Vol. 20 No. 1 May 2021 `75 Pages 60 Loan Collections pg 6 Digital Transformation pg 12 Women Start-ups pg 22 Dvara KGFS pg 38 Telangana SCB pg 52 www.bankingfrontiers.com www.bankingfrontiers.live IT firms & their Re-Invention Mantra Presents Customizing for Customers oday is a day of specialists. Technology has been the biggest boon for all the segments in this area. Coming to the BFSI sector, where the possibility of differentiation is quite limited Towing to strong regulation, it is the spirit of customer enrolment, customer specialization, Customer preference and finally customer satisfaction. It is this technology which has also ensured that the customers expectations are also set higher and higher in terms of benchmark. CMOs, Chief Customer Heads, Innovation heads, HR heads, IT heads, Operation heads, Sales heads are all faster targeting the customer with specialization. Banking Frontiers is bringing together some luminaries from the BFSI sector and the Technology products and services providers to create an ongoing concept to promote customer Specialization and experience in the financial services and the fintech sector. This concept will be called as C4C and will have some interesting components. Date July, 7th 2021 Venue Virtual Summit Please reach out to following Managers to have an elaborate discussion on the program. Please contact for more information: Wilhelm Singh +91 - 773 838 7634 [email protected] Kailash Purohit +91 - 916 779 4613 [email protected] Dhara Thobhani +91 - 900 444 6027 [email protected] Editor’s Blog Manoj Agrawal Mobile : 98673 66111 Email : [email protected] May 2021 - Vol. 20 No. 1 Group Publisher : Babu Nair Group Editor : Manoj Agrawal Special Days Spread Happiness Editor : N. Mohan ovid’s 2nd wave has unleashed a lockdown that has sent us scurrying back to the safety of our homes. We were forced to Editorial Mehul Dani, Ravi Lalwani, V. Raghuraman Cpostpone our social and entertainment activities Research Editors V. Babu, Ratnakar Deole, into the future, awaiting W.A. Wijewardena, Sanchit Gogia, the arrival of safer times. K.C. Shashidhar, Dr L.S. Subramanian, Whether it is parties or Ajay Kumar picnics or watching movies Advisor-Alliances or dining out…..we have to Ateeq Siddique forsake them all for the time Marketing being. Kailash Purohit, Dhara Thobani, These activities may Rohit Kahar, Aditya Arya seem like luxuries, but in Events & Operations reality, they are necessary for our mental health. The lockdown and WFH Shirish Joshi, Stalin Saldhana, is slowly raising mental health problems, all over the world. Pramod Jadhav, Ashish Verma, There is one small way to alleviate the problem…which is, we must do Wilhelm Singh, Sneha Agrawal, our social interactions digitally. No…this does not mean we send even more Ramesh Vishwakarma greetings and good mornings to an even larger number of people. That does Design not help. We need more face time. So, one of the best ways to replace social Somnath Roy Choudhury, Sudarshan Herle isolation is video interactions and videos. Published By We at Banking Frontiers realized and have started thinking and acting Glocal Strategies & Services outside the traditional B2B box for publications like ours. We did our first D-312, Twin Arcade, Military Road, Marol, Andheri (E), Mumbai 400059, India. set of videos commemorating International Women’s Day, which you can Tel: +91-22-29250166 / 29255569 see at www.bankingfrontiers.live Fax: +91-22-29207563 Next, we picked up Mother’s Day to interview a dozen professional women and their children. The first such video was posted on your YouTube channel bankingfrontierslive, where the women share what problems they Printed & Published by Babu Nair on face and how they solve them. Soon, we will be releasing a video where the behalf of Glocal Strategies & Services and children share what they have learnt from their mothers and what more Printed at Indigo Presss (India) Pvt Ltd., Plot No. 1C/716, Off Dadoji Konddeo Cross they wish to learn. Road, Between Sussex and Retiwala Indl. Then Father’s Day is coming up soon. For this, we propose to interview Estate, Byculla (E), Mumbai 400027. children about their relationship with their fathers. We are looking for boys and girls in the age group 8-12, preferably the talkative types. If you work in Editor: Manoj Agrawal (Responsible for selection of news under PRB Act) the BFSI sector and wish for your child to participate, please let me know. So, we will keep exploring new ways to help you run your business more successfully and we will also be your partner in happiness. Banking Frontiers May 2021 3 N E W S Regulator BoE to open hub in Leeds Kuwaiti banks told to The Bank of England is set to open a ‘northern hub’ engage locals in England, as part of a The Central Bank of Kuwait has instructed drive to make the central local banks to appoint Kuwaitis in ‘leadership bank less London-centric. positions’, as part of a drive to create It intends to locate the more job opportunities for the country’s hub in Leeds, the largest nationals. A recent report by the Bank city in Yorkshire, where a had said the number of jobs in the country cash distribution center is decreased by 4.2% during 2020, recording slated to close in 2023. BoE the highest annual employment losses in Governor Andrew Bailey nearly 30 years, due to the repercussions of said in a statement having the corona virus crisis. The pace of foreign a greater proportion of the workers’ departure to be maintained workforce located outside during the coming period in the light of London and the South East will better enable the bank to support its mission. It also the proposed changes to the residency said it plans to expand its staff presence in other parts of the United Kingdom. It is law, the continued implementation of conducting a review to look at the number of staff involved and the timescale. The BoE policies which encourage companies to hire had regional branches for more than 150 years before they closed in the mid-1990s, Kuwaiti workers in lieu of foreign staff and although it maintained a network of representatives across the country, known as agents. the layoffs as companies continue to tackle the effects of the economic crisis. RBA to upgrade its service management system The Reserve Bank of Australia is seeking partners to help it migrate its service management system onto a software-as-a-service cloud platform. The central bank New brand identity for is looking for a platform that will integrate with its Microsoft Azure Active Directory Central Bank of Oman and support 1600 end-users. It wants a system that supports multiple service desks that provide support for IT, workplace, human resources, finance, risk management and workplace health and safety, and payment settlements services. The central bank said it is seeking the technology, implementation and integration services for a cloud- based service management solution which provides integrated capabilities across the following functional areas. The proposed tool should be able to operate in both office and mobile environments with user request and approval workflows available on mobile phones and tablet devices. RBI sets up advisory panel to help RRA (2.0) The Central Bank of Oman has a new brand The Reserve Bank India has set up an advisory group to assist the second Regulatory identity, which is aimed at better reflecting its Review Authority (RRA 2.0) which was constituted recently to streamline regulations role in Oman’s economic sector. The renewed and reduce the compliance burden of regulated entities. Headed by SBI Managing CBO brand reflects its role, aspirations and its Director S Janakiraman, the advisory group will assist the RRA by identifying regulations, core mandate through which the organization guidelines and returns that can be rationalized. The RRA 2.0 was set up, initially for a seeks to promote the well-being of the banking period of one year from 1 May 2021, with a view to streamline regulations and reduce and financial sector in the country, and thereby the compliance burden of regulated entities. RBI’s Deputy Governor M. Rajeshwar Rao contribute to enhancing the prosperity and was appointed as the Regulations Review Authority. The group will assist the RRA by the overall economic development of the identifying areas, regulations, guidelines, returns which can be rationalised and submit Sultanate. As part of the brand makeover, reports periodically to RRA containing the recommendations/suggestions. the new logo will have 2 significant elements - an icon featuring drawings and motifs and 2 non-bank entities now part of Mada of Saudi Arabia a wordmark comprising the name of the Saudi Payments, the Saudi Central Bank, SAMA’s wholly owned subsidiary, has added organization in Arabic and English lettering. Geidea Solutions and STC Pay to the national payment system (Mada) as the first 2 The National Emblem of the Sultanate non-bank entities. STC Pay has also been enabled to issue Mada cards, both digital and features at the center of the icon, which is plastic, which will allow customers to make electronic payments through points of sale surrounded by motifs derived from the Omani and websites, or to withdraw cash through ATMs inside the Kingdom. Geidea Solutions banknotes issued previously, vis-à-vis the 20 will be able to provide hosting services for POS devices to merchants directly and provide Rial banknote issued commemorating the them with POS devices with full services. Saudi Payments said it would continue to work 40th National Day and the 50 Rial banknote to enable financial technology companies to provide advanced payment solutions as part issued commemorating the 50th National of Saudi Vision 2030 Financial Sector Development Program (FSDP).