Blockchain in Life Insurance can save a lot of field survey cost and moral hazard instances.

#Blockchain in Life #Insurance, can save a lot of field survey costs, this will also keep the data transparent, genuine and secured. The insurance companies can use the blocks created by different institutions to verify the field activities. For e. g in case of a life insurance verification and payment, the Blockchain can have: 1.... Continue Reading →

Future of FinTech (Payments) in India. It’s Interesting and will grow..

How is digital payments in India shaping up as? Digital payments in India has become crowded with lots of me-too products and companies. Thanks to IndiaStack and other payment platforms which offers a plug and play model through API so now everybody aspires to become PayTms and PhonePes of the industry. Payment is the lowest hanging fruit for the companies to... Continue Reading →

High Tech aspirer banks, Fix your Basics first..

A Small Naturally Intelligent way through which #Banks and #Telcos can save huge money is, by integrating their customer communication (Call and SMS) with their CRM. 1. I pay my Credit card and Telephone bills etc at least 8-10 days before due date, Still I get messages from my Bank and Telco. "Your outstanding bill... Continue Reading →

RuPay giving tough fight to VISA and Master Card in India.. How to retain the share?

With this news, and confident thump by #NPCI, #RuPay and #UPI is giving a tough fight to #Visa and #MasterCard in #India. In my opinion, what Visa and Mastercard can do in #India to retain its share: 1. Reduce interchange (Price game) 2. Increase value for banks with better, secured technology and reportings etc. 3.... Continue Reading →

Does Digital Transformation means putting Lipstick on the Pig?

What many banks are currently doing on the name of #DigitalInnovation and Transformation is putting "Lipstick on a #Pig" by just changing the user interface of Mobile App and Website. At the Back-End at branches, culturally one can easily notice the same old legacy and babudom being carried. Hence I say Financial Institutions are swaying... Continue Reading →

Going Digital with physical legacy ??

Why do we need a #Debit card a #physical tool, to apply for, or use #Bharat QR code and #UPI, a Digital product ? There could be many other ways and factors to authenticate ownership than Debit card number, CVV etc. This itself is the biggest bottleneck that people in #rural areas will not be... Continue Reading →

Digital Transformation, Don’t miss out on People and Technology balance

Of the 5 parameters for #DigitalTransformation the toughest will be to Strike a balance between "People & Technology" and that too with the front end staff who face the Customers but are rarely consulted or explained about the digital transformation initiatives in the organisation. They just get a download through an email or a high... Continue Reading →

Contactless Authentication the Next Authentication Model..

#ContactLess Authentication, i.e QR /Bar code, Facial, Iris etc to be the next Secured Authentication factors. Prerequisites for it to be secure will be #Tokenisation, #Encryption and #RegisteredDevice/Platform services. Why do I need to enter password on the #browsers, the camera can authenticate me through my face + An OTP at my mobile number. Or... Continue Reading →

Improve on Chargeback policy than offering Cashbacks.

Have better #ChargeBack policies than giving #Cashbacks.. #Cashback is the worst strategy a company or an industry can use as long term. It not only creates a short term bulge in the business Volume of a company but also for the Industry, and its never sustainable. Instead of offering #Cashbacks please improve the rules on... Continue Reading →

Blockchain Vs. Babudom Indian Banks..

#BabudomVsBlockchain. Today Banks and other Financial Services Provider are swaying between #Babudom and #Blockchain and other technology. Babudom at physical branch level where banks have different manuals to Operate and Technology at call centre and mobile App where they speak different language. #Babudom covers approx 90% of the customer segment through branches and technology rest... Continue Reading →

Businesses of the Future..

#Business of The future" especially for #FinTech, is #Platform and #Aggregator business. Standalone products will not survive unless operating in a niche segment or having licenses as an entry barrier. Best strategy for an organisation will be to get license, Define regulatory restrictions on the platform and then open its platform for innovation to offer... Continue Reading →

What if a Loan is denied by the Machine but Approved by the officer? Who overrides & Who Owns?

Next thing in #Lending is not credit worthiness to pay, but to find out #IntentionToPay and #WillingnessToPay through data, behaviour analysis and sentiment mining etc. Can we through big data, demographic details and other parameters identify the intention to pay for a customer? Few Questions having #TechnoSocial perspective. - What if the Machines denies to... Continue Reading →

Industry 4.0 / 4th Industrial Revolution. Are we ready to thrive or waiting to be extinct ?

#Industry4.0 / "4th Industrial Revolution". What would it mean for professionals and industry? #Summary - This will create Jobs that don’t exist today and technology that won’t exist tomorrow. Line between Physical and Digital will get blurred, it will be tough to take out digital from physical and physical from digital. As JackMa has said machines of future... Continue Reading →

Where is the next market, for FinTech and Financial Service Providers.

Worst #FinTech strategy by Financial Service Providers. Deploying #RoboAdvisory & machine-based interaction for less profitable customers i.e people who do not invest/transact above a level and doesn't generate enough profit for the organisation, must interact with machines because human beings are too costly to be deployed for the segment. We must understand that people who... Continue Reading →

CKYCR by CERSAI, what does it mean for Institutions and Customers of Financial Services.

#CKYCR (Central KYC Registry) by #CERSAI is a game changing product if it gets implemented across Financial Institutions, as mandated. Customer doesn't have to go through document submission & verification everytime they buy any financial service through entities regulated by RBI, SEBI, IRDA, PFRDA A 14 digit #KIN (KYC Identification Number) on CERSAI can save... Continue Reading →

Is India moving too fast in Technology for Bharat to catch up?

In our effort to promote Digital Financial Services have we created Digital & Knowledge #Exclusion? Is the country getting divided (in terms of Literacy and Awareness) through new age #Technologies? At one end, we the technocrats talk about AI, ML, IoT, #Blockchain, UPI, India Stack, Crypto etc, and on the other side even educated people... Continue Reading →

Design Thinking and Reasons for Me-Too products. Is Me-Too a long run game?

#DesignThinkingProcess and its Principles can help #FinTech and other companies to innovate and satisfy the #Stated and #Unstated needs of their customers, rather than just launching #MeToo products. Lots of me-too products in the market, is leading the industry through consolidation, because there is no differentiator in the product except price, resulting in Price game,... Continue Reading →

Do we have #NaturallyIntelligent Banking and FSP systems in place, before talking about #ArtificialIntelligence?

Forget about #MachineLearning and #ArtificialIntelligence in Banking and Financial Services, first lets get #NaturalIntelligence and Logical systems in place. If we observe different redundant Steps, Processes and #Bureaucracy in Banks & Financial Service Providers' (FSP) smallest daily operations, we would realise our current system doesn't have much #Natural Intelligence to become #Artificially Intelligent. I have... Continue Reading →

Cost of continuous change in Technology and Regulations, is it Good or Bad for the Industry?

Due to continuous change in #Technology and #Regulations the Price of Product is going down, while Cost of production remains the same or increase due to salary and other increase. Its a #Global phenomenon across Industries. No one is sure about the #ShelfLife of a technology and product, few direct impacts are, (please add to... Continue Reading →

RegTech will soon catch up with its big brother FinTech. Is it round the corner?

#RegTech - Increase in #CostofCompliance, regulatory reporting, AML will squeeze profit margins. On the other side, adopting #Digital modes of transactions are creating trail and businesses are producing huge amount of data everyday. This data can help to identify trends and do efficient periodic reportings. #RegTech will be the next big thing & will catch... Continue Reading →

Easy credit a help or evil..

Is #EasyCredit a Good Thing? I would say NO. While it depends on the income level of the person and the "Need". But in all other cases its an evil. Just because a person can get or afford a loan shouldn't take it. Having aspirations for Product and Services is a great thing, but without... Continue Reading →

Google Tez with UPI Vs Whats App with UPI. Whats App can be a winner and survivor.

#GoogleTez UPI Vs. #WhatsApp UPI. Tez will not go a long way unless it adds a context to its payment services than offering a standalone service. It must not rely on Cash Backs, which seems to be the easiest and short lived mantra to enter Indian Market.. For Whats App, which is part of many... Continue Reading →

Digitalisation & Cashless economy has to fight with Status Quo and Mentality than with System and Policies

More than fighting for #Infrastructure or #Policies, #FinTech & #TechFin companies have to fight with the resistance of people and system (In & Out) towards #Digitalisation and Status Quo. We have been using cash & paper for long and are now comfortable using it, may be because of benefits attached, or resistance to new ideas.... Continue Reading →

Good borrowers must be incentivised, and must not cross subsidise bad borrowers..

Technology started with Mass and Standard Production and we have been carrying this concept for long. The beauty of Technology with huge data, #Machine and #DeepLearning is to offer perfect fit and personalisation for Individuals. With the kind of Digital Data we produce / have produced in past is enough to decide a Personalised #Lending... Continue Reading →

A Compilation of My top 58 Linkedin Posts, Ideas and Innovation (2017 – Till Date) on Past, Present and Future of; FinTech, Payments, and Digitalisation.

A Compilation of My top 58 Linkedin Posts, Ideas and Innovation (2017 - Till Date) on #Past, #Present and #Future of ; #FinTech, #Payments, and #Digitalisation. With Hyperlinks & One Line Heading. Wi-Fi through POS Terminals idea. https://www.linkedin.com/nhome/updates?activity=activity%3A6211391177770532864 Indian Railways and Digital Fine Collection Concept https://www.linkedin.com/nhome/updates?activity=activity%3A6213406793364803584 Delhi Transport Busse and Tap and Pay Concept https://www.linkedin.com/nhome/updates?activity=activity%3A6214719259344494592 Comics... Continue Reading →

GSTN and Flow Based Lending simplified..

#GSTN can be a great platform for "#CashFlow Based Lending". #FinTech companies especially in SME lending can start creating products around it. Any Small and Medium Business can choose to share their all or selective business data through GSTN APIs with a Lending Institution, and can get their #FlowBased credit underwritten. This will help SMEs... Continue Reading →

New age banking and Next Generation Catch..

#Catch & #Engage the Next Generation with your Financial Services. How??? Banks and Financial Institutions must realise that the #NextGeneration doesn't need, #FinancialServices as "Service" but as "Experience". If you can not move away from the silos of Financial Services as Service and Place where people must go to fulfill their needs. #LetMeTellYou. You are... Continue Reading →

Open API banking, and Data Democracy.. 

Why can't my #Bank share my #Transaction data with companies I authorise or provide consent to ? But many sales organisations including banks' internal staff/department use it to #Crossell their product, without my #Consent or may be consent hidden in the lengthy documents.  Is the concept of Consent not Clear, or there is no #respect... Continue Reading →

Ling Shou Tong by Alibaba in China..

This is what I have been saying for long, #Retailers need integrated services with analytics and supply and not part services like one company offering #Payments, another offering #Analytics and Supply. It has to be #Payment PLUS... It has to be Integrated and Intuitive based on Consumer Behaviour.  A great product suite #LingShouTong by #Alibaba... Continue Reading →

Alternate Credit Scoring for Rural population. 

What could be the Proxies to assess #CreditScore / Worthiness of offline transacting customers? Or How can we gaze this for Rural / Urban Population who do not have #Credit history?  - Few Companies use Mobile pre paid balance recharge pattern - MFI loan data, disbursement and repayment pattern - Sell Financial services at cheap... Continue Reading →

Sin in Consumer Behaviour study. Selling to Human Being but talking to Excel sheets. What’s wrong? 

#Human Beings are always Rational is a Flawed Assumption". So #GoToField & meet #RealPeople than only making sense of graphs & system data. Consumer Behaviour Study has not died yet, due to Automation, AI & #BigData. Companies trying to go Digital is/Will fall for the trap, they are Running after #Digitalisation and #Automation of their... Continue Reading →

Alternative Lending,  are we Over Writing the Under Writing.?? 

Wish to Pick your Thoughts on #AlternativeLending and Banks' Competence to handle that "#OverWriteTheUnderWriting ". The business is growing & Technology firms are getting into it through  #FinTech door. Is it increasing because ? 1. FinTech companies are increasing/growing and have better reach 2. Banks have gone back/technically not able to cater to those people... Continue Reading →

Mobile Wallets Vs Banks. A worthless discussion. 

A well placed mobile #Wallet = UPI + #Bharat QR code + #BBPS with all/most of the billers + N number of Offline and Online merchants + Payment Gateway + P2P.... This is for all those who say a well placed wallet (Not #MeToo) is just a pass through. But currently a Wallet company is... Continue Reading →

35 #FinTech Predictions for 2018 – By Piyush Singh – Fintech

Here are " 35 #FinTech Predictions for 2018 - By #PiyushSinghFintech " . Please add more and let us discuss this. While few of them are India specific but most of them can be applicable in other parts of the world too. Linkedin profile - https://www.linkedin.com/in/piyushsingh1/ 1.   Bitcoin will get regulated by Government, at least in India,... Continue Reading →

Let us Move up from opening bank accounts,  offer Insurance and Investment products. 

By when we will graduate Urban and Rural poor to get other Products of #FinancialInclusion? #Insurance (not talking about government sponsored insurance) and #Investment? How many bank accounts do these people need to open to Qualify as #FinanciallyIncluded? The Situation is #Pathetic in Rural areas where most of the New (PB & SFBs) and even... Continue Reading →

Big Data: are we making sense/use of it, or just using it as a Jargon?

Are companies really making sense of #BigData and using it for any real life purpose? or is it just a #Jargon for Conferences, Meetings, Lectures and Courses around it. If not, then why many platforms (including Linkedin) which promote such Big Words have misdirected communication?  I do not remember but someone highlighted it on linkedin... Continue Reading →

FinTech will replace plastic Credit Cards with Number based Credit Lines Only.. 

How #FinTech will replace plastic #CreditCards with number based #CreditLine only.  Plastic Credit Cards will be replaced soon with Credit Card number only. And you never know Banks will offer you best cards at Less/No price for Initial period to drive adoption if you opt for #CreditCardNumber only system, instead of a Plastic card. Similar... Continue Reading →

Shopping on Television,  Design a Friction Less Payment experience. How? 

Can I make #Payment on #Television? similar to what we do to recharge our DTH through #BharatQR or #mVISA,  or by scanning any QR code on TV (for Other Countries). This can get implemented in any country which has QR code payment system in place. Solution For -  TV #ShoppingChannels to instantly get the payments... Continue Reading →

Fintech will take away jobs in Financial Service domain. Are you Skilled enough? Watch my Video series. 

What is #FinTech?  Why does it Exist? How will it Impact Financial Services, Who will get impacted in terms of Job, Who will be the #FutureBankers,  What Schools and Colleges (#MBA & #Graduation) must do to keep their Students relevant for long when they come out of the college.  The video tries to answer these... Continue Reading →

Is Cost of Innovation too high, that we follow Copy Paste Culture. 

Is #CostOfInnovation too high ? Why most of the companies (not all) are launching #MeToo product and Copy Paste same thing which others have done, either in Same or Other country. #FinTech industry is suffering from it and everybody is entering in payment business through Plug and Play model with some provider or through White... Continue Reading →

Piyush Singh in Conversation with Mr.  Ankit Ratan, Founder of Signzy

What is #DigitalTrust ? I met Mr. Ankit Ratan, Founder of Signzy and an Indian Institute of Technology, Delhi Alumnus. In the video he is talking about his product and how he along with the team has created a platform for Digital Trust based on #ArtificialIntelligence. Watch the video to know about the business model... Continue Reading →

Fintech training to Fusion Micro Finance Institution.. 

Delivered #TrainingSession for Fusion Microfinance Institution on #FinTech and How "Digitalisation can Benefit  MicroFinanceInstitution". Discussed and Suggested #ProductDesign using following : - Unified Payment Interface (UPI) - E-Kyc - Mobile Wallet integration - OTP based pull payments - Aadhar Enabled Payment System (AePS) - Digital Loan cards - And how things can be Stitched together... Continue Reading →

Digital Payments in India, are we partying for Wrong Reasons. 

How can we expect people to use a #Payment tool if they are not aware about its Use,  Benefit and if we have not answered about #WIIFM (What's In It For Me) to them ?  Recently many transaction tools and #FinTech companies have come up and most of them are serving to the same people... Continue Reading →

Product Management and Why Cashbacks Won’t Go Long Way and is a Bad Strategy

Thanks Society for Technical Communication India, for giving me the opportunity to share my experience with Product Managers, and Technical Writers in Gurgaon. What a #Product should be made of. What is the #Story, #Content, #Value etc and how 4/6Ps must be aligned so that it doesn't need to be pushed by Huge #MarketingBudgets and #Cashbacks.... Continue Reading →

Branch less Banking Strategy,  how to win over telcos,  by Piyush Singh

#BranchLessBanking expansion #Strategy. Recently I am getting many queries from my #Domestic and #International Bank friends on how to grow through branchless banking and compete with #Telcos, as they have better reach and constant customer connect. My take on this is, do not '#Compete but #Collaborate'. Competition has only led to #bleeding of either or... Continue Reading →

Digital Transformation and New Age Banking,  by Piyush Singh at IMT Ghaziabad. 

Thank You Institute of Management Technology, Ghaziabad  IMT Ghaziabad  for being a wonderful audience and a great host.  #NewAgeBanking will Disrupt the traditional banks and their approach of providing banking services. We already have enough digital tools for #DigitalTransformation, we just need to stitch the solutions and deliver a easy to use product which is... Continue Reading →

Important question for any Start Up. 

My suggestion to any #StartUp is find answer to the following question.  "Who Will Pay (Identify customer and consumer), For What (The Problem) and How much, for your Solution ". This will solve many confusions. Mentoring #StartUps in a #Hackathon to design #FinTech solutions to solve real life financial problems. I Was Amazed to see... Continue Reading →

To go cashless prime the next generation Now!! 

I Strongly Believe that If we have to increase #Adoption of Cashless Economy and #Digitalisation. Students and Children must be taught about it so that our Next Generation doesn't have any Inertia towards #DigitalPayments, #CashlessEconomy, and #FinTech adoption.  This Serves two purpose #1.Teach Students about it and in turn they will teach their relatives to... Continue Reading →

#HealthTech and #FinTech must Marry now. HealthTech is the next biggest beneficiary of Digitalisation..

#HealthTech and #FinTech must meet now.  I think healthcare will be the next Biggest beneficiary of FinTech services. It has a huge potential to convert Cash to Digital. There are few #Structural issues which will not allow this to happen at a faster pace, while few issues are natural,  few are created for ease and... Continue Reading →

Digitalisation in MicroFinance Institutions have more problems than just Systems : Manage People, Process & Practices.

How can #MicroFinanceInstitutions  get benefitted with Digitalisation & #FinTech : 1. Use Aadhar number and EKYC to onboard customers 2. Use  #Aadhar number for Credit check unless you have taken Voter Id number as identifier,  even if you have done it link voter Id numbers with Aadhar numbers as one time activity 3. #UPI/Aadhar number... Continue Reading →

Is FinTech a Result of Frustration from Traditional Banking Services?

What is #FinTech?  Companies providing Banking and Financial Institution Services to #Customers through efficient use of #Technology, Simple Explanation and #Distribution of the products and Sevices to  people desirous to get these services. But why does it Exist as an added layer to banking services and hence adding cost in the #Value Chain? Why can't... Continue Reading →

Alternate use of Bank ATMs

Leverage on Bank ATMs. Can Banks tie up with Non Financial service providers/Government? There are approx 2 Lakh ATMs in the country, i.e "2 lakhs Electronic Machines, mostly with Internet connectivity, capable of offering Self Services". Let us assume 60% working (please suggest a figure) with daily cashloads, rest are there as assets with irregular/no... Continue Reading →

Financial Inclusion Myth Buster..

#FinancialInclusionMyth Buster - Increase in number of Smart Phones in a Country is not Directly Proportional to Financial Inclusion that a country may achieve. Well it may assist as a tool. We need to See what is the "Purpose for which Smart Phones are being used by people who are Financially Excluded". -> Plus their... Continue Reading →

Is Payment the Lowest Hanging Fruit for Fintech?

As I always say #Payment is the Lowest hanging fruit for a FinTech company hence margins have also gone down. To offer #PaymentPlus+, Services to an Entity(B2B2C) or Individual (B2C), FinTech companies must start focussing on #Investment Products, #Lending, & #Insurance, (High Commission Products), else Survival will be tough in coming days... "#Insurance & #MutualFund... Continue Reading →

Universal Bank Strategy – Promote Open API Banking

#FullFledgeBank Strategy. I think that one day banks will become a #Platform or #Warehouse for Innovation and Basic Banking Services Only. Banks must do what they are good at and that is Basic Banking and #Compliances. Other Non Core services/Activities must be Outsourced to Partners or Done in Alliance with #FinTech partners while moderate them... Continue Reading →

FinTech will Stay for Long, Don’t Worry..

Why "#FinTech is here to Stay for Long" and Payments will Evolve bringing Ease, Efficiency and widen its base for under served population. FinTech start ups have taken some profit share of banks but ultimately the settlements will happen between Bank 2 Bank, unless #Blockchain. There are still huge number of Merchants who are not... Continue Reading →

Assistance to Manipulation :Artificial Intelligence, Artificial Emotion, Artificial Loyalty too?

#Assistance to #Manipulation. " I Am VERY MUCH Afraid", of the #Robots,  #Programmers,  #ArtificialIntelligence phenomenon gaining importance. It will make us think less and rely more on the System and Machines like our servants.  But are we sure all the servants will be #Trustworthy to us and not to their #Parents i. e Companies,  Developers, ... Continue Reading →

Mr. Henry Ford must be happy with FinTech and Current Banking.

As per the Quote. Has the Revolution started through  #FinTech? Is it right to say #Banks design #Products for Bankers than for #Customers? Will banks start to understand what Mr.  Henry Ford said as a #Customer and offer customised products for different segments than a #Fit4All product and explain it to them? I think because... Continue Reading →

Why Small Value Transactions happen in Cash across World. Why CIC to GDP is so High..

Why does #SmallValueTransactions (SVT)  still happen in #Cash across World ? Are we not serious to Monitor SVTs over Large Value Txns ? I can think of following reasons Only,  please add more.. 1. Small value txns have low involvement so keeping a transaction trail is not important 2. Annonymity in cash, 3. Lack of... Continue Reading →

Contextual Payments, The success parameter for a FinTech.

Why there is a need of #Contextual #Payments i.e a Context for every Payment? Because companies and Individuals treat Payments as Seperate system than a part of seamless customer purchase journey. Till the time #FinTech & #Payments companies do not see every transaction as a whole Single #Transaction /#Event /#Activity i.e focus on #Prior, #During... Continue Reading →

EMI Culture in India, are we Cautious Enough? Aspiration Vs Distress.

#EMI culture is Increasing in India. I have observed many things on EMI which were not there on the list earlier. Is it good for Indian #Saving culture and Spend within your means (Income) mentality? Are we #Spending first and then finding Means to pay, are we stretching our Spending to the extent that we... Continue Reading →

FinTech for Micro Lending through Smart Phone..

#FinTech for #Lending through #SmartPhone.  A Mobile Device can be the best Assessment &  #Distribution mode of #MicroLending.  It knows and Aggregates personal information more than any other device.  Any Smart Phone mobile device using #IndiaStack architecture can #Assess, #Approve, get Documents #Signed and #Disburse the Money (Small Value Loans) in the Bank Account. Now... Continue Reading →

Increased Use of E-KYC post New RBI, PPI guidelines. AUA & ASAs will reap the Benefit..

Post New #RBI #PPI Guideline, My take is that #E-KYC as service will grow and biggest beneficiary will be Authentication User Agency (AUA) and Authentication Service Agency (ASA). We shall find more #Applicants for AUA and ASA licensce. This may push the #Licensce fee upwards,  Higher #Entry barriers,  Tougher #Regulations for new Applicants.. Currently there... Continue Reading →

Global Payment System on line with AePS.

Can #AePS (Aadhar enabled Payment System),  #IndiaStack,  #UPI, #E-KYC, #Interoperable Payment systems happen in other Countries too,  through their National ID proofs or anything Similar to what we are doing in India? Developing Countries need better #DigitalFinancialServices.. Would, #Kenya,  #Indonesia,  #Vietnam,  #Bangladesh,  and other Developing Countries be Keen to do this for their #Rural population?... Continue Reading →

IndiaStack and FinTech Revolution..

#IndiaStack and #FinTech revolution. I will try to Analyse how IndiaStack will/is changing the way we #Transact. Allow me to pick up the #PresenceLess layer for Today's analysis. Aadhar has made it possible to verify a Person for Financial & Non-Financial services remotely which has resulted in Cost & Time saving, reduced TAT for service... Continue Reading →

Universal Bank Strategy – Promote Open API Banking

#FullFledgeBank Strategy. I think that one day banks will become a #Platform or #Warehouse for Innovation and Basic Banking Services Only. Banks must do what they are good at and that is Basic Banking and #Compliances. Other Non Core services/Activities must be Outsourced to Partners or Done in Alliance with #FinTech partners while moderate them... Continue Reading →

Penetrating in Rural Areas is a Better Strategy than skimming Urban Market.

Why "Penetrating in Rural Areas" is a Better Strategy than skimming Urban Market. For both #Long & #Short term strategy.. How to do It ? - #AskAndDesign not #DesignAndForce 1. High recall value for the First movers 2. Less competition as there are very few companies who wants to do the tough work 3. #BrandStickiness... Continue Reading →

Financial Inclusion Myth Buster..

#FinancialInclusionMyth Buster - Increase in number of Smart Phones in a Country is not Directly Proportional to Financial Inclusion that a country may achieve. Well it may assist as a tool. We need to See what is the "Purpose for which Smart Phones are being used by people who are Financially Excluded". -> Plus their... Continue Reading →

Is Payment the Lowest Hanging Fruit for Fintech?

As I always say #Payment is the Lowest hanging fruit for a FinTech company hence margins have also gone down. To offer #PaymentPlus+, Services to an Entity(B2B2C) or Individual (B2C), FinTech companies must start focussing on #Investment Products, #Lending, & #Insurance, (High Commission Products), else Survival will be tough in coming days... "#Insurance & #MutualFund... Continue Reading →

FinTech will Stay for Long, Don’t Worry..

Why "#FinTech is here to Stay for Long" and Payments will Evolve bringing Ease, Efficiency and widen its base for under served population. FinTech start ups have taken some profit share of banks but ultimately the settlements will happen between Bank 2 Bank, unless #Blockchain. There are still huge number of Merchants who are not... Continue Reading →

Aadhar for Credit Rating Check, Possible ?

One of the Issues in #IndividualLENDING for Rural People is lack of their Credit Score" and hence repayment credibility. #FinTech4Lending - I Forsee that, If "Aadhar is Linked with PAN", an Authorised organization should be able to pull up the Credit Score of a person through his/her Biometrics. Thumb impression can be considered as the... Continue Reading →

Big Challenge, Small Finance Bank

#BigChallenge4SmallFinanceBank - RURAL People may not put their Savings where they have parked their Liabilities. How to deal with it ? "Small Finance Bank #SFB Strategy" Well drafted regulations to increase Financial Inclusion, and the licenses are given to MFIs, LABs (Local Area Banks) etc which have strong hold in the intended segment and have... Continue Reading →

Payments Bank Strategy – Its Not Fair

The "PAYMENTS Bank Strategy" (Personal View) - With current set of regulations unless relaxed, I Foresee that Payment bank will Either "Cease to Exist or Become a Small Finance Bank / Get merged with a Full fledged Bank". It may take another TWIST and will become the Corporate BCs of Banks (Survival). Payment banks are... Continue Reading →

Alternate use of Bank ATMs

Leverage on Bank ATMs. Can Banks tie up with Non Financial service providers/Government? There are approx 2 Lakh ATMs in the country, i.e "2 lakhs Electronic Machines, mostly with Internet connectivity, capable of offering Self Services". Let us assume 60% working (please suggest a figure) with daily cashloads, rest are there as assets with irregular/no... Continue Reading →

Strategy for “Payments and Transaction Start Ups

Strategy for "Payments and Transaction Start Ups". When you start, Customers will trust the System and Affiliations more than the efficiency of the product. So the Strategy for Bootstraped Start Ups in FinTech space can be, Either get the Affiliations from a well known authority which you can boast or Distribute your product from the... Continue Reading →

FinTech “Go To BoP (Bottom of the Pyramid) Strategy

FinTech "Go To BoP (Bottom of the Pyramid) Strategy". Most of the Fintech companies are just scratching the surface in Metros and at Max tier 2 cities, where price war has already started and game is about few BPS only. True that cost of reaching above segment is lesser due to high literacy, people already... Continue Reading →

Payment Tools & NPCI

With so many "Payment tools and Methods" being introduced recently by NPCI, the margin for - Aggregators, PSPs, FinTech companies & Banks have gone down. This will take this 'Industry to Consolidation' where few with Deep pockets, Creative products & Use Cases will "Survive & Innovate" on the thin margins, others will have to re-consider... Continue Reading →

Google, Amazon, Facebook and Apple (GAFA) & Banking ??

They say - Google, Amazon, Facebook and Apple (GAFA) can offer better "Banking Sevices" because they understand their customers better... Comparison is not right, Banks are highly regulated entities unlike social media and GAFA, and both doesn't have same purpose and offerings. Failing any one or all of GAFA may not have that serious impact... Continue Reading →

UPI 2.0 and Pay Through EMI Option..

Can UPI 2.0 - With "Pay through EMI" option increase the "Loyalty of a Customer" with an Outlet ? Be it with restaurants, Stores etc . If I am a regular customer to a restaurant, they are more likely to offer me pay by EMI option through UPI than any walk in? Can companies like... Continue Reading →

InsureTech & FinTech can Go Hand in Hand

"InsureTech & FinTech" can have a smooth ride on IoT and AI. Linking all these things with "India Stack" elements can expedite and give Insurance sector a much needed push. Will premiums also go down after Insurance Industry gets more efficiency in Acquisition, Retention, Servicing, and Disbursement ? I think, much needed Verification of cases... Continue Reading →

Government Mandate to Accept Digital Payment ?

Can the Government pass a mandate for all the Shops, Merchants, and Businesses to Keep at least one Mode of " DIGITAL PAYMENT Acceptance System/Device" at their establishment and Declare (with details probably an affidavit from a bank/ Fintech company/Self declaration for BHIM), that while filing for Registration..?? And similarly show in return filing how... Continue Reading →

eKYC in Hotel Industry

Can "e-KYC" work for HOTEL industry ? The hotel needs to keep a physical record of all resident guests, so now a guest can be AUTHENTICATED, Verified and Registered, using his/her Aadhar details either through OTP on Aadhar linked Mobile number or Through Biometric machine. Hotels can approach any AUA/KUA for this facility. And Payment... Continue Reading →

QR code & UPI in Restaurant ?

Use case of QR & UPI in Restaurant/Hotel business. After having my meal can I get a DYNAMIC QR on my hard copy Bill, which I can Scan with my Bank App/BHIM and Pay ? Alternatively, I write my VPA on my bill and the cashier initiates a PULL transaction from his counter which I... Continue Reading →

Offline to Online P2P Lending

Can we Digitise the "Offline P2P LENDING" ? An individual lender gets access to a CRM by a company which in turn charges a small fee for automating the collect payment from borrowers' account on pre-set frequency, obviously powered by a bank. "The credit Risk exposure is with Individual as in current situation the platform... Continue Reading →

Payment + is the Way Forward ..

Payment companies now have to offer more than just payments to businesses. It should be CRM+ Payments+Customer analytics+ feedback mechanism + many more things. Payments will be the backbone but other things can not be ignored if we want a merchant/business to stick with a provider. Just plugging in payments in the system may not... Continue Reading →

Now UPI @ POS in Future UPI @ ATM to withdraw Cash

After UPI @ POS, I foresee something like UPI @ ATM too, for Cash Withdrawal...So, I enter my mobile number on ATM, enter the amount and I get a dynamic QR code to scan, I scan the code with my Bank App/BHIM, authorise the payment and the ATM gives me cash. It will be an... Continue Reading →

Bharat QR Code and Payments

BharatQR code will DISRUPT the PAYMENT system by reducing the Merchant and Banks' investment in Payment acceptance INFRASTRUCTURE. Indeed a great move however now Merchant (Offline retailer) Acquisition doesn't remain an ASSET anymore. Can we imagine that we can make purchases on the move and find QR codes on Metro, Railway, Bus Stations, Airports etc... Continue Reading →

If I can Pay by Aadhar then Why Not Vote by Aadhar.

If I can "Pay by Aadhar, I should be able to cast my Vote by Aadhar and fingerprint too" My Aadhar can be linked to a poll both, and no matter where I cast my vote from, I should be able to register my vote for the candidate of my choice. Benefits. Increase in the... Continue Reading →

Comics for Children to Promote Digital Payments

Can we publish a comics / series of comics for children on use of Cashless methods and a "Mascot" around it. Anyways schools are planning to teach cashless methods in school course, so such comics will ensure that next generation is ready with Cashless / Cash Lite journey and tools, without any handholding.. The comics... Continue Reading →

Delhi Transport Corporation & Tap and Pay Solution

Can Delhi Transport Corporation (DTC) Busses offer the TAP & PAY option to its customers, similar to Delhi metro. The user informs the amount/destination to conductor (current process) conductor enters that in the machine, and TAP the user's card on the machine to complete the payment. The machine prints the receipt and transaction is completed.... Continue Reading →

Indian Railways Can Collect Fine through PoS or UPI

RAILWAYS can start collecting fines using POS, by swiping cards. It will help to curb corruption as well others will learn how to use card to make payment too. A live demo to mass is more effective than website, tv or lecturer session for people.. IRCTC...Start with few TRAINS initially. INDIAN RAILWAYS.

WiFi on PoS Terminals

How to address Internet connectivity issue for customers.. The PoS can enable wifi through POS terminals, so that even if a person doesn't have internet connectivity s/he can use the smart phone to transact. The wifi can either work on a transaction session basis or can be switched on as and when required. "Just an... Continue Reading →

Why Aadhar enabled Payment System (AePS) will work in India : (A Layman’s Guide to Aadhar enabled Payment System (AePS)

" I would take the liberty to start my thoughts with #AePS is the #DebitCardofRuralIndia & of Less Literate people".

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