DIGITAL TRANSFORMATION

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• Deepak Sharma joins the board of Suryoday Small Finance Bank

  Sharma served as the President and Chief Digital Officer at Kotak Mahindra Bank previously.

  

• Vishal Singh joins Kyndryl India as Director of BFSI vertical

  In a career spanning 20 years, Vishal Singh has held leadership positions at Suryoday Small Finance Bank, FIS India, and Clix Capital, where he spearheaded large-scale technology projects and initiatives.

  

• Tech advancements and competition driving down cost of FinServ: SBI MD

  Innovation should be able to achieve scale to make an impact, said State Bank of India's CS Shetty while delivering the keynote address at ET ETBFSI CIO Digital Conclave 2024.

  

• Watch: Goutam Datta of Bajaj Allianz Life on role of AI in Insurance and digital divide

  Watch this quick conversation with Goutam Datta, Chief Information & Digital Officer, Bajaj Allianz Life Insurance at the 8th Edition of ETBFSI CIO Digital Conclave 2024, wherein he talks about some of the key areas where AI has changed the way insurance is bought and sold. He also spoke about whether the vast adoption of technology can result in expanding the digital divide in the country or the opposite.

  

• Anchor-based Supply Chain Finance - a Whitespace for MSMEs

  In response to this challenge, various initiatives have emerged to fortify the working capital dynamics of MSMEs. Notably, anchor-based supply chain finance stands out as a pivotal component in this landscape. This financial arrangement is designed to optimize working capital and supply chain operations, with a focus on vendor finance and dealer finance.

  

• Unlocking Future Growth: The Power of Embedded Finance

  While current embedded finance use cases mainly focus on payments, particularly BNPL services, larger ecosystem plays are still in their early stages. Alternative lending technologies may focus on data analysis to expedite loan approvals based on consumers' financial health. Insurance may get embedded in all your retail and luxury buying journeys from travel planning or electronics shopping to health apps and fitness assistants.

  

• Business transformation is need of the hour, but holes in implementation remain a challenge for leaders

  Expleo, a company that guides organisations in digital transformation, released Business Transformation Index 2023 report which said that 76% of the companies are falling short of achieving at least one target in their business transformation initiatives. The areas of concern are project discipline, which ensures delivering transformation on time and on a budget, and reliability.

  

• Global Transactions: 95% of Indians choose Credit Cards for international travel

  In the 'Global Travel Intentions Study 2023' by Visa, 95% of Indian travellers plan to use credit cards for international trips. Top leisure destinations include Australia, the UAE, the United States, and Canada.

  

• Housing Finance Companies transforming Rural and Semi-Urban Homeownership

  As per the latest Financial Stability Report by RBI, the share of residential housing loans in total advances has increased over the last eleven years to 14.2 per cent in March 2023 from 8.6 per cent in March 2012. Younger borrowers of housing loans, increased need for independent homes, government programs to provide cheap housing, and interest concessions under the Pradhan Mantri Awas Yojana have contributed to the rising housing financing demand.

  

• Finance leaders’ digital transformation plan for next 5 years falls short on ambition: Survey

  Decision makers’ five-year plans and digital transformation ambitions appear to be equally restrained with investments in the coming year, says a Thomson Reuters survey

  

• Digital transformation of all operations on LIC agenda, says Chairman Mohanty

  Life Insurance Corporation of India (LIC) says last quarter's earnings of INR9,543 crores ($1.3bn) was sustainable and profit was likely to increase in the coming quarters. LIC has undergone a directional change, with its product mix now dominated by participating non-par products which yield better margins. The insurance company seeks to increase the share of non-par policies to double digits, from 10.22% at present.