Like
it or Dislike it, Financial Technology will dominate the Indian Banking
Industry in the years to come.
Going
back to the old fashioned, manual ledgers is not feasible or desirable.
The
volumes of Digital Transactions are on the increase, but lots need to be done,
to convince the public that the Digital Transactions channel are safe.
The
higher the trust factor, the higher the volumes. In an idealistic situation,
the volumes of Digital Transactions should increase due to internal factors
only and not due to external factors.
Volumes dependent on external
factors tend to taper down and are not consistent.
To
address the ‘TRUST’, factor IAMAI has brought in Leading BFSI & FinTech companies
in a group.
Readers
can read here about IAMAI.
IAMAI
through Payments Council of India has experience of dealing with Digital
Payment Industry. Payment Council of India was founded in 2013 with the main
purposes of representing the various regulated non-banking payment industry
players, to address and help resolve various industry level issues and barriers
which require discussion and action.
Through
this new Fintech Group , now IAMAI is brining together BFSI and FinTech
companies under one umbrella.
The purpose
of the group is to encourage collaboration, seek complementarities and build
synergy between leading BFSI companies and the emerging Fintech start-ups.
The group
comprises of 60 members from leading banks and technology start-ups including
SBI, HDFC, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, BankBazaar,
PolicyBazaar, i-Lend, Faircent, LendingKart, PNB Metlife, ClearTax, CoverFox,
Scripbox, Indifi Technologies, Capital Float, Bill Desk, Itz Cash, PayPal,
Chillar, Avenues India, MSwipe, among others.
Mrutyunjay
Mahapatra, Managing Director & CIO –
State Bank of India, said: “The mandate of the group is to reach out to the
last person and bring him into the structure of the entire financial system and
create trust and safety, by leveraging technology.” This group represents the
following segments - Credit, Payments, P2P Lending, Personal Finance and
Technology.
On the
need for such a group, Adhil Shetty, CEO – BankBazaar.com, said: "IAMAI
Fintech Committee is a unique and important coming together of leading Financial
Institutions, innovative FinTech Companies, Information Security Companies, and
leading policy organisations. Thanks to IAMAI, all these organisations are
collaborating to usher in secure digital financial services. The FinTech
Committee will engage with all stakeholders on cashless and paperless financial
services, information security and privacy standards, and create awareness of
the benefits and security in paperless and cashless digital finance."
Commenting
on the formation of the group, Dr Subho Ray, President, IAMAI, said:
“Technology is moving fast and principle service providers such as banks and
insurance companies need to work together to rapidly reach out and cover the
last person and therefore bring efficiency in the system.”
In the
next couple of months, the following rollouts will enable the Group to focus on
attracting a new set of customers into the Digital Transactions ambit.
Roll-out
01::: Finalisation of the Group Name
Roll-out
02::: A dedicated website
Roll-out
03::: Formation of sub-committees for effective delivery
Roll-out
04::: Conducting Bi-yearly competitions to attract new ideas
Roll-out
05::: Launch of yearly awards amongst various sub-categories
Roll-out
06::: Hold interactive seminars across the nation to increase the trust factor
in Digital Transactions
Roll-out
07::: Live data of Digital Transactions on the group’s website i.e eTaal
