The former chief executive of Paytm Money, Pravin Jadhav, announced his very own startup, Raise Financial Services. He has also raised seed funding for his venture. The venture aims to reach hundreds of millions of people not having access to financial services. Jadhav said that his company will focus on people living in metro, tier 1 and tier 2 cities and will offer financial services such as investing, financing, insurance, wealth and payments.
Tag: BFSI (page 1 of 2)
IBM said India faced the second-highest number of cyberattacks in the Asia Pacific in 2020 after Japan, constituting about 7% of all attacks in the region. The finance and insurance sectors were the most targeted followed by manufacturing and professional services. According to IBM’s 2021 X-Force Threat Intelligence Index, 40% of all attacks were ransomware attacks. The remote working and learning introduced due to pandemic have to lead to a surge in the number of cyberattacks.
Sharad Goklani has been appointed as President & CTO for AU Small Finance Bank. As the CTO, he would be responsible for tech deployment and adoption across the bank. Goklani was the EVP & CTO at Equitas Small Finance Bank and worked with companies like Bharti Airtel and NIIT Limited in his 25 years of career. Goklani, at AU Small Finance Bank, would be in charge of creating tech interfaces that are adaptable and tailor-made for its customers.
Technology and Digital Chief of ICICI Securities, Yagnesh Parikh has quit to join AK Capital as a Group CTO. He had over 14 years of association with ICICI Securities in roles such as leading the IT vertical as Chief Technology & Digital Officer and later advisor for the company. Parikh, in his new role, will be focused on use cases of tech and digital transformation of AK Capital. He has largely worked in the BFSI vertical in his 30 years of a carer of a tech professional.
Cloud computing is a vital cog in every firm’s digital transformation journey. Narsimha Rao, Head of Cloud & Infrastructure Solutions, Infosys said that the benefits of the cloud migration can range from cost, agility, expansion, building, launching new products and solutions. Cloud has enabled the retail sector to move or introduce an e-com omnichannel model. Cloud-based systems helped BFSI to pivot to WFH and quickly upgrade customer-facing software.
HDFC Bank, the second-largest lender, now has an external professional IT firm, appointed by the RBI under Section 30 (1‐B) and Section 30 (1‐C) of the Banking Regulation Act, to conduct an entire audit of the bank’s IT infrastructure. This has come after the bank had given power failure at the data centre as the primary reason for the outage of digital channels. The RBI, following the outage, disallowed onboarding of new credit and debit card customers.
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IDBI Intech and Yotta had partnered to offer i-Reconciliation and i-Anti-Money Laundering apps under ‘Compliance as-a-Service’ umbrella. The services on Yotta’s Cloud would check regulatory compliance mandated by RBI keeping it cost-effective for the banks, insurance and NBFCs firms. i- AML would identify and combat various money laundering risks and i-Recon would address the challenges of scalability, transaction volume, speed, and accuracy.
India has seen the highest increase (45%) in the use of AI as compared to developed countries — the US, UK and Japan, a PwC India report has said. Sectors which have faced the maximum disruption during the pandemic have embraced AI in a more definitive manner — Travel and hospitality (89%), followed by tech, media, telecom (86%), BSFI (82%), and healthcare, pharma (73%). The report is based on global and India-specific survey of 200+ CXOs.
Fintech firm Lendingkart Technologies launched a co-lending SaaS platform called “Lendingkart 2gthr.” The platform enables banks and NBFCs to on-board within a fortnight and disburse unsecured loans to micro, SMEs. Lendingkart 2gthr enables co-lenders to review and approve loans through a custom dashboard which provides information and insights to enable real-time decision making. Lendingkart’s offers a risk-sharing partnership with banks and NBFCs.