Having faced multiple episodes of digital banking glitches in the last two years, HDFC Bank has embarked on a ‘Technology Transformation Agenda’ to provide safe and secure banking services to its customers.
HDFC Bank Managing Director Sashi Jagdishan in a letter to employees said the bank has faced five instances of downtime in the last 28 months and every instance has hardened the bank’s resolve to do better, keeping customers in mind.
It is to be noted that the RBI temporarily barred HDFC Bank in December 2020 from launching new digital banking initiatives and issuing new credit cards after taking serious note of service outages at the lender over the last two years.
The bank was penalised by the RBI for two major outages, one in November 2018, and the other in December 2019.
Taking a stern view of the repeated outages, RBI Governor Shaktikanta Das had said in December that the regulator had some concerns about certain deficiencies and it was necessary that HDFC Bank strengthens its IT systems before expanding further.
Following this, the bank embarked on a scale-changing technology adoption and transformation agenda to help drive future growth plans.
Giving details of the Technology Transformation Agenda, Jagdishan said that the bank has invested heavily in the infrastructure to handle any potential load that it might encounter in the next three to five years.
“We are also in the process of accelerating our cloud strategy to be on the cutting edge leveraging best-in-class cloud service providers,” he added.
As part of the agenda, he said, the bank has strengthened the process of monitoring the Data Centre (DC) and has shifted key applications to new DC.
“We have strengthened our firewalls further. We have to be scanning the horizon for potential security issues and be ever prepared to face them. We haven’t had any security issues in the past. But this is always an important area of focus and action plans are underway for further robustness,” the letter said.
The country’s largest private sector lender assured employees that their bonuses, promotions and increments are safe like last year despite Covid-19 challenges.
“In the current financial year, there will be some pandemic-related challenges for sure. The beauty of this organisation is the ability to rally around, tap the opportunities and grow. The story of the bank will not be any different in this financial year and in the coming times,” he said in his address.
The bank will continue to invest in resources to grow in the identified segments or sectors and geographies, it added.
“Business objectives should be driven keeping in mind the 3Cs that I wrote about in my last communication to you. It is Culture, Conscience and Customers. Continue to keep the humility quotient (HQ) high and make it part of your DNA,” he said.
State Bank of India (RBI) has informed its customers via Twitter that its internet banking, digital banking platform ‘YONO’ and Unified Payments Interface (UPI) will be unavailable between 2.10 pm to 5.40 pm today as it is undertaking maintenance activities.
“We request our esteemed customers to bear with us as we upgrade our digital banking platforms to provide a better online banking experience,” SBI said.
A customer Sandeep Kr Jaiswal (@sandyjais007) tweeted that “It’s unavailable since morning not able to do anything (sic).”
Another customer Ahir Azamgarhia (@AhirAzamgarhia ) tweeted “ye 1 din mein aise kya update kr dete hu (what are you updating like this in one day).
Customers of private sector lender HDFC Bank faced intermittent problems with Internet and mobile banking on Tuesday.
“Some customers are facing intermittent issues accessing our Net Banking and Mobile Banking app. We are looking into it on priority for resolution.
“We apologise for the inconvenience and request you to try again after sometime,” the bank said on Twitter on Tuesday.
In a late evening tweet on the same day, HDFC Bank said, “The issue faced by some of our customers in accessing NetBanking/ MobileBanking App stands resolved.”
Cyber security is critical for the success of digital banking and banks should create the infrastructure to win customers‘ trust for all such transactions, a senior SBI official said on Wednesday.
Digital banking or Figital is here to stay and is the future but it is equally important to safeguard the interests of all stakeholders, State Bank of India (SBI) Deputy Managing Director and Chief Digital Officer Ravindra Pandey said at a webinar.
“It is important to win the customers’ trust in any system. It is the objective of banks to create and win the customers’ trust, such that all transactions are routed through banks as is presently done by multiple payment apps,” Pandey was quoted as saying in a release issued by industry body PHD Chamber of Commerce & Industry.
The official said that fintech has bought about changes in the customer mindset and it is an era of techfins rather than fintech.
Digital banking has helped in enhancing customer relationship, engagement and satisfaction and reduced operating cost, processing cycle time, among others, he added.
Digital banking is thriving on artificial intelligence and technical algorithm models which help to find out the customer’s ability to pay and also the intention to pay along with credit ratings of the customer.
According to the official, conventional operating models have given way to new channels. There are three areas in fintech that needs to be intertwined to make it a success — payment and remittance; process improvement – compliance and risk management; and customer engagement –, he noted.
Sanjay Aggarwal, President of PHD Chamber of Commerce & Industry, said the banking industry is moving towards a more collaborative and open environment while focusing on data protection and minimising systemic risks.
Representatives from fintech companies, NBFCs and other financial sector also participated in the webinar.
The first independent digital banking platform in the United Arab Emirates launched on Sunday, a neobank hoping to become a leader in the Middle East, Africa and South Asia.
Dubai-based YAP does not have a banking licence itself but has partnered with RAK Bank which provides international bank account numbers for YAP users and secures their funds under its own banking licence.
YAP, like other neobanks which do not have physical branches, does not offer traditional banking services like loans and mortgages, but offers spending and budgeting analytics, peer-to-peer payments and remittances services and bill payments.
YAP is in the process of partnering with banks in other countries, head of product Katral-Nada Hassan said, including a bank in Saudi, in Pakistan and in Ghana.
Global leaders in digital banking, such as Revolut, one of the world’s fastest-growing apps, do not have a UAE presence.
Some UAE banks have in recent years launched their own digital banking offerings targeted at digitally-savvy and younger users, such as LIV by Emirates NBD and Mashreq Neo by Mashreq Bank.
Abu Dhabi state-owned holding company ADQ last year said it plans to set up an as-yet unnamed neobank using a banking licence of the country’s biggest lender, First Abu Dhabi Bank (FAB).
“The fintech revolution has become very popular in other parts of the world and we saw a gap and unique need for this service in the Middle East,” said YAP CEO and founder Marwan Hachem
Hassan said there are challenges for fintechs looking to expand to the UAE.
“There are a lot of fintechs right now looking at partnering with banks, but that requires a lot of discussion, relationship building … It is not an easy thing to do,” she said, adding YAP’s founders had an existing relationship with RAK Bank.
YAP is at seed funding stage, funded by founders, a private equity firm and private investors, Hassan said, adding that more than 20,000 customers have pre-registered and accounts will gradually go live in coming weeks.
Rajashekara Maiya, vice-president, global head – Business Consulting, Infosys Finacle
By Srinath Srinivasan
The dependence on digital financial services during the Covid-19 pandemic has led the BFSI segment to accelerate the digital transformation process. In the coming days, more enterprises, small, medium and large, are expected to come into the ambit of digital financial services forcing financial institutions and fintech companies to prepare for the inevitable demand explosion.
“Leveraging advanced technologies such as deep analytics and machine learning will empower banks with a more sound understanding of customers and their preferences,” says Rajashekara Maiya, vice-president, global head – Business Consulting, Infosys Finacle. “Learning from the past interactions with the end-user and their actions, banks can build adaptive solutions and drive contextual engagements.” Finacle is a core banking product developed by Infosys that provides universal digital banking functionality to banks.
Today Maiya and his team focus on helping banks build new business designs to bridge the divide between the digital and physical worlds and embed banking into their business processes seamlessly. This includes comprehensive digitisation of businesses through the full stack modernisation of digital engines, engagement and experiences systems, powering digital-only banks, supporting a bank-in-a-bank strategy where incumbent players are setting up distinct digital entities, helping fintechs offer banking services (for example, PayTM), helping non-financial institutions (such as India Post) to offer banking products, aiding multiple telcos who are launching banking services, and even an insurance company.
In order to provide digital transformation, Finacle has invested in cloud native offerings, co-innovating with seven clients to create a pilot blockchain based network to process trade finance transactions, expanding coverage for RESTful APIs to enable ease of collaboration with customers, partners and fintechs, co-innovating with large and fintech partners, embedding advanced analytics and AI in its solution suite, and leveraging Robotic Process Automation and cognitive automation.
The cloud native digital solution suite helps traditional (ING, DBS, Emirates NBD) and emerging financial institutions (Marcus by Goldman Sachs, Digi bank by DBS, Paytm) address digital engagement, omnichannel banking, origination, digital product development (core banking, payments, cash management, wealth management), analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. According to Maiya, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle is also doubling down on the current opportunities to implement blockchain. “Banking industry is expected to account for 30% of total blockchain spending through 2023, if not beyond,” says Maiya. Finacle has launched several deep domain solutions in partnership with banks including Remittances, Payments, KYC, Trade Finance, Digital identity management. “More than 17 banks are part of our network and actively piloting the solutions we provide. The key differentiator for our solutions is that these are built in a ledger agnostic manner and can work on any major blockchain technology, for example, Corda, Ethereum, Bitcoin or Hyperledger,” he says.
Are bank employees ready for these new technologies? “Banks will do well in setting up multidisciplinary programmes to maintain their talent pipeline,” says Maiya. “They will need to map competencies across functions to identify skill gaps and bridge those employing a combination of tools, technological enablers, and on-demand contextual learning platforms.” He predicts business process synergies between the workforce and machines will gain momentum.
With new technologies comes the ability of institutions to handle cybersecurity. “Mission-critical infrastructure tests, remote defense capabilities, centralised user administration, transaction authorisations, best practices for remote and secure working, AI, and other technology augmented fraud management techniques will be some of the key trends banks will prioritise,” says Maiya.
Over 2.9 lakh cyber security incidents related to digital banking were reported in 2020, Parliament was informed on Thursday. As per the information reported to and tracked by Indian Computer Emergency Response Team (CERT-In), a total number of 1,59,761; 2,46,514 and 2,90,445 cyber security incidents pertaining to digital banking were reported during 2018, 2019 and 2020, respectively, Minister of State for Electronics and IT Sanjay Dhotre said in a written reply to the Rajya Sabha.
These incidents included phishing attacks, network scanning and probing, viruses and website hacking, he added.
The Minister noted that the rising popularity of non-banking financial companies (NBFCs) along with e-commerce has also expanded the scope of digital payments.
“The percentage rise in digital transactions is 46 per cent in 2020 in comparison to 2018-19,” he said.
The numbers of digital transactions have increased from 3,134 crore in the financial year (FY) 2018-19 to 4,572 crore in FY 2019-20, Dhotre added.
Responding to a separate query, the minister said the number of websites/webpages/accounts blocked stood at 9,849 in 2020.
This was 2,799 in 2018 and 3,635 in the year 2019.
He said Section 69A of the IT Act empowers the government to block any information generated, transmitted, received, stored or hosted in any computer resource in the interest of sovereignty and integrity of India, defence of India, security of the State, friendly relations with foreign states or public order.
In response to another question, Dhotre said 6,233 cases were registered in 2019 under fraud and cheating (involving communication devices as medium/ target as per Information Technology Act 2000), as per National Crime Records Bureau (NCRB) data.
“As per NCRB, number of cases registered under fraud and cheating (involving communication devices as medium/ target as per IT Act 2000) for cyber crimes are 3,466, 3,353, 6,233 during the year 2017, 2018 and 2019, respectively,” he added.
HDFC Bank in an exchange filing has said that the regulator has appointed an external IT firm to carry out entire audit of the bank’s IT infrastructure.
Previously the bank had notified that with recent events of outages in the bank’s digital channels over the past two years in the bank’s internet banking and payment system on November 21, 2020 was due to power failure in the primary data centre.
The bank in the exchange notification said, “RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the Bank under Section 30 (1‐B) of the Banking Regulation Act, 1949 (“the Act”), at the cost of the Bank under Section 30 (1‐C) of the Act.”
It added, “The Bank shall accordingly extend its cooperation to the external professional IT firm so appointed by RBI for conducting the special IT audit as above.”
The RBI had disallowed the bank to onboard new credit card customers and rolling out any new digital initiatives on the back of outages which had impacted customers and payment channels.
Q. How do you view the digital transformation journey of banks in India? Neal: If you see most digital transformations around the world, probably 99.99% of them won’t deliver on their promise, I’m not being contentious, it’s just that I have been long in this industry to see not a single software project being on time and on budget feature and that’s just the reality.
Digital transformation is not about software, 99.99% of it might not fail but might not live up to the expectation or the promises delivered by the consultancies who work in this space.
In many companies and banks over the years great IT capabilities have been built and CTO wanted to transform the architecture to make it more agile and open but got delayed due to budgets or prioritizing new products so it gets delayed and delayed and pushed back in creating agile architecture. The same story is with data, banks are brilliant in collecting data and lucky around data monetization. But historically, they’re bad at data and arrived towards the data monetization party too late. We’ve seen wonderful things with Big Techs and E-commerce giants partying on this free data they’ve got and how they’ve monetized.
Banks, by the time they realized and turned up for the party of data monetization, the police (referring to data privacy issues and scandals happened in the past) arrived and everyone is fearful and positioned as “we take care of your data”. While data is safe in banks but it’s lying and lost in disparate systems and nobody knows who owns the data. Banks should use and move the data within the systems and within the regulatory ambit to enrich the life of consumers and then the whole cycle of budget for the exercise repeats and the transformation exercises takes a back seat.
The biggest challenge with digital transformation is not the technology but the culture and people. Having worked across different organizations and industries, I know what good tech culture feels like. I never wanted to work with a bank, because I had been selling to banks for 20 odd years and I know the culture, the big difference between a tech company and a bank is the approach. Bank’s think from an ownership mindset over systems and its people but tech company’s entire model is partnerships. The second thing I noticed is banks are very hierarchical, micro-management, process based roles and I have never seen in any other organizations.
Thirdly, it’s around risk appetite. Banks are very funny, almost schizophrenic because their entire business model is monetizing risk but are skeptical of taking risks due to regulatory or compliance issues or culture. Capital Markets strive on risk, banks’ business is around pricing risk and Insurance companies model is avoiding risk, if you look at these three level it directly correlates to their innovation capabilities.
Banks need to experiment a lot, while it’s a regulated environment but it can start at small things, rigid processes won’t take it anywhere. Technology, Data & Culture is what will drive digital transformation and by the time banks realise it’s too late.
Digital Transformation should start at “Why are we doing this?” “What outcome do we want?” You don’t have to boil the ocean, just fix the bits and pieces which are going to make money. You don’t have to digitise everything, just digitise which is going to make money.
Do simple cultural transformation, you don’t need to get rid of your staff or hire Google employees. Get people the inspiration to try new things and give them the freedom to enjoy their work life.
On the Indian Banks: Banks in India are huge banks with huge staff bases, you can forgive them as compared to the banks in the West, because in India the smartphone churn came later but banks in western didn’t catch-up with the digital transformation even when they got smartphones quiet before India. The population in India is catching up quickly and banks in India have done a fairly good job.
I wouldn’t put India as the most innovative finance market from the bank perspective on what we are doing! I won’t put it in tier 1 innovation, but overall the ecosystem is doing well.
But I would put India on number one around putting up the national infrastructure Aadhar platform and UPI, etc. Regulators, FinTech & e-commerce have been doing a good job.
Q. How do you view Bank-FinTech collaborations? Neal: FinTechs started with competing banks but then eventually realised it’s too hard to go alone and in most of the cases customer acquisition cost and regulatory compliance is too high. Banks have distribution and FinTechs have tech and speed.
In any megatrend if you see, for e.g. e-commerce, The race between Amazon and Walmart, has merged in between from starting at extreme ends. That’s exactly what we are seeing between Banks and FinTechs. Banks are fintech-y and Fintechs are bank-y- more towards building hybrid models. (Neal explained this in a lighter tone)
FinTechs are agile, quick, focus on the client, think differently and don’t have historical roles and technology and quite a lot of it is not directly regulated. Banks are good at security, trust, products but slow, culture issues and expensive.
I know a lot of banks these days say they are FinTech companies that they magically transformed in such a short period of time but when I meet them they are “bankers”.
Questioning banks, Neal asks, do you want to be a bank or tech company? You’re not good at building softwares but as a bank you’re great at being resilient, safe, secured and reliant system and that’s the sweet spot for bank’s technology team and they’re really good at that and they should focus more on that and stuff which they own like digital banking platforms but if you want to do something new and interesting, in all fairness banks should partner with FinTechs and keep their capability with themselves.
That’s where the world is moving towards where you’ve many partners, for e.g. Neo-banking platforms in India. Banks should partner where it makes sense, usually around the UX, RegTech, SupTech, compliance. It takes an average 9-10 months to sell a technology solution to a bank, if you’re a small FinTech and you’ve got a small sales team, you’ve got to understand, is this going to be successful and qualify quickly, you’ve to understand why the bank is concerned if you don’t do pen testing. It’s changed quite a lot in recent times, banks do have a point. In fairness, banks don’t get hacked, I can’t recall any recent incident where someone hacked into and took all money, it doesn’t often happen because of bank’s control and FinTechs have to learn a lot in that.
Banks and FinTechs can build a nice symbiotic relationship and do things at which they’re good at.
Q. What are your views on neobanking entities? Neal: There are different models in this particular space, a bank rolling out a neobank like DigiBank by DBS Bank, even if it fails the bank can roll it back into its fold like how recently BBVA did it with Simple. The other model is building a digital bank from scratch like Standard Chartered did with Mox in Hong Kong, that’s quite an undertaking and there they’re looking at better operational metrics and it’s to be seen how it performs.
For banks doing this the DBS Bank way could be the right way to go which is a hybrid way essentially cutting your tech stack in half and keeping the backend stuff, put a bus or microservices layer and build net new code on top of that. All the front end stuff is new and over a period of time you can replace the stuff below as customers won’t know about it and at the same time bring changes in the culture.
At DigiBank, the bank staff were in a separate building, they had different reporting lines and slightly different roles but stationed more in an innovation lab kind of space.
The second model is getting a license from a regulator and building a bank from scratch like Xinja, Starling, etc. It’s a start-up; these things cost $50mn just for initial build for a full service bank. It’s funny how people tell me how successful these banks are and I’m like can you come back and tell me how successful they’re when they’ve lent some money or got some deposits. They’re essentially a prepaid card with a mobile application and that’s not a bank.
In fairness, I would not like to do that, it’s an expensive affair. The Xinja team was amazing but got blindsided by Covid-19, set high interest rates, the only way I have seen to succeed in a banking venture is to buy your clients, either buy them through free ATMs, free transactions, like In India, banks offer 7% deposit rates. Some way you’ve got to spend a lot of money to get people on your platform. These models kind of make money, Starling has turned profitable because they’ve a business model which works.
The third type are payment apps like Revolut, Monzo, etc. They do transactions, give flashy cards and everyone’s incredibly proud of their cards. We did one with Razer FinTech where if you tap a card the NFC is enough to light the Razer logo and these apps look to scale up on these transactions and hope they grow. Not all of them have been successful in terms of being profitable.
The fourth type, like neobanking platforms we’ve seen in India and in my mind that’s a brilliant play. You don’t need a license as you’re not storing the data. It goes directly to your partners core platform you’re managing the operations and I think that’s kind of great.
The final type which could be worrisome for traditional financial institutions is the neobanks created by e-commerce and tech companies giants because they’re good at technology and they’ve massive scale.
The top three banks according to me are WeBank (China), MYbank (China) and Kakao Bank (South Korea), because they’ve free distribution and tens of millions of clients, so the cost of customer acquisition is low and they’ve data for scoring.
I like the India model which is putting a wrapper on the bank and it’s a smashing idea. Building a digital bank from scratch is only for the brave but there’s money there as you’re doing the traditional bank model better. These ones like payment models we’re going to see lots of failures because the only way they work is by continuously pumping money.
India has taken the right path, some regulators have jumped on this too quickly in terms of Hong Kong and we might see how it will pan out. Singapore, it’s a tiny market but regulators are pushing as banks are refusing to innovate and taking it slow.
Essentially solving customer’s problems is the main idea, banks have been doing it the monolithic way and that’s what digital disruption is about. It’s not about technology, it’s about someone else solving your customer’s problem better than you and that’s digital disruption. Q. Any advice to the regulators? Neal: My advice to regulators is to read science fiction, what is playing out has already been defined, the future is defined. A lot of it is inevitable, regulators should read science fiction, understand tech megatrends because the way it rolls out affects how people operate in a society and how people will purchase products in future and they’ve a difficult job here.
Even if regulators have a team which thinks about future regulation based on future tech and societal trends you’ll be way ahead of the curve, things like blockchain, cloud-computing, we already have hands on it and we are still waiting for it.
While I did get blindsided by how crypto evolved but generally everything else is talked about and is inevitable. My guidance is around tech and societal trends, think about how regulations need to change in the future with fewer regulations.
The cost of regulatory burden for banks goes up and up every year and in fairness if you’re a regulator your job is to write regulation, if you don’t do that you don’t have a job while I do acknowledge Regulators do a fantastic job.
My point is, you keep adding layers on and on and if you write new stuff can’t you just take some other stuff away or simplify what you’ve done. Secondly, be clearer, it’s a challenge and you can’t be wrong as a regulator and they cannot be specific, and that leads to interpretation problems.
Regulators should use technology to enforce regulations, give out clarity and simplify things. In the last five years they’ve changed a lot and are doing a stellar job.
Private lender Federal Bank, headquartered in Kochi, is spearheading digital initiatives across the bank. The idea with digital strategy is to lower the cost and enhance revenues. The bank expects that in the next three years the digital channels will take care of around more than 50% of investments.
Jithesh PV, Head – Digital Banking at Federal Bank in an interaction with ETBFSI, shares his thoughts on the bank’s digital strategy, collaboration with FinTechs, their approach to open banking & how the digital initiatives are supported by a robust backend. Edited Excerpts:
1. What’s the digital banking strategy at Federal Bank? A P&L thought process behind it? We have a multi-pronged strategy for digital in Federal Bank, aligned with the business mantra, Branch Light Distribution Heavy. We have built the best in class digital platforms for our customers and migrating these customers to digital platforms to enable our branches to focus more on customer acquisition and income generation by cross-selling and upsell. We have rebuilt our Mobile Banking into an all in one app with payments, UPI, Investments, Loans, lifestyle, and many other services that allow even non-customers to download and use the app. We have also created an omnichannel platform for Corporate clients, with full-fledged features like Account Services, Supply Chain Finance, Cash Management Services, Payable Management, Receivable Management, Trade Finance, etc.
We have enabled an end to end Open Banking platform that helps the bank to grow inorganically with the help of partnerships. We are now empowering the first neo retail platform, first neo-SME platform, first neo-merchant platform and we are also building our neo-education platform.
All the initiatives are expected to bring revenue to the bank. Today around 86% of our transactions are happening through digital channels and this has helped the bank to focus more on customer acquisition and cross-sell through brick and mortar channels.
We hope that in the next three years, digital channels will take care of around more than 50% of investments, especially MF and also insurance sales. The partnerships will help the bank to garner more low-cost funds. Partnerships are also helping us to manage more sales of PL and Debit Card EMI. The whole digital strategy is focused on reducing costs and enhancing revenue.
2. What goes at the backend in creating a robust digital banking set-up? This is a continuous journey, and how best one can re-align the business and digital strategy in a fast-paced environment, holds the key.
In Financial services, there are multiple lines of businesses and P&L units. Today, Digital is the core of all of this, which cuts across multiple business lines and products.
We have created a separate centre of excellence for Digital to focus on innovation, R & D, enhancing the customer experience, etc while a 300 member IT team is supporting the entire technology platform and infrastructure. Dedicated teams for all critical services are available as a part of the IT infrastructure.
Support systems are also critical in this digital journey and we have a dedicated vertical for customer service-related aspects, a dedicated contact centre, and a back end operations team that manages all reconciliation and settlements. We have our own sophisticated contact centre and active Disaster Recovery sites in different geographical locations.
3. How’s the API Banking/Open Banking set-up evolving at Federal Bank? Banking is getting invisible and embedded in the lifestyle journeys of the customer. A robust API Banking platform provides us the required flexibility in being able to reach new customers and extend our products into various interfaces in a Digital-First world.
At a strategic level, it presents a potent and low-cost distribution channel, whose scale and dynamics can be efficiently managed. The suite of use cases and partnerships supported by API Banking is altering fundamental notions associated with traditional Banking and Federal Bank is leading the pack in this game.
4. How’s the Federal Bank collaborating with FinTechs? While we augment internal capabilities, we are also working very closely with the Fintech community in finding synergies that align with our business goals.
Technologically we have built a very flexible Open Banking Framework and processes that get continually fine-tuned.
This gives us the required agility to interface with partners, based on use-cases that are a strategic fit for us.
We are the preferred partner for Fintechs, which underlines our commitment to co-create and yet provide superior-tech capabilities and process abilities. We have co-created and scaled the largest Gold loan fintech in the country. We clock million+ daily merchant transactions via key partners that serve that segment. We are also working on some interesting NeoBank models, which are expected to take the market by storm.
Financial Express is now on Telegram.