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Technology transformation to make Financial Services industry more affordable: Ashu Gupta, PNB Met Life

Vaishnavi J Desai | June 29, 2016
Ashu Gupta, Head-IT of PNB Met Life explains how the much awaited technological transformation in the Indian FSI sector will make the industry more affordable, secure, and accessible.

What are some of the major areas of opportunities in 2016?

India is today one of the most vibrant global economies, on the back of robust banking and insurance sectors. The country is projected to become the fifth largest banking sector globally by 2020, as per a joint report by KPMG-Confederation of Indian Industry (CII). The relaxation of foreign investment rules has received a positive response from the insurance sector, with many companies announcing plans to increase their stakes in joint ventures with Indian companies. The companies should strategically apply analytics to more effectively meet customers' financial needs which is key opportunity for them to increase their customer base. With more than 900 million mobile subscribers, India has a burgeoning desire for internet on mobile, and the same should be expected for payments and commerce on mobile. Mobile payments are already gaining traction. For example nearly 15% of Starbucks customers already pay with their phones. And, substantial consumers use their smartphones to pay because of loyalty benefits.  NFCs & Mobile Payments are surely major opportunities in 2016.

Source: Computerworld India 

 

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