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7/31/2019 Technology Enabled Transformation in Banking 2011
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Technology enabledtransformation
in BankingThe Economic TimesBanking Technology
Conclave 2011
kpmg.com/in
KPMG IN INDIA
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2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Foreword
Information technology in banking is fast evolving. From enabling
banking services to driving transformation in the industry, Information
technology holds a promise to change the face of banking in the next
few years. New entrants are looking to leverage their existing strengthsin the Indian banking arena. The opportunity available to these entrants
through leveraging their understanding of technologies and markets
they operate in, promises innovative business models with a focus ondelivering customer value.
The theme for the Economic Times Banking Technology Conclave 2011
Indian Banking 2015: Towards technology enabled transformation
considers changes expected in the banking industry. The pace of
change aided by regulatory directions, will push banks to direct their
strategies to a customer centric focus over the next four years.
We can expect to see shifts in the Banking industry unlike any we have
seen before, considering the far reaching impact of certain
technologies, national initiatives as well as the potential innovation inthe business of banking.
KPMG in India presents this whitepaper titled Technology enabled
transformation in Banking with a view of technologies which could be
the change agents in the years to come. While, technology has had aprofound impact on all aspects of banking we have chosen to look at
Mobile banking, Consumer banking and Payment systems, which we
believe are of considerable importance in shaping the industry by 2015.
These areas are likely to see the most change from a perspective of
customer centricity, speed of delivery and cost of servicing customers.KPMG has had the opportunity to be a witness to growth in the
industry through interactions with a number of banks, many of whom
we have been an advisor. We are confident that the views elicited from
this years Banking Technology Conclave will be useful to the banks intheir technology led transformation.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
Sunny Banerjea
Head
Management Consulting
Abizer Diwanji
Head
Financial Services
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2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Table of
Content
01 06
02
03
The Present Banking Business Model
12The next round of change agents Asneak preview
Mobile Banking
Consumer Banking
Payment Systems
12
15
17
24Conclusion
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
05 | Technology enabled transformation in Banking
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The PresentBanking Business
Model
Financial Intermediation sector in India is a highly regulated industry. Banks challenges
range from inefficient allocation of resource/ infrastructure to customer stickyness. To
adapt and survive, banks in India are adopting multiple techniques to entice and retain
clients.
As the reader is no doubt aware, the Indian Financial Intermediation market is a milieu
interspersed with a range of players like PSU Banks, Private Banks, Foreign Banks,
Cooperative banks, Regional Rural Banks (RRB's), Non Banking Financial Companies
(NBFCs), Housing Finance Companies (HFC's), Investment Houses, Post offices,Microfinance Institutions (MFI's) and the ubiquitous neighborhood money lenders.
While, it would be difficult (and counter-productive) to provide an exhaustive overview of
the business practices across all institutions, we present few emerging business models
that are helping extend the reach and diversity of financial intermediation in the country.
There was a time when banking meant waiting in long queues during working hours onweekdays just to get a passbook updated or get the busy' bank staff to answer your
queries.
Then Internet Banking and call-centers started to proliferate. However, it was not
uncommon to find Internet banking and call centre systems lagging behind the in-banksystems because the batch processes only ran overnight to update the alternate
channel. Numerous technical challenges emerged in creating an integrated channel
infrastructure from a transactional perspective, largely because we were bolting new
channels onto legacy systems that were simply not designed to work in real time. Todayvarious channels and customer touch points are integrated such that there is no lag in the
view the channels present. However, a lot of work still needs to be done to have common,
consistent and integrated systems.
The need to provide personalized, speedy and cost effective services is pushing banks tofurther reorient and innovate the business model of banking and enabling technology. It
has become inevitable and is seen as the only way for banks to survive in the increasingly
competitive banking arena. Technology not only simplifies the banking process and service
channels but also plays a holistic role in enabling financial inclusion. However, somebankers are of the opinion that unless the financial inclusion is supported in some form by
the government it will not be a viable initiative. Many Indian banks have embarked on the
journey of technology revolution and are at varying degrees of success. This is due to the
fact that not all of them have understood diversity of their customer base and their varyingneeds. As one senior banker put forward bankers need to understand customer needs in
rural India as well as Gen Y and develop products and services focused on their needs.
Indian banks took a major step forward in customer services when the Banking Codes and
Standards (BCSBI) were released in 2006. A lot has still to be done as has beenhighlighted in a recent RBI report on customer service, Banks have also been quick to
impose penalties and fees while getting away with apologies for gross negligence in somecases. This has been one of the hurdles in driving customer adoption of new facilities
offered by some banks. This is a critical point banks need to consider for acceleratingadoption of technologies.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
Technology enabled transformation in Banking | 06
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Channel Interaction mix across customer segment
In the following sections, we have
attempted to touch upon some of theseinitiatives and assessed the readiness of
Indian banks in these areas.
Transforming the Service Channels
A number of banking institutions in India continue to hold on to the belief that physical
branches remain at the core of the customer delivery strategy. Many banks, today,
have not adapted easily to the customer of tomorrow who rarely visits the branch or
the customer who sees no need for an over-the-counter transaction.
Retail Banking - UrbanCustomers
Retail Banking - Non-
Urban Customers
Financial InclusionSegment
Corporate Customers
Wealth Management
Customers
Branch Banking Internet Banking Mobile Banking ATM / Kiosk IVR / Call CenterBranch
Correspondents / RM
RM
RM
HIGH MEDIUM LOW
Source: Technology enabled transformation in Banking - KPMG 2011
Various technology-based initiatives undertaken by Indian Banks
Operational Efficiency
?Straight-through-processing?Transformation of Service Channels
?Collaborative Channel Management Strategy
?Branchless banking for Financial Inclusion
?Business Correspondents
Governance & Risk Management
?Enterprise risk management
?Real-time executive dashboards
?Real time Security management
?Risk based Authentication
New Solutions
?Mobile phone based banking application
?Social media support
Regulatory/ Compliance
?IFRS
?UID readiness
?Data flow Automation
Customer Centricity
?Customer analytics
?Efficient customer data management
OperationalEfficiency
Governance& Risk
Management
NewSolutions
CustomerCentricity
Regulatory/Compliance
Source: Technology enabled transformation in Banking - KPMG 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Financial Inclusion Ecosystem - an illustration
Customers should have the freedom to
choose channels and interactions thatget them to their desired solution in the
quickest and most efficient manner.
However, in the Indian context,
customers are forced to choose aspecific channel most of the time
because they don't have any other
option.
Consumers, who have been able toassert their preference and are primarily
in the urban centers, stand at cross-
roads of innovative access channels like
Doorstep banking: While, the level
of automation and integration offeredby courier firms is not yet available to
banking clients, many of us currently
enjoy the convenience of a
representative coming to collectcredit applications at our doorstep.
Self-Service Channels:The foreignand large private sector banks in
India have long provided self service
channels as a convenience and
differentiating factor. Many PSU and
other private sector banks have alsodeployed channels viz. internet
banking and ATM's.
Mobile banking: A number of banksare in the early stages. We are yet to
see a large scale adoption of mobile
banking. This is surprisingconsidering the penetration levels of
mobile phones in India. While, banks
are now offering mobile banking
solutions, innovative m-commerceservices are in their infancy. We
believe smaller cooperative and rural
banks can also vastly improve their
customer service by offering mobilebanking services.
In-store stealth branches: Many acredit institutions have started to
embed sales personnel within
stores. While, a standard practice in
the automobile industry, the trend
has extended to white goodsmarkets for offering easy credit
facilities.
Virtual Wallet: Recently, innovativeproducts like semi-closed wallet
have been introduced to promote
convenience and inclusive growth.Semi closed wallets are prepaid
payment instruments that are
redeemable at a group of clearly
identified merchant locations,without permitting cash withdrawal
or redemption by the holder.
Banking the Un(der) banked
Focusing on the un(der) banked section
of society, the two basic tenets for a
successful case are accessibility and theease of use to the end banking services.
Serving retail customers with limited
disposable incomes in these geographies
pose some operational, regulatory andviability challenges for banks.
Inability to establish a persons identity is
a fundamental challenge that prevents a
vast segment of the country to haveaccess to formal banking channels. The
problem is especially acute in case of the
urban poor as they are unable to accessthe available banking infrastructure in
cities. While, we have not yet witnessed
large scale adoption of the UID, with the
rollout of the program in the comingyears, we would witness greater
adaptation. The UID initiative is also
expected to bring down the on boardingcost of a customer for the bank as well
as allow easier mechanisms for
identifying customer during transaction
processing. This shall create a businesscase for servicing the un(der) banked.
NGO IT CompaniesBusiness
CorrespondentTelCo FMCG UIDAI
Banks
Rural Un (der)-banked households
Source: Technology enabled transformation in Banking - KPMG 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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believe the banks would need to learn
and analyse customer preferencesbefore developing an integrated approach
to customer focused channel
management.
The creation of a collaborative channelmanagement engine begins with
understanding customer perspective and
their preferred channel. This demands a
commitment to rigorous collection of
information on customer channelpreference, and recording how and when
the customer interacts with the bank for
different transactions.
Another important concept is the
identification of common channel
management processes (e.g. user
identification, customer personal details,
Faced with the challenges of shrinkingproduct margins and growing customer
demand for more personalized service,
retail banks are being forced to considerinnovative customer sales and service
strategies. This requires a
comprehensive approach to the
management of the many channels thatcustomers may use to interact with their
bank.
Banks are typically trapped between thedichotomy of allowing the customer tochose among a wide variety of channels
vis--vis deciding the channel that is
best.
While, the utopian world demands
balance to be struck between customerpreference and cost-effectiveness, we
customer enquiries, self-service
activities) and ensuring those processes
are delivered consistently acrosschannels.
If a customer is willing to use the
Internet channel to update her personal
details and preferences, then that new
information needs to be visible to otherchannels. If a customer switches from
one channel to another mid-way through
a service request, then that 'hand-over'process should be managed in a way
that does not waste the time the
customer has already invested. The
alignment of processes across channelsand the protocol for switching channels
must be seamless to the customer.
Strides forward
Sustainable growth is best achieved by allowing banks to work within an appropriate
framework of cost efficient regulations and guidelines.
Growth through Channel Innovation Financial Inclusion Initiatives Increased Competition
?Technology improvement
?Younger population, more conversant with
technology
?Customers desire to be in-control
?Leverage Social Media
?Encouragement by Regulator
?Establishment of viable business models
?Potential Volume
?New entrants - Foreign Financial
Institutions and Non-Traditional players
?Other Financial service providers
?India Post Bank
SYMBIOTIC GAINS FROM TELECOM EXPLOSION
EFFICIENCY AND COST BASE IMPROVEMENTS
Source: Technology enabled transformation in Banking - KPMG 2011
Transition of service channel architecture
Retail
BRANCH ATM / DEBIT CARD IVR / CALL CENTER INTERNET BANKING MOBILE BANKING
Lending Corporate Treasury Trade Finance Trading Payments Card Services
Common layer of data warehouse, customer analytics and content management
Retail Lending Corporate Treasury Trade Finance Trading Payments Card Services
BRANCH ATM / DEBIT CARD IVR / CALL CENTER INTERNET BANKING MOBILE BANKING
Source: Technology enabled transformation in Banking - KPMG 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
09 | Technology enabled transformation in Banking
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Branchless- banking, by breaking the
barriers of conventional branch-basedbanking (in terms of cost, man-power
etc), has the potential to reach out and
become truly inclusive banking. The
essential proposition of branchlessbanking that financial provider can reduce
fixed costs by using existing facilities and
devices, whether owned by the
customer (e.g., mobile phones) or byagents has made the concept very
attractive. An innovative and simple
example of this is the use of multimedia
(i.e. voice, video and data) to extendspecialized services across branches. For
example, HSBC bank has implemented
video conferencing to leverage this needwhile solving the problem on specialized
skills at branches. While, basic customer
requests are handled by branch
employees, enquiries needing expertcounsel are handled by a centre of
excellence through video conference
calls with customers.
Most large Indian banks are now gearedto shoulder new responsibilities of
financial inclusion and penetration into
the rural sector to serve the less
privileged. The government has planned
financial Swabhiman a program toensure banking facilities in habitation
with a population in excess of 2,000, byMarch 2012. The program will use various
models and technologies, including
branchless banking through business
correspondents.
Social media can be leveraged by banksto conduct product research, used a tool
for customer service, a medium for
marketing and promotion and build
transparency & trust with customers,especially urban and Gen Y customers.
However, not many Indian banks are
leveraging the power of web 2.0 socialmedia platforms to engage and connect
with their customers.
The transformation of consumer banking
will be accelerated through the
convergence of banking and telecomplayers. The industry collaboration will
lead to an atypical communications and
financial services partnerships, aimed atcreating new forms of competition. Ithas, thus, become more imperative for
Banks and Telecom companies to
collaborate and surge in order to meet
the demands of the Indian denizen.
However, the human factor needs to be a
focus of all technology initiatives.
Bankers we have spoken to mention the
need of even customers using internetbanking prefer speaking to someone
before completing a transaction. Along
the same vein pensioners continue to
prefer a dealing with people.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
11 | Technology enabled transformation in Banking
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The next roundof change agents - A
sneak preview
Mobile BankingWith the emergence of smart phones, communication for customers is not limited tovoice only. Ever evolving technology has given way to multifunctional wireless
infrastructure that is available to the customers 24/7, thus becoming a key driver for
mainstream adoption of mobile financial services. Gen Y has responded to this in with
great enthusiasm. With the mobile phone becoming an early companion to thisgeneration, adoption of mobile banking has taken off. This upwardly mobile group
promises to grow in the next decade giving banks an opportunity to explore innovative
services at a reasonable cost.
With nearly 885.99 million mobile connections, only 400 million customers
having bank accounts and only 38 percent of bank branches in rural India; do we
have a long way to go?
Well, not really. With the increasing awareness of technology in India, the user acceptance
graph is going high. Benefits of increasing penetration of telecommunication and anytime
reach, will lead to mobile based business models proving instrumental in realizing
branchless banking and taking it to higher grounds by enabling low cost and real timetransactions over secure networks.
The main reasons behind low penetration of banking have been as shown below:-
Low level of
awareness
Financial and
educational
Illiteracy
Lack of access
to banking
facilitiesMain reasons
for low banking
Penetration
Unemployment
and under-
employment
Low
income
Source: Technology enabled transformation in Banking - KPMG 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
Technology enabled transformation in Banking | 12
Mobile Banking refers to
the platforms that
enable customers to
access financial
services (such as
fund transfers, bill
payments, balance
information and
exploring investment
options)
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High mobile penetration and limited
banking facilities are driving the growth ofmobile banking in emerging markets like
India!! A glimpse of growing tele density
can be seen in the graph of Number of
Mobile Subscribers.
The mobile services platform is a hugeopportunity for banks to offer innovative
banking and payment services.
With the changing trends, banks prefer
servicing their customers at their
doorsteps and at their convenience. Thisnot only gives them an opportunity to
service larger customer base but also
reduces their transaction costs.
Some of the other driving forces behindquick adaption of mobile banking and
payments shall be convenience,
accessibility and ease of use.
Number of Mobile Subscribers in millions
Source: BCG, IBA and FICCI Report on Indian Banking 2020
Base: 451 global companies (Multiple responses accepted)
Source: KPMG 2011 Mobile Payments Global Survey
Convenience and simplicity top the list for driving adoption
Transaction costs by banking channel
Source: Tower Group, Fisery, Mcom data, 20 09
6-9% 25-30%
1400
1200
1000
800
600
400
200
0
166
2007
484
2010
1150
2020 (Expected)
InternetPenetration
on mobile
Call Centre
Branch
IVR
ATM
Online
Mobile
USD 4.00
USD 0.75
USD 1.25
USD 0.85
USD 0.17
USD 0.08
What are the compelling attributes of a successful mobile payment strategy in terms of driving customer adoption?
Convenience/Accessibility
Simplicity/Ease of use
Security
Speed
Low cost
User experience
Availability
Brand Trust
Control
Scalability
Regulation/Legislation
Other
81%
73%
57%
43%
43%
40%
34%
28%
24%
19%
11%
3%
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Projected Growth in Revenues and Enrollment of ALW/ZMF
Source: Presentation made at Sankalp Awards, April, 2009, Mumbai.
It would be safe to say that most large
banks and many mid-sized banks alreadyoffer some form of mobile banking
service. Mobile Banking by HDFC Bank,
State Bank of India (SBI) Freedom by SBI
and iMobile by ICICI Bank to name a few,give their customers an access to easy
banking services. There are no charges
for downloading, activating and using
such applications.
With Mobile Banking, you can conduct
financial and non financial transactions
effortlessly and securely. From making
payments to checking your accountinformation, Mobile Banking allows you
to bank from anywhere at any time. The
security of the transactions is enforced
using multifactor authentication ie mobiledevice and a 4-digit PIN set by the
customers and encrypted transactionflow. These applications are compatible
with multiple GSM and CDMA devicesand flexible to work with both GPRS and
SMS channels.
Indeed, mobile banking is often arelatively straight forward proposition for
retail banks. The new channel can be
built at relatively low cost, by adapting
existing internet platforms to mobile
devices. And with little to no incrementalcosts for each additional mobile user. The
Financial justification for basic mobilebanking services is easy to rationalize.
An interesting case of, A Little World
(ALW) and its sister entity, a non-profit
organization, ZERO Microfinance and
Savings Support Foundation (ZMF) isaround streamlining of the rural financial
payments/ transactions conducted by
public and private financial institutions in
India. These companies act asintermediaries between rural
communities at one end, and
mainstream financial institutions and thegovernment at the other end. The
strategy of using the NREGA and similar
government schemes to grow and
The recent studies conducted show that
customers across all demographicsprefer anywhere and anytime access to
their banks and avail the services
provided by them.
Generation Y, often described as theMobile Generation has an obsession
with all things mobile and digital. In India,
applications like ngpay, obopay, mcheck,etc. provide ready to deploy mobile
banking solutions.
deliver financial services to rural areas
were previously unknown business
models. Leveraging the UID project willextend the efficiency of the bussiness
model further.
The mobile phone is in essence a bank
in a box run by ZMF for the villagers inrural India. The services currently offered
include: cash deposits, withdrawals and
transfers (as in bank saving accounts),
payments for government social securityprogrammes and welfare schemes
electronically what is generally called
the Electronic Benefit Transfer (EBT),disbursal and collection of loans and loan
installments, collection of cash for third
parties, insurance products and premium
payments and payment of utility bills.
These applications have been
successful in getting convenience at
customers fingertips.They providethe feasibility of participating in
promotions, travel tickets, accessingATM Services, shopping anything from
home appliances, gadgets, books, music,
apparel and jewellery to health and
beauty products from the brand outletsof your choice.
Besides providing easy access to
account information, details on loan
account, to the rural customers mobileBanking will also help the rural
households in saving themselves from
the travelling cost to the local post office,village headman or government officials.
9,000
7,200
5,400
3,600
1,800
0
100
80
60
40
20
0
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
En
rolments(Mn)R
evenue(IN
RMn)
Enrolments (Mn) Revenue (INR Mn)
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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The mobile in addition allows banks to
offer innovative services usinggeolocation information with other
technologies. A consumer can be offered
location specific information such as the
nearest car or bike dealer as well as thebanks finance terms on purchase.
The Myth:Banking on Mobile puts
security of the customers on stake.
Fact: Mobile banking services useinternet technologies as well as basic
SMS/ USSD based data transfer
technologies. While, security of internet
technology over mobile is similar tointernet banking, the use of SMS/ USSD
that is generally less secure is being
used by most banks for informationdissemination like balance and
transaction alerts and small valuetransactions. Further, additional features
like authentication using OTP, instantalerts are being deployed to enhance
security aspects.
Customers have been moving away from
making their traditional visits to thebanks. They prefer convenience and
anytime service, and have started to opt
for the mobile based banking for transfer
of funds, utility bill payments,
account summary, Fixed Depositsummary, balance checks, credit card
payments, stop payments , stock market
transactions, etc.
Some of the points from recent KPMGglobal survey are:-
58% of the companies already have
strategies for handling mobilepayments.
Half of them are already offering
mobile payments services.
The Myth: In rural areas, people hesitate
to have banking accounts because of the
lack of knowledge and the perception
that the banks serve the bigger andaffluent customers.
Fact:The existing deep penetration of
Mobile technology and its use for
features like accessing weatherinformation , market information etc. in
rural India belies the view that lack of
knowledge stops the banks fromreaching to the end client doesnt stand
true. Rather should be a motivation for
the banks to approach a higher client
base with more technology orientedservices. Mobile Banking will mean
different things for different customers,
for the urban customer it will beshopping and fund transfer, however for
rural customer it will be an accessible
banking channel.
With process innovation and technology,the new business models are proving to
be reliable, transparent, quick, cost
effective and efficient delivery
mechanisms of financial services frommainstream financial sector to rural poor
households besides just limiting and
expanding for the urban population.
The financial inclusion project in India andits focus on enrolling more and more
customers for banks in India provides a
large opportunity
Thus, for the banks that focus on
customer service and innovation as thekey differentiators, mobile banking is a
must.
Consumer BankingDr. K.C. Chakrabarty, Deputy Governor of
RBI, has quoted four issues which can beconsidered important for the emerging
markets to move ahead in the global
arena are -
?Know Your Customer
?Fair Treatment to their customers
?Technology for greater Financial
Inclusion
?Risk Management Leveraging
A research conducted by KPMGInternational on the global banking
growth agenda, concludes that Indian
Banks are not yet on the global radar
screen they have not made theirfootprint. As Indian Banking braces for
growth both regionally as well as in the
global banking market, they need to
evolve to service their customerseffectively and focusing on reducing the
operating cost and improving profitability.
Many factors, including the rise inconsumerism with demand for
mortgages and asset loans are leading to
growth in the middle class, which isstimulating retail and private banking andwealth management.
In the Indian context, banking andfinancial sector broadly falls into
following categories - commercial banks,
co-operative banks, rural banks and
microfinance financial institutions, non-banking financial companies (NBFCs),
housing finance companies (HFCs),
financial institutions (FIs), mutual funds
and the insurance sector. As per RBI,commercial banks together with co-
operative banks account for nearly 70 per
cent of the total assets of Indian financialinstitutions. Out of this, 70 percentcommercial banking assets are held by
the Public Sector Banks (PSBs).
It is imperative now that the Banking
sector takes cues from the larger servicesector such as Retail/ Telecom sector to
achieve the growth in acquiring and
maintaining the market share. These
sectors have realized the value of thecustomer centricity and knowledge
which gives them clear insight into
customer behavior, purchasing patternsand recognition. This helps them in
competing strongly and selling products,services beyond their core offerings at
competitive rates.
To address the issue of fair treatment, it
is very important for the Banks to
forecast and fulfill the customersrequirements and expectations in a
consistent approach, thus leading the
improved service quality.
Customers expectation with the service
from various delivery channels is thesame level of convenience that they
receive from a Bank branch. If the
present business model continues toevolve, the challenge banks will be facedwith is to change customers perception
through a focus on improving quality of
service offered to customers. Newentrants in the market could change the
business model through an innovative
focus on the customer and not just on
the operating model. This could put directpressure on the existing banks who are
trying to rebuild customer confidence
and trust by consolidating business to
compete and survive. Metro Bank, UK,for example, adopted the banking to its
basics such as offering personalized
services and concentration on retailproducts to gain the sizable market shareamong its counterparts.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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ability to launch unique products their products and thus provides anAddressing customer satisfaction,which are for example of interest to interface to sell these products viaBanks can use technology to achieve -Gen Y. Banks can create a brand online channels. New technologies
Transparency Complex products identity by offering improved service can help the Banks in reducing thesuch as top up deposits, revolving levels, transparency, quality of staff, cost of the operations such as per
loans, top up loans, etc. introduced and relevant information to the unit product cost, infrastructureby the Banks to benchmark existing and new customers. This maintenance and increasing thethemselves in the competitive will develop long lasting frequency of communication withmarket and provide the best possible relationships with the customers the customers. Banks aredeal, leaves customers confused who will perceive it as full-service attempting to cater to all customerwith the choices. Customers provider and thus recommendation segments through same deliveryregularly indicate the penalization for to other potential customers. channels. The focus can bebeing loyal or introduction of unfair enhanced by redefining the strategy
Reaching customers and costor unexpected changes. To rebuild to use hybrid channels (kiosks,reduction Banks usually struggletrust, Banks can undertake the franchisees, MFIs, etc.)in frequent communication with theresearch through myriad data
Response to regulatorycustomers. Primary mode as usedanalytics solutions to understandby Banks to share information with regulations and reportingcustomers wants better. This willtheir existing customers is thehelp them to build right relationships requirements Analytics usingITwebsites and the mailers. However,with the customers and provide for can help the Banks to focus on the
Banks can use blogs andfocused products/services. products/ service offering to theparticipation in social networks to customers and in decision making
Unique identity and sense of allow customers to discuss the on what should be done as per thebelonging Most Banks are now offerings, compare and evaluate regulatory guidelines. Successfuloperating on core banking systems services. Banks can also arrange the integration will help in decision ofhowever they are not able to Audio Visual Van, Mela visits, weekly what risk Bank wants to take,harness the capabilities of the meeting with the potential and understanding and measurementsystem to meet todays needs existing customers to offer various and finally right pricing of theeffectively and may not meet financial facilities offered by the products and services.tomorrows 24x7 banking Bank. Feedback from customersrequirements. This reduces the would help the Bank in redesigning
Regulatory requirements
Transparency
Customer Satisfaction
Reaching customers
Unique identity
Source: Technology enabled transformation in Banking - KPMG 2011
Leveraging technology for greater financial inclusion
According to the RBI report 2009, only about 50 percent of the population has a bank
account with 11 percent of people having life insurance cover and only 0.6 percenthaving non-life insurance cover of any kind. This brings in a huge opportunity for banks
to increase financial penetration by bringing the unbanked population under the
banking system.
RBI, in June 2010, asked all banks to present three-year financial inclusion plan by
incorporating the government's goal of making banking facilities available in all villageswith 2000 population by March 31, 2012. Government is planning to leverage UIDAI
project to further achieve Financial Inclusion in a much efficient way. Banks like SBI are
planning to open financial inclusion centers in all the districts of Andhra Pradesh andSBBJ to follow Business Correspondent model with unique service of 'Bank on Bike'
for unbanked population. Similarly, UCO Bank has opened the Financial Literary and
Credit Counseling Centers in villages to meet the financial inclusion target. To achieve
the financial inclusion goal, it is imperative to implement scalable, standardized,platform independent technology solutions such as multipurpose ATMs, simputers
with regional language based communication. This will help the banks in reducing the
operational cost and achieve the last mile reach.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Payment SystemsA key requirement of sturdy banking
system is the availability of an efficientpayment system. In the light of inter-
linkages it has with other financial
systems, the payment system forms the
backbone of the financial system.
With the entire world converging into a
single big bowl of globalization, there has
been multitudinous increase in the
number of cross border transactions. The
outburst of innovations and technologicaladvancements have revolutionized the
financial markets and played a vital role inblurring the distinction between banks
and non-banks.
The banks would, however, have a vital
role to play in the payment system of any
economy, hence would continue toremain special from the point of financial
systems.
Different types of delivery channels otherthan the conventional ones can help the
banks in reaching the un/under banked
segment of the society. Some of the
unique delivery channels that banks are
using
Multi-channel delivery model
Delivery channels will not only service
the customers in financial transactions
but can also be used for non financial
transactions such as account opening,
account statements, etc. However, thefundamental work that bank have to do
before implementing technology is to
understand the customers unique needsand design products according to their
occupation, repayment capability,
investments and insurance. This will helpthem in leveraging the technology to
provide affordable, cost-effective
services to masses.
As Dr. K.C. Chakrabarty, Deputy
Governor of the RBI, stated, Technologyreally holds the key for financial inclusion
to take place on an accelerated scale. To
achieve the Government and RBIs visionof financial inclusion, need of the hour isto deploy a suitable delivery model on
the platform independent technology. Yes
Bank believes that the effective deliveryand suitable product design for the rural
areas can be achieved by leveraging
technology enabled partnerships. This
may result in improved financialpenetration in under-penetrated financial-
services sector, driven by a contributing
economic environment and a supportive
regulatory regime. Supportive economicenvironment and regulatory regime are
two major drivers which may help in
increasing the financial penetration inunder-penetrated financial services
sector.
Banks will require an out-of-the-box
solution with a strong delivery trackrecord because they know they cannot
afford lengthy implementation which
would drain financial resources andmarket share and therefore, the launch ofrevenue generating products, operations.
The emphasis would be on relationships,
by organizing products lines and channelsfor the customer attention, thus forcing
banks to rethink their strategy for
achieving lost market share and planned
targets. We believe at initial stageshelping hand from the government in the
form of a support through the UID
mechanism or a customer/ transaction
based direct financial support shall play akey role.
Mobile Banking
Internet Banking
Biometric ATMs
POS/EDC
NGO
FMCG
Business Corespondent
Source: Technology enabled transformation in Banking - KPMG 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Types of Payment Systems
Evolution of Credit Cards/Debit
Cards
Payment systems of the 21st century
not only include the traditional paper
based payments, electronic fund
transfers, credit, debit and charge card
but also new technologies such as digitalwallets, e-cash, mobile payment, e-
checks, etc. A newly emerged form of
payment system is allowing a 3rd partyto offer online transaction capability for
consumers (by merchants). Companies
facilitating this new form of payment arecalled Payment Service Providers (PSP).
A payment service provider (PSP) offers
merchants online services for accepting
electronic payments by a variety ofpayment methods including credit card,
bank-based payments such as direct
debit, bank transfer, and real-time bank
transfer based on online banking. SomePSPs provide unique services to process
other next generation methods including
cash payments, wallets such as PayPal,
prepaid cards or vouchers, and evenpaper or e-check processing.
Some banks abroad are offering Contactless cards which have a chip that enables
consumers to wave or tap the card in
front of the card readers withoutrequiring the cards to be physically
swiped or inserted into the Point of saledevice. They also eliminate the need for
the merchants to issue receipts forcustomer's signature or cardholders to
enter PINs. Like many magstripe and
EMV chip cards, the new cards also offer
customers SMS alerts related tospending, balances and the remaining
credits.
Such cards use NFC contact less
payment technologies. VISA andMasterCard are offering products on NFC
called VISA paywave and MasterCard
PayPass.
Credit cards have also become anessential part of Indian society. The
Indian banks are currently focusing more
on the premium card segment and with
a number of card options available for thecustomer, the banks are finding ways to
innovate and hence capture a higher
share of the Indian credit card market. A
number of banks such as HDFC Bank,AXIS Bank, Citibank, Kotak Mahindra
Bank, etc. have introduced chip based
cards.
Challenges
One of the major challenges involved in
technological advancements in cards
ecosystem is fraud and data security.Compliance to increasingly complex
Payment Card Industry (PCI) Security
standard is not sufficient. For Example,
one of the largest payment processor ofUSA, which processes payroll and credit
card payments for more than 250,000
businesses, reported that customer datahad been exposed. Attackers are
becoming increasingly sophisticated and
banks need to respond accordingly.
Measures introduced include One TimePasswords (OTPs), risk based
authentication/ authorization (e.g.
payment to not normally visited
merchant site requires additional checks),tokenization, etc.
Despite achieving all of the above, there
still remains an inherent risk of card
misuse by customer servicerepresentatives, staff in restaurants etc.
It is here that RBI initiated instant alert
mechanism and additional factor of
authentication for card not present,transactions have gone a long way in
reinforcing customer confidence.
As correctly quoted by Dr K. C.
Chakrabarty, Deputy Governor, RBI
At the same time, given the sprouting
instances of cloning happening,
particularly with regard to Debit-ATM
cards, the central bank of India has alsostarted contemplating a move over to
more secure Chip and Pin cards.
the challenging canvas for the
central bank and operators of the
various payment systems lies in
ensuring that while the various
products are increasingly used
across various delivery channels, the
security of the payment systems is
not compromised and the customers
funds are protected. This is a big
challenge to be faced to avoid
erosion of customer confidence in
the new age payment systems. It
was towards this endeavor that RBImandated the additional factor of
authentication for all card-not-
present transactions, which is
perhaps the first attempt made in
this direction by any regulator.
One of the other challenges faced by the
Indian banks in this segment is the
decline in the credit card numbers overthe last one year. This has been a direct
consequence of the delinquencies faced
by the issuing banks owing to therecession that began in 2008. But this
declining trend is going to reverse as
many banks are now becoming
aggressive in issuing cards and areintroducing many new features. A sigh of
relief has been growing per card
consumption. Having learnt from the
past mistakes of issuing cards to peoplewithout verifying their creditworthiness,
banks are now playing in this field with
an extra cautious effort.
An example of an innovative productrecently launched is a combo card called
IDBI Magic Card launched by IDBI
Bank that has the features of both debit
and credit card. This card is being offeredto eligible salary account holders of IDBI
Bank with a credit limit in a multiple of
the monthly salary earned by the card
holder. The card will work as a debit cardtill the account holder has balance in it
but once exhausted, any further
withdrawal or expenditure on the cardwill act similar to a credit card, IDBI
Bank Chairman & Managing Director R M
Malla said at the launch event.
HDFC Bank with an aim to tap the rich in
the country has launched Infinia ultrapremium card, which has no limit on
spending.
Another example of innovation is the
State Bank of Indias combo card thatcan be used as a debit card and a transit
card to travel on Bangalore Metro Rail.
The card has an embedded smart chip
that can be used for charging cash to payfor Metro travel and at the same time it
can be used as a debit card for any other
transaction.
With technological innovations beingintroduced by VISA and MasterCard
abroad and most of the banks in India
being members of either of these two
payment organizations, and withcontinuing rise in the acceptance and
use of credit card, India is also likely to
witness and benefit from such innovation
in the coming two to three years.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Inhibitors
Concerns over Security and privacy
Cost of Investment
Lack of global technology standards
Mobile Payments
The entire world is converging onto the
handheld devices and the financial
services are no different. The banks are
being swayed by the halo of the newly
opened market of mobile banking andmobile payments. Some are thinking of
capitalizing the first-mover advantage by
developing innovative mobile solutionswith an objective to gain market share
and increase revenues, while others are
waiting for the technology standards toget set and customer adoption and
interest to rise.
This newly evolved payment channel will
not only provide the banks an opportunity
to tap new revenue streams but wouldalso aid in reducing overall costs of
serving the customers.
How lucrative is the market?
Customers are looking forward to the
evolution of this new payment channelwith anticipation. Drastic increase in the
use of smart phones is stimulating thesharp rise in customer demand for suchinnovative ways of making payments.
According to Monetizing Mobile report
published by KPMG, mobile phones
unseat PCs as a preferred channel foraccessing internet by 2015.
Cognizant of the ever rising telecom
penetration in India and alarming rates
with which smart phones are beinglaunched and adopted in India (operators
such as Micromax launching android
mobile phone for as low as INR 6000),
the key questions that the banks are
looking answers for are how best tocapitalize this rapidly evolving and
nascent channel to deliver better
customer service, to retain market shareand to improve revenues.
For early adopters of mobile payments, it
would be much more than a first mover
advantage. The innovation will alsotranslate into strong customer loyalty and
satisfaction, and build reputation. The
banks can leverage their mobile
applications to deliver targetedadvertisements, promote cross selling
opportunities.
How to go about it?
The banks need to have a clear
understanding of the objectives ofadopting the newly evolved payment
channel whether to increase revenues,gain or maintain market share, to
innovate and lead the race. Strategies
and business plans need to be developedthat would consider a long term and
customer centric view of their progress.
The banks need to work with the new
and emerging value chain partners, get
involved in the development oftechnology standards and identify means
to adhere to the same. New technologies
need to be identified, tested and adopted
for smooth execution. Banks need toidentify new revenue sharing models in
order to create a win-win situation for
each of the value chain partner thatcontributes to the delivery of mobile
services.
For stepping into the blue ocean before it
turns red, the banks need to make largeinvestments on unproven technologies.
While, waiting for the technology
standards to get set will reduce therisksspecified above, these banks will lose
market share to early adopters. They will
have no role to play in influencingtechnology standards and technology
adoption and will have less time to 'catch
up' once a standard technology emerges.
The banks need to identify the
technology for deploying bankingsolutions. While, one straight forward
way the banks are adopting is to set up a
Wireless Application Protocol (WAP) sitewhich can be accessed using a handheld
device. It is platform independent and
looks consistent on all sorts of devices
with same look, feel and functionality ascurrent internet banking websites.
Definition: Mobile Payments
The term mobile payments refers to the process of
using a handheld device to make purchases and
hence for making payments. Such payment can
either be made remotely or at a point of sale.
Influencers
Ease/convenience and improved accessibility for customers (introducing them to financial service
capabilities previously beyond their reach. With mobile phone prices continuing to decline,penetration among this population too is rising)
Mobile phone connections outnumber bank accounts by more than a factor of three: 886 million
mobile phone connections and 400 million bank accounts
Enhanced user experience
Brand awareness boost
Reduced cost of service
Rising investments in technology and rising valuations of technology vendors
First-mover advantage
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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The banks who intend to innovate, may
also consider collaborating amongthemselves and with mobile network
operators to form a forum, which can
form a common approach to define the
required technology standards. In fact, itwill require the players of the value chain
to collaborate and work together to
formulate the technology standards that
can operate across banks andgeographies.
One of the primary concerns that may
restrain banks from experimenting in the
newly emerged market of mobilepayments is data security. With rising
number of data breaches in other
industries, there would be concerns over
security of the mobile payments.Moreover, the smart phones that form
the means of accessing these newpayment systems would come under
scrutiny due to the lack of securitycontrols as compared to PCs. These
devices are expected to be one of the
most liable targets for cyber attacks.
Having said that mobile paymentservices use internet technologies as
well as basic SMS/ USSD based data
transfer technologies. While, security of
internet technology over mobile is similarto internet banking, the use of SMS/
USSD that is generally less secure is
being used by most banks for
information dissemination like balanceand transaction alerts and small value
transactions. Also, additional features like
authentication using OTP, instant alertsare being deployed to enhance security
aspects.
Cost of investment that would berequired to build the new payment
system is another barrier that may stop
banks from to adopt a new paymentmethod. Apart from the financial costs,
the new payment system adoption may
also require a transformation in the
business model which will haveimplications across the front and back
end of the bank.
The banks however may look at both the
tangible and intangible benefits, for
themselves and as well for their
customers, in order to present a strongbusiness case of stepping into the
mobile payments ecosystem, which willessentially
The guidelines on mobile banking issued
by RBI were an initiative to promote the
orderly development in the use of this
channel by banks. Currently, 39 bankshave been granted approval by RBI to
provide payment services using this
channel. 34 of these banks have startedoperations. On an average, 5.5 lakh
payment transactions of value rupees 56
crore are being processed through this
channel during a month.
(Source: Inaugural address by Dr K. C. Chakrabarty,Deputy Governor, RBI at Banknets 7th Annual
Conference on Payment Systems at Mumbai on Jan19, 2011)
Aadhar Enabled Payment System
and IMPS
Banks are forming ventures with theMobile operators to form Business
Correspondents and attempting to reach
to the bottom of the pyramid. Bharati
Airtel and SBI have announced their
banking correspondent JV, in which
Airtels retail network will be used asservice points. This was followed by
Vodafone announcing a tie-up with ICICI
Bank. Similarly, Nokia tied up with UnionBank of India where Nokia Stores will be
the BCs. Idea Cellular also signed up as a
banking correspondent to Axis Bank. Tata
Indicom and MChek had also receivedfunds from the GSMA Mobile Money for
the unbanked fund to provide
Microfinance services in rural areas.
The National Payment Corporationestablished specialized Interbank MobilePayment Service switch (IMPS)
specifically for mobile phone
transactions, which links a unique MobileMoney ID (MMID) to a specific bank
account. By making this link, mobile
phone accounts are tied in to a switch
that will enable any transaction betweenbanks on this switch. This has led to
Indian Banks offering a host of services
through IMPS. The innovative uses of
this platform go beyond offering ofconventional non financial transactions
like checking balances. This is a
wonderful option for people who need toremit money to their relatives within
India and is a virtual money order with
almost no transaction charges.
What in your opinion are the main challenges companies face as they
develop mobile payment strategies?
Security
Technology/adoption
Cost
Regulation/legislation
Privacy
Complexity
Reliability
Availability
Other
71%
61%
37%
35%
34%
26%
24%
19%
5%
Source: KPMG International 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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The evolving payment system industry
offers new opportunities and at the sametime challenges to all the segments of
this industry. The banks which are the
drivers of the financial industry need to
innovate to overcome these challengesand leverage the new doors sprung open
by these new opportunities and
products. The regulatory system of India
would provide the required support oforderly development of new systems
and processes, within the legal mandate,
as correctly quoted by Dr K. C.
Chakrabarty, Deputy Governor RBI.
Definition: Aadhar Enabled Payment
System
New payment service offered by the National
Payments Corporation of India to banks, financial
institutions using "Aadhaar" which is a unique
identification number issued by the Unique
Identification Authority of India (UIDAI) to any
resident of India. A customer can perform
balance enquiry, cash withdrawal, Cash Deposit
and Fund Transfer from Aadhar enabled bank
agents (called Business Correspondents).
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Conclusion
Bank's are increasingly developing models to address needs for wide spectrum of
customers ranging from Gen Y to un(der) banked to pensioners and technology is a key
enabler for all this. Innovative models using mobile devices and efficient payment systems
will make banking services more widely available 24 x 7.
It is becoming more and more critical to develop new intelligence that enables financial
institutions make informed judgments and become much more customer centric. Smarter
banks will increasingly invest in techniques to gain new customer insights, effectively
segment their customers, develop deeper relationships and be the bank of choice.
Banks will be increasingly using technology that will enable them to determine pricing,new products and services, the right customer approaches and marketing methods, which
channels customers are most likely to use and how likely customers are to change
providers or have more than one provider. Banks which will understand their customersbetter and look to charge only for services used will benefit more than other banks.
We may conclude that every aspect of banking will be transformed by new technology by
2015. Customer-friendly products, delivery channels, easy and accessible services and
competitive pricing would be the driving forces and technology shall play a dominant role
in all these. The most successful institutions will be those that combine visionarytechnology with strong customer centricity.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with K PMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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This document has been published on the occasion of The Economic Times Banking
Technology Conclave 2011.
We thank all the bankers who contributed towards the Technology enabled
transformation in Banking for their valuable input. We would like to thank Times Grey Cellfor all the support offered.
The KPMG team, who have contributed towards articles included in this document
comprises of Sunny Banerjea, Abizer Diwanji, Akhilesh Tuteja, Nakul Goswami, Lipika
Nandwani, Mohit Bansal, Shikha Chauhan, Remedios Dsilva and Priyanka Agarwal.
The editorial team for 'Technology Paradigms for the Banking Industry' comprises of KunalPande, Asim Parashar, and Glyn Crasto.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
Technology enabled transformation in Banking | 26
Acknowledgment
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The information contained herein is of a general nature and is not i ntended to address the circumstancesof any particular individual or entity. Although we endeavor to provide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or that it willcontinue to be accurate in the future. No one should act on such information without appropriate
professional advice after a thorough examination of the particular situation.
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent memberfirms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rightsreserved
Contacts
Head - MarketsE: [email protected]
T: +91 22 3090 2370
Head - Management Consulting
T: +91 22 3090 1700
Head - Financial Services
T: +91 22 3090 2380
Director - Management Consulting
T: +91 22 3090 1959
Rajesh Jain
Sunny Banerjea
Abizer Diwanji
Kunal Pande
kpmg.com/in