’s financial ecosystem, the sector looks headed towards a brighter phase in the months to come. 

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INDUSTRY SPEAKS

FINTECHS REINVENTING MSMEs IN INDIA

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n the FinTech India Trends Report 2017, PwC revealed that India offers the highest expected return on investment on FinTech projects at 29% versus a global average of 20%. With a booming FinTech sector and a plethora of banking services, India is soon to see a tech driven financial industry.

target achievements on quarterly basis to ensure adequate flow of credit in the sector. Many leading banks’ extensive process is less captivating and more time consuming for the busy diligent MSME owners. Platforms like LENDINGwala simplify the entire process without compromising on the robust eligibility check on borrowers.

Micro Small and Medium Enterprises (MSMEs) have become the backbone of our country by providing employment opportunities to over 11 crore people. This sector is the second biggest contributor to the GDP of India and is considered to be a strong growth catalyst. The Government of India has rolled out various schemes through banks to provide better financial support for the growth of the MSME sector; but timely financing is crucial. Insufficient capital is a common barrier to any small business organization’s development. Silicon India has stated that tedious loan procedures, huge paperwork, long disbursal periods, collateral requirement and high interest rates are some of the factors that make banks a difficult option MSME loans in India.

Marketplace lenders, apart from interfacing with credit agencies, adopt alternative data sources and credit scoring techniques to determine the borrower’s eligibility. With a seamless integration with third-party interfaces, the system captures all necessary financial data of the organization to conduct an extensive financial modelling and analysis process. This helps lenders have a better understanding over the small business organization’s credit worthiness.

The FinTech sector can resolve many of these issues by bringing together qualified borrowers and bona fide lenders on a secure platform.

According to Sundar Garg, CEO - SysArc Infomatix, “A growing demand for digital banking services is a great opportunity for FinTech companies to develop innovative solutions for financial institutions that will help enhance customer experience.”

Startup online lending marketplaces, such as SysArc’s soon-to-be launched LENDINGwala, aims at providing secure financial support to MSMEs with quicker loans from qualified lenders and assisting banks in identifying creditworthy borrowers.

FinTech companies like SysArc Infomatix, empowered with over 20 years of expertise in the fields of finance and technology, understand the various difficulties involved in applying for MSME loans.

“With an in-depth understanding on issues faced by both lenders and borrowers, developing an exclusive marketplace lending platform could prove significant to priority sector lending” expressed Garg when asked upon the purpose behind the idea of LENDINGwala.

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LENDINGwala also utilizes a robust in-built risk rating engine to evaluate their applicants. Further, the platform displays an array of lenders for the applicant to choose based on the loan packages provided. “The status and movement of the loan application can be viewed online by the MSME borrower to keep track of their credit request”, adds Sundar while explaining about LENDINGwala.

SysArc is determined to find ways to simplify lending and introduce new financial products to strategically attract new customers. Sundar adds, “we not only focus on offering credit to borrowers but also in enhancing customer experience through constant technological innovations.”

We are moving into an era of Marketplace Lending, which has got immense potential to move banks from traditional to a more progressive way of lending. l (Sundar Garg, President and CEO, SysArc Infomatix, holds extensive experience in some of the world’s largest organisations including KPMG peat Marwick, Deloitte consulting Group and Unisys. His vision has made the company continuously successful even during the recessionary period.)

(Views expressed in this article are personal opinion of Sundar Garg, President and CEO, SysArc Infomatix.)

For more details, please read the detailed interview of Sundar Garg, President and CEO, SysArc Infomatix at: https://bfsi.eletsonline.com/sysarc-infomatix-ensuringcomprehensive-lending-for-better-loan-access/

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SEPTEMBER - OCTOBER 2018 15

INDUSTRY PERSPECTIVE

‘STANDARD CHARTERED BANK WISHES TO EMERGE AS BANK WITH HUMAN TOUCH’ Digital is the new language of customer experience and our customers expect banking services to be easier, faster, consistent and reliable on the back of smart digital interfaces. Standard Chartered Bank’s aspiration is to be the digital bank with a human touch where the banking experience and human interactions are made more meaningful by digitisation and innovation, says Zuzar Tinwalla, Chief Information Officer, Standard Chartered Bank (India), in conversation with Rashi Aditi Ghosh of Elets News Network (ENN).

The banking industry in India is changing and so are the roles of the C-suite executives. How significant are Chief Information Officers (CIOs) for banks in this tech-driven era?

While the primary role of CIOs is to guide digital transformation while enabling friction-less business, they have additionally been given the significant responsibility of being technology evangelists and advocates for a culture of IT evolution.

As a CIO, I find myself at the front and centre of our ongoing digital transformation. I hence seek to drive value by crafting a compelling transformative digital vision and then helping the organisation to make it a reality through active engagement and strong governance.

I also focus on fostering relationships inside and outside the enterprise and enabling tight coordination among teams to nurture a synergistic culture.

16 SEPTEMBER - OCTOBER 2018

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What is Standard Chartered Bank’s approach to digitisation in India?

Standard Chartered Bank’s aspiration is to be the digital bank with a human touch where the banking experience and human interactions are made more meaningful by digitisation and innovation. We aim to utilise digitisation to enable a holistic, seamless experience where our customers feel valued and understood.

Digital is the new language of customer experience and our customers expect banking services to be easier, faster, consistent and reliable on the back of smart digital interfaces. Through digitisation, we seek to deliver superior value and a userfriendly experience to our clients while equipping our frontline agents with digital insights and incorporating cutting-edge technology into our processes.

We recently announced an alliance with Zoho Books, a cloud based Enterprise Resource Planning (ERP) software to enhance the corporate banking experience.

Through this unique platform, we can help our clients digitise their flows seamlessly and establish direct integration with us, helping them manage their banking activities in a convenient and time saving manner. This solution is a big milestone in our push to become more clientcentric, by bringing accounting needs and corporate solutions under one roof for our clients. On top of reducing data entry, the integration enables direct B2B and cross-

so do the resources needed to respond to them. However, while an organisation may have adequate skills and resources, its partners and providers may not, and that creates vulnerabilities. Hence collaboration among all the actors within an ecosystem is required to promote security.

border payments, virtual accounts as well as improved reconciliation and security.

Financial to be the core partner bankfor its new blockchain cross-border remittance solution.

Tell us about your major tech-based future projects.

Standard Chartered Bank has made strategic investments in Ripple and SWIFT to facilitate cross-border transfers for our clients and have been appointed by Ant

What technologies are being implemented by your bank to streamline operations for customers?

We recently launched Real Time Onboarding, a strategic program enabling end-to-end, real time paperless on boarding, instant activation of accounts and services and instant product fulfilment. The project transforms the client journey from a multi-day, paper intensive process to an empowering, seamless, digital, real-time experience.

The capability enables customers to instantly open an account using their Aadhar details.

Additionally, customers can chat online for service requests while Priority and Premium Banking clients can seek advice or resolutions by video conferencing with Relationship Managers.

The solution encompasses interactive and responsive channels, automated credit decisioning, agile workflows and real-time interfacing. The product utilises best in class solutions and integrates with the latest technology (Biometric, Optical Character Recognition, Instant Embossing, Digital cards, etc).

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Security plays a pivotal role as far as IT-based innovations are concerned.

In your view, what are the major scopes and challenges associated with this?

The security of the financial system is increasingly being put to test, with cyber attacks increasing in number and sophistication.

Organisations need to review and rethink how they conduct business and protect their assets and data and security needs to be embraced from top to bottom within the workplace. The priority should be not just to collect data, but to secure it while creating security awareness. Organisations cannot rely on a single defence mechanism and require a segmented network with multiple lines of defence.

As security risk and complexity increases,

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We have enabled APIs on our legacy systems and all new services will be API-ready. We are embarking on the cloud journey and looking at leveraging the Internet of Things and Blockchain to develop better supply chain financing solutions.

We employ machine learning for analysis of accounts to optimise liquidity management and risk assessment and are collecting all data generated by our Transaction Processing systems into a central data lake to serve as a deep analytics tool and provide a 360-degree view of the customer.

We actively reach out to the FinTech community to scout for the highquality solutions and have implemented collaborative projects around risk warning systems, data analytics and customer onboarding.ď‚—

SEPTEMBER - OCTOBER 2018 17

RETAIL BANKING PERSPECTIVE

DIGITAL JOURNEY

OF RETAIL BANKING Digital journey that most of the retail banks have embarked upon can be described as “transformative”. It can be elaborated in terms of products, processes and people.

PRODUCTS Banks are exploring ways to deliver banking services to customers whenever and wherever they need it, in a manner that is personalised, contextual but non-intrusive and frictionless.

Banks are looking to provide an audio-visual interface to the customers so that they can interact with their mobile banking App almost like human interactions. Moreover, the mobile app is becoming more aware of the customers’ context and can provide meaningful offers and deals, remind them of the pending payments, help them to set up and achieve their financial goals and advise

18 SEPTEMBER - OCTOBER 2018

them on their financials at a time which is the most convenient to the customers. In this way, the mobile App is envisaged to go much beyond than a chatbot and become a constant companion of the customers for their financial needs.

We will soon see a much closer integration with the social media and banking App. Customers will be able to share transactions details to their friends in social media directly from mobile banking App and “like” a transaction or comment on a transaction like a social media post.

The other visible change is redesigning of physical channels where banks are

Pinak Chakraborty Senior Vice President, DBS

rethinking about their physical presence, like branch, call center etc. and physical means of transactions like cheques. Bank branches are being redesigned and with the aid of technology can provide a self-serve experience to customers, help customers to realise that most of their transactional needs can be self-served from the digital channels and visit to a branch may not be necessary.

The personnel at bank’s branches can then assume the role of a financial advisor, rather than serving transactional needs of the customers.

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adoption of Blockchain Distributed Ledger Technology will bring in efficiency in settlement and asset and value transfer processes, like trade finance, international payments etc.

PROCESSES While the advancement in software and services are visible to the customers and outside world in general, banks are also transforming the way they do software development. They are constantly working on to improve their ability to

The push towards digital channels have seen some interesting use cases emerging that provides a fantastic blend of physical and digital channels – for example, ability to deposit cheques from mobile banking app, pre-stage a transaction and get approval before going to an ATM and then enter scan a QR code sent to mobile or enter an One Time Password sent to mobile to withdraw money.

Banks are also in a journey to adopt Open Bank approach and started collaborating with larger ecosystems, including aggregators, billing service provides etc. as well as among themselves using Open Application Programming Interface (API) standards.

Technology is also bringing in speed and efficiency in delivery of digital payments.

Near real time payment has already become a reality in many geographies. Moreover, payment mechanism is evolving to hide receivers’ financial details from a payment transaction, by making it possible to accept payment on an alias or token, which could be a mobile number or an email address or even a virtual payment address. Further,

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Banks are exploring ways to deliver banking services to customers whenever and wherever they need it, in a manner that is personalised, contextual but non-intrusive and frictionless.

deliver advancement in their software products to customers by deepening their adaption of agile methodology of software development and by bringing in continuous integration and deployment processes so that they can move way from a fixed release cycle of software deployment and can release changes in production more frequently.

Moreover, increased focus on automation or robotic process automation, either in software engineering processes or in those banking operations that consist mainly of mundane and repeated tasks, means that manual labour is being freed up resulting in increased productivity.

Moreover, one of the of basic principles of agile methodology is that it requires

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business and technical sides of the organisation to work closely in defining the software changes as well as in executing software development. Many organisations are therefore changing the structure of the organisation for bringing business and technology teams closer and to make them jointly accountable for both the software development and business outcome.

Banks are also constantly adapting open source technology stack for their software development unlocking themselves for a vendor dependency. Banks are also looking to utilise flexibility and scalability of cloud infrastructure within their defined framework of data security and proximity of data centers.

PEOPLE Until recently, banks interaction with tech start-ups and technology academia has been quite limited. As banks are constantly looking to bring about innovation in their product delivery, it is expected that banks will progressively redefine the way they have been thinking about collaboration with start-up communities and technology academia.

Moreover, to be able to deliver this huge transformation, banks need to hire technical talent which brings them in direct competition with tech companies for talent acquisition, who are also looking for similar talent. Banks are striving hard to build their brand as technical organisation to attract technical talents to work for them.

In other words, banks journey for adoption of digital technology can also be described as becoming more like a technology firm at least for the engineering teams working for the retails banks. One of analysts mentioned this as “wall street aims for silicon valley” in the context of the USA, which is true for other geographies as well. (The writer is Pinak Chakraborty, Senior Vice President, DBS. He is developing a mobile first, in branchless and paperless banking experience for customers. Views expressed here are a personal opinion).

SEPTEMBER - OCTOBER 2018 19

INDUSTRY SPEAKS -- AI PERSPECTIVE

I

n this modern age of cybersecurity, the level of sophistication of threats and malicious activities has significantly increased. The threats are becoming harder to detect and the damage caused in an enterprise has gone up many folds.

Whatever security measures you may build around your organisation today, the shocking reality is that no system or infrastructure till today is 100 percent secure neither we will be able to achieve such universal security at least in near future.

Considering this reality, the modern security systems and platforms are essentially moving away from the traditional “deterministic” approach of dealing with security threats to a “probabilistic” kind of an approach.

What that means is that in the traditional approach we used to be very certain of an attack that already happened and then only take necessary remedial actions or take a stand on how to deal with the situation.

Contrarily, in the modern probabilistic approach using Artificial Intelligence and Machine Learning techniques, we take a probabilistic approach to generate an alert by continuously monitoring the network, devices and user behaviours even when we are not very sure of an attack or malicious activity.

FROM DETERMINISTIC TO PROBABILISTIC APPROACH IN CYBER THREATS USING AI The reason that our immune system is so effective is because it knows what is internal and what is external to our body, i.e. what is part of us and what is an outsider, like various viruses. And this is how it knows how to protect our body from the external attacks.

This approach provides an advantage over the traditional deterministic approach because of its predictive nature. The same applies to the security strategy and model that we implement in an enterprise while dealing with such cybersecurity threats.

The approach is very similar to how a human body fights against intruders. If you consider our DNA, which is essentially an information that can be damaged, altered or hacked by any external entities. Our immune system deals with that kind of attacks and risks every day.

Millions of viruses attack our DNA all the time but our body has an amazing security system which keeps monitoring the entire

20 SEPTEMBER - OCTOBER 2018

Utpal Chakraborty Head - Artificial Intelligence, Yes Bank Ltd

body even to the level of the DNAs all the time to safeguard us from any such attacks or threats. It generates early alerts and activates different hierarchies of defense mechanisms available in our immune system immediately to fight against such threats.

With the above philosophy in mind few of the leading cyber security companies leveraged the power of Artificial Intelligence and Machine Learning and developed their groundbreaking AI cyber defense platform which mimics the human immune system. These platforms are self-learning, capable of understanding what is normal and what could be an emerging threat in real time and can take remedial measures accordingly. They are also capable of automatically modeling every network, devices, users and other asset behaviours in an enterprise and not

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only provides early alert of any probable threat but also provides threat visualisation dashboard using tropological network projection techniques that allows security analysts to act on the security threats and thus preventing them rather than reacting to the attacks after it had actually happened.

One example of such an advanced platform which is worth mentioning here is Darktrace which uses “self-learning AI to identify and respond to in-progress cyber-threats”. This proactive cyber risk management approach in an enterprise can reduce the risk of attacks and its consequences dramatically by safeguarding its resources and users well in advance of the attacks.

I personally believe that the firewalls and “Signature-based Models” such as conventional anti-virus and other products are not going to be completely ineffective at least in the near future as claimed by many of the cybersecurity experts.

Rather, we should build a layered approach wherein the firewalls and “Signature-based Models” can be one level of security. But there should certainly be an additional layer of AI and Machine Learning algorithms which is going to help identifying unusual activities, unusual data flow and patterns and suspicious buildups in an around your network and devices.

This can tell you in advance with some degree of probability and confidence that there could be some security threat in your enterprise considering many such factors and thus shrink the attack surface which is otherwise simply impossible to deal with a traditional approach.

Also, AI models once trained to have the capability to detect the genome of many malicious entities. So, it can easily detect the advanced versions and different variances of such malicious programmes.

Any malware is often communicated within encrypted traffic through the internet, and sensitive data passed across the cloud.

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AI can very well be used in this type of scenarios to be able to learn how to automatically detect unusual patterns in encrypted web traffic and can improve network security defenses dramatically. These categories of products use machine learning to process incoming threat samples to determine if they are malicious based on the knowledge and the patterns that it learns every day.

It can determine how likely an incoming pattern is a new malware and accordingly, it can trigger the analysis to create patterns and signatures of the new malware and incorporate it into the core security fabric which in turn distributes to the cloud or as an update to all the subscribers. AI-powered malware scanner products are becoming increasingly popular because of their various advanced capabilities.

The spamming and phishing cases are not new but are becoming more and more sophisticated every day with bad actors implementing new and innovative techniques continuously for fooling users and spam filtering applications.

It is almost impossible to keep pace with such innovative attack strategies

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continuously evolving in the dark world. So, AI and ML techniques have become almost indispensable to detect and arrest such attacks.

On the other hand, even attackers have begun to adapt AI and Machine Learning techniques themselves to find out a loophole in your security systems and formulating attack strategies. They also keep discovering innovative ways to play with the training data used for your machine learning model, this is something called “Data Poisoning”. If these guys can somehow figure out how where your training data is stored to train your machine learning models, they can feed misleading data to confuse your ML model thus degrading its accuracy and jeopardise your overall game plan for fighting attacks.

So, a solid strategy around protecting your AI and ML algorithms and the data used for training them sometimes becomes more crucial than safeguarding other vulnerable resources in your enterprise; at least when you are using AI at the forefront to fight such cyber attacks.  (Views expressed in this article are a personal opinion of Utpal Chakraborty, Head - Artificial Intelligence, Yes Bank Ltd)

SEPTEMBER - OCTOBER 2018 21

INDUSTRY PERSPECTIVE

Quantafic Business Solutions

DIGITALISED CUSTOMER ACQUISITION PLATFORM POWERED BY RULE ENGINE AND ANALYTICS TO QUANTIFY RISK Quantafic works closely with country’s leading financiers in their technological and analytical initiatives.

Quantafic has build a digitalised end to end customer acquisition platform powered by rule engine and advance analytics, says Sachin Kulkarni, Co-Founder and CEO, Quantafic Business Solutions, in conversation with Elets News Network (ENN).

Can you brief us on your new offering of digitalised platform for customer acquisition?

Quantafic has build a digitalised platform for customer acquisition which helps Bank and NBFC to acquire customer using mobile application and machine learning based autofill of data from the application image.

E-KYC, ID authentication, Multibureau , Name address match and Dedupe modules of this application allows verification of customer details from authenticated data sources. Application score card module allows to evaluate risk category of the customer and Risk based pricing can help in offering different price for different risk categories of the customer. Powerful rule engine allows credit team to define different credit surrogates so that maximum cases can be processes as straight through.

Java / J2EE technology provides highly scalable platform and allows Bank or NBFC to sanction the loan in few minutes.

How does your Advanced Analytics help your clients in the BFSI sector in combating fraud and risk?

Quantafic has been leveraging statistics, machine learning and other advanced analytical techniques to develop predictive

22 SEPTEMBER - OCTOBER 2018

Our fraud prediction models are specialised models that work by aiding the sampling process of Risk Control Unit (RCU). On liability and credit card transaction side, we have developed specialised modelling framework to curtail the fraudulent transactions - these can be implemented using our advanced Rule Engine for customised implementation of scorecards and rules, and a real time decision making.

Sachin Kulkarni Co-Founder and CEO Quantafic Business Solutions

models that quantify risk at the time of loan application, and later throughout the collection cycle.

At loan processing, these models are useful in three ways - for correct approval/rejection, for appropriate eligibility and Loan-To-Value (LTV) capping and for risk based pricing.

These models are also adaptable by banks for Probability of Default (PD) modeling.

Similarly, we have been building predictive models for clients at each stage of collection cycle - pre-presentation indication of potential defaults to help in pre-emptive telecalling and reminders, mid-month predictions to optimise instrument representation, pre-Non Performing Asset models in specific Diffusion Pressure Deficit (DPD) buckets, and recovery models to suggest best intervention for efficient recovery. Some of these models can be applied for Loss Given Default (LGD) quantification that help not only in containing risk and fraud, but also generate more business through smarter preapprovals.

Tell us about MasterConnect. What role does it play in streamlining the services?

MasterConnect encompasses multiple sources like online Permanent Account

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Quantafic Business Solutions

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Number verification, Unique Identification validation, credit bureaus, internal dedupe engine, etc. So you can connect to one or more credit bureaus parallelly and aggregate the results - the results can be shown in one single format which you prefer. Other internal sources like internal vendors, employees, blacklisted individuals, etc. can be connected.

Most importantly, the MasterConnect is powered by our rule engine that helps configure rules like which bureaus to enquire from, in what situation, which internal credit scorecard to be executed for which schemes, different eligibility computations, LTV caps, etc. and choosing best offers.

Which of your current products do you see as a potential game-changer for NBFCs?

tracking of end to end TAT, billing of each agency basis their rate sheets in custom formats become a nightmare.

Our applications like Q-IRIS for fraud / RCU function, Q-Mandate for Mandate Management and Risk Based Pricing are unique offerings helping multiple financial institutions. Today, bigger setups have dedicated RCU depts. and are responsible for regular screening and sampling of files,

Non-Banking Financial Companies (NBFCs) typically operate on a different market segment than most banks, making them a necessary part of the country’s financial sector. Apart from market segment, many NBFCs have also developed USPs that are difficult to replicate. These USPs are generally in the form of process efficiency driven by technology and/or analytics - the exact area where Quantafic is poised to support.

Q-Iris helps RCU depts. with each step of their core process, right from sampling to tracking investigations, verification of asset and field investigation reports, month-end billing of vendors, etc. The solution has integrated state-of-the-art Rule Engine (same as MasterConnect) along with statistical fraud scorecard for sampling document scientifically.

Our applications like Q-IRIS for fraud /RCU function, Q-Mandate for Mandate Management and Risk Based Pricing are unique offerings helping multiple financial institutions

We see Q-Iris as an important tool for the industry to tackle the frauds, by handling volumes of through-the-door cases in a streamlined way.

For NBFCs to sustain growth in such hard times, it is important for them to optimise the resources and maximise each opportunity. This will be difficult if they do not actively invest in analytics based decision making, right from tracking target vs. achievement, automated Key Performance Indicator (KPI) monitoring, customer value management and customer retention, and activating existing client-base through up sell/cross-sell based marketing campaigns.

investigation on other reported frauds, collection frauds, internal employee frauds, etc. RCU depts. use emails, right from initiating inquiry, sending sample data to interactions during investigations and final action. This becomes a risk when the customer data is sent to external agencies.

Also, the tracking of unresolved inquiries,

A well known NBFC uses our solution for fastest loan decisioning with highest possible loan amount in less than five minutes. For this, nearly forty schemes are configured in our system and the system chooses the scheme which yields highest eligibility.

Your products and services cater to the requirements of both banks and NBFCs. What are your views pertaining to the growth of the NBFC sector?

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Our second product, Q-Mandate, is designed for the Operations departments of NBFCs, who play an important role behind the curtains. When a loan is authorised, the repayment mode (typically, ACH) needs to be registered. After this, the installment is presented every month for each customer and the same is fed back to LMS. This is a mammoth manual task and financiers face risk of delays in presentation, incorrect presentation, missing on status submission to internal systems, etc. Older loan contracts may have ECS or even direct debits in some cases. Our solution automates daily processing of all this thus enabling management teams to focus their attention on other important issues.ď‚—

SEPTEMBER - OCTOBER 2018 23

INDUSTRY SPEAKS

REVOLUTIONISING FINANCIAL SERVICES WITH CLOUD that it offers but to help them get “future ready”. The financial services landscape in India is in the midst of a dramatic transformation with a number of companies crafting remarkable success stories based on a unique combination of business innovation and cutting-edge technology on cloud.

The lending transformation journey includes end-to-end customer centric thinking, launching personalised products, faster approaching one customer at a time with a product of their choice, allowing anytime anywhere use of digital applications, incorporating a comprehensive scorecard based credit assessment, automating credit decision making, offering loan decisions in minutes, providing doorstep servicing and enabling seamless collections.

Sarbpreet Anand Global Head- Cloud Business, Nucleus Software

T

he use of cloud and associated services among banks in Asia Pacific will be a tipping point and the majority of these financial institutions will use hybrid cloud architecture, revealed the International Data Corporation (IDC) 2017 report.

Over the last couple of years, we have witnessed a series of transformations in the financial services industry across the globe and cloud has been at the core of it.

The FinTech companies, digital-only banks, new age Non-Banking Financial Companies (NBFCs) and Housing Finance Companies have largely built their digital infrastructure on cloud not only because of the advantages

24 SEPTEMBER - OCTOBER 2018

scale without a big investment on IT infrastructure and gradually expand along with the business growth curve. A reliable technology platform on cloud serves this need perfectly. Above all, the cloud model allows them to relentlessly focus on their business while leaving the IT to technology experts. With fast evolving customer behavior and rapid advancements in technology, digital capabilities may soon become table stakes. Lending is transforming beyond digital and the lenders of tomorrow must be ready to deliver unique and personalized experiences that customers of tomorrow would demand.

With more than three decades of lending business domain expertise, Nucleus Software is contributing significantly to

Financial services companies are positioning themselves to make a mark in the business with an unparalleled customer experience, business efficiencies and innovative products, all of which have been facilitated by technology.

Adopting a new technology no longer means waiting for months as companies today are going live with digital platforms in as quickly as two days.

As a common denominator, such companies have also adopted the cloud model due to its significant advantages including aligning spend with business growth, improving their ability to respond to customer demands quickly, delivering anytime anywhere business reach, reducing time to market, providing on-demand scalability and best-in-class security.

As in the case, with many new companies, they wish to start business at a smaller

this revolution in the financial services industry.

Nucleus FinnOne Neo Cloud combines the advanced capabilities of the 10 time winner world’s best-selling lending solution with cloud model specific benefits. The solution, which provides end-to-end digital lending capability along with mobile apps and readily integrated analytics, has already been adopted by 25 leading financial services companies in India within the last 21 months. l (Views expressed in this article are a personal opinion of Sarbpreet Anand, Global Head- Cloud Business, Nucleus Software.)

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LENDING IS FINNONE NEO CLOUD GIVES YOU THE EDGE TRANSFORMING GO LIVE IN AS LITTLE AS 2 DAYS MAKE BETTER CREDIT DECISIONS FASTER BEYOND DIGITAL TODAY’S CUSTOMERS EXPECT DIGITAL TOMORROW’S CUSTOMERS MORE 24X7 BUSINESS AVAILABILITY LAUNCH CUSTOMIZED PRODUCTS QUICKLYWILL DEMANDENSURE IF YOU DON’T DELIVER IT - YOUR COMPETITORS WILL

ALIGN SPEND WITH PAY-PER USE

PROFIT FROM ANALYTICAL INSIGHTS

FINNONE NEO CLOUD GIVES YOU THE EDGE

END-TO-END DIGITAL LOAN LIFECYCLE MANAGEMENT ON CLOUD

MAKE BETTER CREDIT DECISIONS FASTER

GO LIVE IN AS LITTLE AS 2 DAYS

LAUNCH CUSTOMIZED PRODUCTS QUICKLY

ENSURE 24X7 BUSINESS AVAILABILITY

CHOSEN BY 25 FINANCIAL BEST LENDING TECHNOLOGY BEST SELLING LENDING ALIGN SPEND WITH PAY-PER USE PROFIT FROM ANALYTICAL INSIGHTS INSTITUTIONS IN LAST IMPLEMENTATION OF THE YEAR* SOLUTION IN INDIA IN 2017* *BFSI TECHNOLOGY INNOVATION AWARDS 2018 *IBS INTELLIGENCE 21 MONTHS END-TO-END DIGITAL LOAN LIFECYCLE MANAGEMENT ON CLOUD CHOSEN BY 25 FINANCIAL INSTITUTIONS IN LAST 21 MONTHS

www.nucleussoftware.com www.nucleussoftware.com

BEST SELLING LENDING SOLUTION IN INDIA IN 2017* *IBS INTELLIGENCE

sales@nucleussoftware.com sales@nucleussoftware.com

BEST LENDING TECHNOLOGY IMPLEMENTATION OF THE YEAR* *BFSI TECHNOLOGY INNOVATION AWARDS 2018

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INDUSTRY PERSPECTIVE

Red Hat

RED HAT -

REDEFINING, PRIORITISING SERVICES FOR BFSI SECTOR Red Hat is working closely with customers in India and globally to build open platforms that can enable their business to spin up applications for better service market requirements. It can provide financial institutions an opportunity to redefine and prioritise the value they can bring to their customers, says Hitesh Sahijwala, Director of Sales at Red Hat India, in conversation with Elets News Network (ENN).

Financial institutions in India are undergoing massive changes due to breakthroughs in technology.

What roles should a bank portray to remain relevant in future?

As the world is becoming more connected, it has become more important for organisations across verticals to engage customers in new ways and offer a personalised experience across multiple online and physical touchpoints. As a result, the lines between traditional financial, technology, and ecommerce organisations are blurring. Some organisations are formulating and implementing a digital transformation strategy to gain a competitive advantage.

Financial service providers are also using technology to help meet the expectations of today’s tech savvy customer. Today’s banks should have a strong IT infrastructure that can enable an end-to-end view of their services and timely access to data. Banks should deploy technology-lead innovations to create digital channels which can enable them to provide personalised, more consistent digital experiences to customers across touchpoints. As banking institutions embrace cloud technologies and services, cloud-based solutions are becoming an important consideration for a financial institution hoping to build and sustain a competitive advantage.

With digitalisation, payments industry in-particular is updating itself frequently. Do you think banking and payments have become even more automated?

The digital and mobile first expectation held by many millennials has changed interactions with banks, which

26 SEPTEMBER - OCTOBER 2018

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has in turn caused banks to re-evaluate how they are reaching customers.

FinTech companies can capitalise on consumers’ increasingly digital lifestyles, decreased want for brick and mortar financial institutions and adoption of social networks. To do this, they should have a platform that can help speed up adoption of each newgeneration solution; this is where open source solutions focused on simplicity, mobility and agility can shine. This is because open source solutions can play an important role in providing these institutions the ability to help streamline operations, which can allow for quicker go-to-market solutions without heavy investment.

At Red Hat, we work closely with our customers in India and globally to build open platforms that can enable their business to spin up applications for better service market requirements.

Tech-driven innovations are reinventing the BFSI sector, but it is also escalating chances of safety breaches. What is your point of view in this regard?

Cybercrime is a concern across the world and, indeed, the banking and financial services industry has been targeted in cyber-attacks, making it important to strengthen the security ecosystem in India. This is one reason why the Reserve Bank of India and the Government of India encourage banks to design IT infrastructure that can meet its regulatory standards. Having said that, I believe it should be an integrated effort between private and public sector to create a more secure and safe financial services sector.

Open source uses a community powered approach to drive innovation, creating an ecosystem where multiple entities can work together. This can help organisations meet global security standards while also offering greater transparency. Red Hat provides enterprise-grade platforms supporting

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Red Hat provides enterprise-grade platforms supporting open standards to help lower risk and friction and help fintech and financial services providers to meet customer expectations for digital services more securely and quickly

open standards to help lower risk and friction and help fintech and financial services providers to meet customer expectations for digital services more securely and quickly.

What are some of the innovative measures taken by Red Hat in simplifying consumer experience in terms of the banking sector?

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Banks now realise the importance of creating better customer experiences.

Open banking is a system that provides a user with a network of financial institutions’ data using Application Programming Interfaces (APIs).

According to a February 2018 IDC Info brief commissioned by Red Hat, banks view open APIs as a means to modernise their legacy infrastructure.

By using APIs, banks can become more agile by adopting a more modular and reusable system design.

Increasing the use of APIs can also have a positive effect on business development as partner collaboration can be executed faster and more effectively. Red Hat’s offerings such as Red Hat 3scale API Management can help to provide better security for, and make it easier to share, distribute, control, and monetise APIs. Through our offerings aimed at supporting API-enabled open banking, Red Hat can provide financial institutions an opportunity to redefine and prioritise the value they can bring to their customers.

SEPTEMBER - OCTOBER 2018 27

INDUSTRY PERSPECTIVE

Satin Creditcare Network Limited

MFIS

CONNECTING URBAN, RURAL INDIA VIA FINANCIAL SERVICES Microfinance industry has proved its viability as a business model. It will continue to remain a relevant and important conduit for providing financial services to a vast segment of the population, complementing the banks, says Jugal Kataria, Chief Financial Officer, Satin Creditcare Network Limited, in conversation with Elets News Network (ENN).

How Microfinance Institutions are supporting the Government’s agenda of Financial Inclusion and bridging credit gap between unbanked and underbanked parts of the country?

In the last few years, the Government of India has been instrumental in driving financial inclusion across the country. However, as per the April 2018 Global Findex Survey by the World Bank, India still lags behind rest of the world on many counts of financial inclusion. Only a tiny fraction of bank account holders in the country uses the financial services available to it. The lack of bank branches in remote parts of the country is a persistent challenge.

In the absence of formal banking services and credit facilities, micro-finance institutions have enabled crores of people to become part of the formal economy. The significance of Microfinance Institutions (MFIs) in the country can be understood from the fact that there were more than 2.65 crore borrowers associated with these institutions with the outstanding Gross Lending Portfolio (GLP) of Rs. 1,48,097 crores as on 30 June, 2018. This represents 39 percent Year-on-Year growth.

Tell us about Satin Creditcare Network Limited’s existing business portfolio and future expansion plans.

Satin Creditcare Network Limited (SCNL) is the second largest microfinance institution in India in terms of Gross Lending Portfolio (GLP), i.e., Rs 6,025 crore at Quarter 1 Financial Year 2018- 19. We are ‘Reaching Out’ to unbanked and underbanked women in semi-urban and rural parts of India through Joint Liability Group model.

By facilitating collateral-free, microcredit for economically

28 SEPTEMBER - OCTOBER 2018

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Satin Creditcare Network Limited

active women, we empower them to start or grow their business and be a part of the formal economy. We also offer microloans to individual businesses and Micro, Small & Medium Enterprises (MSMEs); finance the purchase of solar lamps, as well as the development of water connections and sanitation facilities.

Our wholly-owned subsidiary housing finance company has already started disbursing loans in Delhi-NCR and Rajasthan on a pilot basis. Satin Housing will lend for micro-housing and home improvement.

As of now, we are serving close to 30 lakh clients across 20 States and union territories, with strong presence in North, East, and Central India. In the last few years, we have focussed on geographical expansion to diversify the business risk and reach a larger client base. By the end of 2018, we aim to start operations in two more states in South India. This will help us increase our GLP by about 40 percent in 2018- 19.

What technologies do you implement to ensure quick loan disbursal and controlling the performance of ground workforce?

With our state of the art in-house technology, our loan disbursal time has gone down significantly. Today, most of our loan disbursements are through electronic transfer, where we transfer the loan amount to client’s bank account using banking API. Document digitisation is another way to speed up processes within India’s deep rural geography with real time information flow. Vernacular paperwork, wherever possible is generated from system on demand, reducing carbon foot print and administrative costs.

On a macro level, real time data analytics helps SCNL to keep a check on portfolio performance, customer concentration and other risks involved. This also helps us in identifying areas of growth,

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potential markets, eventually enabling strong governance.

Digital Know Your Customer and loan application using mobility devices has increased customer connect and reduced our turnaround time significantly. Loan underwriting process automation is possible with robust rule engine and partner system integration

INDUSTRY PERSPECTIVE

providing financial services to a vast segment of the population, acting as a complement to banks. Increasing use of technology and digital transaction to reach rural India will be the game changer for the industry. As rural India gets connected to the outside world, consumer awareness on formal channels of financing will increase. We believe that this will create a platform

for rural focused companies like us to chart new growth regions.

Satin Creditcare Network Limited is serving close to 30 lakh clients across 20 states and union territories, with strong presence in North, East, and Central India.

for real time data transfer and validation.

This cuts down our operational cost significantly and becomes a competitive advantage.

What is your take on the future of microfinance industry?

Microfinance industry has already proved its viability as a business model. It will continue to remain a relevant and important conduit for

The Banking and Finance Post

What security challenges do you come across while implementing various technologies? How do you overcome such challenges?

Using open source technologies is cost effective but comes with security challenges. Therefore, at SCNL, we limit the use of these technologies.

We evaluate our systems and keep all patches updated on regular basis. We are also part of several tech groups which allows us to stay abreast with any ongoing security risks.

Data transfer between systems is prone to external threats. All our in-transit data is encrypted and transferred on secured protocols only. We regularly conduct required tests and simulated hacking to check our systems for possible hacking attempts. All external API are encrypted and access is limited to relevant people only to avoid any misuse, especially regarding payment and financial services.ď‚—

SEPTEMBER - OCTOBER 2018 29

CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

WHEN BANKING LEADERS DISCUSSED FUTURISTIC TECHNOLOGIES

(From L - R): Padma Jaiswal, Secretary, Department of Information Technology, Government of Puducherry; Rajagopal Devara, Principal Secretary, Department of Finance (Reforms), Government of Maharashtra; B Raj Kumar, Deputy Chief Executive , Indian Banks’ Association; Ankur Gupta, Principal Secretary, Department of Electronics & Information Technology and Elections, Government of Haryana; LR Ramchandran, CGM - Financial Inclusion & Banking Technology, NABARD; and Ravi Gupta, Founder and CEO, Elets Technomedia, inaugurating the 3rd BFSI CTO Summit in Goa In an endeavour to highlight the rising implementation of technology across the Banking, Financial Services and Insurance (BFSI) sector, Elets Technomedia organised the 3rd edition of BFSI CTO Summit in Goa this August.

The summit was inaugurated by Ankur Gupta, Principal Secretary, Department of Electronics & Information Technology and Elections, Government of Haryana and Rajagopal Devara, Principal Secretary, Department of Finance (Reforms), Government of Maharashtra.

Other eminent personalities namely Padma Jaiswal, Secretary, Department of Information Technology, Government of Puducherry, B Raj Kumar, Deputy Chief Executive, Indian Banks’ Association and LR Ramchandran, Chief General Manager (CGM)– Financial Inclusion & Banking Technology, NABARD, also participated in the inaugural session and later shared their insights on reinventing financial services.

At the summit, leaders from across the sector discussed upon the expanding role of technology and the opening up of new vistas of growth in the sector, catering to all demands of the new-age customer from all sections of society.

During the conference, experts from the banking industry said that with innovation, human intervention in the BFSI sector is declining. Verifications are not done by machines. Artificial Intelligence and Machine Learning, are emerging as the new task force in banking, they added.

Meanwhile, The Banking & Finance Post, Asia and the Middle East’s leading bimonthly magazine, was the Knowledge Partner of the conclave. The July-August issue of the magazine was also unveiled during the Summit.

The conference was supported by Fintech Valley Vizag, Red Hat participated as a supporting partners, Darktrace as cyber security partner, Fortinet as enterprise security partner, Tata communications as digital transformation partner, Suse as cloud and storage technology partner, Winmagic as cloud security partner, ClicQA as software testing partner, InfoAxon Technologies and Liferay as digital engagement partner, Bill Cloud and Vigyanlabs as associate partners.

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CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

INAUGURAL SESSION

IT AND ITS RISING SIGNIFICANCE IN MANAGING CASHLESS ECONOMY AND EMBRACING THE DIGITAL REVOLUTION

ANKUR GUPTA

Principal Secretary, Department of Electronics & Information Technology and Elections, Government of Haryana Technology has indeed transformed banking but I still feel that there are a lot of areas requiring intervention when it comes to offering convenient options for consumers. Today, if you want to lodge a theft complaint or want to put up a service request, you will be made to call the customer care service. The customer care service rather than helping you out with your problem will keep you waiting for a long time, transferring your call from one department to other. It is important to offer better and hassle-free customer service options for the consumers much prior to implementing world-class technologies.

RAJAGOPAL DEVARA Principal Secretary, Department of Finance (Reforms), Government of Maharashtra Innovation in terms of technology is taking us back to the olden times . Earlier, thumb impression was the only source of authentication and today also we rely on thumb impression for the final layer of verification. While a lot of things are getting obsolete, technology is reinventing a lot by transforming the older ones into a new advanced version.

Smartphones, for example, have replaced several devices such as watches, music players etc.

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The Banking and Finance Post

SEPTEMBER - OCTOBER 2018 31

CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

PADMA JAISWAL

Secretary, Department of Information Technology, Government of Puducherry This conference is focused upon the Banking, Financial Services and Insurance (BFSI) sector because not just banking but the complete BFSI sector has undergone massive changes due to technology. The sector is now extended to a lot of new segments apart from the financial genre as information technology is opening up new vistas for the industry.

From urban to rural, banked to underbanked, BFSI industry is offering a bouquet of services that suit the requirements of all the consumers.

B RAJ KUMAR

Deputy Chief Executive, Indian Banks’ Association Earlier we used to define eras into BC and AD but in recent times we now perceive it as BT (Before Technology) and AD (After Technology). I represent the BT era and I am privileged to witness this entire transformation in banking in alignment with technology in India.

Today, we cannot imagine a human being without a smart phone. This change is huge and I am thankful that I could witness both the eras. Technology has now given you the power of convenience.

It also helps you in controlling the number of frauds associated with your cards and bank accounts. You can choose to maintain low balance in your particular card and then transfer the required amount to it through mobile banking whenever you need it.

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CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

LR RAMCHANDRAN

CGM - Financial Inclusion & Banking Technology, NABARD Banking is not an easy operation; it is a very complex activity. Digital transactions might look an easy activity but it involves a lot of touch points as far as cyber security measures are concerned. The sector has undergone a massive change.

Banking activities that earlier needed human intervention, are now handled by machines. When technology was introduced in banking and operations started witnessing paradigm shift, the Reserve Bank of India (RBI) took several transformative measures to reinvent the entire banking industry and take it to the digital platform, at the same time ensuring safety and security.

TECHNOLOGY PRESENTATION

TECHNOLOGY PRESENTATION

The Enterprise Immune System: Using Machine Learning for Next-Generation Cyber Defense

Borderless Growth while Managing Business Risk

APURVA JAIN

Cyber Security Manager, Darktrace

Darktrace is a market leader when it comes to machine learning and cyber security space. We have been into existence for more than five years now and within this short span of time we have over 7,000 employments. We have received a lot acceptance all because of the self-learned cyber intelligence platform. I will call it the enterprise immune security, where we are making use of machine learning and artificial intelligence to detect and respond against any sort of anonymities within the network.

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The Banking and Finance Post

PRIYANKAR CHOUDHURY

Senior Consulting Lead – Business Solutions, Tata Communications

Enterprise environment is changing every now and then.

The transition across industries is very rapid. Every organisation now wants to get digitised as soon as it is possible. However, digitisation is associated with a lot of challenges. One of the biggest concerns is agility.

Everyone wants to know how to make their organisation agile.

An agile orgainsation should be able to deliver the best fit solution to the environment in which the business is operating.

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CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

TECHNOLOGY PRESENTATION

TECHNOLOGY PRESENTATION

Open Redefined – Digital Transformation with Open Source

What Financial Institutions are Learning from Red Hat and Applying Innovation Through the Open Source Model

RAHULKRISHNA GUPTA

Senior Specialist, Global SI Alliance, SUSE

SUSE has been doing open source for more than 25 years now. We were earlier known as an Enterprise Linux company and over the years we have transformed ourselves into software Infrastructure Company. We take pride in calling ourselves an Open Source Company. It is not just about what we do but the significant part is how we do it. We encourage collaboration and contribution even with our competitors.Open source means integration of complex technologies.

PANEL DISCUSSION

CIO as Driver of Digital Disruption: The One Stop Place for Everything in Innovation

BUTCHI BABU BURRA

Senior Domain Expert IT, IDRBT

In the present scenario as far as public sector banks are concern, I believe that Chief Information Officers (CIOs) are definitely the drivers of digital disruption. They are not just limited to innovation but their role is now reinventing into Chief Information Business Officers. They are now significantly participating in ensuring technology innovation keeping its relevance in terms of business expansion and customer satisfaction.

34 SEPTEMBER - OCTOBER 2018

BENJAMIN HENSHALL

Country Manager India and South Asia & Director - Sales, Financial Services Asia Pacific, Red Hat

Transformation is really a keen word. Innovation is the world of the 21st century not just for corporations but for governments and nations as well. India is in a global state of competition and the biggest competition you have is China. In India, I hear a lot of talk about the nation transitioning and government is doing a lot to help Financial Inclusion.

MANISHI CHATTERJEE

General Manager - IT, IDBI Bank

In the banking context, the pain that the customers are facing is the biggest custodian of digital revolution. Ideas pertaining to innovation can either come from the from the employees’ end or from the consumers who are availing the services. For generating better ideas, we at IDBI Bank have created a portal wherein we capture all the grievances from the employees on daily basis. For our consumers, we have created a programme wherein every first Saturday of the month named as Aao Baat Karein, we call the customers are ask them about their problems.

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SUNIT VAKHARIA

Chief Information Officer,

BOB Financial Solutions Ltd

It is true the CIOs are evolving and enabling innovation but in the global context this theory does not fit well. I came to know that one of the most advance American banks’ board is now a tech forward board. It means that every member of the board has to have a reasonable knowledge of technology to make your company stand against the plethora of FinTech advancements coming. It means that they are not worried about the banks, they are actually worried about the fintech companies.

SRIVATHS VARADHARAJAN

Chief Information Officer, Niyogin Fintech Ltd

There is no tech-led innovation; it is either the organisation or the requirement of the customer that brings innovation.

The time has come when CIOs are transitioning into Chief Information Business Officers. In the next threefour years, it will be the CIOs who will be on the top of the domain. They will be actively involved in tech-ordinate business promotion. If you look at the practices across the globe, you will find the most of the businesses are opting for tech-oriented business models.

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NIKHIL BANDI

Senior Vice President & Chief Information Officer, Vistaar Financial Services

A Chief Information Officer (CIO) cannot be following the traditional rules in terms of bringing technological transformation. He has to think from the business point of view as well. Today, when we think about implementation of a new technology or a disruptive technology, the dynamics change completely by the time we are actually implementing it in the organisation. It is important to increase the scale in the recent times and to do that it is significant to explore the entire population of the country.

MEHJABEEN TAJ AALAM Head - IT, Muthoot Homefin Ltd

Talent is never static; it will either grow or it will die. If you want to nurture an ideation process in a company you have to ensure that it is constantly boosted or supported in a way. You have to give the participants a reason to be interested in it and keep engaged to it. There are several companies that come up with the ideas of asking the employees pertaining to their internet in innovations and ask them to contribute by giving suggestions.

The Banking and Finance Post

SEPTEMBER - OCTOBER 2018 35

CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

PANEL DISCUSSION

VENKATESH AKULA

Cloud Technology: Formulating a Secure Path Through the Fog of Cloud Computing

Founder and CEO, ClicQA

ClicQA NextGen Cloud testing solutions helps to perform compatibility and feasibility testing before migrating to cloud and ensure successful migration from “On-Premises to Cloud” and “Cloud to Cloud”.

Our solution also empowers to perform Interoperability, Security and Performance testing of applications in a cloud environment and ensure application quality after migration.

PAVAN KUMAR VP - Technology & Innovation, ClicQA

Implementation of cloud technology is gradually spreading across the entire Banking, Financial Services and Insurance (BFSI) sector and reinventing the entire industry but simplifying the service delivery model for the consumers. It is streamlining the services and enhancing the performance testing of applications.

36 SEPTEMBER - OCTOBER 2018

TV RAMANMURTHY

MITHILESH SINGH

General Manager - IT, Bank of Maharashtra

Senior Director & Head - Technology Audit, IDFC Bank

Before implementation of cloud computing in the BFSI sector, it is important to accept the relevance of the technology first.

Last year, when BHIM and Unified Payments Interface were implemented National Payments Corporation of India (NPCI) took six months to realise the vitality of cloud technology in the implemetation of the above mention interfaces.

Infrastructural development in any sector primarily depends on Public-Private-Partnership (PPP) model. All major sectors across the country are changing rapidly due to tech-driven initiatives and the Central Government is playing a vital part in this regard. It is very evident the Centre wants all the sectors including banking to invest in new technologies and cloud computing tops the list.

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ZULKERNAIN KANJARIWALA

Head - IT, Doha Bank

Each and every financial institution in India has its own perception pertaining to leveraging cloud technology in their institution fully. In reference to the current level of digitisation in the country, it is evident to make use of tech-driven initiatives and cloud is definitely going to play a major role in this transition change.

TECHNOLOGY PRESENTATION

VIJAYAKUMAR RADHAKRISHNAN Chief Information Security Officer, Mahindra Finance

Implementation of cloud technology in financial institution is significant.

However, the companies must make sure that the storage of the data is done within the geographical premises of the country. Companies should make sure that all the security parameters are met before putting any new technology in place.

Digital Engagement using Liferay DXP

Data Security Management Throughout IT Infrastructure

SHUBHAM NAGAR Director - Digital Solutions, InfoAxon Technologies Limited

RAHUL KUMAR

Country Manager, WinMagic India Pvt Ltd

InfoAxon is India's First Global Open Source Integration Company with over a decade long record of successfully solving content and information management, knowledgesharing, collaboration and user engagement challenges for its customers globally. In collaboration with Liferay it is creating seamless omnichannel digital journeys for customers, partners and employess.

WinMagic is one of the most respected names in the security industry, recognised as a leading innovator in encryption for 20+ years and counting. We are one of the most respected names in the security industry, recognised as a leading innovator in encryption for 20+ years and counting.

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The Banking and Finance Post

SEPTEMBER - OCTOBER 2018 37

CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018 TECHNOLOGY PRESENTATION

TECHNOLOGY PRESENTATION

Security Transformation in Today’s Digital World

Significance of Aadhaar, Data Protection & Privacy in Banking Sector

NAVIN MEHRA

BIPIN RAMESH KHOT

Regional Director, Fortinet

Fortinet is the only company with security solutions for the data centre, cloud campus, branch operations centre and remote user access designed to work together as an integrated security fabric to provide true end-to-end protection.

It delivers high-performance network security solutions that protect your network, users, and data from continually evolving threats.

Assistant Director General, UIDAI, Government of India

Maintaining data privacy in the digital world is very difficult. For ensuring data security and in a bid to eliminate bogus identities, the concept of Aadhaar was brought into life. For getting an Aadhaar card, a person is asked to submit several details from date of birth, finger prints, Irish details and lot more. Unique Identification Authority of India (UIDAI) has kept a mandate for so many verifications just to ensure that a person’s duplicate or bogus data does not enter the system.

PANEL DISCUSSION

The Future of Marketing: Why Agile Marketing Strategies is Must for BFSI in Digital Era

DINESH MENON

Chief Marketing Officer, State Bank of India

The role of marketing officers in the last five years has changed drastically. It is no longer what it used to be. Earlier marketing persons were not the leading persons but now they are on the driving seat. They actually engage the customers with your brand. Today the customer is better informed consumer and he can make smart choices.

So how is this happening?

It is happening because of the decisions made by Chief Marketing Officer.

38 SEPTEMBER - OCTOBER 2018

SVLN NAGESWARA RAO General Manager -Digitisation & Marketing, Allahabad Bank

Marketing helps you stay connected with the branch.

It keeps the customer aware pertaining to every recent update associated with the bank he has his account with.

It has evolved and will keep evolving while keeping the customers’ requirements in mind.

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UTPAL CHAKRABORTY

Head - Artificial Intelligence, Yes Bank Ltd

Google is updating itself very frequently. It therefore gets very challenging for the digital marketing team to stay agile with this frequently changing environment.

This demands for regular reviewing of your team and check the velocity of time used in implementation of new techniques.

SURESH A SHAN Head - Innovation & Future Technology, Mahindra & Mahindra Financial Services Ltd

The biggest threat or challenge that occurs for financial institutions through digital marketing is the wrongful use of social media. It is important for the consumer to be vigilant because all the information spread across social media is not credible.

TECHNOLOGY PRESENTATION

PANEL DISCUSSION

Increasing Profits by Smartly Managing your IT Footprint "Make your IT Footprint as Agile as your Business"

Innovation-led BFSI Transformation: Importance of Data Security with Zero Trust

SRINIVAS VARADARAJAN

Founder, CEO, Vigyanlabs

This year on 1 August we consumed all the natural resources which could have been recycled by us. It means we are consuming 1.7 times than resources natural disaster recycle. Sooner or later we may need another planet. The point is what we have done to acknowledge the impact we have made in terms of damaging the ecosystem.

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The Banking and Finance Post

MATHAN BABU KASILINGAM Chief Information Security Officer, National Payments Corporation of India

Bankers existed even prior to banking emerged as a digitised system. We started off the process by digitising the data that was available in the system. The bankers always have to struggle between the legacy of data and digitisation of records and maintain that in the most integral way. It is also significant that context of data should begin with zero trust policy.

SEPTEMBER - OCTOBER 2018 39

CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

NABANKUR SEN Advisor (Information

Security), Bandhan Bank

Chief Risk Officer, SBI General Insurance

Data security is important and we all are aware of it. When we talk about Data Security, it is important to revisit the basics.

It is significant to think about confidentiality and integrity -the two basics of web security.

We will have to go back to the drawing board and analyse whether we are really securing the data. In this respect, there are several guidelines from the Reserve Bank of India (RBI).

The focus is on data encryption.

However, that is not all. Despite the data encryption we will have to put a check on who is accessing the data. So, the access control is extremely important.

Data has gone beyond the popularitu of oil. It is now a new phenomenon. Data is offering convenience to us and making our lives simpler.

Computing from one place to another without knowing the exact location has become very easy, thanks to technology. A decade ago, top five fortune companies were dealing in oil. The scenario has changed completely now.

Today, the top five Fortune companies are Apple, Google , Microsoft, Facebook and Amazon. What is the raw material for these companies?

It is nothing but data.

GAURAV DESHPANDE

VIJAYAKUMAR RADHAKRISHNAN

World War II lasted for six years and cost the global economy around $4 trillion . In 2017 itself the global economy lost around $400 billion due to data loss. If you analyse this, you will get to know that we have lost nearly equal amount of money due to data loss despite not being in war situation. Data is very significant in today’s era and its importance is beyond everything. Securing data involves several factors.

Data is spread everywhere in today’s era in the form of applications. When it comes to the integrity part of it the flow in various applications which interconnect, you need to do a plethora of testing not just security testing. Based on which you will be able to ensure the confidentiality and integrity is maintained all throughout the process, starting from the entry points till the exit points. If all this is not taken care of properly, there can be a serious issue.

National Sales Leader – Cyber Security, Tata Communications

40 SEPTEMBER - OCTOBER 2018

AVEZ SAYED

Chief Information Security Officer, Mahindra Finance

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CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

MANOJ NAYAK

SHASHANK BAJPAI

If you look at the Indian mentality, it is evident that Indians rely on trust model.

Several reports suggest that in the next two years, cyber security is going to cost us around three to six trillion dollars. The average cost of a data breach projected by reports is around three to four billion dollars. It is a matter of concern that the number of data breaches are inflating every year at the rate of 2 percent. All these factors must drive organisations towards the zero-drive model.

If the applications are built up in such a way that they can identify the relevant data points and correct partner APIs, we can look upon data sharing/ enabling for different businesses. We can design our core applications in such a way that they themselves have the inbuilt logic on what amount of data is being shared. As the Banking, Financial services and Insurance (BFSI) sector is heavily regulated and we have been asked not to put our data across servers that are not located in India, we have to make sure that we are not breaching regulations.

Chief Information Security Officer, SBI Life Insurance Co Ltd

Chief Information Security Officer, ACKO General Insurance Limited

PANEL DISCUSSION

GOUTHAM KS

The Next Big Things in BFSI Sector: AI, Machine Learning, Chatbots, IoT and Blockchain

Head- IT, Auxilo Finserve

We, being a start-up, are taking small but progressive steps towards implementation of advanced technologies.

We are beginning with the implementation of chatbots.

This initiative will help us in getting closer to the customers and the delivery of the end product will get seamless.

DEEPAK MUDALGIKAR

Chief Technology Officer Small Business Fincredit India Pvt Ltd

Technologies such as Artificial Intelligence, Machine Learning and many others are used to develop customer centric understanding. Any organisation which can leverage this information is streamlining their services in future.

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SEPTEMBER - OCTOBER 2018 41

CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

TECHNOLOGY PRESENTATION

MANOJ KUMAR MISHRA

Senior Vice President & Head Technology, Jana Small Finance Bank

The usage of technologies such as Artificial Intelligence and Machine Learning in the BFSI sector is mainly done for the automation of the manual tasks performed by the individuals. I believe its usage so far has helped the internal employees but it is yet to make the services better for the consumers.

Reconciliation for Government, Banks and Large Merchants

JAYESH BHATIA Chief of Customer Success, Bill Cloud

Digitisation has brought several major changes across the payments industry in India. A lot of businesses in India are trying to make payments extremely easy for the consumers.

In this era, Bill Cloud is a unique brand that is trying to make payments easy for the government organisations, so that they can collect payments. It is also assisting the banks and bigger merchants in reconciliation.

PANEL DISCUSSION

Digital Payments: Essential PreRequisites for Administrating Secure Online Payments

LR RAMCHANDRAN

CGM-Financial Inclusion & Banking Technology, NABARD

In the digital age, there are a lot of challenges and complexities and therefore it is important to simplify the services to meet the customer requirements at the grassroot level. It is significant to make use of the graphical user interface to get a solution of the multilingual problems. We must believe that the common customer should be reached in a bid to reach the entire Indian population.

42 SEPTEMBER - OCTOBER 2018

RUKESH PATEL

Chief Technology Officer, Reliance Jio Financial Services

Speed of development plays the most important role in terms of innovation. This helps you in reinventing the behavior of the organisation and helps you in experimenting at a faster pace.

It is significant to change the processes of the organisation internally for offering quick services to the consumers in an era where technology is extremely dynamic and requirements change quickly.

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SALAHUDDIN CHOUDHARY

VP & Head- Electronic Payments- Information Technology, IndusInd Bank Ltd

The challenge that most of us face is if we implement something new, we have to ensure that the entire ecosystem is secured. My duty is not just limited to securing my application and leaving everything else open.

Basically, the services are divided into two categories, firstly from the systems perspective and secondly from the service perspective.

RK SHASTRI

Assistant Vice President - IT, State Bank of India

The kind of digital transformation we are witnessing is phenomenal.

It will be unfair if in this stage we start ignoring the important things such as cybersecurity, challenges pertaining to digital payments and many more.

Problems can enter the system either internally or externally. Internal challenges come from the employees’ end either intentional or unintentional.

External challenges come from sources such as malware.

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PINAK CHAKRABORTY

Senior Vice President of Technology - Digibank, DBS Bank

It might sound strange but we should not ignore the guy who's actually coding or designing the programme.

We usually talk about the awareness of customer but we must actually look at it from the developer’s perspective also. A developer is absolutely aware about the current perspective in the industry and sometimes it may prove to be useful.

ANAND SHARMA

Chief Technology Officer, Asirwad Microfinance Ltd

Opening of bank accounts in India has seen a phenomenal change in the recent times, according to a study by World Bank. But the report also suggests that several of these bank accounts are not operated by the holders for months. In my view, innovation is important but prior to that banking the underbanked is the priority.

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CONFERENCE REPORT 3RD BFSI CTO SUMMIT 2018

SPECIAL ADDRESS

DHARMENDRA SUNKARA

Chief Executive Officer, Fintech Valley, Government of Andhra Pradesh

Our motive at Fintech Valley is creating a sustainable ecosystem that enables all the players in the fintech world such as banking institutions, Start-ups and educational institutions, where they can exchange ideas for accelerating growth. For execution of this motive, Fintech Valley has five strategies. Our first strategy is to provide access to relevant skill set or talent.

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INDIA’S TOP 50 NBFCs RANKING 2018

2018

T

he Indian BFSI sector is undergoing a major transition. While rising menace of Non-Performing Assets (NPAs) is disrupting the operations of traditional banking institutions, several non-conventions entities are boosting the level of Financial Inclusion by reaching out to the underbanked segments of the

society.

Non-Banking Financial Companies (NBFCs) are emerging as one such institution and offering a bouquet of services and meeting demands of the consumers. According to Microfinance Institutions Network (MFIN), NBFCs and Microfinance institutions have more than 50 percent growth in the gross loan portfolio at Rs 51,878 crore in April-June 2018 as compared to the same period of last year.

2018

While NBFCs are meeting the demands of the segments that are largely untouched by the banks, technology is significantly helping in broadening the scope for these institutions.

In alignment to this rise of NBFCs, we decided to rank the Indian NBFCs once again in 2018. With the help of our carefully designed methodologies, we have ranked the top 50 NBFCs in India.

The Banking & Finance Post, Asia and the Middle East’s premier magazine on banking and financial sector, therefore is pleased to present the second edition of “India’s Top 50 Non-Banking Financial Companies (NBFCs) Ranking”.

The “India’s Top 50 NBFCs Ranking 2018” has been conducted to offer significant insights pertaining to this emerging segment of the Indian economy.

Our rankings are spread across the length and breadth of the country and not limited to the metros and big cities alone. It is hoped that the ranking will be equally beneficial for NBFCs and those linked to them.

Ranking Methodology India’s Top 50 NBFCs Ranking 2018 has been carried out on the basis of two parameters: Annual turnover and social media engagement.

As is evident by the name, under the annual turnover parameter, NBFCs were ranked based on their yearly turnover. Under the social engagement parameter – the NBFCs were ranked on the basis of the result of our survey and the perception score.

Top 50 NBFCs ranking is a unique benchmark. Based on the scores secured by the NBFCs under the parameters, the cumulative score of all the institutions was calculated.

The NBFC with highest cumulative score was ranked first, while the institution with lowest score was ranked last.

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2018

Ranking Parameter ANNUAL TURNOVER The NBFCs are rapidly emerging as an alternative to traditional banking. They are playing a significant role in transforming the Indian financial system and exhibiting immense potential in reaching out to the underbanked by taking forward the Central Government’s agenda of Financial Inclusion.

NBFCs’ contribution into Indian economy has developed exponentially over the years. These institutions today are not merely focused on the traditional methodologies of lending such as commercial vehicle financial but they have now spread their services across products namely personal loans, housing loans, education loans and many more.

According to MFIN, NBFC-MFIs disbursed 76 lakh loans worth Rs 17,836 crore witnessing a growth of 36 percent in the number of loans disbursed and 52 percent in loan amount disbursed in Financial Year 2018-2019.

The overall microfinance industry has grown by 39 percent year-on-year in the April-June quarter of the fiscal and total size of the microfinance industry stands at Rs 1,48,097 crore.

Keeping the continual growth of NBFCs in mind, India’s Top 50 NBFCs Ranking 2018 considered the annual turnover as one of the parameters in judging their level of excellence.

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2018

Ranking Parameter SOCIAL MEDIA ENGAGEMENT India’s online lending technology ecosystem is booming at a fast pace. To stay relevant in this digital era, lending firms are heavily investing and relying on the digitally fetched data to understand consumer’s loan eligibility.

More importantly, digital technologies and interfaces, besides being a channel, are significant to building relevant, superior customer experiences. Brands that have a better understanding on their customer’s demand highly focused content-led winning marketing strategies and building both awareness and engagement and sales.

Social Media and Social CRM coupled with Social Commerce are becoming vital sources for critical non-traditional viable channels for communication, engagement and business. With the help of these tools, NBFCs today can inform, engage and convert customers instantly while on social platforms.

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Today, people and organisations remain connected and updated through various social media networks like Facebook, Twitter, Linkedin and others.

The perception-based ranking under this parameter helped us determine how well Non-banking financial companies are socially engaged with their customers.

Digital assets across web, mobility and social media is also assisting non-banking institutions to build customer advocacy and customer-centricity approach.

Being an integral player in the financial segment, NBFCs, like their banking counterparts, are making optimum utilisation of social media in reaching out to their customers.

Connectivity: Social engagements through different social media channels help NBFCs enhance their connectivity with customers. As the target customers of NBFCs mainly are Micro, Small and Medium Enterprises (MSMEs),

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social media proves to be an excellent platform for them to connect with these enterprises. Moreover, various social media channels can also be used constantly by NBFCs for communicating with their clients by promoting and sharing relevant information.

Community Building: Social engagement is a great way to reach out to potential customers and enterprises.

The community thus formed helps nonbanking financial companies to showcase their products and services even in remote locations of the country.

Stimulate Knowledge: Social media networks have a wide reach and NBFCs are using these networks to keep their target audience updated. NBFCs also use social media as an opportunity to effectively fill knowledge gaps by sharing relevant information. Having an online presence helps strengthen connectivity without any limitations on proximity.

SEPTEMBER - OCTOBER 2018 49

2018

TOP 50 NBFCs’RANKING BASED ON ANNUAL TURNOVER* NBFCs List

“Total Income (`mn)”

Rank 2018

Power Finance Corporation Limited

2,67,377.4

1

Rural Electrification Corporation Limited

2,24,403.1

2

Bajaj Finance Limited

1,33,292.2

3

Shriram Transport Finance Company Limited

1,22,768.3

4

Indian Railway Finance Corporation Limited

1,10,202.32

5

Mahindra & Mahindra Financial Services Limited

72,061.2

6

HDB Financial Services Limited

70,619.9

7

62,432

8

54,257.6

9

52,460

10

Shriram City Union Finance Limited

51,015.7

11

Tata Capital Financial Services Limited

45,553.7

12

44,800

13

India Infrastructure Finance Company Limited

38,364.4

14

Capital First Limited

36,282.5

15

33,150

16

Kotak Mahindra Prime Limited

31,946.21

17

Manappuram Finance Limited

29,498.59

18

IFCI Limited

27,835.4

19

L&T Infrastructure Finance Company Limited

27,344.15

20

Sundaram Finance Limited

26,963.4

21

India Infoline Finance Limited

25,051.9

22

Tata Motors Finance Limited

23,934.64

23

22,943

24

Magma Fincorp Limited

20,371.1

25

Hinduja Leyland Finance Limited

19,543.6

26

17,800

27

17,736.2

28

Muthoot Finance Limited Cholamandalam Investment and Finance Company Limited L&T Finance Limited (erstwhile Family Credit Limited)

Aditya Birla Finance Limited

Reliance Capital Limited

IL&FS Financial Services Limited

Indian Renewable Energy Development Agency Limited SREI Infrastructure Finance Limited

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2018

Ujjivan Financial Services Limited

15,820

29

Religare Finvest Limited

15,726.75

30

Bajaj Holdings & Investment Limited

14,744.2

31

PTC India Financial Services Limited

11,902.5

32

ICICI Securities Primary Dealership Limited

11,128

33

Satin Creditcare Network Limited

9,766.4

34

JM Financial Credit Solutions Limited

9,599.3

35

Indiabulls Commercial Credit Limited

9,311.4

36

Kotak Mahindra Investments Limited

9,131.45

37

IndoStar Capital Finance Limited

8,304.7

38

7,215

39

L&T Infra Debt Fund Limited

5,675.2

40

Credila Financial Services Private Limited

4,885.8

41

STCI Primary Dealer Limited

4,526.4

42

Edelweiss Finance & Investments Limited

4,398.3

43

Tata Motors Finance Solutions Limited

4,211.57

44

PNB Gilts Limited

4,099.37

45

Muthoot Capital Services Limited

3,980.85

46

Edelweiss Retail Finance Limited

3,676.22

47

STCI Finance Limited

3,576.9

48

SBI DFHI Limited

3,475.4

49

Tata Investment Corporation Limited

3,097.66

50

Axis Finance Limited

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2018

TOP 50 NBFCs’RANKING BASED ON SOCIAL ENGAGEMENT AND REACH Rank 2018

NBFCs List Capital First Limited

1

India Infoline Finance Limited

2

L&T Finance Limited

3

Motilal Oswal Financial Services Limited

4

HDB Financial Services Limited

5

Reliance Capital Limited

6

Tata Capital Financial Services Limited

7

Fullerton India Credit Company Limited

8

Religare Enterprises Limited

9

Magma Fincorp Limited

10

Muthoot Fincorp Limited

11

L&T Infrastructure Finance Company Limited

12

Shriram Transport Finance Company Limited

13

Mahindra & Mahindra Financial Services Limited

14

Vistaar Financial Services Private Limited

15

SREI Infrastructure Finance Limited

16

JM Financial Limited

17

JM Financial Credit Solutions Limited

18

Tata Motors Finance Limited

19

Cholamandalam Investment and Finance Company Limited

20

Hinduja Leyland Finance Limited

21

IL&FS Financial Services Limited

22

Satin Creditcare Network Limited

23

Balmer Lawrie Investments Limited Manappuram Finance Limited Muthoot Finance Limited Shriram City Union Finance Limited Religare Finvest Limited Rural Electrification Corporation Limited

24 25 26 27 28 29

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2018

IndoStar Capital Finance Limited Nabard Financial Services Limited Power Finance Corporation Limited Ujjivan Financial Services Limited LKP Finance Limited Aditya Birla Finance Limited Bajaj Finance Limited Indian Renewable Energy Development Agency Limited Intec Capital Limited IFCI Limited India Infrastructure Finance Company Limited Sundaram Finance Limited Family Credit Limited Sakthi Finance Limited Axis Finance Limited Muthoot Capital Services Limited Indian Railway Finance Corporation Limited The National Small Industries Corporation Limited SICOM Limited STCI Primary Dealer Limited PNB Gilts Limited

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30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

SEPTEMBER - OCTOBER 2018 53

NBFC PERSPECTIVE- UNIMONI INDIA

A

ccording to 2017 World Bank report, India became the sixth largest economy in the world, overtaking France. India’s GDP was measured at $2.59 tr. while that of France was at $2.58 tr. However, those figures may mask an important fact. India’s per capita GDP remains around 1/20th of that of France. What it translates to, is that the average Indian is engaged in a much lower economically productive activity compared to its French counterpart.

If you are reading this, you have probably prospered in the last 10-15 years. You are among the ones who have been part of the growth story. But there are a great number of households in the country who didn’t get a chance to take that ride. They didn’t get a chance to move to an income level where they have decent savings. They haven’t indulged themselves in a convenient lifestyle, as they didn’t have the luxury

54 SEPTEMBER - OCTOBER 2018

UNLOCKING THE NEXT PHASE OF GROWTH – UNLOCKING THE INDIA2 POTENTIAL of a disposable income. They haven’t secured their families’ financial future.

As a country, we simply are, unequal.

World Inequality Report 2018 rates India as one of the most unequal

countries in the world. 10% of the population owns 76% of the entire wealth. Millionaires own 90% of the wealth. The bottom half owns roughly 4% of the wealth. 96% of the people have less than $10k saved.

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NBFC PERSPECTIVE- UNIMONI INDIA

How do we pivot towards a more ‘equal’ growth? Does this section need government programs? Preferential treatment? We have already had a drive for financial inclusion, so is this simply a less enterprising part of the populace?

I believe not. This segment is every bit smart, innovative and hardworking as any other. They have business ideas and capability. But what they lack is the means to execute. They are not financially empowered. India has among the lowest household debt to GDP ratios. Only about 10% of the businesses have access to formal finance. And this is why their growth potential remains unfulfilled. This is why their aspirations have not been met.

championed by the investors and entrepreneurs alike.

NBFCs led a strong push to bring financial services and products to the people living outside the tier-1 cities.

I began by quoting a recent World Bank report that mentions India as the sixth largest economy. This surge in GDP was led by what is now India1 – the upper class or the upper middle class. Experts in the industry and the government who have extrapolated statistics in that report, project that India is poised to become the third largest economy by 2030.

That projection assumes a sustained 7% growth, and a moderate inflation at 4%.

But, for that ambitious growth rate to

Let’s talk about the socio-economic segment a bit more. Let’s call it the ‘Middle India’, or India2. What do they do? They are small business owners. They are self-employed nonprofessionals. How much do they earn?

Probably somewhere between INR 0.21.0 mn. And are their borrowing needs catered by the banking system? No. That last bit is important. What are they likely to do in the time of financial stress? They usually borrow from their friends and family. They might even reach out to a private financier or a money lender. They might prefer selling an asset – some jewellery or a property.

They would rather cut expenses or work extra hours. But it is highly unlikely that their first step in a short to medium term financial crisis, would be to take a bank loan.

probably earn a little more. Those whose incomes are easily assessed, whose income streams are steadier.

Banks are simply not oriented to serve this India2.

And why is that the case? Is it that this segment would rather be at the edge of formal economy? Or is it possible that the banking system has fallen short in some respect? I, for one, feel so.

Traditional banks are characterized by their slow service, tedious processes and lack of flexibility. Their products and services are geared to serve those who

And this is where NBFCs have stepped in. They have done away with the procedures, the inefficient processes and the distant & transactional approach. They have given a strong push to bring financial services & products to the people living outside the tier-1 cities. This push is being enabled by technology and is being

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sustain, we need to enable India2. Enable them with the same tools that powered the India1 growth story- financial resources.

It’s only when we have achieved that per capita GDP commensurate with more developed economies that we would have done justice to the huge potential of this market, and unlocked the nation’s full potential.  (Views expressed in this article are a personal opinion of Amit Saxena, MD and CEO, Unimoni India.)

SEPTEMBER - OCTOBER 2018 55

ADVERTORIAL

BANKIT - Providing Seamless Banking and Digital Payment Solutions with Entrepreneurial Opportunities stuck in the vicious cycle of dire economic situations and hostile stakeholders.

Upholding the Plug and Play Trend Noida-based digital payment organisation, BANKIT is helping people who are excluded from the easy access to basic banking and financial services to enjoy the seamless experience of Banking and digital payment system.

Amit Nigam Executive Director & COO, BANKIT

It is ironic that in today’s digital world where money transaction does not take more than a minute to complete, several neglected rural areas and stakeholders are given the shorter end of the stick.

More than 100 million Indian labours face the burden of the unorganised financial structure, where they are unaware of their rights to financial security and subjected to loss of money, negative assertion over money transactions and loss of daily wages.

It is not only a priority to bring in the concept of Digital India to these regions but also its acceptability should be ensured among its masses who always seem to be

56 SEPTEMBER - OCTOBER 2018

BANKIT not only helps people be a part of the cashless economy but also creates employment and entrepreneurial opportunities by appointing Agent business correspondents ensuring delivery of services to the end consumers. BANKIT agents help end consumers with quick money transfer to almost all banks in India through a convenient channel, where it’s safe, instant and easy money remittance service. Cash withdrawal facility from an account through AEPS is also available and makes BANKIT Outlets like a Mini ATM cum Bank branch.

These BANKIT outlets also provide BANKIT prepaid card solution which customers can use for their daily transactions such as shopping and making online/ POS payments. This way, even the unbanked user can enjoy the benefits of the plastic cards.

The company also provides APIs for all its services which are secured and readyto-use plug-ins and can be used to make personalized B2B portals for corporate partners.

Elaborating further, Amit Nigam, Executive Director and COO, BANKIT, says, “We are creating employment through entrepreneurship, and also providing the opportunity to earn extra money for our channel partners in every corner of the country. Through our CSR programme Unnati ka saathi we are enrolling underprivileged section of the society like physically able, widows, Ex-army personal etc.” At present BANKIT’s channel partners are present in more than 22 Indian states and many remote villages now have BANKIT outlets. In addition to the core offerings, these agents also help consumers who might not harbour the ability to self transact with utility services like bill payments, recharges, travel bookings etc.

Technical Reinforcement BANKIT works in adherence to the regulations. Thanks to its embedded API service, it assures a layered protection against infiltration and also leverages its partner banks’ infrastructure to securely encase customers’ money. BANKIT is in the process of shifting to higher end cloud servers, which would further create a foolproof ecosystem and enhance the security measures for better. “We want to extend our presence to the entire nation where we are able to cater the service they need and create a pull in the market that lacks push of any kind; that is our mission,” concludes Amit. l (Views expressed in the article are a personal opinion of Amit Nigam, Executive Director & COO, BANKIT).

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