Demystifying Different Types of KYC
[vc_row][vc_column][vc_column_text]Understand the KYC types, their accessibility to financial institutions, and compliance safeguards around each of them from Authbridge, one of the industry experts on KYC.[/vc_column_text][vc_empty_space][vc_column_text]KYC or Know Your Customer / Know Your Client is a widely used process in the Financial services sector. From account opening, lending, collections, insurance issuance, securities trading to fraud and […]
How is DEPA transforming India’s Financial Landscape?
How is DEPA transforming India’s Financial Landscape? The Data Empowerment and Protection Architecture(DEPA) is a consent-based data-sharing framework created by NITI Ayog. Exponential growth in smartphones and reduction in internet bandwidth has generated tremendous individual data. This data encompasses both structured data and unstructured data. Structured data includes financial information, taxation, business, utilities, and unstructured […]
Integrated API : Transition from development to release
Integrated API : Transition from development to release Over the past decade, the world has been slowly moving from a mobile-first to an API-first approach. API has become a key ingredient in software development. There is a critical role in enabling organizations to expose their business functionalities and data for the consumption of other players […]
TOP OPEN BANKING INITIATIVES IN INDIA 2020
The decade started with a lot of expectations and significant changes in the Banking sector. COVID has posed many challenges and changes to the business community, and the Banking sector was no different. However, Banking sector has realized the need for digitization, and seamless open banking infrastructure is the key to achieve it. This report […]
Are you Setting up Lending Fintechs / NBFC : Where to start? Part 3
Platforms – Think Client First Before the arrival of Fintechs, the lending in Banks and NBFCs was merely focused on automation of back-office processes like loan account opening, disbursal, and collections. There was limited focus on the simplification of customer onboarding, underwriting, and engagement. Interestingly, I recently had a discussion with a leading bank focused […]
Banks will become like Fintech: Impact of Covid-19
Banks always wanted to become like Fintechs in terms of speed of action as well as market attractiveness (coolness factor!!!). Many bankers wanted to join Fintechs for learning digital. However, most banks have still managed to make zero digital revenues to date. The reasons for the same are not difficult to find: The abundance of […]
Open Banking-Next big trend in Financial Services
Open Banking has been one of the major derivatives of API Economy or APIfication- complete evolution of new business model around Banking services delivered through APIs. Bank Open is one of the success stories around Open Banking in India where it builds a platform to provides accounting services along with Banking for SME customers. SME […]
What would be the role of humans in Banks of the future?
As we look at evolving business models and customer expectations, we believe that Banking (or any Financial Service) would completely move to customer self onboarding and self-servicing. The entire framework would be supported by Artificial Intelligence and Machine Learning (and other technologies), and everything from marketing to sales to credit to ops would get automated. […]
Insourcing of Technology: Banks are getting it right
Technology is moving fast from “cost center” to “business / value center” In my article “Key Fintech Trends of 2018”, I had predicted that banks will start moving away from outsourcing of technology and will insource key areas like customer onboarding, omnichannel platform, analytics etc. This has started happening across leading banks in India as well […]