Panel Discussion – Financial Technology with Robust Payment System: Need of Hour for Banks, Financial Services and Insurance providers

BFSI CTO Summit – Panel Discussion – Financial Technology with Robust Payment System: Need of Hour for Banks, Financial Services and Insurance providers

Suresh A Shan

Suresh A Shan, Head – Innovation & Future Technology, Mahindra & Mahindra Financial Services Limited

Two to three years down the line, we will see the maximum use of paperless transactions. I expect banks to play a major role in this regard by bringing more and more services boosting up the digitisation.”

Rajeev Arora

Rajeev Arora, Chief Operating Officer, Fino PayTech

If you think of risks in going digital, you should understand there is risk in anything new and innovatory. We have to accept this risk involved in the banking sector to bring a breakthrough change. We’ve to welcome technology in order to avoid transactional cost (Logistics cost) that is involved in cash transactions.”

Amar Chakravarty

Amar Chakravarty, Chief Information Officer, SBI General Insurance

Need for advanced electronic payment system is essential and we are late in this endeavour. If you go abroad and pay them in cash with a high denomination, you will find a discomfort in their behaviour. In India, we should reduced cash acceptability to ensure customers’ safety and banks can also reduce transaction cost.”

Biswabrata Chakravorty
Biswabrata Chakravorty

Biswabrata Chakravorty, Chief Technology Officer, Cigna TTK Health Insurance

Every consumer wants the transaction to be convenient and cash-free transaction is the biggest and easiest option available pertaining to convenience. Cashless transactions do away with many hassles like handling paper money, transactional cost and error in computing the correct value.”

Sumnesh Joshi
Sumnesh Joshi

Sumnesh Joshi, Assistant Director General, UIDAI, Government of India

In our case, E KYC (Know you Customer) is a game changer. When we talk about authentication getting document all the time and verifying it’s time taking. So initiatives like Aadhaar which is already authenticated and duplication of data is impossible. Since every individual has been given a separate and unique Aadhaar number and the number is linked with the Biometric system, cent percent authentication is possible.”

Mukesh Malik
Mukesh Malik

Mukesh Malik, Chief Operating Officer, Aditya Birla Financial Services Group

Banking space has seen many regulatory innovations in last decade. Banks have enabled many payment gateways which help in moving 93 percent money to the bank electronically. Banks are becoming more and more flexible with non – banking players that are offering many ways of payments. It is important for banks to be open to technological advancements to catch up with the time.”

Lalit Popli
Lalit Popli

Lalit Popli, Head IT, ICICI Prudential Asset Management

Use of upgraded technology in payment gateways is very beneficial. But for availing its optimum benefits, the companies have to invest in good payment mechanisms to avoid losing customer. It’s important to build consumer’s trust by ensuring her/him with a safe and secure transaction. It will help you in getting off all paper transactions and go digital.”

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