Moving on to technology he talked about the new trend: ‘Fin tech’, which he predicted to be still in an emerging stage and purported that its impacts would be observed sometime in the future. Currently what can be seen is the emergence of account-less banking system brought about by ‘Paytm‘ and the likes of it. He stated that he perceives them as a threat to the conventional banking system. Further in the area of creditworthiness, technology is helping out in quick assessment by taking the aid of S.M.S. information. Over the years technology acquisition has become cheaper. Banks are now utilizing this to reach out to a wider audience. He also predicted that biometrics and other identity verification systems would rope in rural masses as they make processes simpler.
Mr. Garg went on to answer further questions on revenue models of payment banks, competition regulation by government in banking and the importance of analytics in finance. He closed the seminar by providing insights on how cash flow is becoming the tool for credit rating and the fact that we are currently the beta testers for the technology which will eventually be aiding the rural population and the masses in the long run.
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