Neither All Automations are Good, nor all Frictions are Bad. - Digital Payments. Auto reading of SMS and OTPs. Are we offering convenience or making the important part irrelevant. Are we making customers Smarter, Faster or Dumb? We need to ask and understand what is the purpose of OTP, 2FA. To take #Consent, inform customers that… Continue reading Neither All Automations are Good, nor all Frictions are Bad – Digital Payments
Author : CA Nirmal Ghorawat (The author is a member of the Institute of Chartered Accountants of India (ICAI). ………………………………….. Fintech – portmanteau of the words “Finance” and “Technology” is the buzzword in Finance and Technology worlds with a large number of newage startups disrupting legacy businesses of established financial institutions. Whilst great emphasis is paid on… Continue reading FinTech & Law : Payment Systems – By CA Nirmal Ghorawat
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 Future of FinTech (Payments) in India. It’s Interesting and will grow..
#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 Design Thinking and Reasons for Me-Too products. Is Me-Too a long run game?
#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 RegTech will soon catch up with its big brother FinTech. Is it round the corner?
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 Alternative Lending, are we Over Writing the Under Writing.??
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 35 #FinTech Predictions for 2018 – By Piyush Singh – Fintech
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 Big Data: are we making sense/use of it, or just using it as a Jargon?
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 Fintech will take away jobs in Financial Service domain. Are you Skilled enough? Watch my Video series.
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 Digitalisation in MicroFinance Institutions have more problems than just Systems : Manage People, Process & Practices.
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 Increased Use of E-KYC post New RBI, PPI guidelines. AUA & ASAs will reap the Benefit..
#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 IndiaStack and FinTech Revolution..
"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 InsureTech & FinTech can Go Hand in Hand
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 WiFi on PoS Terminals
" I would take the liberty to start my thoughts with #AePS is the #DebitCardofRuralIndia & of Less Literate people".