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Vol. 19 No. 6 October 2020 `75 Pages 52 Magma Fincorp pg 8 3D Economy pg 16 Merge & Surge pg 32 Gayatri Coop Bank pg 41 www.bankingfrontiers.com www.bankingfrontiers.live CREATIVE DATA MARKET MEDIA CONSUMER COMPETITION CUSTOMER ROI GROWTH BEHAVIOR Defining A Marketing Genius Welcomes you to FCBA 2020 FRONTIERS IN COOPERATIVE BANKING AWARDS Rising to Nnew rmal NCBS & FCBA Awards Conference The world has redefined itself and is not going to be the same again. The Cooperative sector which has undergone a sea of change in the past few months is today forced to look into totally new realms of business in this digital world aided by social distancing. Welcome to the world of New Normal and it calls for out of the box strategies to rework the people, products, processes and technology strategies to ensure survival and Growth of the sector. Needless to say, FCBA 2020 the 14th Edition of your favourite FCBA Awards and the National co-operative Banking summit is scheduled to be held Digitally to be in line with the New Normal keeping in mind the safety and wellbeing of the sector and the participants. We have chosen to make it Digital and global. Date: 11 - 12 December 2020 Time: 11:00 am - 06:00 pm For detail please contact: Wilhelm Singh +91 - 773 838 7634 [email protected] Kailash Purohit +91 - 916 779 4613 [email protected] Editor’s Blog Manoj Agrawal Mobile : 98673 66111 Email : [email protected] October 2020 - Vol. 19 No. 6 Group Publisher : Babu Nair Group Editor : Manoj Agrawal Editor : N. Mohan Editorial New Unicorns Coming Mehul Dani, Ravi Lalwani, V. Raghuraman or the past several decades, the trend Research Editors has been to buy ready made software V. Babu, Ratnakar Deole, products that fit the business needs, W.A. Wijewardena, Sanchit Gogia, F and then make modifications or additions as K.C. Shashidhar, Dr L.S. Subramanian, required. This has yielded a huge amount of Ajay Kumar operational efficiency and improved control. Advisor-Alliances In fact, this methodology made technology Ateeq Siddique the DNA of banks. In the recent mergers Marketing among PSU banks, technology synergy was Kailash Purohit, Dhiraj Mestry, the main consideration. If these mergers had Dhara Thobani, Rohit Kahar happened a decade or two ago, considerations Events & Operations about business synergies would have been Shirish Joshi, Stalin Saldhana, the foremost. In today’s era, technology synergy is leading business synergy. Pramod Jadhav, Ashish Verma, Will technology dictate future synergies as well? What is observed these days is that Wilhelm Singh, Sneha Agrawal, Samata Mestry, Ramesh Vishwakarma the focus is shifting from operational efficiency to customer appeasement and since there is a diversity of customers, the technology choices are also becoming diverse. Design And that has become the mantra of digital transformation. While technology Somnath Roy Choudhury transformation was defined by the destination, digital transformation is a journey, Published By a never-ending journey. Glocal Strategies & Services D-312, Twin Arcade, Military Road, Marol, As each bank chooses its own direction in this journey, the trend is gradually Andheri (E), Mumbai 400059, India. shifting from buying ready to use packaged software towards developing more and Tel: +91-22-29250166 / 29255569 more systems inhouse, particularly the customer facing systems. Low code systems, Fax: +91-22-29207563 DevOps and others enablers are also facilitating this transition among banks. And since banks are accelerating on the journey of digital transformation, they have lesser patience to wait for the software vendors to develop the desired features. Printed & Published by Babu Nair on And then comes machine learning, where for all practical purposes, the training behalf of Glocal Strategies & Services and Printed at Indigo Presss (India) Pvt Ltd., data develops the software. Plot No. 1C/716, Off Dadoji Konddeo Cross Clearly, banks have become technology companies themselves. While technology Road, Between Sussex and Retiwala Indl. was their operational DNA, now it is also their growth DNA, and for this they Estate, Byculla (E), Mumbai 400027. will need new kinds of technology partners, and these could include cloud Editor: Manoj Agrawal (Responsible for specialists, data management specialists, security specialists, business continuity selection of news under PRB Act) specialists, etc. The decade ahead promises to be exciting for those coming up with innovative ways to support the BFSI sector’s new approach towards technological transformation. I am eagerly looking to see the new unicorns. Banking Frontiers October 2020 3 N E W S Regulator 7 central banks publish report on CBDCs RTGS facility will be Seven central banks along with the Bank for International Settlements available 24 hours have come out with a report identifying The Reserve Bank of India is proposing the foundational principles necessary to start round-the-clock availability for any publicly available Central Bank of real-time gross settlement (RTGS) Digital Currencies (CBDCs) to help facility from December 2020 for swift central banks meet their public policy payments. Governor Shaktikanta Das said objectives. The 7 central banks involved while announcing the Monetary Policy in the compilation of the report are the Committee’s decisions that this step will Bank of Canada, the Bank of England, improve the ease of doing operations. the Bank of Japan, the European He said India will be among very few Central Bank, the Federal Reserve, countries globally with a 24x7x365 large Sveriges Riksbank and the Swiss National Bank. BIS said the report highlights three value real-time payment system. As of key principles for a CBDC: now, RTGS is available on all days when u Coexistence with cash and other types of money in a flexible and innovative bank branches are functioning, (including payment system. those Saturdays when banks are open). u Any introduction should support wider policy objectives and do no harm to The minimum amount allowed to be monetary and financial stability. remitted through RTGS is `200,000 and u Features should promote innovation and efficiency. there is no upper limit. Based on these principles, the group has identified the core features of any future CBDC system, which must be: u Resilient and secure to maintain operational integrity. u Convenient and available at very low or no cost to end users. Saudi Arabia introduces u Underpinned by appropriate standards and a clear legal framework. new polymer note u Have an appropriate role for the private sector, as well as promoting competition and innovation. Chinese central bank does digital currency transactions The People’s Bank of China said the sovereign digital currency it has developed has been used for transactions worth more than 1.1 billion yuan (US$162 million) as part pilot programs. The central bank’s Deputy Governor Fan Yifei, speaking at the Sibos Conference, said some 3.13 million transactions have been processed using the currency, which has been undergoing tests for the last one year. These transactions have been done in major cities in the country. He said the pilot programs made Saudi Arabia has issued a new polymer positive progress, with more than 6,700 use cases implemented as of late August banknote of Riyal 5 denomination, the Saudi for transactions ranging from bill payments and transport to government services. Arabian Monetary Authority (SAMA) said. He added that the central bank regards digital renminbi as an important financial This is a step towards developing a new infrastructure for the future. The currency is being used for multiple payment national currency, the central bank said, methods, including bar code, facial recognition and tap-and-go transactions. The explaining that the new note is made of Chinese government also used e-yuan red packets, in cooperation with the Shenzhen materials that contain ‘security technologies’ government, to reward about 5000 medical and health care workers involved in the and material that make it ‘safe and more treatment of covid. environmentally friendly’. The note is also made to withstand different conditions, Sri Lanka launches LANKAQR initiative such as different temperatures and moisture, The Central Bank of Sri Lanka has launched the national LANKAQR initiative, aimed not to be damaged when folded and is also at moving the country towards a less-cash society. LANKAQR code was introduced resistant to dirt. The central bank said the by the central bank together with licensed financial institutions and LankaClear with components used in the note are from Saudi the aim of moving towards a less-cash society while increasing financial inclusion in petrochemical materials. The design of the the country. LANKAQR enables customers to make payments directly from their new note includes on its face a picture of the bank accounts to accounts of merchants or service providers, using payment apps of King Salman and a picture of the Shaybah LANKAQR certified financial institutions. The central bank said this is a low-cost field in the Empty Quarter, in addition to digital payment solution, which targets small and medium enterprises especially. the shape of the transparent window that Customers will not be charged for using LANKAQR-based payments. Merchants contains motifs inspired by the logo of Saudi are provided with the LANKAQR printed sticker free of charge by the member Vision 2030. The back of the paper includes a institutions of LANKAQR to be displayed at their places of business. view of wildflowers from the Kingdom. 4 Banking Frontiers October 2020 Pandemic Fallout Digital KYC can handle 20x applications a day The associated cost to process credit card and loan applications by banks has come down significantly: ankBazaar was one of the first tele-medicine, banking cannot afford fintechs to realize the advantage to be left behind. Financial institutions, Bof digital KYC and partner with regulators, and the government need to leading banks and credit card issuers work together to stay one step ahead so to facilitate contactless access to credit that the impact of any future disruption cards.
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