Financial Inclusion has taken a significant role in the present times

Senrysa’s UBBP platform is a non-banking entity delivering comprehensive banking services to the un-banked Indian population. With a client base of 20 million and rising we are proud to support and commit ourselves to the consumers in the journey of diverse, branch-less, multi-channel inclusive banking services.

Visit us www.senrysa.com for a detailed know-how on our area of work and expertise.

Digitization – The only way to move forward

Digitization drive has reached an inflection point in banking parlance: it is no longer a mere option but an absolute must. The motive is not solely to pull in the huge unbanked customer base but also serve the existing market by providing them with easy access to carry out transactions smoothly and securely on their smartphones. This provides relief to the customers and helps them save their valuable time by carrying out transactions on their smartphones without the inconvenience of going to the bank for every little task.

Digitization has helped banks successfully leverage technology effectively and efficiently. This has massively minimized costs, without having to invest more in brick and mortar presence for garnering new customers into its database. Thus banks are able to achieve a dual objective and able to generate more revenue with the same infrastructure thus ensuring that their bottom line remains healthy.

In order to ensure that the word digitization is not overused and connoted with cost factor singularly, Indian banks do realize the fact that for achieving digitization, it doesn’t imply putting in massive investments in technology or any distinctive change in its operative module; rather what is required is leveraging the existing platforms and investing wisely on the basis of requirements.

Banks are adopting mobility based platform keeping the financial inclusion goal in mind and at the same time able to maintain pace with the growing trend of higher mobile penetration among the masses. This emerging trend definitely points towards mobile and cloud-based application mediums, which undoubtedly shall rule the roost in the years to come.

It is important to note that for availing cloud-based services: banks shall have to only consider investments related to only operational cost. However simultaneously, it also needs to build safeguards against data theft and ensure that security along with compliance is strictly taken care.

Introduction of Newer Products  

Technology in the banking sector has introduced new products viz Blockchain technology. A blockchain is one type of distributed ledger comprising of unchangeable digitally recorded data in packages called blocks. The ingenuity of this new concept helps in simplifying technology further by storing data block wise in a linear chain. Therefore each block containing data is cryptographically hashed which ensures that the data remains untampered and unchanged. One of the key innovation of blockchain technology is the crypto instrument which is poised to be a fundamental game changer in the history of banking world over. Cryptocurrency, an outcome of the crypto instrument shall be a new form of money which will pave the way for a new financial system. The role of banks in the day to day transaction shall be further  marginalized.

Messaging Bots is the other major invention by banks: using technology effectively to engage with customers. According to Hardeesh Kumar, Canara bank has plans to deploy such applications across various mobile apps and the bank’s website to facilitate customer’s related queries by engaging with them regarding information related to financial products.

Similarly, Ashutosh Kumar says Standard Chartered too is working on similar lines and if a corporate is registered with any one of the banks mobile apps-’Straight to banking platform’.In such a case, the customer can view a cash position of any company by simply speaking on their smartphones – show me the cash position of XYZ Company. The app would then respond by displaying the information of cash flow position on the screen of the customer.

The above emerging trend  points towards a fascinating digital journey wherein customers are bound to benefit from  technological advancement. Besides making it convenient, banking experience  shall be easy and secure. It could therefore  be said that the  banking domain  will not be the same again. Several pilots are undergoing trial runs by most of the banks and we believe it’s a matter of time before the entire BFSI industry undergoes major transformations in the years to come.

 

Banks opting for advanced technologies to become customer-centric business organizations

We are getting ahead with the fast changing banking dynamics. At Senrysa we build banking platforms that change archaic banking processes. We initiate global trends in our Fintech and other BFSI ventures. Visit us to get acquainted with banking technology consultation and support: http://www.senrysa.com/banking

5 Biggest Banking Trends in 2017

With too many disruptions like Brexit, US elections and India’s demonetization in 2016, banking sector has tried saving its grace from the very beginning of 2017. Fast-changing commerce models has left nations around the world to take note and allow their banks to involve and indulge in new patterns and add ‘hospitality’ in its financial services. Biggest banking trends in 2017 include Chatbots, advanced machine learning, Artificial Intelligence (AI), blockchain solutions and the Open API banks. With technological inclusions taking place exceedingly the banking sector anticipates more disruptions (a commotion of sorts is most likely to take place) in 2017. Leadership plans along with long-term visions need to be set for constructive banking sector (BFSI sector as a whole) goals.

Entry of Chatbots    

With established technologies making their foray into financial services, 2017 is being predicted as the year of ‘BOTS’. New voice commerce and robotic process automation are being considered as one of the biggest dominators in India, U.S, Singapore, Europe and the Middle East. Leading banks around the world are fast picking up IoT data and robo-advisors for more intricate banking experiences.

Chatbots are not yet considered cost effective, neither are they widely available now. But soon (as predicted by BFSI industry experts) it will be made appropriate for automation and reinvented customer experience. Chatbots combined with AI are bringing back personal tones in B2C dialogues.  Companies like Amazon, Apple and Google have experienced massive growth by including these two technologies for consumer adoption. Banking services performed via mobile apps are slower and less engaging than chatbot offerings as the latter brings in more private and better engaged communication environment with itself.

Banks can perform the following set of actions in a single chat with a customer:

  1. Get customer feedback.
  2. Assist onboarding.
  3. Help someone take important financial decisions.
  4. Upsell their products.
  5. Provide significant and time sensitive transaction-oriented information and alerts.
  6. Handle complaints.
  7. Listen to personal concerns.
  8. Carry out trading, buying and selling of shares.
  9. Offer customer loyalty points and related benefits (if any).

Chatbot has not yet turned into the face of banks but it can surely replace various manual and repetitive banking burdens. For bankers ‘conversational commerce’ is the most important thing to be considered. Chatbots can be utilized in providing specialized functions that include performance based on actions depending on information.

Advanced machine learning and Artificial Intelligence (AI)

In an era when technologies are converging to come up with bigger and better innovations, AI remains in the heart of it all. Whether it is Natural Language Programming (NLP) or Internet of Things (IoT) or data sciences & automation or Optical Character Recognition (OCR) – AI will be the connecting dot that will make structural changes in financial processes and operatives.

Several banks have carried out KYC and onboarding processes with the help of AI. Wealth Management industry is most likely to take up robo-advisor and algorithm-driven investment approaches.

High frequency trading requires faster result generation which is impossible for human financial advisors to carry forward with. A hybrid robo-advisor brings with itself faster engagement and better one-to-one communication. Complex financial management and banking processes are smoothly carried out by bots (based on AI engineering). Hybrid robo-advisors are able to give long term financial plans and help people take life-decisions on children’s education funds, etc based on their asset quantification power, which is much higher than human advisors.

Robo advisors might well be the solution to customer related problems such as loyalty and retention. With generation Y choosing faster economic transfers and processes, efficient technological banking adaptations are on their way. According to banking industry reports, every year $1 trillion is inherited by new generations. Individual net worth is also exceeding every year. $56 trillion is the global value of individuals’-net-worth.

By the time we reach 2020, USA will reportedly have millennials and teenagers acquiring 50% of all existing assets.

A report presented by PWC in 2015 suggested that wealth transfers and asset attrition rates will rise high in the coming years.

 

‘Blockchain’ Solutions will soon be an integral part of Mainstream Banking

Blockchain solutions will reportedly go mainstream soon. However 2017 will probably not be the year for this technology to go live. According to a report published by Greenwich Associates, the capital markets blockchain received a generous investment roughly amounting to $1 billion.

Gartner has also stated that ‘blockchain’ has reached the “…peak of inflated expectations…” Global search volume stood at an all-time high in June 2016.  It will see banks working together and leveraging blockchain accelerators to bring out pilot programs and proof of concepts.

Financial institutions that are technologically bent will come up with customer-focused financial processes in 2017. A major opening of opportunities will soon take place where technology and finance vendors will fast-track blockchain programs.

Blockchain will soon be an integral part of mainstream banking.

Open API Bank

The mobile app marketplace has been revolutionized all over again. BFSI (Banking Financial Services and Insurance) industry is gaining momentum, added vigour and agility with each passing day. Financial apps are being made day in and day out. Numerous organizations are entering the app marketplace. This makes it suitable for Open API banks to come into clear picture.

The very popular Open API programs are important places for latest fintech banking processes and business models to be introduced.

‘Unified Solutions’ seems to be the light of the day for everyone (working within BFSI industries). Open and digital banking empowers everyone. Fintech expert Ron Shevlin has come up with a term – ‘Platformification’ which according to him is all about supporting multi-channel, open and unified integration. The synergy between BFSI partners and channels accentuate process deliveries, service qualities and nature of transactions.

A rough industry estimate suggests major growth in API platforms. Broader capabilities in loyalty, financial management, marketing, customer communication management, analytics and payments are foreseen in the upcoming months. Major banks will soon include more digital banking API platforms in their processes.

2017 will be a year of hard core competition between banks. With chatbots the overall banking dynamics is all set to change. A commotion of accelerated banking and disruptive digital transformations will brighten up 2017, bringing it out from the mundane BFSI processes. These technological financial inclusions will reduce costs, drastically change levels of service and automate traditional banking processes. Dynamics of market leaders will also change due to the changing demands for better enabled financial services (demands brought about by rich teenage population, millennials and young wealth heirs).

Senrysa Technologies Private Limited has come up with Aadhaar enabled payment apps and provides financial solutions to millions in India’s RRB sector. There are numerous digital payment processes being planned and in our pipeline for future launch. The organization has been in line with the latest commerce models being included across the globe.

Q3 corporate earnings post demonetisation- Senrysa’s Perspective

If there is one news that India Inc. have been waiting with baited breadth – Report card for Q3 (2016-17) corporate results. This is because post demonetisation, life in India has not been the same before. Indians have faced severe cash crunch post demonetisation and are slowly grappling to come in terms with the same. However, they are moving slowly but surely towards a digital India.

Post demonetisation corporate earnings for Q3 have remained sluggish overall, bad for some and not so bad for others. If we were to take a synopsis of the entire industry, the worst affected has been the auto industry. It has been routinely observed all along that the trend for auto sales remains poor in December since most people anticipate low return on resale value of their vehicle and prefer to defer buying decision until January. This year in particular auto industry suffered a double whammy considering the above factor and also sales remained low because of scarcity of cash/withdrawal restrictions.

According to Kotak Institutional equities revenue and net profit for auto companies is likely to decline by 4 percent and 10 percent respectively. The scenario in two wheeler sales would have been worse as around sixty percent of sales in this segment takes place in cash but thanks to higher sales in first 40 days of Q3 have therefore salvaged the situation somewhat which otherwise  would have been very bad.

Industries like pharmaceuticals, IT, commodities and oil & gas have not faced any major brunt of demonetization largely due to their global customer base and also because their exposure to retail customers has been minimal.  Most market analysts also feel that Q3 results, especially earnings In December may not be all that bad for Nifty 50 and large companies too. Here again, according to Harish Krishnan, Vice-President — Fund Management Equity, Kotak Mutual Fund. “The probability of earnings declining by double digits in Q3 is very low. Forty-five out of 90 days have been good due to festive season. The first half was also good,” Therefore it could be safely argued that most companies in the Nifty100 will also see not much impact from demonetization.

 Overall the fallout of demonetization on third quarter earning shall be negated thanks largely due to Seventh Pay Commission payouts coupled with robust festival season. The above two has been a saver for sectors such as consumer goods and consumer durables which otherwise would have witnessed plummeting sales due to severe cash crunch. Therefore Santa’s gift as Seventh Pay Commission payouts marked with other festivities during this quarter have certainly been able to cushion things somewhat and saved the blushes for most manufacturers from the dismal performance.

We feel that companies dependent on urban areas for sustenance will be less impacted when compared to those operating predominantly in rural areas since the latter has less access to banking and limited use of plastic money compared to the former.

Accion finds India a hotbed of financial inclusions

Accion is reportedly all set to double its investment plans in India. Accion COO Esteban Altschul spoke about the immense possibilities in favour of India’s  financial inclusion and financial technology sectors. Fintech companies can hope for doubled investment figures amounting to $50 Million being promised by Accion. “Today, India is our most active country. We have a three-pronged strategy in the country,” said Accion chief operating officer (COO) Esteban A Altschul. He also added how his company has already been in talks with several other companies for possible investments and how it was important to note that “…India is the hotbed for financial inclusion worldwide”.

Accion will reportedly be planning to make investments in various segments related to Financial Inclusion such as insurance products, alternative credit scoring and risk management. Actively working in India for the last ten years, Accion has a strong knowledge on the possibilities of India financial market. It has already worked with IFMR Holdings, Saija Finance and Swadhaar Finserv (all BFSI companies in India).

With financial technology innovations being on an all-time high in India, Accion brings with itself operations in 30 nations across the globe. This calls for a toast  as India is currently positioned in its financial tornado. The massive market possibilities in India’s financial race comes from small, medium and large scale industry players. We Indians can rightly rejoice Altschul’s statement, “…or Accion, in terms of our current exposure and potential that we see, India is the most important country for us.”

With more than dozen ventures of about $8 million and few more in the pipeline Accion’s Indian commitments also include Shubham Housing Development Finance, NeoGrowth, CreditMantri, MeraDoctor and AYE Finance. Accion, one of the major international financial organizations, has invested in micro-finance, non-banking and fintech companies through its three-way financial vehicles such as Frontier Inclusion Fund, Gateway Fund and Venture Lab.

In the global scales, there are numerous financial innovations happening. Accion has clearly stated how nations like India, Kenya, Colombia, Nigeria, Peru, China and Mexico have given immense success to Accion’s operatives. On a high and seemingly happy note Esteban A Altschul added “…Those are the countries where you have the combination of more scale, more impact innovative entrepreneurs and more possibilities to make a change”.

When asked about the impact of demonetization on their business strategies, Altschul felt “We believe this is a short-term impact and the assumption is that it would gradually but relatively quickly get back to normal,” India’s financial possibilities and overall portfolio has not taken a hit as Altschul ended by saying, “The quality of the portfolio remains sound, at least for our partners”. It would not be before March, 2017 when the long term impact (if any) will be felt by Indians.

Our Innovative Mobility and enterprise Solutions

Mobile App Development for iOS and Android is all about smart and innovative thinking. We think ahead of time to deliver advanced app development serviced to our clients. You can reach us at: http://www.senrysa.com/contact

Mobility is the heart of all digital transformations in the modern day world. Our innovative and user-centric mobility solutions and services will help you to achieve business growth. Our mobility solutions include application development keeping in mind the following areas – Vertical focused, UX, User Engagement, Productivity and workflow, Personalization, information/content, ecommerce, marketing & loyalty, enterprise integration, community building, scalability, ease of use, easy flow of information and ROI.

Reach us for a sound consultation and mobile development support: http://www.senrysa.com/mobility

Status of mwallets post demonetisation

The day the breaking news on demonetisation flashed across the media, Indians were left flying high and dry in a frenzy. We Indians, hitherto use paper money to meet our daily chores or for daily mundane activities.

Post demonetisation, scarcity of cash did lead consumers to a hard time queuing up in front of ATM’s or bank counters for withdrawal of cash. This inadvertently forced many Indians to fall in line with government’s initiative for a push towards more electronic transactions. The net result being that consumers have been quick in adopting mobile wallets as an easy and alternate solution for making payments through the digital route.

The demonetization drive is expanding the reach of the mobile wallet companies with active participation both in urban and rural India.  Also the fact that Telecom Regulatory Authority of India (TRAI) has allowed mobile wallet companies the permission to use (USSD) unstructured supplementary service data has helped to ease out making online payments for smartphone users.

Making most of this digital wave, mobile wallet companies are expanding their reach to both urban and rural parts of the country. Most mobile wallet service providers have been making quick inroads and making hay while the sun is shining by facilitating electronic transaction smoothly so that people get familiarized quickly especially with the scarcity of cash around.

Paytm claimed to have made transactions worth Rs 120 crores as on 22nd November – a mere 14 days post government’s announcement on demonetisation. Other ewallet service providers also have hugely benefitted and are busy pushing boundaries to the limit.

MobiKwik is claiming 20 times higher growth in terms of transactions carried out on its platform. Further, the company has entered into a contract with NHAI enabling commuters to go cashless towards payment of toll fees using its ewallet services at 391 toll plazas across pan India. Another company that is targeting the rural areas is Oxigen which allows consumers to cash in and cash out. The company, in particular, has been a huge success in Bihar.

The scarcity of physical cash has led people to opt for transactions using the digital medium. The process of switching over from cash to digital platform has been smooth unexpectedly. People have a lot of reservations earlier as they think it to be cumbersome for usage purpose but having adopted the system once, they found it not only simple but feel empowered too.

It is heartening to note that small traders in Delhi which include tea sellers, vegetable vendors have started accepting payments via digital mode which includes mwallet too.

According to Assocham, mwallets are likely to command half of the market share in the mobile payment segment in the next five years. Taking a leaf  from the above market trends, Senrysa Technologies is on a verge of coming up with an in-house designed and developed mwallet app called Payskp which will redefine the contours of mobile wallet application.

The app is built using a robust technology offering transactions both online and offline on its platform. The app is not only unique but one of its kind among the competition. The prime objective of Senrysa behind this innovation is to make customer’s life easier while making electronic payments safe and secure.

 

How Enterprise Mobility is Transforming Finance and Banking Industry across the globe

Global economy has gone through paradigm shifts over the last few years. Banking and Finance known as the two most significant factors of economy, have also inevitably gone down the hammer of change and transitions. Traditional methods like customer visits to the offices have updated with the inclusion of mobile device operations. In the US, banks have reported to have 53% of mobile usage in customers. While in most Asian and European nations, customers have shown strong preference in using apps, online payment and transaction tools. According to a demographic survey, people in the age group of 25 to 35-year-old have been found to be the heaviest mobile device users across the globe (for banking and finance related actions).

Workplace environments have also transformed drastically with quicker engagement brought about by enterprise mobility. Some of the advancements that have taken place (due to enterprise mobility) in banking and finance domains over the years have been discussed here:

Significant transformations in banking brought about by Enterprise Mobility

Advanced mobile banking facilities have resulted in the successful journey of enterprise mobility. Some of the most significant changes brought about by enterprise mobility in in finance and banking sectors are:

• Technology-friendly customers using Mbanking services remain updated on the bank’s latest offerings, financial services and various together important details.
• Bank employees have upgraded themselves by using smartphone and tablets instead of desktops and laptops.
• Banks tie up with IT and mobile app development organizations to bring out apps that empower customers to carry out faster and more efficient account management across all locations.
• Numerous security checks make it easier for customers to continue performing secure banking and finance related transactions around the world.
• Customers use their mobile devices to execute important financial processes and actions through mobile apps and websites run by financial agencies and banks.

A yearly survey carried out by Bain & Company quite rightly brings out the actual facts and figures of mobile banking and its penetration around the world.

Source: www.bain.com

• Bain’s findings suggest a steep rise in mobile banking customers in the US from 21% in 2011 to 32% in 2012.
• Growing number of young entrepreneurs have given rise to greater shifts in mobile banking in the US.
• Asia has reportedly witnessed a high percentage of mobile banking’s penetration in the phase between 2011 – 2012.

There are more than 7000 US financial institutions offering specialized mobile banking services to their customer base. Industry insiders have suggested the percentage of smartphone and tablet banking for financial management to increase with each passing year.

In another report (a collaborative effort) published by Cognizant and Monitise, customer benefits, banking services, customer expectations and customer preferences are likely to undergo proper categorization to be carried out by financial establishments.

To sum it up enterprise mobility has spread its reach far and wide in banking and finance sectors. With continuous surveys being carried out the message seems to be clearer and louder – Banks and financial institutes need to keep upgrading themselves in order to get a stronger grip on mobile-friendly customer bases. Mobile banking and enterprise mobility processes are inter-connected and their collaborative efforts will reflect on global economy.

Senrysa Technologies has numerous enterprise mobility efforts and operations to its name. It has collaborated with private and public banks. Its own workplace environment is also in line with enterprise mobility quests.