have a completely different set of customers but with an advantage to start off straight away on a digital path.”

The next panelist, Mr. Kumar Karpe, Chief Executive Officer, Tech Process Payment Services Ltd, spoke about the need for in-novation with convenience and least friction. He stated, “Definition of doorstep service has changed since customer wants to be in control and expects to be serviced at doorstep – be it mobile, tab etc. Un-fortunately, debit cards continues to be the most underused product and how we activate debit card transactions is what we need to seri-ously deliberate on. This can be done with the help of fintech compa-nies to collaborate with banks to effectively serve customers.”

Further, Mr. Abhijit Singh, Head – Retail Banking Technology, ICICI Bank Ltd, quoted, “Customer has always been the same. To-day, what has happened is they’ve got better means to technology and it’s far simpler & easier for banks to provide those services. We have to focus on a kind of experience a customer wants. There are a lot many new trends coming up, that banks need to be cogni-zant of. We have to make things simple for customers so that they can easily use the product.”

The next panelist, Mr. Sridhar Iyer, Head – Customer Fran-chise, Innovation & Digital Banking Citibank India, started his speech quoting, “Digital natives are those customers whose expe-rience are fashioned by how they grew up and existing customers are those whose experience has shaped up not only just by bank-ing but experience by other forms of interactions. And for us, there are two ways of looking at a customer- digital natives and existing customers. Simplicity, speed, remarkable customer experience are the expectations of new-gen customers.”

Ms. Chavi Jafa, Senior Director and Head of Payments & Strategic Alliances, IDFC Bank Ltd, was the next panelist. She mentioned, “I have observed in my interactions with our custom-ers that they want 3 things: simplicity, convenience and quick ac-

cessibility with banks systems, while being secure at the same time. Customer no longer compares customer experience with that of a bank rather customer compares customer experience with what any tech company provides. Mobile is critical because a lot is happening on mobile and it will continue to be the focal point in digital banking.”

The last panelist, Mr. Subhankar Dutt, Head – BFSI Vertical, Ricoh India Ltd, said, “New-age customer is anyone who didn’t come to me earlier. It does not mean a tech-savvy urban custom-er but a customer like India Post. Mobility will define success in digital experience and APIs will help us reach last mile & deliver unique digital experience.”

The Summit concluded on a positive note; given the current scenario, driving change by going digital is pertinent & this change is all the more mandatory so as to keep up with the latest trends in technology, paving the way for the future of banking. Last of all, but most important, banks adopting innovative technology to enhance customer experience & effectively engage with their audience & boost productivity simultaneously, shall stay ahead of the curve and certainly be digital banking leaders of tomorrow. n

MINT MEDIA MARKETING INITIATIVE

Welcoming the participants in the opening session, Mr. Arun Khanna, President, Dun & Bradstreet, Asia said, “The most commendable part of this digital transformation is the fact that this transition is taking place across all areas. The changes in India are mainly driven by technological innovation, changing customer ex-pectation and various government & regulator-driven initiatives.”

The next speaker Dr. R. C. Lodha, Executive Director, Central Bank of India stated, “Need for digitization is mainly due to three factors- Government compulsion, customer convenience and cost effectiveness of servicing customers through digital chan-nels vis-à-vis traditional branch banking channels.” He further highlighted, “Digital banking cannot happen without technology.”

Mr. Johnson Varkey, Director – Contact Center Sales – India & SAARC, Avaya, was the next speaker where he mentioned, “Digitization in banking brings a tremendous shift in banking ser-vices due to which customers do not want to come to branches anymore and want everything at the tip of their finger. Digital banking must adapt with the changing customer demand, digital customer engagement and omni-channel customer experience.”

The next panel session was on ‘Digital Transformation & IoT (Internet of Things) – Propelling the next wave of growth in the banking industry for enhancing customer experience & convenience’.

The first panelist, Mr. Rajnish Khare, Head – Digital Transfor-mation & Mobility Banking, HDFC Bank Ltd, started his speech by saying, “RBI has been the catalyst in the last 10 years in bring-ing about revolution on the digital front to the extent where every-one has been talking about digital. The next revolution is going to

come from IoT. Apple watch can be serious business in future and one can do banking through it. We are trying to be first among equals by using IoT.”

The next panelist, Mr. Rajeev Narayanan, Chief Strategy & Innovation Officer, TechProcess Payment Services Ltd, stated, “When we look at IoT, it is indeed very exciting. When different mobile banking initiatives started, the original thought was to start with internet as a channel and then it proliferated in to mobile. Ear-lier, it was a single mobile app doing many things but now you see multiple mobile apps doing different things which are very purpose driven. These three things need to be addressed for a digital bank to be successful - Identity & Authentication, Secure Transaction and Risk Management.”

Dun & Bradstreet and TechProcess Pay-ment Services in association with Avaya organized the Digital Banking Summit, this

week, in Mumbai. This initiative was also support-ed by Bank of Baroda, Ricoh, Senrysa Technolo-gies, Epsilon, CS Infocomm, Trigyn Technologies & Navnit Motors BMW. The conference brought together senior representatives from the banking industry & other stakeholders in this domain to discuss and deliberate the current scenario & the future of digital banking in India with a specific fo-cus on branch processes & technology.

Mr. Deepak Sharma, Executive Vice President & Head – Dig-ital Initiatives, Kotak Mahindra Bank Ltd, was the next panelist, where he mentioned, “Banks will have to connect with larger eco-system to create better customer experience. The guiding principle for digital transformation is- what problem are we solving? He also highlighted, “In existing business, we focus on 3 key parameters-

new technology available, key trends and customer insights.” The next panelist, Mr. Pankaj Sharma, Executive Vice

President – Retail Banking Processes, Axis Bank Ltd, stated, “80 – 85% transactions are on alternate channels with a 100% growth and we are digitizing the complete branch & back office transaction.” He further added, “Internet of Things (IOT) along with Machine to Machine (M2M) communication and Big Data would have transformational impact on Financial Services - ranging from simplified customer experience to complex credit underwriting.”

Mr. Aspy Engineer, Senior President & Country Head – ATM Management & Currency Chest, Yes Bank Ltd, quoted, “As we go forward, IoT is going to touch everybody’s life and no one product fits all. Based on the changing scenario we need different products for mobile, tablet, app and branch banking. We also need to build capabilities and channels in a seamless manner for suc-cessful digital transformation.”

The last panelist in this session, Mr. Kumar P. Saha, Manag-ing Director, Senrysa Technologies Pvt. Ltd, shared his thought by saying, “Cashless society must support bottom of the pyramid where largest mass of consumers transact on amounts varying from Rs.10 to Rs.500 and no digital banking is available for them.”

The last panel topic was on ‘Driving innovation and delivering a unique digital experience through omni-channel, gen-next payments & secure mobile banking for new-age customers’.

Ms. Shinjini Kumar, Partner, Banking & Capital Markets Leader – India, Pricewaterhousecoopers Ltd, moderated this session. She set the context by stating, “Omni-channel strategy depends on mobility and connectivity, social aspects, cloud, big data, artificial intelligence and robotics. Next-Gen customer is im-portant, market is changing faster and we need to do something about it.”

The first panelist in this session Ms. Rama Tadepalli, Head of Products, Visa India & South Asia, started her speech by quot-ing, “Payments is not what it was 5 years ago, for that matter a lot has changed in the last one year or so and this is primarily due to the emergence & tremendous progress in e-commerce & digital commerce.” She also highlighted, “While banks and financial in-stitutions are also trying to find their place in the new customer segment, the new payment banks and small finance banks will

From left to Right - Mr. Subhankar Dutt, Head – BFSI Vertical, Ricoh India Ltd, Ms. Chavi Jafa, Senior Director and Head of Payments & Strategic Alliances, IDFC Bank Ltd, Mr. Kumar Karpe, Chief Executive Officer, TechProcess Payment Services Ltd., Ms. Shinjini Kumar, Partner, Banking & Capital Markets Leader – India, PricewaterhouseCoopers Ltd., Ms. Rama Tadepalli, Head of Products, Visa India & South Asia, Mr. Sridhar Iyer, Head – Customer Franchise, Innovation and Digital Banking, Citibank India, Mr. Abhijit Singh, Head – Retail Technology Group, ICICI Bank Ltd.

SPEAKER BYTES

GOING DIGITAL TO REVOLuTIONIzE BANKS & THE CuSTOMER ECOSYSTEM

“Digi Banking gives experience of easy banking, reaching to the masses on real time basis with safe and cheap mode and changing dynamics of Indian Banking”

DR. R.C. LODHA Executive Director, Central Bank of India

“The new consumer is being woo’ed by new generation companies connecting with her digitally with ease, elegance and econ-omy. These consumers, often being first-time cosumers of formal financial system, expect the same quality of engagement and interface from their banks, unwilling to make allowances for the uniqueness of these hitherto revered institutions. Delivering on these expectations will require banks to walk the tightrope of constant innovation, low-cost delivery and exceptional security and safety standards; by no means a small task.”

MS. SHINJINI KuMAR, Partner, Banking & Capital Markets Leader – India,

PricewaterhouseCoopers Ltd.

“Digital banks of the future will be defined by their speed, simplicity& the remarkable customer experience they provide rather than by their size or stature.”

MR. SRIDHAR IYER, Head – Customer Franchise, Innovation and

Digital Banking, Citibank India

“New Business models will emerge by combing existing business with emerg-ing technology, customer preference & ecosystem”.

MR. DEEPAK SHARMA, Executive Vice President & Head – Digital Initiatives,

Kotak Mahindra Bank Ltd.

Mobile payments is going to change the way we do small ticket transactions in our day-to-day life. It is going to be the most secure payment systems, even more than the card based transactions.

MR. KuMAR P. SAHA, Managing Director, Senrysa Technologies Pvt. Ltd.

“A rapidly growing millennial customer segment and an increasing penetration of smartphones means financial institutions need to keep pace with the digital needs of their customers. As mobile banking solu-tions evolve and serve the banking needs, a key functionality would be payments with ubiquitous ac-ceptance, promise of security and ease of use.”

MS. RAMA TADEPALLI, Head of Products,

Visa India & South Asia

“Privacy and security plays an integral role in payment services and offerings and Ricoh’s TranSecure helps in reducing false positives arising out of M – Com-merce E- Commerce and POS related transactions.”

MR. SuBHANKAR DuTT, Head – BFSI Vertical,

Ricoh India Ltd.

“In the digital space “be a challenger” & to succeed, change the internal mindset to think and act like a digital native. Think customer preferences, be customer cen-tric and be omni-channel to ensure seam-less delivery to the customer.”

MR. ASPY ENGINEER, Sr. President & Country Head – ATM Management & Currency Chest,

Yes Bank Ltd.

“BFSI (Banking & Financial Services) has always been at the forefront of embrac-ing the most advanced technologies and business practices that lead towards a enhanced customer experience. In the modern age where mobile devices and complementing technologies have assumed prime centre-stage from a customer preference point of view, we believe that the impending digital transformation being witnessed across the spectrum as well as the refinement in terms of business excellence and intelligence, to be brought about by IoT (Internet of Things) will lead towards a ‘newer and never-before experienced’ banking services. TechProcess is uniquely positioned to act as a key facilitator in the entire value chain required to trigger this transformation.”

MR. RAJEEV NARAYANAN, Chief Strategy & Innovation Officer, TechProcess Payment Services Ltd.

“This is an exciting time for the banking industry. Today, with technology, nearly 90% of the total settlement volumes are done electronically. The industry is witnessing a transformation powered by digitization. Change is happening across all areas, in terms of new deliv-ery channels, financial inclusion, risk management and via customer-centric strategies.”

— MR. ARuN KHANNA President, Dun & Bradstreet, Asia

“The Banking sector is witnessing a new wave of evolution with innovations in the fin-tech space, especially with the proliferation of prepaid wallets offering enhanced fea-tures. New-age business tools such as ana-lytics have taken the customer expectation to a new high with targeted and contextual marketing. It’s no wonder then, that banking customers have come to expect a similar omni-channel, multi mode and multi-device payments experience, which is secure, seamless and frictionless. Convergence of technology and a platform agnostic approach is the key to banks delivering this ex-perience to customers. TechProcess provides a plethora of multi channel options equipped with multi mode payments platform on cloud that are uniquely positioned to support the bank’s omni-channel approach and enable multi mode payments as a service for their customers.”

— MR. KuMAR KARPE Chief Executive Officer, TechProcess Payment Services Ltd.

“The proliferaton of the internet and mobility along with the preferences of the next generation customer have cre-ated new challenges and opportunities for the banking industry. The key to suc-cess is to engage these customers in a media or channel of their choice, while preserving all the familiarity, comfort and security of the traditional customer engagement chan-nels, thus giving the customer a seamless omnichannel customer experience in the digital world”

— MR. JOHNSON VARKEY Director – Contact Center Sales – India & SAARC, Avaya

“Banks that successfully manage mul-tichannel by creating a seamless cus-tomer experience, rethinking branch formats and using data analytics strate-gically will be able to withstand compe-tition from new players. They will also be better positioned to capture the loy-alty of emerging and new customer segments. It’s all about putting customers at the center of the strategy and creating a seamless omni-channel experience.”

— MR. ABHIJIT SINGH Head – Retail Technology Group, ICICI Bank Ltd.

“Every business is now digital and in-ternet of things will connect everyone & everything, bringing about a paradigm shift in the history of human-machine interaction. The conference theme is ex-tremely apt in the current environment.”

— MR. RAJNISH KHARE Head – Digital Transformation & Mobility Banking, HDFC Bank Ltd.