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Digital Financial Empowerment presentation by Mr Amit Saxena, MD & CEO UAE Exchange India

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MD & CEO, UAE Exchange India, Mr Amit Saxena was the speaker at 13th Annual Banking Summit-Cum-Social Banking Excellence Awards 2017, conducted on 17th February 2018 at Mumbai. He was the speaker of the inaugural session themed “Opportunities and Challenges in Universal and Social Banking” and his speech particularly dwelled on “Digital Financial Empowerment”.


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Digital Financial Empowerment presentation by Mr Amit Saxena, MD & CEO UAE Exchange India

  1. 1. 13th Annual Banking Summit-Cum-Social Banking Excellence Awards Disrupt Ourselves before we get Disrupted Digital Financial Empowerment Created & Presented by Mr.Amit Saxena MD & CEO UAE Exchange India At ASSOCHAM on17th February 2018 at Mumbai. Themed - “Opportunities & Challenges in Universal &Social Banking” Topic - “Digital Financial Empowerment”.
  2. 2.  India is the 2nd most unequal country & this is a double impact due to low per capita income  India’s 10% own 76% of the nation's wealth & Millionaires own 54%  Poorer half just own 4.1% of nation’s wealth (96% below $10k wealth)  1 in every 5 Indians is poor and UP tops in this statistics  79% of India’s poor have no access to basics INDIA OF 10% FOR 10% BY 10%
  3. 3.  85% of India’s poor don't study beyond secondary education  Only 10Kms of road per 1000 people is available  1.77Mn people are homeless in our country  14.5% of our population is under-nourished Capital Locked Infrastructure & Human Indices Locked Restricted Access To Factors of Production  Household debt to GDP is 10.6% only  While Corporate & Government debt to GDP is 50% & 69.5% respectively  5.8 Mn small businesses employing 120mn people with 40% of GDP  However, only 10% of small businesses have access to formal finance  Focus more on priority sector Lending (Farmers & Small Businesses)  19% of population is still unbanked Low Debt/GDP % for Retail Credit 66.1% 61.1% 52.9% 50.4% 36.5% 22.9% 19.1% 11.0% 10.5% Malaysia HK Singapore Taiwan Korea Thailand China Indonesia India
  4. 4. Are we waiting to get Ourselves Disrupted???
  5. 5. Disruption Mind-Set Business Model Business Approach Save 10% from 10% Traditional Banking to ‘best of breed’ services Product Proposition Partnership Mobile Unifier of 10% & 90%
  6. 6. Innovation Current/ Savings Account Loans Wealth Remittance /Money Transfer Move to ‘Best of Breed Financial Services’  Digital Lending Platforms  New age NBFC companies  Robo Advisory Platforms  Insurance Tech Platforms  Tech Platforms  UPI, BHIM Apps  WhatsApp Pay, Google Pay, Apple Pay Payment Banks – Disruption initiative by Central bank
  7. 7. Educate the customer  Customer has limited financial literacy & Infra challenges Share of profit rather than price  Be a business partner  Build an ecosystem with Price Discovery, Logistics & Market Place  Skill training, Payment Solutions, Technology Support Assess potential not ability  No Income Tax returns but assets  Still a cash economy with low digital connect even post demonetization – need tech to understand cash  But 1 trillion dollars of gold in Indian households PARTNERSHIPPROPOSITIONPRODUCT  Solving the immediate need of the customer  Entire bouquet of financial products around customer centricity Instead of charging price take a share of profit/ happiness Disrupt Our Business Approach  ….Technology has made intent assessment easier through KYC
  8. 8. Towards an Inclusive Tomorrow… Business Infrastructure Business Approach Business Model  10 Payments banks, 10 small finance banks & 2 universal banks in last 3 years  Big data cash flow supply chain analysis for lending to small businesses  Jan Dhan accounts→ Aadhar→ Mobile → Technology led partnership models  Progress on Infrastructure – Health, Skills “Right to Livelihood” to “Right to Opportunity”  Mudra scheme of lending to small businesses  Technology led cash assessment models
  9. 9. Thank you….. Created & Presented by Mr.Amit Saxena MD & CEO UAE Exchange India At ASSOCHAM on17th February 2018 at Mumbai. Themed - “Opportunities & Challenges in Universal &Social Banking” Topic - “Digital Financial Empowerment”.

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