20 Important Lessons from “Rich Dad, Poor Dad”

Many people work very hard in their life, few work 10+ hours a day but eventually do not save much and never get rich.

Robert Kiyosaki, author of the book explains smart ways to escape this “rat race”. I have summarized the book for your quick, better understanding. Please note that this book has very big impact on my life and my goals.

Summary from the Book:

Angel Investment – Planys Technologies

📢 I’m excited to share that Planys Technologies, a deep tech startup I invested in early on, secured funding last quarter from the esteemed investor Ashish Kacholia.

Mr. Kacholia is renowned for his exceptional 🧠 ability to identify promising ventures with high growth 💹 potential. His recognition of Planys Technologies as a valuable investment is a strong endorsement of the company’s innovative technology and talented team.

While I may not have formal training in angel investing, this successful outcome reinforces my confidence in identifying promising early-stage companies. It’s particularly rewarding to see such a respected investor share my vision for Planys Technologies.

Tanuj Jhunjhunwala and his team have demonstrated amazing leadership in the past few years. I wish him continued success in scaling up further & globally.

deeptech investment startup PlanysTechnologies AshishKacholia angelinvestment

Banking Industry Trends of 2022

The banking industry has always been at the forefront of innovation, and the past few years have been no exception. In 2022, we have seen a number of significant innovations that are transforming the way banks operate and serve their customers.

One of the biggest trends in the banking industry has been the increased use of artificial intelligence (AI) and machine learning. Banks are using these technologies to improve fraud detection, assess and manage risk, and provide personalized recommendations to customers. They are also being used to automate certain tasks and processes within the bank, such as data entry and analysis, to improve efficiency and reduce errors.

Another major trend has been the development of mobile banking super-apps and online account management tools. These tools allow customers to access their accounts and perform banking transactions anytime, anywhere, using their smartphone or computer. Many banks have also introduced biometric authentication methods, such as fingerprint scanning and facial recognition, to enhance the security of these digital services.

Besides traditional banking services, we have also seen an increase in the development of new financial products and services that meet the changing needs of customers. This includes the rise of Robo-advisors, which use algorithms to provide personalized investment recommendations, and the development of new payment methods, such as mobile payment platforms and cryptocurrency.

Yes, blockchain technology will gain a larger foothold in the banking industry as well. Banks will start using it for cross-border payments.

Sustainable finance has also emerged as a major focus for many banks in 2022. In response to increasing demand from customers and investors, banks are developing financial products and services that support environmental, social, and governance (ESG) goals. This includes green bonds, which fund projects that have a positive impact on the environment and impact investing, which aims to generate both financial returns and positive social or environmental impacts.

Another trend in the banking industry has been the use of data analytics and customer insights to improve the customer experience. By analyzing data on customer behaviour and preferences, banks are able to offer more personalized and targeted services, such as personalized recommendations for financial products and services. The AI-based conversation chatbots have been the focus of customer delight. It uses the cognitive ability to understand and respond to customers instantly based on a vast knowledge of the financial industry. Mind you; it’s not just chatbots, it is artificial intelligent chatbots that will make waves in the coming days through hyper-personalization and automation.

Generative AI is one which is not talked about much today because of limited adoption, but soon it will become a trend in the banking industry, with the coming year starting its early adoption in the banking industry.

Besides these trends, we have also seen several other innovations in the banking industry in 2022. For example, many banks have implemented virtual reality (VR) and augmented reality (AR) technologies to enhance customer training and education. Some banks have also introduced chatbots and virtual assistants that can help customers with common inquiries, freeing up human customer service representatives to handle more complex issues.

The race towards “metaverse bank” has started, and banks want to provide virtual branch experience to new younger audiences who are more experienced in NFTs. With few banks already having launched metaverse banks in this year, next year is going to see widespread adoption of the metaverse ecosystem.

Overall, the banking industry has seen several significant innovations in 2022, with a focus on the use of technology, the development of new financial products and services, and the promotion of sustainable finance. These trends are helping banks to improve efficiency, reduce costs, and enhance the customer experience, and they are likely to continue driving innovation in the industry in the years ahead.

With CBDC launched, we need to see how many banks remain relevant in the coming years.

Not to forget that all financial institutions will become a technology company in the coming years !!!!

BFSI and Fintech Trends – H2 – 2024

The BFSI & Fintech Survey Report 2024, conducted by CIO News in collaboration with Grant Thornton Bharat, provides valuable insights into the current trends, challenges, and best practices within the banking, financial services, and insurance sectors in India.

Here are the key highlights from the report:

Digital Transformation in the Banking Sector

Banks are prioritizing customer-centric digital transformation initiatives to meet evolving customer expectations, comply with regulations, stay competitive, and enhance operational efficiency.

Key focus areas include legacy system modernization, cloud adoption, cybersecurity enhancement, customer experience improvement, and data analytics.

50% of surveyed banks are investing in AI/ML, 31% in data analytics, and others in technologies like chatbots, AR/VR, IoT, and quantum computing.

Banks are collaborating with fintech startups and third-party providers to drive targeted innovation and growth aligned with business needs.

Customer Experience (CX) in the Banking Sector

82% of surveyed banks rate CX as extremely important to their strategy, with 18% rating it as important.
Banks regularly seek customer feedback to deliver an optimal CX, with CSAT (53%), NPS (29%), and CES (13%) being the primary metrics used to gauge changes in customer satisfaction.
Strategies to enhance CX include proactive customer engagement, leveraging predictive analytics to anticipate customer needs, and providing personalized offerings, conversational AI, and a blend of digital and human touch.

Cybersecurity Practices in the Banking Sector

Banks focus on employee training and awareness programs to strengthen their cybersecurity, with varied training frequencies: quarterly (44%), annually (13%), semi-annually (19%), and during induction (24%).
42% of banks conduct comprehensive cybersecurity risk assessments quarterly, 34% annually, and 24% semi-annually.
Key cybersecurity investments include endpoint detection and response (24%) and SIEM systems (21%), with 48% of surveyed banks using end-to-end encryption for sensitive communication.
Strategies for managing cybersecurity risks include data encryption, continuous monitoring, incident response planning, and collaboration with external experts.

Trends in the Insurance Sector

The insurance sector is focusing on enhancing customer experience and operational efficiency as high-priority areas.
Adoption of advanced technologies like AI and IoT is being leveraged for data analytics, customer service, and real-time insights.
Success is measured through increased customer satisfaction and operational efficiency improvements.

Challenges in Digital Transformation

Resistance to change, integration with legacy systems, talent shortages, budget constraints, and data security concerns are the primary challenges faced by banks and insurers in implementing digital transformation.

The Way Forward

Banks and insurers are prioritizing AI implementation, enhancing digital banking experiences, establishing innovation labs, and elevating customer satisfaction to enhance competitiveness, streamline operations, and effectively meet the changing needs of customers.
Collaboration with fintechs and third-party providers, leveraging external expertise to drive targeted innovation and growth aligned with business needs, is a key strategy being employed by the sector.

The BFSI & Fintech Survey Report 2024 offers valuable insights for stakeholders seeking to navigate the rapidly evolving digital landscape and stay competitive in the banking, financial services, and insurance sectors. By understanding the current trends, challenges, and best practices, organizations can align their strategies and investments to deliver superior customer experiences, enhance operational efficiency, and ensure cybersecurity resilience.

BNPL Risks

BNPL – Risky Bet?

The Buy Now Pay Later (BNPL) model is a popular payment plan for small holiday purchases, such as furniture, appliances, electronics, and sporting goods. To earn this plan’s benefits, the seller must offer the product for sale on their website during a specified period. Sometimes during this time period, consumers are required to make a down-payment or otherwise deposit funds into an account held by the seller. When the purchase date arrives, the consumer pays only a partial amount and is then responsible for the balance upon delivery of the product. While this type of payment plan often sounds as if it would offer greater protection to consumers, what risks do lenders face when they offer this type of financing?

Risk associated with BNPL

Potential risks from the business perspective include:

Declining sales

When the seller has set a specific start date for their “sale,” customers are probably less likely than usual to purchase on that day. Because customers are influenced by the start date, this may also discourage them from purchasing in the future.

Creditors not receiving payment

BNPL agreements place consumers in a position of financial responsibility for products they have purchased before they have received them. For some consumers, this is a result they could have expected and planned for. However, others may be surprised to find that the only source of funds available to repay their loan is the sale of their product, resulting in payment delays or non-payment altogether.

Consumer awareness

BNPL agreements are typically communicated through the seller’s website and on their sales flyer. While many consumers read such materials, others may not realize that they are creating an obligation to purchase an item of value. Therefore, consumers who do not comply with the agreement must be given additional information by the lender, which can also lower the success rate of BNPL financing.

Some companies that offer to buy now pay later services include BuyEasy.com, BuyLater.com , ZippyPay.com.

Why it is risky to buy using BNPL?

The decision to buy now and pay later is indeed a risky business. With sites like Rent-to-Own, which will allow you to purchase items with the option to pay in installments with no credit check, you can get things you can’t afford just yet with little or no hassle. But is this really wise?

There are many risks involved in these types of transactions. One of the most obvious is the interest rate; it will be much higher than if you could get a credit card or bank loan.

This is especially true if you have low credit and lack the ability to qualify for a traditional loan. This can prove very costly, especially if the item is something you really need or if it’s a very expensive item.

But there are other issues as well, and they are often not so obvious. For example, let’s say you’re trying to buy a car. You’d like to purchase one that has only four thousand miles on it, but you budget only three grand for the car. You’d happily pay three grand for the car (with a $200 warranty) but the dealer won’t let you drive out of the lot until you’ve paid five grand.

How much of a deal is this? You’re going to be paying way more in interest than if you had done something else that was much simpler and less risky.

The problem with these kinds of deals is that they often have hidden fees and conditions that will probably come back to bite the buyer.

If this is how you have to buy things, then you need to make sure that you are aware of your rights and how these types of deals work. You’ve heard the classic expression “Buyer Beware”; well it’s certainly true for buying now and paying later.

Paying over time reduces the risk of buyer’s remorse. If you are thinking about buying something, you may fall in love with it, but then change your mind when you actually have it at home.

This may only work if you’re not buying items that have a high resale value, so it doesn’t work for buying stuff like furniture or electronics.

If you’re paying for things over time and then end up going into debt, then it may be a good idea to cancel the payments and refocus on paying down the balance.

Summary

Many people who use buy now, pay later don’t actually have a big problem with debt and are using it as a way to save money. They certainly may not be putting their finances at risk, but that doesn’t stop them from being wrong about the concept.

Card as a Service (CaaS)- The Future of Digital Finance

Finance is undergoing rapid transformation, with new technologies shaping how businesses and individuals handle money. One of the most exciting innovations in digital finance trends is Card as a Service (CaaS). This concept allows businesses to issue and manage payment cards without needing to build their own infrastructure. As embedded finance becomes more popular, CaaS is emerging as a powerful tool for companies looking to enhance customer experiences and streamline financial transactions.

What is Card as a Service (CaaS)?

Card as a Service (CaaS) is a financial solution that enables businesses to offer customized payment cards to their customers without requiring a banking license. Companies can integrate this service into their existing platforms using APIs provided by FinTech companies. CaaS helps businesses issue debit, credit and prepaid cards with unique branding and features tailored to their customers needs.

How Does CaaS Work?

API Integration – Businesses connect to a CaaS provider via APIs to issue cards.
White-Labeling & Customization – Brands can launch custom-branded payment cards under their name.
Virtual & Physical Card Issuance – Supports instant virtual card issuance and physical card distribution.
BIN Sponsorship & Compliance – Providers handle PCI DSS compliance, BIN sponsorship and fraud prevention.

Top Card-as-a-Service Providers in 2025

If you’re looking for a CaaS provider, consider these key players:

Marqeta – Leading API-based card issuing platform
Stripe Issuing – Popular for virtual and physical card issuance
Galileo (SoFi) – Supports FinTech and embedded finance solutions
Railsr (formerly Railsbank) – Great for white-label card programs
Visa Ready BIN Sponsors – Partner with Visa-backed CaaS providers

Key Factors When Choosing a CaaS Provider:

API flexibility & developer-friendly docs
Support for virtual & physical cards
Compliance (PCI DSS, AML, KYC)
BIN sponsorship availability
Pricing (transaction fees, setup costs)

Why is CaaS Important in Today’s Financial World?

With the rise of global finance trends, businesses are looking for new ways to provide seamless financial solutions. Here are a few reasons why Card as a Service is becoming essential:

Enhancing Customer Experience- Offering branded payment cards improves customer engagement and loyalty.
Simplifying Transactions- Businesses can integrate cards into their platforms for smooth digital payments.
Boosting Revenue Streams- Companies can generate revenue from card transactions and related services.
Enabling Financial Inclusion- Startups and small businesses can offer financial products without a banking license.

How CaaS Fits into the Future of Payments?

As businesses embrace future payments, they need flexible and scalable solutions. Card as a Service meets this need by enabling companies to provide payment solutions tailored to specific markets. With the increasing adoption of embedded finance, businesses can seamlessly integrate CaaS into their platforms, allowing customers to access financial services easily.

The Role of CaaS in Digital Finance Trends

The growing demand for digital transactions is driving the adoption of Card as a Service. Businesses that integrate CaaS can leverage key finance trends such as-

- Contactless Payments- More consumers prefer tap-and-go transactions.
- Subscription-Based Services- Businesses can offer monthly or annual card-based plans.
- Cross-Border Transactions- Companies can provide global payment solutions.
- Data-Driven Financial Services- CaaS allows businesses to gather insights from customer spending habits.

How Businesses Can Benefit from CaaS?

Businesses of all sizes can benefit from Card as a Service. Here’s how-

E-commerce Platforms– Online stores can offer branded cards to customers for cashback rewards.
FinTech Startups– New FinTech firms can launch payment solutions without heavy investment.
Retail Chains– Stores can provide loyalty-based payment cards to customers.
Subscription Services– Companies offering digital content or memberships can integrate payment cards for seamless billing.

Challenges and Future of CaaS

Despite its advantages, Card as a Service faces challenges such as-

Regulatory Compliance– Businesses must follow financial regulations.
Security Concerns– Protecting customer data is crucial.
Market Competition– More companies are entering the CaaS space.

However, with ongoing innovations in global finance trends, the future of CaaS looks bright. As businesses adopt embedded finance, more industries will integrate card-based solutions into their services.

Final Say:

Card as a Service (CaaS) is shaping the future of digital transactions. By leveraging finance trends and future payments technologies, businesses can offer seamless financial solutions to their customers. It is clear that CaaS will play a significant role in the financial ecosystem. As more businesses embrace this model, we can expect to see greater financial inclusion, innovation and convenience in payments. Let us know which finance speaker talks about it!

Frequently Asked Questions (FAQs)

What is Card as a Service (CaaS)?
Card as a Service (CaaS) is a financial solution that enables businesses to issue and manage payment cards without needing a banking license. It allows companies to integrate digital payment solutions seamlessly into their platforms.
How does CaaS fit into embedded finance?
Embedded finance integrates financial services into non-financial platforms. CaaS enables businesses to offer payment solutions as part of their services, improving customer experience and streamlining transactions.
What are the key global finance trends driving CaaS adoption?
Increasing digital transactions, demand for contactless payments, cross-border commerce and personalized financial services are some major global finance trends influencing CaaS growth.

Digital Transformation in BFSI – Changing the Way We Bank and Manage Money

The world is moving fast and so is the way we handle our money. The Banking, Financial Services and Insurance (BFSI) sector is no longer just about traditional banking. Thanks to technology, the BFSI sector is going through a massive change called digital transformation. It’s not just about using new tools, it’s about rethinking how financial services work. In this blog, we’ll learn how digital transformation is reshaping the BFSI sector, why it’s important and what it means for the future of banking and finance.

What is Digital Transformation in BFSI?

Digital transformation in BFSI is all about using technology to improve how banks, financial services, and insurance companies operate. It’s not just about having a mobile banking app or a website. It’s about using technology to make services faster, smarter, and more personalized. Think of AI-driven financial advice, instant loan approvals, or even blockchain-based secure transactions. These are all part of the digital transformation.

The BFSI sector has always been quick to adopt new technologies. But with the rise of FinTech (financial technology), things are moving even faster. Banks and financial institutions are now using technologies like artificial intelligence, blockchain, cloud computing, and data analytics to stay ahead of the game.

Why Does Digital Transformation Matter in BFSI?

Better Customer Experience – Today’s customers want fast, frictionless, and personalized services. Digital transformation allows banks to offer 24/7 access to services through apps, chatbots, and online platforms. This makes customers satisfied, engaged and more loyal.

Smarter Decisions – With digital tools, banks can collect and analyze huge amounts of data. This helps them understand customer behavior, predict trends, and make informed decisions.

Improved Security – As more financial transactions happen online, security becomes crucial. Digital transformation in BFSI helps banks use advanced encryption and fraud detection systems to keep customer data safe.
Staying Competitive – Fintech startups are shaking up the traditional BFSI players. To stay relevant, banks need to embrace digital transformation and offer innovative solutions.

Key Technologies Driving Digital Transformation in BFSI-

Artificial Intelligence (AI) – AI is changing the game in BFSI. It powers chatbots that handle customer queries, helps detect fraud, and even predicts market trends.

Blockchain – This technology makes financial transactions more secure and transparent. It’s used for things like cross-border payments and smart contracts.

Cloud Computing – Cloud technology lets banks store and process data more efficiently. It also helps them scale their operations quickly and cost-effectively.

Big Data Analytics – By analyzing large amounts of data, banks can understand customer behavior better, manage risks efficiently, and create targeted marketing campaigns.
Internet of Things (IoT) – IoT devices, like smartwatches, smart glasses are being used to offer innovative financial services. For example, some insurance companies use IoT data to offer personalized premiums based on a customer’s health and lifestyle.

Challenges in Digital Transformation in BFSI –

While digital transformation brings many benefits, it’s not without challenges –

Cybersecurity Risks – As more services go online, the risk of cyberattacks increases. Banks need to invest in strong security measures to protect customer data.

Regulatory Compliance – The BFSI sector is highly regulated. Banks must ensure their digital transformation efforts comply with local and international laws.

Outdated Systems – Many banks still use legacy systems that aren’t compatible with new-age technologies. Upgrading these systems can be expensive and time-consuming.
Skill Gaps – Implementing digital transformation requires skilled professionals, but there’s a shortage of talent in areas like AI, blockchain, and data analytics.

The Role of Leadership in Digital Transformation-

Leadership is key to driving digital transformation in the BFSI sector. A strong leadership keynote speaker or finance keynote speaker can inspire organizations to embrace change, and innovate. Leaders need to –

Communicate the Vision – Employees need to understand why digital transformation is important and how it will benefit the organization.
Encourage Innovation – Create a culture where employees feel comfortable experimenting with new ideas and technologies.
Invest in Training – Provide employees with the skills they need to succeed in a digital-first world.
Collaborate with Fintech Startups – Partnering with FinTech companies can help banks accelerate their digital transformation efforts.

Digital Transformation in India’s BFSI Sector

India is one of the fast-growing markets for digital transformation in BFSI. With a large population of technologically proficient consumers, the country is seeing a surge in digital banking and FinTech adoption. Government initiatives like Digital India and UPI (Unified Payments Interface) have further boosted this trend. With digital transformation in banking and financial services, banks are not just adapting to change but leading the way in creating a more connected and customer-centric financial ecosystem.

Mumbai, India’s financial capital, is at the center of this transformation. Many FinTech speakers in Mumbai and finance keynote speakers in India are leading the conversation on how technology can reshape the BFSI sector. From digital payments to blockchain-based solutions, Indian banks and financial institutions are setting new standards for innovation.

The Future of Digital Transformation in BFSI-

The future of the BFSI sector is digital. As technology evolves, we can expect even more innovative solutions. Here are some trends to watch –

Hyper-Personalization – Banks will use AI and data analytics to offer highly personalized financial products and services.

Open Banking – Open banking APIs will let customers share their financial data with third-party providers, leading to more innovative services.

Digital-Only Banks – The rise of neobanks (digital-only banks) will push traditional banks to innovate.
Sustainable Finance – Digital transformation will enable banks to offer green financial products and support sustainable development.

How a FinTech or Finance Speaker Can Help?

Navigating the world of digital transformation in the BFSI sector isn’t easy. It requires strong leadership, a clear vision, and the right guidance. This is where a finance speaker or FinTech speaker in India can make a significant difference. These experts bring real-world experience, actionable insights, and proven strategies to help businesses build the skills needed to succeed in the fast-changing FinTech landscape.

Among professional speakers, Biren Parekh stands out, A leading FinTech speaker in India. With 27+ years of experience in the BFSI sector, I have been a driving force behind innovation and digital transformation. My expertise spans banking and financial services, leadership management, and digital innovation, making me a sought-after keynote speaker in India. My ability to simplify complex ideas and provide actionable advice has helped numerous organizations embrace change and stay ahead in the competitive FinTech space.

If you’re looking to transform your business and lead with confidence, learning from experts like me can be a game-changer. In the world of digital transformation in BFSI, the right guidance can turn challenges into opportunities and pave the way for a brighter, more innovative future.

Fintech Disruptor

One might remember banking experiences three-four decades back. When you go to the bank to update the passbook, you drop it in a basket and go back the next day to collect it. The process took so long since the banker had to reconcile entries from a huge B4 size ledger book and manually update the entries in the passbook. Gone are those days!!! The banking industry has come a long way from the 80s and 90s. Today, digital banking gives us notifications on a real-time basis with a tap on mobile or wearables – be it transactions, bank balance, or statements.

While banks have transformed themselves with innovative digital offerings, several incumbent and Neo banks have made a significant dent in traditional revenue with their innovative digital transformation initiatives. To sustain high growth and customer retention, traditional banks need to traverse the extra mile and develop hyper-personal relationships with customers turning apathy into emotional connection.

These days, a frictionless digital banking experience is inevitable to maintain or increase the market share of the banks. Omni-channel experiences, smart onboarding, microservices-based architecture, cloud-native approach, or automation – these are de facto expectations from the banks. The main reason behind these high expectations is Fintechs, raising the bar for banks in the post-pandemic world. Millennial and Gen-Z customers are now looking for an exceptional banking experience in all areas, not isolated service.

To ‘provide value for the money’ or exhibit customer-centricity, banks ought to step up their game plan by increasing their focus on innovative offerings. With over 26,000 Fintechs operating worldwide, banks have to go beyond their usual territory and provide hyper-personal curated banking experience by embracing ML, NLP, and open APIs. Not only do legacy banks need to innovate and implement, but even central authorities like RBI should become liberal and revise their policies to promote healthy competition and innovation culture across the BFSI segment. Several innovative initiatives are becoming mainstream because of Fintechs, which can be adopted by banks in a phased manner. Banks can embrace following leading-edge technology to remain ahead of the cut-throat competition.

Enable Composable banking whereby the customer is not tied to a specific vendor, product, or technology. For an instance, Mambo provides over 4000 products from different banks, NBFC, and Fintechs on its platform.
Augment innovation quotient like ENBD, which provides an additional interest rate based on the number of daily steps (5k or more) taken by individuals. They are also planning similar benefits for other exercises like swimming, etc.
Enable community banking by providing Value-added services to Gig workers, LGBTQ, senior citizens, or disabled customers to cater to their specific needs.
Implement platform banking by integrating value-added services from Fintechs or others to provide a holistic experience to maintain customer loyalty.
Increase customer engagement through gamification to attract kids and teens to build brand loyalty early on.
Develop AR Tool for personal finance management as done by Westpac.
Provide AR/VR experience to the customer whereby they can visit the virtual mall for a shopping experience through All-in-one SuperApp.
Provide 24×7 chatbots using AI and ML.
Combine AR/VR with AI to create seamless, immersive experiences for the customer, say for virtual branch visits, thereby creating loyalty, brand building, and arresting customer attrition.
Use alternative data for taking decisions, like predicting default risk. This can be innovatively inferred based on behaviour and personality traits captured in social media. This can help the bank speed up recovery or restrict future lending.
Bring assurance or options to customers that the bank’s profits or part of it will be invested only in “Clean energy” to reverse the climate crisis like Swipe.
Develop an algorithm to link likes on social media to the interest rate.
Provide Goal-based savings options to facilitate healthy savings.
Provide multi-lingual AI and Robo advisors, ranging from personal finance to goal-based investments.
Boost customers’ credit scores by providing micro-loans to step up their borrowing capacity.
Propose smart vehicle insurance which can adjust your premium amount depending on your usage, location, driving style, and discipline.
Use of IoT in ATMs to sense queue length and provide an option to an exception in authentication based on a customer’s past transaction history.
Use of smart contracts to allow users to take out a short-term loan using Ether as collateral.
Bring out voice-enabled payments for visually impaired or handicapped people.
Automate claim payment minus manual filing, in case a flight gets delayed beyond a certain agreed duration as per insurance policy .
Use novel biometric security like iris recognition, palm vein patterns, or retinal scanning.
Offer contact-less, gesture-based ATM transactions like the one developed by Motion Gestures.
Embedded Rounding off to nearest pre-defined unit to create either investment pot with delta money or help achieve goals that emotionally engage them.
Implement blockchain for immutable records and security and speed up money flows for a variety of transactions like property registrations, funds transfer, supply chain, trade finance, and payments transactions.

Few of these suggestions will certainly bring loyalty among happy and satisfied customers. This type of digital transformation will also increase employee engagement. This results in higher productivity, accurate predictions, and decision-making.

Digital transformation is full of risks and challenges. Organizational challenges, data governance, data privacy, cultural mindset, compliance risks, regulatory risks, or lack of skilled resources can become roadblock but it can be addressed in innovative ways. But this puts brakes on the delivery and execution of the initiatives. However, for the larger benefit of shareholders and investors, banks need to show the same agility as Fintechs to survive and grow.

As Darwin’s law of Survival of the Fittest suggests, only Agile and customer-centric futuristic banks will flourish and fare well in the future; rest will get acquired.

History of insurance

I was talking to my insurance agent for renewing my car insurance. This is when my 10 year old kid asked, “Dad, what is insurance and why do we need it?” After my call, I explained to him that this is to cover risk in case, any unforeseen event occurs. Again, my kiddo asked out of curiosity as usual that who started it? This is when I started scratching my almost bald head. I immediately googled it & learned how it started & why it started and explained to my son. What I learned was bit surprising for me as well. Read More…

India Budget 2019 – My views

Happy to share that my views on India’s interim budget for 2019 were published on CFO India web-site – https://www.cfo-india.in/article/2019/02/05/industry-bigwigs-decode-budget-2019

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