Timesdelhi.com

November 18, 2017

Innovative digital solutions is need of hour for BFSI sector to provide security, expand customer base

Delhi/India/Politics by

Banks and finance companies are integral to the Indian economy. Today, especially, they don a bigger role in funding innovative ideas across industries, and supporting major commercial and economic activities in the country.

With the staggering growth of the financial services sector and loftier demands from customers, leaders at finance companies are keen on investing in cutting-edge solutions that offer value and address business requirements. Moreover, the digital India initiative, which is making mighty strides in the country, has given birth to a host of innovative solutions.

Given its widespread acceptance and resounding success across the world, digitisation is embraced by the BFSI sector as well. However, there’s still scope for finance enterprises to experience all the advantages of digitisation. Moreover, with the ever-increasing customer needs, finance corporations have to serve their customers quickly otherwise they risk losing them.

Representation image. Reuters

As per a study by Ernst and Young, by 2020, the average age of India will be 29 years and this young consumer base is internet savvy and wants real time online information. This is exactly where fintech companies can step in and play a significant role.

Digital technology offered by fintech companies can help banks and any other finance company to automate transactions and introduce a whole new level of efficiency, which is currently missing with archaic processes. This includes automation of all aspects of card management such as card issuance, card activation/ deactivation.

With automation, banks no longer have to depend on third parties to complete card activation that ultimately leads to a faster and foolproof process. Similarly, microfinance companies can automate the issuance of credit cards for farmers. This is a much-needed breakthrough that can boost efficiency in lending funds to millions of farmers in rural areas.

Through digitisation, banks and finance companies can save resource time and costs, and achieve high accuracy by negating several time-consuming manual processes. Additionally, with immediate card activation and prompt servicing, banks can improve the overall customer experience. Moreover, fintech companies are mandated to offer digital solutions that are secure. And today, fintech companies offer advanced security features too to ensure safe transactions.

The engine of digitisation powers many more advantages. Finance companies can expand their product portfolio with innovative digital solutions that fintech companies offer. For instance, banks can offer digitised employee benefits that serve employees’ routine needs and also help save tax. This includes e-meal vouchers and paperless claims for medical, fuel, LTA, communications etc.

One of the key benefits that banks gain is to expand their customer base by offering new and relevant products and thereby increase customer loyalty. Moreover, since these benefits can be offered via current accounts, banks don’t have to pay interest and can increase revenue. Ultimately, banks can prioritise on sales with automation and outsourcing of back-end work to fintech companies.

(The writer is CTO & Co-Founder at Zeta)

Published Date: Nov 18, 2017 07:34 am | Updated Date: Nov 18, 2017 07:34 am

Innovative digital solutions is need of hour for BFSI sector to provide security, expand customer base

Delhi/India/Politics by

Banks and finance companies are integral to the Indian economy. Today, especially, they don a bigger role in funding innovative ideas across industries, and supporting major commercial and economic activities in the country.

With the staggering growth of the financial services sector and loftier demands from customers, leaders at finance companies are keen on investing in cutting-edge solutions that offer value and address business requirements. Moreover, the digital India initiative, which is making mighty strides in the country, has given birth to a host of innovative solutions.

Given its widespread acceptance and resounding success across the world, digitisation is embraced by the BFSI sector as well. However, there’s still scope for finance enterprises to experience all the advantages of digitisation. Moreover, with the ever-increasing customer needs, finance corporations have to serve their customers quickly otherwise they risk losing them.

Representation image. Reuters

As per a study by Ernst and Young, by 2020, the average age of India will be 29 years and this young consumer base is internet savvy and wants real time online information. This is exactly where fintech companies can step in and play a significant role.

Digital technology offered by fintech companies can help banks and any other finance company to automate transactions and introduce a whole new level of efficiency, which is currently missing with archaic processes. This includes automation of all aspects of card management such as card issuance, card activation/ deactivation.

With automation, banks no longer have to depend on third parties to complete card activation that ultimately leads to a faster and foolproof process. Similarly, microfinance companies can automate the issuance of credit cards for farmers. This is a much-needed breakthrough that can boost efficiency in lending funds to millions of farmers in rural areas.

Through digitisation, banks and finance companies can save resource time and costs, and achieve high accuracy by negating several time-consuming manual processes. Additionally, with immediate card activation and prompt servicing, banks can improve the overall customer experience. Moreover, fintech companies are mandated to offer digital solutions that are secure. And today, fintech companies offer advanced security features too to ensure safe transactions.

The engine of digitisation powers many more advantages. Finance companies can expand their product portfolio with innovative digital solutions that fintech companies offer. For instance, banks can offer digitised employee benefits that serve employees’ routine needs and also help save tax. This includes e-meal vouchers and paperless claims for medical, fuel, LTA, communications etc.

One of the key benefits that banks gain is to expand their customer base by offering new and relevant products and thereby increase customer loyalty. Moreover, since these benefits can be offered via current accounts, banks don’t have to pay interest and can increase revenue. Ultimately, banks can prioritise on sales with automation and outsourcing of back-end work to fintech companies.

(The writer is CTO & Co-Founder at Zeta)

Published Date: Nov 18, 2017 07:34 am | Updated Date: Nov 18, 2017 07:34 am

India vs Sri Lanka: Cheteshwar Pujara needs strong support from lower order to bail out hosts

Delhi/India/Politics by

Just 32.5 overs have been possible on two days of this Test match but those 32.5 overs have witnessed a lot of action. A first ball wicket. Swing, seam, attrition, stolid defence, loose shots, a splendid spell. It’s a pity that the rains have dominated the headlines.

File image of Cheteshwar Pujara. AP

Only 21 overs were possible on day two before rains played spoilsport again. Sri Lanka continued the momentum from day one as they removed Ajinkya Rahane and Ravichandran Ashwin quicky. However, Cheteshwar Pujara, yet again, showed tremendous character to keep the Sri Lankan bowlers at bay. Forty-seven off 102 balls, with nine fours, epitomised Pujara’s class. He’s been pretty selective in his shot-making and that has set him apart. Time is running out in the Test now and Sri Lanka would look to come full throttle early morning on day three to wrap up India’s innings quickly.

Pujara has looked unflustered and he would be looking to provide further stability. He’s continued from where he’s left off in the Ranji Trophy where he scored 204 and 182 in his last two matches. His county experience is proving to be a boon. However, he would expect decent support from the lower order. Wriddhiman Saha is at the crease with Pujara, he has revelled in pressure situations and if the rain stays away, the duo would be looking to survive the first session.

Saha had had a mediocre outing in the domestic arena and would look to get into the groove early in the series. The lower order consists of Ravindra Jadeja, Bhuvneshwar Kumar, Mohammed Shami and Umesh Yadav. Jadeja had a good run with the bat in the Ranji Trophy, where he hit a double century, and a good performance here could further enhance his credibility as an all-rounder.

Bhuvneshwar can stick around too while Shami and Umesh have the ability to add crucial runs with their big hits. However, the need of the hour is patience. Shikhar Dhawan, Rahane and Ashwin got out to flashy shots. The rest need to learn from Pujara and apply themselves. The lower order has bailed India out of tough situations in the past too and the expectations will be high this time around too. Sri Lanka will definitely come hard and this will be a real test of India’s collective batting effort. And, yes, most importantly, let’s hope the rain stays away.

Published Date: Nov 18, 2017 | Updated Date: Nov 17, 2017

India vs Sri Lanka: Cheteshwar Pujara needs strong support from lower order to bail out hosts

Delhi/India/Politics by

Just 32.5 overs have been possible on two days of this Test match but those 32.5 overs have witnessed a lot of action. A first ball wicket. Swing, seam, attrition, stolid defence, loose shots, a splendid spell. It’s a pity that the rains have dominated the headlines.

File image of Cheteshwar Pujara. AP

Only 21 overs were possible on day two before rains played spoilsport again. Sri Lanka continued the momentum from day one as they removed Ajinkya Rahane and Ravichandran Ashwin quicky. However, Cheteshwar Pujara, yet again, showed tremendous character to keep the Sri Lankan bowlers at bay. Forty-seven off 102 balls, with nine fours, epitomised Pujara’s class. He’s been pretty selective in his shot-making and that has set him apart. Time is running out in the Test now and Sri Lanka would look to come full throttle early morning on day three to wrap up India’s innings quickly.

Pujara has looked unflustered and he would be looking to provide further stability. He’s continued from where he’s left off in the Ranji Trophy where he scored 204 and 182 in his last two matches. His county experience is proving to be a boon. However, he would expect decent support from the lower order. Wriddhiman Saha is at the crease with Pujara, he has revelled in pressure situations and if the rain stays away, the duo would be looking to survive the first session.

Saha had had a mediocre outing in the domestic arena and would look to get into the groove early in the series. The lower order consists of Ravindra Jadeja, Bhuvneshwar Kumar, Mohammed Shami and Umesh Yadav. Jadeja had a good run with the bat in the Ranji Trophy, where he hit a double century, and a good performance here could further enhance his credibility as an all-rounder.

Bhuvneshwar can stick around too while Shami and Umesh have the ability to add crucial runs with their big hits. However, the need of the hour is patience. Shikhar Dhawan, Rahane and Ashwin got out to flashy shots. The rest need to learn from Pujara and apply themselves. The lower order has bailed India out of tough situations in the past too and the expectations will be high this time around too. Sri Lanka will definitely come hard and this will be a real test of India’s collective batting effort. And, yes, most importantly, let’s hope the rain stays away.

Published Date: Nov 18, 2017 | Updated Date: Nov 17, 2017

India vs Sri Lanka: Visitors need to remove Cheteshwar Pujara early on Day 3 tighten grip on Kolkata Test

Delhi/India/Politics by

Sri Lanka gave India a rude wake-up call on the opening day of the first Test at Kolkata as Suranga Lakmal tore through the hosts’ top order to reduce them to 17/3.

If their performance on Friday is taken into consideration, then the unfancied visitors only managed to prove that their clinical performance on Day 1 wasn’t a fluke, and that they indeed have done their homework as far as tackling the No 1 side in the world is concerned.

The only difference between the two days though, was the fact that it was seam-bowling all-rounder Dasun Shanaka’s turn to shine on the second day. Shanaka was included as the third seamer in the side with the team management deciding to use the services of the injury-prone Angelo Mathews only as a batsman in this tour.

Cheteshwar Pujara has been rock solid as far as anchoring the Indian innings is concerned. AFP

Shanaka first lured overnight batsman Ajinkya Rahane into a drive after bowling one outside the off-stump, with the batsman nicking it to the ‘keeper, to depart for a 21-ball four. Bowling all-rounder Ravichandran Ashwin, who has exhibited his handiness with the bat in the recent past, didn’t survive long at the crease either, guiding one straight to point.

At 50/5, the possibility of getting bundled out for less than 100 could not have been ruled out.

However, the presence of Cheteshwar Pujara at the crease was always going to be a source of hope for the glum-looking Indian dressing room. The Saurashtra batsman and Test specialist has made a mark for himself in the longest format with knocks that have been laced with both flair and grit.

On Friday, he brushed aside the pain of getting struck on his right thumb by a rising Lahiru Gamage delivery, and soldiered on for 102 deliveries to remain unbeaten on 47. He weathered the storm for the hosts with remarkable patience, waiting for the bowlers to commit mistakes — which they did, giving him nine boundaries as a result.

From the Sri Lankan perspective, getting the wicket of Pujara might very well be half, or maybe three-quarters of the battle won. Getting rid of the No 3 batsman will deprive the Indians of the pillar that has held them together so far in the innings. Even though the likes of local boy Wriddhiman Saha and Ravindra Jadeja can put up a fight, it is unlikely they will get anywhere close to the 250-300 mark without Pujara.

For now, the Sri Lankans continue to be in the driver’s seat, inching closer towards their maiden win on Indian soil.

Published Date: Nov 18, 2017 | Updated Date: Nov 17, 2017

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