The document discusses 12 trends that will shape the future of banking in India:
1) Transactions are shifting from high value/low volume to low value/high volume due to growing digital payments.
2) Credentials are moving from proprietary cards/PINs to open digital identities like Aadhaar authentication on smartphones.
3) Switching costs are declining as users can easily move deposits and payments between institutions.
4) Lending is shifting from uniform rates to individual risk pricing using more alternative data sources.
5) Business models will rely more on data than fees as transactions generate more customer insights.
Was recently invited to share my thoughts on fin-tech with the board of a top 5 bank in India. While Indian banks have several challenges, I was impressed by this board's disruption awareness and desire to embrace technological change. It was a good discussion. Here is an edited version of that presentation (removed a few non-public info slides).
India Stack - Towards Presence-less, paperless and cashless service delivery....ProductNation/iSPIRT
IndiaStack has the potential to revolutionize the way government services of the future are delivered in a large country like India. The nation is looking for “a transition from technology-poor to innovation-rich society” and entrepreneurs have a good role to play. The problems (read opportunities) in financial services, healthcare and education are all so large that only the right technology and entrepreneurial brainpower can cost-effectively solve them. Solving these scale problems should mean great business sense too.
The Future of Fintech in Southeast AsiaFinch Capital
Finch Capital worked together with MDI Ventures and Dealroom to map the local FinTech ecosystem in Southeast Asia. We are sharing local funding and M&A data as well as our thoughts on the developments that shape local growth of Fintech companies
India recently kicked off the Data Empowerment architecture, a framework for consented data sharing across the financial sector. This allows Nandini (Persona) to share data on her business’ regular invoices or GST payments seamlessly and securely.
Any bank or NBFC can now offer a regular stream of small-ticket working capital loans based on her demonstrated ability to repay. This is in sharp contrast to the status quo, where banks typically offer only larger loans backed by collateral. Using cash flows rather than collateral as the basis for credit is known as Flow-Based lending. Because producing collateral is a roadblock for the poorest Indians, Flow-Based lending may be their only opportunity to access the credit they sorely need for growth.
Embedded Finance intro presentation - Simon Torrance August 2021Simon Torrance
What is Embedded Finance, how does it work, why is it important, who benefits, what do brands and companies in all sectors need to consider if they want to take advantage of it?
New digital lending architecture: As Indian consumers and business go from being data poor to data rich in next 3 years, a new lending architecture which is digital, based on data footprints and using algorithms can scale up rapidly to provide credit for the underserved. This includes P2P lending. The Electronic Consent layer of the India Stack will leverage this data tsunami.
Was recently invited to share my thoughts on fin-tech with the board of a top 5 bank in India. While Indian banks have several challenges, I was impressed by this board's disruption awareness and desire to embrace technological change. It was a good discussion. Here is an edited version of that presentation (removed a few non-public info slides).
India Stack - Towards Presence-less, paperless and cashless service delivery....ProductNation/iSPIRT
IndiaStack has the potential to revolutionize the way government services of the future are delivered in a large country like India. The nation is looking for “a transition from technology-poor to innovation-rich society” and entrepreneurs have a good role to play. The problems (read opportunities) in financial services, healthcare and education are all so large that only the right technology and entrepreneurial brainpower can cost-effectively solve them. Solving these scale problems should mean great business sense too.
The Future of Fintech in Southeast AsiaFinch Capital
Finch Capital worked together with MDI Ventures and Dealroom to map the local FinTech ecosystem in Southeast Asia. We are sharing local funding and M&A data as well as our thoughts on the developments that shape local growth of Fintech companies
India recently kicked off the Data Empowerment architecture, a framework for consented data sharing across the financial sector. This allows Nandini (Persona) to share data on her business’ regular invoices or GST payments seamlessly and securely.
Any bank or NBFC can now offer a regular stream of small-ticket working capital loans based on her demonstrated ability to repay. This is in sharp contrast to the status quo, where banks typically offer only larger loans backed by collateral. Using cash flows rather than collateral as the basis for credit is known as Flow-Based lending. Because producing collateral is a roadblock for the poorest Indians, Flow-Based lending may be their only opportunity to access the credit they sorely need for growth.
Embedded Finance intro presentation - Simon Torrance August 2021Simon Torrance
What is Embedded Finance, how does it work, why is it important, who benefits, what do brands and companies in all sectors need to consider if they want to take advantage of it?
New digital lending architecture: As Indian consumers and business go from being data poor to data rich in next 3 years, a new lending architecture which is digital, based on data footprints and using algorithms can scale up rapidly to provide credit for the underserved. This includes P2P lending. The Electronic Consent layer of the India Stack will leverage this data tsunami.
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
White-label Neobank. Turnkey solution for Enterprises, Banks, and Startups.
Launch your own comprehensive Neobank under your brand in a short timeframe by utilizing our network, licenses, permissions, certifications, and software.
Learn more - https://optherium.com/digital-banking/
Embedded Finance - a new $7 trillion market opportunitySimon Torrance
Embedded Finance builds on bank as a service and open banking business models to enable any organisation to generate new revenues from adding financial services to their propositions: payments, lending, insurance, investments. The market opportunity for those who enable Embedded Finance is very significant.
Summary of findings
2018 VC-backed fintech deals and funding set an annual record: In 2018, - VC-backed fintech companies raised $39.57B across 1,707 deals globally. Deals were up 15% year-over-year while funding surged 120% on the back of 52 mega-rounds ($100M+) worth $24.88B combined.
Fintech is happening on global scale with deals outside of core markets (US, UK, and China) accounting for 39% of deals: Fintech deal hubs are starting to emerge globally. The count of unique fintech startups raising funding topped an annual high of 1,463 companies, and the unique number of investors reached 2,745 boosted by an influx of corporate investors.
Early-stage deals, as a percentage, fell to a 5-year low as investors concentrated bets in perceived winners: Global seed and Series A fintech deals grew 5% on an annual basis in 2018, but fell as a percentage of total deals to 57%. US early-stage deals were flat YOY as investors concentrated their bets in established fintech unicorns.
There are 39 VC-backed fintech unicorns worth a combined $147.37B: Q4'18 saw five new unicorns births (Plaid, Brex, Monzo, DevotedHealth, and Toss) and two in the first month of Q1’19 (N26 and Confluent). The cohort’s total valuation in 2018 was boosted by a record year for megarounds to existing unicorns, including Gusto and Robinhood, among others.
"https://www.antfin.com/index.htm?locale=en_US
E-commerce is rapidly becoming an important alternative marketing channel for smallholders' production in rural areas. The innovative Ant Financial programme is designed to address working capital and short-term investment needs in agribusiness carrried out by the relatively poor rural population."
The presentation involves about Fintech industry, the technologies involved, various UPI's, regulators of Fintech Industry in India and Payment Sytstem in India
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
Student International Business Council (SIBC) - Bain & Company - Fall 2016
Recommended Western Union enhance digitization and establish physical partnerships in the international remittance market.
A primer on the Fintech market in India, with infographics on the market landscape, size and evolution paths. Includes estimates on penetration levels of digital banking and category specific growth expectations.
Most promising current and future payment technologies | SG AnalyticsSG Analytics
The decades-long debate over the evolution of payment technology continues in the age of mobile wallets, EMV, blockchain, etc.
The evolutionary disruptive technologies in the payment landscape are poised to redefine businesses with increased automation and connectivity.
In this presentation, SG Analytics highlights the evolution of the 9 most important payment technologies that will transform the world’s financial ecosystem!
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
White-label Neobank. Turnkey solution for Enterprises, Banks, and Startups.
Launch your own comprehensive Neobank under your brand in a short timeframe by utilizing our network, licenses, permissions, certifications, and software.
Learn more - https://optherium.com/digital-banking/
Embedded Finance - a new $7 trillion market opportunitySimon Torrance
Embedded Finance builds on bank as a service and open banking business models to enable any organisation to generate new revenues from adding financial services to their propositions: payments, lending, insurance, investments. The market opportunity for those who enable Embedded Finance is very significant.
Summary of findings
2018 VC-backed fintech deals and funding set an annual record: In 2018, - VC-backed fintech companies raised $39.57B across 1,707 deals globally. Deals were up 15% year-over-year while funding surged 120% on the back of 52 mega-rounds ($100M+) worth $24.88B combined.
Fintech is happening on global scale with deals outside of core markets (US, UK, and China) accounting for 39% of deals: Fintech deal hubs are starting to emerge globally. The count of unique fintech startups raising funding topped an annual high of 1,463 companies, and the unique number of investors reached 2,745 boosted by an influx of corporate investors.
Early-stage deals, as a percentage, fell to a 5-year low as investors concentrated bets in perceived winners: Global seed and Series A fintech deals grew 5% on an annual basis in 2018, but fell as a percentage of total deals to 57%. US early-stage deals were flat YOY as investors concentrated their bets in established fintech unicorns.
There are 39 VC-backed fintech unicorns worth a combined $147.37B: Q4'18 saw five new unicorns births (Plaid, Brex, Monzo, DevotedHealth, and Toss) and two in the first month of Q1’19 (N26 and Confluent). The cohort’s total valuation in 2018 was boosted by a record year for megarounds to existing unicorns, including Gusto and Robinhood, among others.
"https://www.antfin.com/index.htm?locale=en_US
E-commerce is rapidly becoming an important alternative marketing channel for smallholders' production in rural areas. The innovative Ant Financial programme is designed to address working capital and short-term investment needs in agribusiness carrried out by the relatively poor rural population."
The presentation involves about Fintech industry, the technologies involved, various UPI's, regulators of Fintech Industry in India and Payment Sytstem in India
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
Student International Business Council (SIBC) - Bain & Company - Fall 2016
Recommended Western Union enhance digitization and establish physical partnerships in the international remittance market.
A primer on the Fintech market in India, with infographics on the market landscape, size and evolution paths. Includes estimates on penetration levels of digital banking and category specific growth expectations.
Most promising current and future payment technologies | SG AnalyticsSG Analytics
The decades-long debate over the evolution of payment technology continues in the age of mobile wallets, EMV, blockchain, etc.
The evolutionary disruptive technologies in the payment landscape are poised to redefine businesses with increased automation and connectivity.
In this presentation, SG Analytics highlights the evolution of the 9 most important payment technologies that will transform the world’s financial ecosystem!
India needs a strategic view on Data. This presentations outlines the triple threat represented by Data Domination : Privacy, Data Colonization and winner-take-all. It also explains why India has a unique opportunity to leapfrog the rest of the world and establish a Data Democracy
(SACON) Nandan Nilekani - Identity Payments and Data Empowerment Priyanka Aash
Identity Payments and Data Empowerment Addressing Different challenges, Solving the Challenges, Payment challenges, Data Sharing and Privacy Challenges.
Putting in perspective: Innovation in digital age.
Digital payment systems are the backbone of digital commerce. Indian government along with the corporate community is making a significant push to build infrastructure for digital payments along with encouraging the citizens towards a cashless economy.
Six Fintech Trends of Foremost Importance in 2017eTailing India
The scourge of innovation in the financial sector has long been the legacy technology on which banking systems are built. Whether back, middle or front office, inefficient and uncompromising systems have hindered improvements to customer service and expectations.
Extending the Reach of Islamic Finance via Digital Channels by Raja Teh MaimunahJoe Najib
A presentation by Raja Teh Maimunah Raja Abdul Aziz, CEO, Hong Leong Islamic Bank (HLISB) on the need for Islamic Banking to push the digital innovation envelope, and how HLISB is doing its part in this quest.
Presented at the Kuala Lumpur Islamic Finance Forum 2015 - 02/12/2015
Facebook-BCG Report on the impact of digital in the Financial Services IndustrySocial Samosa
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ‘digital Indians’
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
The Future of Payments: Next-Gen Payment Processing TechnologiesDustin Lichey, PRM
"While the payments landscape has evolved rapidly over the past decade, due to a flurry of innovation and regulation, expansive growth in electronic payments and the inclusion of new market entrants, industry research indicates that the next decade will yield a period of even faster changes”, writes Daniel Szmukler, Director, Euro Banking Association.
In this presentation, SG Analytics highlights the 9 most important payment processing technologies!
The Future of Digital Payments: Trends and Innovations in FinanceAyeshaZahir4
Profession Tax Registration
We are your trusted partner in taxation, payroll, accounting, and bookkeeping services (Financial Services), dedicated to simplifying your financial life and helping you achieve your financial goals.
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Capgemini reports on the major 2017 trends in the payments industry which revolve around three core areas of payment instruments, regulatory and industry initiatives, and key stakeholder strategies. Currently, the global payments industry is undergoing a paradigm shift with an influx of technology, demographic, and regulatory dynamics. While the customer facing part of the value chain continues to witness high levels of innovation, service providers are still grappling with back-end infrastructure enhancements. Trends such as new opportunities in the payments industry in terms of adoption of Open Application Programming Interfaces (APIs), growth in digital payments, innovation in cross-border payments, and challenges from the entry of alternative service providers are impacting the industry in terms of fostering competition, nurturing innovation, and enhancing process and system-related efficiencies.
IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
Get up to date with all the digital trends in India with this comprehensive 60 page book from Google India. An absolute must for anyone in the marketing industry. Strongly recommended for all others.
PM WANI 3.0: Unleashing Business Innovation and Open Wireless Network Growth ...ProductNation/iSPIRT
PM-WANI has allowed sachetised access to WiFi connectivity. However, the true vision of WANI standard, where small business owners can participate as network service providers resulting in fast network growth, has not been realised. We propose the next version of the WANI standard where a more open ecosystem can be enabled to facilitate business interactions such as delegated payments and roaming, which in turn can catalyse increased user base, rapid network growth, and business innovations.
The PM-WANI framework is revised periodically, taking into account the new developments, security updates, etc. Version 1.0 was released in 2020 and this was used for the pilot deployments. The updated 2.0 specification was released in 2021 and is the current version in use. You could read more about these versions here: https://github.com/iSPIRT/PM-WANI-App-Provider/wiki/PM-WANI-Specification-1.0-vs-2.0
This whitepaper defines iSPIRT’s vision for the PM-WANI Version 3.0 specification
WANI 3.0: Unleashing Business Innovation and Open Wireless Network Growth for...ProductNation/iSPIRT
PM-WANI has allowed sachetised access to WiFi connectivity. However, the true vision of WANI standard, where small business owners can participate as network service providers resulting in fast network growth, has not been realised. We propose the next version of the WANI standard where a more open ecosystem can be enabled to facilitate business interactions such as delegated payments and roaming, which in turn can catalyse increased user base, rapid network growth, and business innovations.
The PM-WANI framework is revised periodically, taking into account the new developments, security updates, etc. Version 1.0 was released in 2020 and this was used for the pilot deployments. The updated 2.0 specification was released in 2021 and is the current version in use. You could read more about these versions here: https://github.com/iSPIRT/PM-WANI-App-Provider/wiki/PM-WANI-Specification-1.0-vs-2.0
This whitepaper defines iSPIRT’s vision for the PM-WANI Version 3.0 specification
WANI 3.0: Unleashing Business Innovation and Open Wireless Network Growth for...ProductNation/iSPIRT
PM-WANI has allowed sachetised access to WiFi connectivity. However, the true vision of WANI standard, where small business owners can participate as network service providers resulting in fast network growth, has not been realised.
iSPIRT Foundation proposes the next version of the WANI standard where a more open ecosystem can be enabled to facilitate business interactions such as delegated payments and roaming, which in turn can catalyse increased user base, rapid network growth, and business innovations.
Civil aviation has, traditionally, been based on the notion of a pilot operating the aircraft from within the aircraft itself and more often than not with passengers on board. Rapid technological innovations have enabled pilotless aircraft which can be designed for specific applications that require precision or long duration which have been considered near impossible hitherto.
These aircraft also enable applications considered dull, dirty or dangerous, in other words, tasks that entail monotony or hazard for the pilot of a manned aircraft. Such pilotless aircraft make use of a ground-based or pre-programmed automatic controllers to manoeuvre the aircraft in flight and are generally termed as drones, although a better term is Unmanned Aerial Systems (UAS).
Traditionally, drones had been limited to military use due to high costs and technical sophistication. However, there is a far broader scope for UAS use, including, inter alia, commercial, scientific and security applications. These potential applications have driven innovations in UAS technology; especially in areas of control, navigation and energy storage; which have provided consumers with suitably small-sized cutting-edge products that are easy to operate and maintain at affordable prices. Today, due to economies of scale, consumers can purchase drones for less than a thousand rupees. Even sophisticated drones with advanced cameras and sensors are available for under fifty thousand rupees. Large aircraft manufacturers such as Boeing and Airbus, on the other hand, are investing billions of dollars in building pilotless aircraft that are regarded safe enough for passenger long-distance intercontinental trips.
The main goal of building a Concept of Operations for India on the way to a thriving drone ecosystem in India was to allow consistent policymaking that would guide technological standards in the near future. We intend to establish a discussion with stakeholders and continue to improve our vision by holding Open House Sessions.
Guiding Principles, Specs, Key Resources: https://sayandeep-ai.github.io/pushpaka/work-items/i01/
Entire Playlist of the Open House Recordings: https://youtube.com/playlist?list=PL9dBcOUIsjz8FNN_FesZiD2WlFAQW-I01
This is our response to the Draft Drone Rules 2021 published by the Ministry of Civil Aviation on 14 July 2021.
(Draft Drone Rules 2021: https://www.civilaviation.gov.in/sites/default/files/Draft_Drones_Rules_14_Jul_2021.pdf)
iSPIRT Balloon Volunteering Open House Session #4 - Opportunities in Technolo...ProductNation/iSPIRT
In this fourth Open House Session, we have Dr Pramod Varma, Chief Architect - Aadhaar & India Stack, giving you an insight into what it takes to volunteer in iSPIRT. He describes our design principles for building digital public infrastructure and gives you a peek into the thought process of an architect in iSPIRT. Finally, he breaks down how we are redefining the approach towards solving societal problems. We are playground builders. We orchestrate or create a playground so that market players can bring out an array of solutions.
iSPIRT is addressing solvability. We have a multi-decade horizon as a mission-oriented volunteer-based Think-and-Do-Tank.
As part of this session, we have our volunteers explaining the technical challenges you can embrace as new volunteers. The problems that we are tackling require a thought process that is new and innovative. We use cutting-edge technology.
In addition to the new technical volunteering opportunities outlined in this session, other policy-related and ecosystem-building volunteer options also exist. Apply now on https://volunteers.ispirt.in
Do visit: https://youtu.be/KZngoIy-hZ0 to watch the recording of the fourth open house session on Youtube.
The Global Leadership Seminar is back with its second seminar on "Full Spectrum Thinking" with noted futurist Bob Johansen of The Institute for the Future.
In this video, Bob explains how Full-Spectrum Thinking provides leaders with the ability to seek clarity across gradients of possibility—while resisting the temptations of certainty. For example, medical doctors used to label people as “autistic.” Now, they say people are on the spectrum of autism disorders.
Full-spectrum thinking offers an alternative to sloppy categorical thinking that is so common today. It unlocks clarity while challenging certainty.
Bob Johansen is a distinguished fellow with the Institute for the Future in Silicon Valley. For more than 30 years, Bob has helped organizations around the world prepare for and shape the future, including corporations such as Nestle and GlaxoSmithKline, as well as major universities and nonprofits. He holds a B.S. from the University of Illinois, which he attended on a basketball scholarship, and a PhD from Northwestern University—as well as a master’s degree that focused on world religions.
The seminar was moderated by Prof. Vasanthi Srinivasan of IIM Bangalore. Prof. Srinivasan is a Professor in the Organizational Behaviour and HRM at IIMB. Her work over the last decade in the field of leadership development has focussed on building future-ready competencies.
Charles Assissi, veteran journalist, and co-founder of Founding Fuel, also joined to share his perspectives on Full Spectrum Thinking.
Please note: The seminar was organized by iSPIRT Foundation in association with NSRCEL of IIM Bangalore. This seminar series aims to bring the best of management wisdom to Indian companies and startups.
Watch the entire recording of the session published on iSPIRT Foundation's official Youtube channel: https://www.youtube.com/watch?v=ydesUdu2CkA
For more information, please write to community@ispirt.in
We held a somewhat impromptu Open Session on Balloon Volunteering yesterday. Watch this to learn if iSPIRT volunteering is right for you. This session will cover some of the available volunteer opportunities and tell you how to engage with us.
In case you want to explore Balloon Volunteering with iSPIRT, do fill out the form here: bit.ly/iSPIRTForm
We are publishing a draft of the technical standards of the Personal Health Records (PHR) component of the National Health Stack (NHS)!
As a refresher, these standards govern the consented sharing of health information between Health Information Providers (HIPs) - like hospitals, pathology labs, and clinics - and Health Information Users (HIUs) like pharmacies, medical consultants, doctors, and so on. The user’s consent to share their health data is issued via a new entity called a Health Data Consent Manager (HDCM).
The problem today is that the electronic health records listed in one app or ecosystem are not easily portable to other systems. There is no common standard that can be used to discover, share, and authenticate data between different networks or ecosystems. This means that the electronic medical records generated by users end up being confined to many different isolated silos, which can result in frustrating and complex experiences for patients wishing to manage data lying across different providers.
With the PHR system, a user is able to generate a longitudinal view of their health data across providers. The interoperability and security of the PHR architecture allows users to securely discover, share, and manage their health data in a safe, convenient, and universally acceptable manner. For instance, a user could use a HDCM to discover their account at one hospital or diagnostic lab, and then select certain electronic reports to share with a doctor from another hospital or clinic. The flow of data would be safe, and the user would have granular control over who can access their data and for how long. Here is a small demo of the PHR system in action.
The standards in the draft released today offers a high-level description of the architecture and flows that make this possible.
In July 2018, NITI Aayog published a Strategy and Approach document on the National Health Stack. The document underscored the need for Universal Health Coverage (UHC) and laid down the technology framework for implementing the Ayushman Bharat programme which is meant to provide UHC to the bottom 500 million of the country. While the Health Stack provides a technological backbone for delivering affordable healthcare to all Indians, we, at iSPIRT, believe that it has the potential to go beyond that and to completely transform the healthcare ecosystem in the country. We are indeed headed for a health leapfrog in India! Over the last few months, we have worked extensively to understand the current challenges in the industry as well as the role and design of individual components of the Health Stack. In this post, we elaborate on the leapfrog that will be enabled by blending this technology with care delivery.
White paper on the analysis of High share premium amongst Startups in IndiaProductNation/iSPIRT
High share premium is not the basis of a high valuation but the outcome of valid business decisions. This new whitepaper by iSPIRT highlights how share premia is a consequence of valid business decisions, why 56(2)(viib) is only for unaccounted funds and measures to prevent valid companies from being aggrieved by it
[Angel Tax] White Paper On Section 56 (2)(viib) And Section 68ProductNation/iSPIRT
Angel Tax (Section 56(2)(viib)) has become a cause celebre in Indian startup circles due to its broad-reaching ramifications on all startups raising capital. This paper traces the origin of this section, it's analysis, impact, how it adversely affects startups. Special mention is also made of the seldom covered Section 68 and it's used in conjunction with Section 56(2)(viib). The paper also proposes recommendations to ensure that genuine companies are not aggrieved by this while the original intent of the section is preserved.
iSPIRT's Response on Digital Information Security in Healthcare Act (DISHA)ProductNation/iSPIRT
We believe that India is at a unique tipping point where only a fraction of its users have gone online, and a majority are yet to do so. Therefore, it is critical that we build the right set of protections and empowerments for these users as they enter the digital world.
It is equally important not to limit our thinking to simply “protection” of data. We must also question how we can “empower” individuals, who will be data rich before they are economically rich, with better access to their own healthcare data such that they can become more engaged participants and managers of their health care.
We welcome the proposed DISHA Act that seeks to Protect and Empower Individuals in regards to their electronic health data - we have provided our feedback on the DISHA Act and have also proposed technological approaches in this response
India SaaS Survey Results 2017 in partnership with DCS Advisory ProductNation/iSPIRT
Welcome to the Third edition of the India SaaS Survey by DCS Advisory, India’s largest software investment banking advisory practice, in partnership with iSPIRT
iSPIRT’s Response- White Paper on Data Protection Framework for IndiaProductNation/iSPIRT
It is widely known that the amount of data generated daily worldwide is rising at an incredibly exponential rate. Yet, what remains shrouded is how this data, particularly those data types concerning or generated by us, as individuals, are being used and stored by both the public and private sector. As we move into a data-driven world, it is crucial that the laws developed around Data center on the premise of both empowering and protecting the individual. In fact, the main purpose of the 4th layer of India Stack, the “consent layer”, is just this: to provide for a set of tools and utilities, as part of the Data Empowerment and Protection Architecture (DEPA), that empower citizens to assert control over their data.
The Justice Srikrishna led committee of experts has released a White Paper articulating their provisional thoughts on the Data Protection Framework, and are seeking public comments on the subject. iSPIRT has submitted a formal response to the White Paper. You can also read the blog post lays out our current views regarding Data Protection here: http://pn.ispirt.in/india-in-a-digital-world/
Platforms help create more open platforms. Indian entrepreneurs will address the scale and diversity of India by building smart solutions on top of these DIGITAL PLATFORMS!
The volunteer model that underpins iSPIRT has been around since 2009. Every three years we write about our volunteer model so that others can learn from it and build their own volunteer networks
The volunteer model that underpins iSPIRT has been around since 2009. Every three years we write about our volunteer model so that others can learn from it and build their own volunteer networks
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
3. 1 Transactions: Low Volume, High Value, High Cost to
High Volume, Low Value, Low Cost
4. Nandan Nilekani, 2016 4
Average transaction sizes
Cheque: Rs 75,000
ECS: Rs 7,500
IMPS: Rs 8000
Credit Card Usage at POS: Rs 3000
Debit Card Usage at POS: Rs 1200
Mobile Wallet Usage: Rs 300-500
Mobile recharge: Rs 30
Source: Analysis of data from http://www.rbi.org.in, conversations
5. Nandan Nilekani, 2016
Electronic clearing has surpassed paper clearing!
Electronic clearing (ECS, NACH,
IMPS, etc.) is growing at
50% per year.
In Q1 2015, it surpassed
paper clearing (Cheques).
Source: Analysis of data from http://www.rbi.org.in
5
RsTrillionPerQuarter
6. Nandan Nilekani, 2016
IMPS volumes are higher than debit cards!
Source: Analysis of data from http://www.rbi.org.in 6
RsBillionPerQuarter
7. Nandan Nilekani, 2016 7
The move from High Value Low Volume transactions to Low Value High Volume
transactions will be accompanied by lower transactions costs, and will align
market forces (customer acquisition) with social purpose (inclusion).
7
9. Nandan Nilekani, 2016 9
Credentials moving from ‘proprietary’ (card + PIN
both managed by bank)
to ‘public’( Mobile phone + Aadhaar
authentication )
The phone will replace the card as the ‘What you Have’ authentication factor
Nandan Nilekani, 2016
10. Nandan Nilekani, 2016 10
Smartphones with integrated
Aadhaar compliant Iris
recognition available for
commercial use!
Biometric smart phones enable 1-click 2-factor authentication
Nandan Nilekani, 2016
12. 12Nandan Nilekani, 2016
80% of telephones have a dual sim
There is no user cost for switching a sim
Only 1 in 20new connections sold
results in a new user! The rest is churn!
13. 13
Churn will Increase
Deposits can be moved easily
Deposits Liabilities Payments
it should be possible to switch my
loan with a click.
Payments are interoperable
Nandan Nilekani, 2016
Lower Onboarding, Transaction
Costs
No Switch Costs
to User
15. Nandan Nilekani, 2016 15Nandan Nilekani, 2016
Lending changing from uniform lending
ratesto individual pricing of risk
based on digital footprints.
With data from credit bureaubeing enhanced
with data from social media, mobile,
web, and other sourcesthat have more
data points than a thin credit report.
16. Nandan Nilekani, 2016
From secured lending against assets
to lending against flowswhich lead to a better risk
assessment, based on a complete pictureof the
business, Lending basis Transaction data and Bank statement
analysis
Enables a transition from informal assets into the formal
economy.
16Nandan Nilekani, 2016
18. Nandan Nilekani, 2016 18
Changing business models
Google’s software
is free, they use
data to sell Ads.
Microsoft
Sold Software
19. Nandan Nilekani, 2016 19
Changing business models
Fintech companies will go to Free, using the data
generated to add value to their operations.
Banks rely on
Fee income.
21. Nandan Nilekani, 2016
Telecom PSUs lost 70% market share in 12 years
21
Telecom PSUs unable to
retain market share with
introduction of new
technology (Mobile
telephones)
PSUMarketShare(%)
Source: Analysis of data from http://www.trai.gov.in
22. Nandan Nilekani, 2016
National airlines loss in market share
22
National Carriers lost
25%market share in
4 years
NationalCarrier
MarketShare(%)
Source: Analysis of data from http://dgca.gov..in
23. Nandan Nilekani, 2016
PSU Banks are already losing market share
23
Source: http://www.rbi.org.in
Will the change in banking
landscape accelerate this
decline?
24. Nandan Nilekani, 2016
Top 4 Pvt. BanksSBI
Market Capitalization - Also shrinking
24
180K Cr170K Cr
All Other PSU
Banks
Bajaj
Finance
Bajaj Finance 40K Cr > Any non-SBI PSU bank
Source: http://moneycontrol.com, as of 23rd June 2016
700K Cr
HDFC
300K Cr
25. Nandan Nilekani, 2016
Shrinking public sector market
share is de facto privatization -
Govt. losing opportunity to make
billions of dollars of market
capitalization.
25
27. Nandan Nilekani, 2016 27
Current merchant model
(Cards, POS, high interest on unpaid balance,
MDR for merchants ,limited outlets)
will be completely disrupted
Nandan Nilekani, 2016
28. Nandan Nilekani, 2016 28
Cards will go as with mobile payments
Smartphones on both sides will replace POS and card
Merchant on boarding will be self-service
Universal Payment is a tipping point.
New Customer / Merchant Bundles will be created
Transaction fees will tend downwards to zero
Informal economy supplier credit will unbundle
30. Nandan Nilekani, 2016 30
Bank
Branches
Cash
Withdrawal
Formalization
of the
Economy
Old assets Tax
collections
Cash collection
centers become less
valuable.
Merchant current
account balances
may be impacted.
Everyone is an ATM!
The smartphone is
the bank
Self service is the
norm
Benefit and
convenience of
being in the formal
system outweighs
the alternative.
Customer ownership
based on branches,
ATMs, will be
replaced by New
assets - phone,
platforms, data,
algorithms, etc.
Tax collections etc.
will go up
Cashless implications
32. Nandan Nilekani, 2016
25%
400-5000%
annually
1-5%
per day
Interest rates will converge
32
Today it may vary from some 9%
annually for some loans to 5% a day
from a money lender.
Easier access to formal credit will
eliminate the 'informal' systems
leading to massive economic
efficiencies.
9%
9-25%
per day
InformalBanks MFI
Nandan Nilekani, 2016
34. Pradhan Mantri Jan Dhan Yojana
BANKING FOR ALL
34Source: As on 2 Aug 2016, http://pmjdy.gov.in
35. 1 Billion in 5½ Years
Source: Data from http://www.uidai.gov.in 35
950 M
600 M
300 M
100 M
50 M
1038 M
A Ubiquitous Digital
Identity Infrastructure
for a digital desh.
The Aadhaar system can
authenticate 100 M
transactions per day, in
real time!
36. The rise of smartphones
Current sales
about 25M
smartphones
per quarter
Source: Ericsson Mobility Report 36Nandan Nilekani, 2016
37. 1969 1980 1993 2001 2014 2015 2016
Ushering in a new ERA
of DIFFERENTIATED
BANKING
+2149 Years, 14 New Banks
BANK
NATIONALIZATION
New Banks
On Tap
Banking Licenses
+14
+6
+10
+2 +2
Accelerated by regulatory innovation
2nd Aug 2016
39. Evolution of the India Stack - Built on JAM
39
2010 2011 2012 2013 2014 2015 2016
950 M
1005 M
190 M
Aadhaar
Mobile
JDY
2009
944 M
600 M
100 M
Source: Ericsson Mobility Report, PMJDY, Aadhaar Web Sites
AEPS
APB
Aadhaar
Authentication
Aadhaar
eKyc
eSign
UPI
Consent
Architecture
Digilocker
1+ B
1+ B
250+ M
40. 40
PRESENCE-LESS LAYER Aadhaar Authentication
Unique digital biometric identity
with open access of nearly a Billion
users
CONSENT LAYER Open Personal Data Store
Provides a modern privacy data
sharing framework
PAPERLESS LAYER
Aadhaar e-KYC,
E-sign, Digital Locker
Rapidly growing base of paperless
systems with billions of artifacts
CASHLESS LAYER IMPS, AEPS, APB, and UPI
Game changing electronic payment
systems and transition to cashless
economy
COMMERCE
(GSTn)
CREDIT
(RBI)
INVESTMENTS
(SEBI)
OTHERS
INDIASTACK
SKILLS
JAM Jan Dhan, Aadhaar, Mobile
41. Aligns market goals with
social goals
No physical presence required
(reduces more costs)
Increases trust - allows a new
business architecture to emerge
Broad based, ubiquitous, inclusive
platform
Cuts Onboarding Costs
Cuts Transaction Costs
Allows Innovation
Why is the India Stack disruptive?
41
43. 43
Mobile phones are the first 'Universal' product
5.2 Billion people have a mobile phone
Source: ben-evans.com Nandan Nilekani, 2016
44. Internet penetration is increasing!
44
With 331Minternet
users, India is now the
second largest internet
market, ahead of the
USA!
Source: www.trai.gov.in
Internetusers(per100people)
Nandan Nilekani, 2016
46. 46
Digital usage leave footprints, which feed new age services, ...
Over 30 data sources available to any app
through the Android permission system
Personalized services such as
news feeds, search, commerce, etc.
48. Nandan Nilekani, 2016 48
India will go from data poor to data rich nation in 5 Years!
Digital
Identity
Paperless
Process
Commerce
Payment
Social
Machine Learning
& Algorithms
49. Data flows tracked digitally, providing
traceability
Quickly identify fraud, take early
action. Reduced data leakage,
improved security and privacy
Allows more data sources to be used
for lending decisions
Stronger underwriting, less
likelihood for loan defaults
Consent tokens are shared, not credentials
Reduced potential for misuse, leading
to improved security and privacy
Real Identity is verified in the process
Reduces potential fraud, and
improves the effectiveness of
credit bureaus.
Purely digital process
Instant monitoring, and reporting,
improved transparency. Regulator can
monitor defaults, risks, fraud
Electronic consent architecture
will boost data economy
49
52. The Bank as a new age digital platform
Customers
Platform
Service Providers
52
Product Providers
Vendors Partners
Bank provides a platform for financial transactions
Platform services include
Customer Profile
Ledger / Book Keeping
Personal Finance Management
Advisory Services
Wealth Management
Bouquet of Financial products
Own
Partners
Transactions leave digital footprints, which enrich
the customer profile!
54. Every transaction gives the
platform more data about the
customer, allowing him to be
served better. This will increase
stickiness, and avoid churn
54
56. Savings - The changing scenario
56
Previously
Pool of cheap capital Now
Competition
Will Lead to
CASA used to get a large pool of
cheap capital
Accounts are easier to open, and
to move money
Interest rate deregulated
Banks competing to raise deposits
Bank account churn
57. What Is Alternate Savings
Low Risk
Customer cannot lose money on a
savings product
Marked to Market Higher Interest Rate
Lower opex, Innovation - backed by liquid
mutual funds
Highly Liquid Products (Not always)
People can move money in and out easily
No lock in
₹
57
58. Alternate Savings Products
58
Grounded in
behavior.
Gamified Products
Life events - marriage,
children's education
A vehicle purchase
A house purchase
Goal Directed Savings Hybrid products
Custom Credit /
Savings product based
on a farmer's annual
financial journey
59. More Alternate Savings Products
59
Retirement Plans
Annuities
Insurance
Long Term Products
Save as little as a
few rupees a day
Micro Pensions Investment
Products
(May have risk)
61. India faces a massive credit gap
61
Most households cannot borrow easily Over 20 trillion credit gap for MSMEs
Source: World Bank Findex, IFC/Intellecap
62. No Credible Data
Servicing Cost
Sales Cost
In today’s model, Rajni can never get a loan!
Customers with
the lowest
default rates
have the
highest interest
rates
64. Alt
Lender
Traditional
lender
Origination & Underwriting
Expected additional
savings of 60%
Risk costs
Limited savings as original
savings from data analytics
Loan Servicing
15% of overall costs
Expected savings of 50%
Collection
Over 10% of overall costs
Expected savings of 30%
Alternate lenders - dramatically lower costs!
Costs
New Entrant
on India
Stack
66. Nandan Nilekani, 2016
Lending has grown at
15% CAGR in last 7
years.
Expected to grow 5x
in next 10 years.
66
Lending is set to grow
FY09 FY16 FY26E
15% CAGR
5x in 10 years
Source: Company data, Credit Suisse Estimates
68. Validation & Assurance
Virtual Payment Address
Minimal Issuer/Acquirer Cost
Ubiquitous - Bank accounts
Easy Immediate Payments
Timely Notification
UPI - Unbundling payments
Push & Pull Payments
@Every one with a bank account can send
money to any bank account in India!
Real-time posting
Funds are not locked!
Immediate notifications of
the payment made
Payments can be initiated by payer or payee.
Real-time validation of the
account and balance
No need to disclose account information.
Allows account portability, enhances privacy.
Smartphone replaces card and
PoS machine!!
68
69. Merchant enablement
69
Use India Stack for paperless, self-service
merchant on-boarding
Merchant can initiate both PULL and PUSH
transactions
Merchants with a UPI enabled app can accept
ALL customers
Low transaction costs
69
Proximity payments using ANY transmission
protocol including dynamic/static QR codes
72. Massive market cap potential
72
$127Bn
$600Bn
Private Banks NBFCs Fintech Total Market
Cap
FY 2016 FY 2026
$41 Bn $2 Bn
Asset CAGR of 18%
and
MCAP to asset ratio of
25%
Source: Company data, Credit Suisse Estimates
73. Banking in India is going through a significant change
This is your game!
73