Digital literacy had been a cause of concern for India but with the implementation of futuristic reforms like “Digital India” campaign instigated by the Central Government, the country is rising as a hub of innovation, says Dominic Vijay, Associate Vice President- Information Technology, ART Affordable Housing Finance (India) Ltd, in conversation with Rashi Aditi Ghosh of Elets News Network (ENN).
Aadhaar seeding is the new mandate to be followed across the BFSI sector to curb the menace of discrepancies in transactions. Will this ensure greater safety against malware attacks?
Certainly with Aadhaar being one of the most secure databases in the world. Also with two-way identification with IRIS and thumb and also the OneTime Password (OTP) Aadhaar has been decently futuristic and is now opening opportunities for safe transactions. You may find in the public domain that hacking into this system is tough as it is way better secured than Pentagon systems.
Your brand offer services to the unbanked segments of the society where digital literacy is a concern. What measures are you taking to uplift the digital quotient of your consumers?
Digital literacy is certainly to be boosted with government gunning for 2019 elections where there are a lot of incentives planned to be transferred in the form of subsidies and other such measures. Small businesses too will get huge credits in transacting online. Supported by strong telecom infra policy and internet being in everyone’s pocket I think digital literacy will not be a challenge. The Recent increase in the number of PoS machines across category b and c cities is an example of how much money has started circulating digitally which otherwise would have come through cash.
Technology interface has transformed the banking sector to a large extent. How do you rate the progression of Non-Banking Financial Companies (NBFCs) in this regard?
Fintech registrations and the new payment gateways are the answer. NBFCs with the hunger to serve the unserved really need to depend on the technology as the driver. The fast mover advantage with robust distribution model will surely be an edge for the NBFCs.