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Month: April 2024

BFSI

Survey finds Digitalization & Market Expansion Elevate Wealth Managers’ Expenses

Observenow Desk April 8, 2024

New Delhi: Acuity Knowledge Partners (Acuity), a firm specialising in tailored research, analytics, staffing, and technology solutions for the financial services industry, has unveiled insights from its latest global wealth managers’ survey.

Internationally, private wealth managers are encountering various challenges. According to Acuity’s recent annual report, while traditional mandates are anticipated to remain relatively stable, 65% of respondents anticipate a rise in new mandates. However, this growth comes with added expenses, as more than three-quarters of wealth managers identify expansion into new markets and digitization as primary cost drivers.

Furthermore, the demographic landscape of the global customer base served by wealth managers is swiftly evolving. Over the next two decades, approximately $84 trillion of wealth assets are predicted to transition as younger clients inherit wealth. About one-third of wealth managers surveyed by Acuity express a focus on establishing personal connections with the younger generation. Additionally, wealth managers are adjusting their services to accommodate a more equitable gender distribution among clients. It’s projected that American women alone will control around $30 trillion of wealth by 2030, with similar trends expected in Asia and Europe. Consequently, aligning products and services with the preferences of this expanding cohort of female investors is crucial. As part of this effort, wealth managers are aiming to diversify their workforce, with more than a fifth planning to recruit additional female advisors.

Meanwhile, amidst expectations of modest global wealth growth in 2024, wealth managers who can provide comprehensive solutions—such as estate planning, tax planning, and retirement solutions—while offering a resilient portfolio of investments that deliver returns amidst heightened macroeconomic volatility and inflation are likely to increase their share of assets under management.

“The challenging macro situation and market volatility mean wealth managers’ client priorities are changing,” said Ramesh Punugu, Senior Director & co-head of Investment Research. He added, “leveraging technology to gain preliminary insights and adding specialised advisory would help wealth managers optimise their investment strategies. Amid the increasing need for more high-touch and personalised engagement, wealth managers also are focusing on equipping their advisors with the tools and dashboards required to ensure a value-added client engagement.”

Private wealth managers are focusing on addressing challenges posed by macroeconomic conditions and market fluctuations in 2023. Their main objectives include navigating uncertain periods, offering practical investment suggestions, diversifying portfolios, and safeguarding wealth. Prominent trends among global wealth managers encompass intergenerational wealth transfers, tailored products and services for women, holistic solutions, and resilient investments that balance risk and return. Looking ahead to 2024, expansion strategies involve venturing into emerging markets, boosting advisory revenue through tailored research services, increasing market presence through consolidation efforts, and embracing technological advancements and digital transformation.

Chanakya Dissanayake, Managing Director, Global Head of Investment Research, Acuity Knowledge Partners highlighted “the global landscape is uncertain and dominated by fast technological advancement, increasing regulatory scrutiny and ongoing market volatility. Wealth managers must continually recalibrate their strategies and adapt to the changing priorities.”

 

 

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Tags: ACUITY KNOWLEDGE PARTNERSBFSIFinancial ServicesObserveNow BFSIObserveNow MediaWEALTH MANAGERS

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BFSI

Technology Transformation Revamping the Leadership Roles in BFSI

Sheeba Chauhan

Technology is one of the defining factors for strategic transformations in every sector and the BFSI sector has been the frontrunner in adopting these technologies be it AI, Automation or cloud capabilities for improving productivity, customer satisfaction and enabling faster time-to-market with new products and services.  Additionally, technology has enabled a hybrid workforce and the BFSI sector is empowering this transformation to stay resilient in the face of radical work space transformation sweeping across the industry.

As workplace dynamics evolve alongside technology, so do job roles. There is now a pressing demand for leaders well-versed in technology, capable of strategically discussing the use and impact of key technologies to drive better business outcomes and inspire their teams to align with technological advancements. The fundamental objective of tech fluency and upskilling initiatives is to cultivate a comprehensive understanding of both current and future technologies and their potential applications across the organization.

Yet, many C-Suite executives still possess a knowledge gap when it comes to understanding the capabilities and implications of technology. Conversely, within technology-focused roles, there exist leaders with strong technical expertise but limited understanding of how technology translates into business value. This presents both a mandate and an opportunity for organizations to enhance the overall tech leadership and proficiency within the C-Suite.

According to early findings from Deloitte’s 2023 Global Technology Leadership survey, over three-quarters of CxOs reported that their organization’s board of directors encourages aggressive pursuit of technology-driven opportunities for competitive advantage, a significant increase from 60% in 2020. Moreover, 54% indicated that technology is a prominent agenda item in most or all board meetings.

Having a tech-savvy board, alongside a tech-savvy C-Suite, fosters a common language between the board and management, facilitating more productive engagement and enhancing company performance. Specifically, companies with such leadership structures experienced, on average, 5% greater revenue growth over a three-year period and 8% better stock performance year over year across three-, five-, and ten-year periods, as reported by Deloitte’s Center for Board Effectiveness.

From Tradition to Tech-Fluent – Leadership Roles Evolves in BFSI  

In the digital age, sustainability has become a pressing concern for organizations, necessitating the recruitment of executives who are adept multitaskers and capable of swiftly implementing technology-driven innovations. The growing emphasis on robust risk governance and effective technology strategies is underscoring the importance of appointing C-Suite Officers across the BFSI sector.

Regarding C-Suite tech leadership, a recent survey conducted among Chief Marketing Officers (CMOs) revealed that 62% recognize the potential for marketers to enhance their impact by leveraging technology effectively to pursue growth opportunities and leveraging data insights across various channels. Similarly, Chief Financial Officers (CFOs) acknowledge the critical role of technology investments. According to Deloitte’s 2022 Q1 CFO Signals Report, 40% of CFOs identified technology-related enterprise transformations as the most significant initiative their companies were undertaking or planning. Many CFOs cited challenges related to outdated systems, a lack of business acumen among IT professionals, and a deficit in tech proficiency within the finance organization.

Nina Nagpal, Board Member of Bank of Baroda & Governance Advisory

Talking along these lines, ObserveNow interacted with Nina Nagpal, Board Member of Bank of Baroda & Governance Advisory to know her thoughts on how technology is transforming the leadership roles. She responded and said that “In the financial services space, technology is a key focus area for both the regulator as well as the regulated entities. Its important to note that India is amongst a few markets where regulators – RBI and SEBI – have Regulatory Sandboxes to encourage innovation. The market participants can experiment with Fintech solutions. This encourages a number of constituents like Innovators, Fintech firms, market participants and service providers to come together to offer innovative technology solutions. Another excellent example of government’s technology centric orientation is the India Stack which has spurred technology penetration in the financial/banking sector in India but is also on the path to democratizing access to banking across unbanked populace.”

Talking on regulated entities and the security market, she added, “As far as regulated entities in the financial services space are concerned, technology, algorithmic solutions, tech driven security solutions are a necessity now. especially because the scale of our banks and securities markets institutions has grown many fold. The Banking industry in India today has technology as a key pivot as are entities in the securities markets. Large scale of operation necessitates not just smart applications, data management tools, straight through processing but also technologies that offer data and information security. Storage of data and cloud services have therefore become modern day utility services that businesses have to address on an ongoing basis.”

She emphasised that “Skilling and technology alignment, therefore is a logical need. However, entities and organizations are also rightly assessing what their core competencies are and where specialized tech services can be sourced from outside. Progressively and as AI and generative AI continue to take deeper roots, an assessment of talent needs must be done on a continuing basis.”

Hrushikesh Mehta SVP, Financial Services ONDC

While conversing with another c-suite leader from the financial sector, Hrushikesh Mehta, SVP, Financial Services, ONDC along the same lines, he responded that “The main issue in India for leadership is to keep abreast of the rapid developments in technology on multiple fronts regardless of whether it is public or private technology. The other main issue is to determine timing for adoption. With some technology you are able to leverage immediate results. With others it is a longer term play where results may not be seen immediately but can have far reaching impact on long term competitive edge. Resources are limited and the decision about if and when to adopt technology become a key decision in any company’s journey.”

Gen AI – A New Wave Pushing Technology Adoption

According to IBM’s global c-suite survey, Three out of four (75%) of CEOs believe the organization with the most advanced generative AI wins. Gen AI is the new game changer for organisations not just in BFSI but in every other sector. Gen AI has been the talk of the town since the launch of its most popular application ChatGPT in November 2022. Talking to

Nina Nagpal, Board Member of Bank of Baroda & Governance Advisory around the similar discussion, ObserveNow explored that “While acknowledging that Generative AI will bring transformative changes, i do not think this is a binary outcome i.e. Generative AI versus human decision making and skills. Generative AI, over time, may match the human brain but the conscious human  mind  will remain our exclusive preserve. Service Industries will continue to need human intervention, connect with customers and problem solving.”

Hrushikesh Mehta SVP, Financial Services ONDC explained how Gen AI can be leveraged to drive revenue growth and said, “Generative AI like any other technology is a tool that can be leveraged to gain cost efficiencies or drive revenue growth. Again, this tool is in the early stages of development and where to deploy it so that it is effective will be very important. There is no question that the usage of this will grow with time. But at the end of the day it is a smarter automation tool. In its base form that’s what technology has always been.”

To hear from experts like Nina Nagpal, Hrushikesh Mehta and many more join the Iron Mountain presents ObserveNow BFSI Confluence on 19th April 2024 at Taj President, Mumbai.

 

 

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Tags: Bank of Baroda & Governance AdvisoryBankingBFSIFinancial ServicesInsuranceObserveNow BFSIObserveNow MediaONDC

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Governance

Administrative Reshuffle in West Bengal Government, 3 IAS Officer Transferred

Observenow Desk April 5, 2024

In a recent development, the Personnel & Administrative Reforms Department of the Government of West Bengal has announced the transfer and appointment of three IAS officers to new roles. 

Amit Roy Chowdhury, IAS (WB:2011), who previously served as the Additional Chief Electoral Officer, West Bengal, has been reassigned as the Senior Special Secretary of the Food & Supplies department. 

Simultaneously, Dibyendu Das, IAS (WB:2011), formerly the Director of the Transport Department, has been transferred to the role of Additional Chief Electoral Officer for West Bengal. Additionally, Md. Ikhlaque Islam, IAS (WB:2010), who held the position of Senior Special Secretary in the Food & Supplies department, will now serve as the Director of Transport for the state. 

These strategic transfers reflect the government’s commitment to ensuring efficient administration and harnessing the expertise of its officers across various departments for the welfare and development of the state.

 

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Education

IIIT Bangalore launches PG course in Cloud and DevOps

Observenow Desk

The International Institute of Information Technology, Bangalore (IIIT-B) has announced the launch of an Executive Post-Graduate Certificate programme in Cloud and DevOps for non-techies as an expansion of its academic portfolio. The enrolments for the programme are set to begin its first cohort on June 30.

The eight-month online course, powered by edtech and upskilling platform upGrad offers in-depth coverage of Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) services, including concepts tested in AWS and Azure exams. It also includes extensive hands-on training, and understanding of GenAI to improve workflows.

On the launch, Debabrata Das, Director, IIIT Bangalore expressed his thoughts and said, “DevOps serves as a distinct approach to enterprise software development, emphasising the necessity of cooperation, automation, and communication between software developers and IT operations teams. IIIT-B with its expertise in cloud development and DevOps has developed this comprehensive programme to meet future demands, thereby enabling the nation to build skills and expertise in this very important technical area.” 

“The launch of this programme is a direct response to the surging demand for DevOps and Cloud computing that we’ve been observing. In the last one year, we’ve seen nearly 1.4 lakh learners sign up for our free Tech & Data courses, and hence, this programme with IIIT-B will strike the right chord with tech and even non-tech enthusiasts,” said Mayank Kumar, Co-founder, and MD, upGrad.

The curriculum comprises over 50 interactive training sessions aimed at equipping participants with essential DevOps competencies. These sessions will cover key areas such as continuous integration/continuous delivery (CI/CD), containerization with Docker and Kubernetes, and infrastructure as code (IaC). Learners will also gain insights into designing scalable microservices architectures, implementing effective monitoring and logging strategies, and harnessing AI tools for code analysis, security optimization, and process automation. 

Additionally, practical hands-on exercises will prepare students for certification exams such as AWS Academy Cloud Foundations, Azure Fundamentals, and AZ-104, enhancing their overall learning experience.

Tags: AWS Academy Cloud FoundationDevOpsGenAIIIIT BanglorePG coursesupGrad

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Digital Native

Strategies to Combat Spam Calls reveals Arpit Tak, CEO, Naam with ObserveNow Media

Siddharth Mala

The Indian startup ecosystem is witnessing a remarkable evolution from 2015-2022 with staggering growth and notable accomplishments, as per  National Startup Report 2022. It illustrates a sevenfold increase in the number of incubators, a The Indian startup ecosystem is witnessing a remarkable evolution from 2015-2022 with staggering growth and notable accomplishments, as per  National Startup Report 2022. It illustrates a sevenfold increase in the number of incubatoninefold increase in investors, and an impressive fifteenfold surge in total startup funding. The report underscores key indicators portraying India’s vibrant startup scene, with over 117,000 startups showcasing exponential entrepreneurial growth. Significantly, these startups are not confined to urban hubs; they extend their presence across 670+ districts, with half originating from Tier-2 and Tier-3 cities.

India, despite its rise as the world’s second-largest mobile market and its early adoption of 5G, grapples with persistent challenges. Spam calls, a ubiquitous nuisance, disrupt daily life, ranging from financial scams to unwanted marketing efforts. Siddharth Mala, Correspondent, ObserveNow Media discussed this issue with Arpit Tak, CEO, Naam, an Indian startup leading the fight against spam and scam calls.

Arpit Tak and Ramesh Chaudhary, the co-founders of Naam, blend extensive wealth of expertise and experience to Naam’s mission. Arpit, with an MBA from IIM Ahmedabad and over 12 years in Telecom, Ad-Tech, and AI, pairs with Ramesh’s strong background in Cyber Security and Telecom infrastructure. Together, they are dedicated to transforming India’s digital scene.

“In India, the prevalent spamming algorithm relies on the collective feedback of app users, marking certain numbers as spam based on a threshold,” Arpit elucidated during the conversation. “However, this approach fails to deter determined spammers, who can easily circumvent detection by swiftly changing mobile numbers” he further added.

Naam adopts a pioneering approach, eschewing reliance on crowdsourced data in favor of sophisticated algorithms that analyze call frequency, duration, and geographical origin. By establishing stringent thresholds and correlating call patterns with specific locations, particularly those associated with financial transactions, Naam effectively flags potential threats without necessitating user intervention.

Mentioning an intriguing observation, it’s noted that we often disclose our mobile numbers unwittingly. For instance, Arpit highlighted how we routinely share our contact details when entering buildings or making purchases at supermarkets, only to later wonder about the origins of incoming calls. However, the reality is that we have distributed our numbers in the market.

Furthermore, Naam’s commitment to user safety extends beyond spam detection, incorporating innovative features to fortify privacy and identity protection. Through facial recognition technology and stringent verification protocols, Naam ensures the authenticity of user profiles, thwarting attempts at impersonation and safeguarding personal information.

“Naam supports the nine most spoken Indian languages, including Hindi, Punjabi, Tamil, Telugu, Bengali, and Marathi, with the help of natural language processing tools” highlighted Arpit and also emphasized the pivotal role of awareness, particularly among vulnerable demographics such as senior citizens, in mitigating the risks posed by evolving scam tactics. Naam, with its multilingual interface supporting nine Indian languages, endeavors to bridge the accessibility gap and empower users with knowledge and tools to combat fraud effectively.

In addition to its proactive approach to spam prevention, Naam pioneers user-centric features such as seamless integration with WhatsApp, obviating the need to save unknown numbers for communication purposes. This intuitive functionality not only streamlines user experience but also enhances privacy by minimizing unnecessary data sharing.

 

 

 

 

 

 

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Governance

Sustainable Urbanization and CMDA’s Collaborative Efforts for Chennai’s Development: Anshul Mishra in Conversation with ObserveNow

Shivani Babbar

New Delhi: In recent years, the Chennai Metropolitan Development Authority (CMDA) has spearheaded crucial initiatives aimed at bolstering infrastructure and augmenting the livability quotient of Chennai. Recognizing the pressing challenges posed by rapid urbanization and escalating population density, CMDA has embarked on an array of strategic projects and plans.

These endeavors encompass infrastructural enhancements, urban renewal projects, and sustainable development initiatives tailored to accommodate the burgeoning demands of the Chennai Metropolitan Area. By prioritizing innovation and foresight, CMDA is steadfastly committed to ensuring the city’s resilience and fostering a conducive environment for its residents amidst the dynamic urban landscape. In this regard Shivani Babbar, ObserveNow interacted with Anshul Mishra, IAS, Member Secretary, Chennai Metropolitan Development Authority.

Chennai Metropolitan Development Authority (CMDA) is the statutory development authority of Chennai. It was constituted as an ad-hoc body in 1972 and became a statutory body in 1974 vide the Tamil Nadu Town & Country Planning Act, 1971. Its jurisdiction was expanded from 1,189 sq. km. to 5,904 sq. km. in 2022 and is responsible for developing the Master Plans and carrying out related projects.

Here are a few excerpts from the interview:

Can you share some of the key development initiatives undertaken by CMDA in recent years to enhance the infrastructure and liveability of Chennai?

CMDA has implemented several significant development projects to enhance Chennai’s infrastructure and overall livability in recent years. These include the formulation of comprehensive Master Plans spanning different periods, with the current focus on the Third Master Plan covering 2027 to 2046. Additionally, CMDA has conducted over 22 studies, backed by funding from the World Bank, with their findings informing the upcoming Master Plan. Notably, the completion of 57 Detailed Development Plans (DDPs) and the ongoing preparation of six New Town Development Plans for satellite towns like Minjur and Thirumazhisai highlight efforts to expand urban areas sustainably. Moreover, CMDA has spearheaded the creation of large-scale public infrastructure projects such as the Chennai Mofussil Bus Terminus (CMBT) and Koyambedu Food & Grain Market, alongside numerous social infrastructure initiatives like playgrounds, community centers, and dialysis centers distributed across the city. Furthermore, the focus on blue-green infrastructure, including the development of parks, lakes, and beachfront areas, underscores a commitment to enhancing environmental sustainability. Collaboration with other departments is also evident in joint projects such as the Sports City at Semmancheri and the Island Grounds Project, reflecting a holistic approach to urban development.

What specific projects or plans are in place to address the growing urbanization and population density in the Chennai Metropolitan Area?

A combination of a multi-nuclei approach through the formation of 6 satellite towns/ growth centers, the multi-sectoral comprehensive Third Master Plan (TMP), and regional strategies have been integrated together to combat the growing urbanization and plan for the increased population and density.

The TNCDBR (Tamil Nadu Combined Development and Building Regulations) is being reviewed to promote affordable housing, sustainable development and meet the growing demands of the city.

Further, a TOD proposal is in the pipeline which emphasizes the need for compact city and transit-oriented communities. Towards this, 5 arterial roads, the Outer Ring Road and MRTS and Metro Corridors have been identified as Transit corridors or High-Density Corridors. A stratified increase in FSI has been proposed along these corridors and is currently under review. The policy and proposal together would aid in densifying people along major transit networks aiding in the encouragement of use of public transit, restricting urban sprawl and moving towards vertical development.

What role does CMDA play in collaborating with other government agencies and private stakeholders to promote sustainable urban development?

CMDA plays a pivotal role in fostering sustainable urban development by facilitating collaboration among various governmental bodies and private stakeholders. Acting as a liaison between different departments, stakeholders, private entities, and the public, CMDA ensures smooth coordination for sectoral studies and development projects, aligning with the objectives of the Third Master Plan. Stakeholder consultations are prioritized in all endeavors, exemplified by extensive consultations during the Visioning exercise for the Third Master Plan and public consultations for projects like the Sembakkam Lakefront Development. Furthermore, CMDA engages in collaborative projects with line departments, such as the Sports City initiative with SDAT and Social Infrastructure Development Projects with TNUHDB, as well as endeavors with academic institutions and NGOs through memorandums of understanding, fostering knowledge exchange, technical support, and research and development efforts. Moreover, CMDA secures funding for numerous projects spanning the Chennai Metropolitan Area, thereby facilitating comprehensive urban development initiatives.

With increasing concerns about environmental sustainability, what measures has CMDA taken to ensure that urban development in Chennai is eco-friendly and resilient to climate change?

Besides the blue green infrastructure projects, we are in the process of formulating a climate resilient action plan, and working with JICA on a flood control master plan for the Urbanised River basins of the Chennai Region. The TMP further explores the impact of Urban Heat Islands on the Metropolitan Area and the influence of open and green spaces on the urban livelihoods. Further, amendments are being made into the TNCDBR to incorporate the impacts of the climatic changes and promote resilience through introducing buffer zones, green TDR, etc.

What challenges does CMDA currently face in its mission to develop and manage the Chennai Metropolitan Area? How is the authority addressing these challenges?

CMDA is currently facing several challenges in its efforts to develop and oversee the Chennai Metropolitan Area. One significant obstacle is inter-departmental coordination, which it addresses by establishing review committees involving various stakeholder departments to ensure a comprehensive approach. Furthermore, the authority focuses on ensuring fairness and transparency in tender evaluations and awards through extensive reviews by planners and committees. Monitoring efforts involve periodic inspections and enforcement of regulations through an Enforcement Cell. Land management poses another challenge due to the scarcity of land; however, CMDA is employing new techniques like Land Pooling, with amendments made to the Land Pooling Act and drafting of rules. Additionally, the authority tackles the lack of awareness by disseminating information through social media platforms, using tools such as video clips, comic strips, and graphical content to simplify planning concepts for the general public. Finally, CMDA confronts the dynamic nature of site-specific issues and rapid urbanization as part of its ongoing challenges.

What is CMDA’s vision for the future of Chennai’s metropolitan development? Are there long-term goals or specific milestones that the authority aims to achieve in the coming years?

Efforts toward resilient development aim to enhance the general standard of living by embracing a holistic strategy encompassing environmental sustainability, economic advancement, and the implementation of innovative, technologically-driven initiatives. The vision for Chennai is to evolve into a “Megahydropolis,” a thriving coastal megacity in the years to come.

Tags: Chennai MunicipalCMDAObserveNow GovernanceObserveNow Media

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Exclusive

AI in Cyberspace – Vulnerability or Security?

Sheeba Chauhan

AI usage in diverse industries is witnessing crossroad thoughts. When it comes to cybersecurity, the circumstances are almost similar.  A Google report indicates that over 40% of individuals perceive enhanced security as a primary benefit of AI. Conversely, others believe that AI introduces potential vulnerabilities and may facilitate data breaches, potentially increasing the risk of cyberattacks rather than bolstering security.

For decades, the primary challenge in cybersecurity has been to be a step ahead of attackers. However, with AI applications in cyberspace, threat detection has become a much easier approach. On April 8 2023, a coordinated distributed denial-of-service (DDoS) attack was launched against 6 major airports in India by a hacker group named Anonymous Sudan. This major hack on airports of major metro cities was mitigated by a solution deployed by Prophaze – an emerging web application and API protection. The company demonstrated the significance of security measures and used real-time attack detection and blocking mechanisms which were powered by AI/ML algorithms.

Dr Yusuf Hashmi, Group Chief Information & Security Officer, Jubilant Bhartia Group

Dr Yusuf Hashmi, Group Chief Information & Security Officer, Jubilant Bhartia Group interacted with ObserveNow Media about the AI advancement in cyberspace and said, “Advancements in technologies like AI have indeed heightened the volatility of cyberspace. While AI offers tremendous benefits, its dual-use nature means it can be exploited by malicious actors for nefarious purposes.”

Talking of the relevant measures while adopting AI in cyberspace, he added, “ The recent research highlights the urgent need for robust cybersecurity measures and international cooperation to mitigate these threats effectively. As we embrace innovation, we must also prioritize security to safeguard critical infrastructure and sensitive information from exploitation in cyberspace.”

The intersection of AI and cybersecurity presents both opportunities and challenges. While AI technologies offer significant potential for improving threat detection and response, it also introduce new vulnerabilities that can be exploited by malicious factors. AI usage is still in the nascent stage considering the diverse industries, however, the best possible usage of it will unfold in the years to come.

Tags: AIcybersecuritycyberspacehacksJubilant Bhartia Group

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Trending

J&K Bank Partners with Paymart India for Virtual ATM Service, Enhancing Banking Convenience in J&K and Ladakh

Observenow Desk April 4, 2024

New Delhi: J&K Bank has announced a partnership with Paymart India Pvt Ltd to introduce an innovative Virtual ATM (VATM) service, aimed at enhancing banking convenience for customers in J&K and Ladakh. Through this collaboration, card-less cash withdrawal will be facilitated for customers via local merchants.

In this setup, customers utilize the bank’s mobile app on their smartphones as a Virtual Card, while the merchant’s smartphone acts as the Virtual ATM. When initiating a cash withdrawal, customers will receive an OTP for verification, which they can share with the merchant. Upon validation, cash will be dispensed to the customer, ensuring a seamless banking experience.

 

Importantly, this VATM service will allow customers to withdraw up to Rs 2000 per transaction and a total of Rs 10000 per month.

Baldev Prakash, MD & CEO, J&K Bank said, “This partnership aims to empower J&K Bank customers with seamless access to cash withdrawal services through the mobile banking application, mpay Delight plus. It marks a significant step forward in J&K Bank’s commitment to leverage technology to enhance banking accessibility and convenience for its valuable customers.”

“Since Virtual ATMs represent the future of banking, this partnership with Paymart India underscores our commitment to staying ahead of the curve in providing innovative solutions for our customers. As we embrace this technology, we foresee the role of virtual ATMs in enhancing financial inclusion by going beyond cash withdrawals to encompass digital lending. Moreover, reaffirming our dedication to serving communities with convenience and accessibility, we are exploring avenues to extend this facility to our Banking Correspondents.” he added.

“With a plan to enter the J&K market, J&K Bank was the best choice we had for a tie-up. Through this partnership, basic cash requirements of people will be catered particularly in rural areas where ATMs are not available and people need to travel long distance to bank branches” stated Amit Narang, Paymart’s CEO.

“We always strive for convenience for our customers. With this tie-up with Paymart, our customers have a cash withdrawal facility virtually at their doorsteps. They wouldn’t have to search for ATMs and travel long distances to Bank branches/ATMs. So they will have the convenience of cash withdrawal while shopping itself” highlighted Imtiyaz Ahmad Bhat, General Manager (S&IT), J&K Bank.

The signing ceremony for the Memorandum of Understanding (MOU) was overseen by Baldev Prakash, the MD & CEO of the Bank. Amit Narang, CEO of Paymart India Pvt Ltd, signed the MoU, and Imtiyaz Ahmad Bhat, General Manager, also added his signature. The event was attended by the Bank’s General Managers Ashutosh Sareen and Narjay Gupta, DGM Muzaffar Wani, and Director of Paymart India Pvt. Ltd., Jyoti Narang, along with other senior executives from both organizations.

 

 

 

 

 

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BFSI

ObserveNow Media organises HP Technovation Conference – A pivotal platform for nurturing networking and knowledge exchange

Observenow Desk April 1, 2024

HP Technovation Conference, organised by ObserveNow Media Group in collaboration with HP, convened on February 2nd, 2024, at the prestigious Sofitel in BKC Mumbai. This gathering attracted 40+ top industry leaders from the technology and banking sectors, providing a unique platform for networking opportunities, and collaborative endeavours. The conference was a premium platform for knowledge exchange as it witnessed 5+ knowledge sessions that delivered thought-provoking insights into the BFSI sector. 

The event featured distinguished speakers who shared their expertise on pertinent topics shaping the digital landscape. Mr. Sunish Raghavan delivered the keynote address, focusing on the era of distributed workforce and HP’s comprehensive understanding of enterprise challenges in today’s dynamic environment.

The Hewlett-Packard Company, commonly shortened to Hewlett-Packard or HP, is an American multinational information technology company headquartered in Palo Alto, California. HP developed and provided a wide variety of hardware components, as well as software and related services to consumers, small and medium-sized businesses (SMBs), and large enterprises, including customers in the government, health, and education sectors.

Renowned Cybercrime Investigator and Cybersecurity Consultant, Mr. Ritesh Bhatia, provided profound insights into the intricate workings of a hacker’s mind, shedding light on evolving tactics employed by cyber adversaries. Additionally, Mr. Abhishek Majithia, a Semi-finalist of India’s Got Talent and Hypnotherapist, guided attendees through the process of mindful unlearning and relearning, emphasising the importance of embracing change to thrive in the dynamic realm of technology.

The conference explored critical themes such as resilience in a digital realm, toner-level innovation, and mindful unlearning. Discussions on resilience delved into strategies to empower organisations in building resilience against cyber threats, with HP showcasing its role in this endeavour. Attendees also had the opportunity to explore groundbreaking innovations at the toner level, aimed at enhancing endpoint security, with HP presenting cutting-edge interventions designed to redefine secure printing and fortify last-mile endpoint security measures. Moreover, the session on mindful unlearning guided participants through shedding cognitive biases and embracing change, highlighting the importance of cultivating a mindset conducive to continual learning and adaptation in the rapidly evolving technological landscape.

The event attracted leaders from prominent organizations in the BFSI sector, including Arun Raman, COO & Head of IT and Operations at Utkarsh Small Finance Bank, Prashant Ahire, Vice President Information Technology – Head-Technology at India Infoline Finance Limited, K. R. C. Murty, Senior President – Head – IMG – Business & Digital Technology Solutions at YES BANK; Pawan Dalmia, AVP -IT at Aditya Birla Sun Life Insurance; Kaustubh Nirgun, VP IT Strategy and PMO at Axis Bank and several others.

HP Technovation Conference aimed at driving innovation and resilience in the digital era with the pivotal platform and served knowledge exchange, thought-provoking discussions, and fostering meaningful collaborations. Attendees left the event equipped with valuable insights and actionable strategies to navigate the complex technological landscape.

Tags: BFSI

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Education

Will India Achieve its Vision 2030 Goals Through Education and Employability?

Observenow Desk

With the rapidly evolving world, technology and innovation have become the driving force of every economic development and to combat global competitiveness. Along with that, one key factor that is redefining the track of growth is Education. An educated nation is more likely to step on the growth track in comparison to an uneducated one. 

The Government of India launched a mission during the Union Budget of 2019 with an objective to achieve the development of various key initiatives from Digital India, Sustainable, Healthy India, Education, and more – Vision 2030. 

Sustainability stands as a cornerstone in numerous Vision 2030 agendas. Education emerges as a pivotal tool for fostering awareness about environmental issues and advocating for sustainable practices. By integrating environmental education into curricula, countries can prepare upcoming generations to embrace environmental consciousness and become responsible custodians of the Earth. Moreover, education can train the workforce in green technologies and sustainable methodologies, thereby aiding nations in achieving their environmental objectives.

Education serves as the breeding ground for innovation and technological advancements. Through investments in STEM (Science, Technology, Engineering, and Mathematics) education and research institutions, nations can furnish their populace with the requisite skills to propel technological breakthroughs and instigate transformative changes across diverse economic sectors.

While Governance and Leadership remain essential for the effective execution of Vision 2030, education assumes a critical role in nurturing capable leaders and fostering an enlightened citizenry. A well-educated populace is better poised to engage in democratic processes, hold leaders accountable, and contribute meaningfully to national governance. Leadership development initiatives and educational establishments focused on public administration can cultivate the next generation of leaders who will steer the vision toward fruition.

Boosting Career Readiness – A Core Priority!

Employability has been one of the crucial challenges for the Indian students. The Department of Economic Affairs published a report reviewing the economic growth and commented that there is a scope for mainstream skilling into curriculum development. Also, emphasized upskilling the existing workforce into future-relevant skills. 

According to the report, “The employable percentage of final-year and pre-final students increased from 33.9% in 2014 to 51.3% in 2024,” it said citing the findings of the online Wheebox National Employability Test. 

Talking on the same line, ObserveNow connected with Prof (Dr.) Manpreet Singh Manna, Vice Chancellor, of Chandigarh University and here is what he said, “Education plays an important role in the holistic development of an individual. Better quality of life, more job opportunities, higher earning potential and growth of the economy are all linked to a good quality of education. Education is a very effective tool in creating skilled manpower. The employment ability of a student improves drastically when given exposure to trends in the industry and also when a student gets the chance to interact and collaborate with industry experts. Such an interaction prepares the student to face real-world problems. World over, it has been observed by experts in the industry and scholars in academic circles that there is a gap between what the industry needs and what is taught in the universities. The current education system must be scrutinized for further improvisation. As far as India is concerned, the National Education Policy (NEP) 2020 provides a framework for a plethora of reforms, some of which are linked to better employability. The policy provides for relevant changes in the education system which is conducive to encouraging Industry Academy Collaboration.” 

Industry and Academic collaboration is one of the major elements to enhance the employability rate. Prof (Dr.) Manpreet Singh Manna expressed his thoughts on the exposure to industrial jobs and said, “Exposure to industry jobs – The industry-academia partnership provides a platform for the colleges to offer real-time industry jobs to the students, along with encouraging them to be involved in incubator projects, that are offered within the firm post-graduation to the students. The collaboration also helps the students to turn their internships into full-time employment, which makes it a powerful tool for colleges. This results in high placement numbers, that can be used to entice prospective students and corporate partners.”

India’s Ambition to Lead the World in Education

India is one of the three largest higher education systems in the world, with over 40 million students enrolled across 1,000+ universities and 42,000+ colleges nationally. Adding on the same, Prof (Dr.) Manpreet Singh Manna said, “Moreover, with a target of raising the Gross Enrolment Ratio (GER) in higher education to 50% by 2035 and plans to add 35 million seats in higher education institutions, the government of India has undertaken various initiatives to facilitate students.”

The government of India has also made significant strides to make India – a global education hub. India is already home to some of the top institutions like IITs, IIMs and now it has opened its doors for foreign universities to explore India’s education landscape. For continuous development and to achieve the aim of putting India as one of the education hub, the government is stressing the role of collaboration.  Aligning to this, Prof (Dr.) Manna added, “The Ministry of Skill Development and Entrepreneurship (MSDE) has forged substantial partnerships with prestigious organisations, including Pearson, Infosys, Tata Consultancy Services, LinkedIn, CISCO, Microsoft, IBM, Amazon, deAsra, IITs, and numerous others. These collaborations empower the ministry to harness the knowledge and resources of these entities, resulting in the development of innovative and industry-aligned skill development programs.”

The intertwined dynamics of education, employability enhancement, and global educational aspirations are shaping India’s trajectory towards achieving its Vision 2030 objectives. With a robust focus on sustainability, technological advancement, and leadership development, education emerges as a fundamental catalyst for national progress. The collaboration between academia and industry, as underscored by Prof (Dr.) Manpreet Singh Manna, is pivotal in bridging the gap between theoretical knowledge and practical application, thereby enhancing students’ employability and fostering innovation. Moreover, initiatives to elevate India as a global education hub, alongside efforts to bolster skill development partnerships, signify the government’s commitment to nurturing a skilled workforce equipped to meet the demands of the future. As India endeavors to elevate its Gross Enrolment Ratio and expand its higher education infrastructure, collaboration remains central to realizing the vision of a prosperous and knowledge-driven nation by 2030. 

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