Mr. V. Srinivasan observes that the question is no longer whether ‘Paperless’ is needed or not, but rather, what will be the time frame for societal paperless transformation
For the last several years, banking has been evolving in India from physical operations to paperless mobile interactions in an increasing number of departments allowing customers to access relevant systems through multiple Digital Identification methodologies like user ID, password, secure tokens, digital signatures, etc. However, a lot of these processes still involve paperwork and signatures which often act as an impediment to the progress towards Digital Banking. When we further put this in context of the Bank’s own back-end processes, one can imagine the magnitude of cost and efficiency savings that can be achieved, especially considering that an average bank may have anywhere from 300-700 forms that need signatures!
The value of leveraging digital signatures (or eSign) to go paperless has never hit home harder than during the past few months of lockdown. Mr. V. Srinivasan, Founder & Chairman of eMudhra, explains: “The global pandemic has taught us that going paperless is more than just being about efficiency and cost savings. It is a critical Business Continuity requirement that is instrumental in protecting enterprises from unforeseen scenarios like COVID 19. The good news is, technologies and legislation are already in place to propagate the progress towards a paperless society.”
THE IMPETUS
This story is from the June 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Kamdhenu & Sammrudhi loans top rural customers
Unnayan Bharat Finance Corporation (UBFC) Director & Co-Founder Avneesh Trivedi shares the company's attempts to enhance the rural lending environment & deliver better services to its consumers:
It's going to be a 'world' of CBDCs
Practically, every central bank in the world is testing and readying a CBDC system:
Training for behavioral & social skills is key
3 CHROs from the top BFSI companies in India open up about their training and motivation programs aimed at enhancing employee effectiveness. The story is divided into 4 parts: (i) functional and behavioral training, (ii) manager to leadership training, (iii) learning-based training, (iv) motivational programs:
THE AI COMPASS
Artificial Intelligence has risen to be the hottest topic of discussion today. It is expected to impact everyone, and the impact could exceed that of war, global warming, supply chain disruptions, geopolitics, and much more.
To mentor & coach emerging leaders
Manish Shah, MD & CEO of Godrej Capital, outlines his focus areas today and in the future:
Innovation will unlock India's Mission 'Atmanirbhar’
Sunita Handa is Chairman, Toyota FSIN and Principal Advisor & TLAB Chairman, Protectt.ai Labs. She shares her current activities and her deep insights on innovaiton in an interaction with Manoj Agrawal:
Algorithm is the Boss
Irem Sayeed, Chief Credit Officer at U GRO Capital, dwells into business focus and modernization at the lender:
Fintech and Neobank under the same Umbrella
It was started in 1902 to build what came to be called Israel:
Bajaj Allianz Revolutionizes Employee's HR and IT Experience with WhatsApp, MS Teams, Al and Automation
A productivity booster shot at BALIC:
Small Beginning for a Big Opportunity
AMU Leasing's focus on serving the underserved market of individuals and fleets looking for financing for electric 3-wheelers and 2-wheelers: