Paperless Finance

BankBazaar organized its 3rd conclave on Paperless Finance Conclave in Mumbai. Nine key takeaways from the conclave:

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#1 Amitabh Kant, CEO, NITI Aayog: Of the 24 billion financial transactions that took place last year, 21% were digital. There is also a sharp 8% decrease in physical channels and 5% decrease in the use of ATMs, which is truly remarkable. This is a tremendous opportunity to enable 100% paperless, presence-less finance in India. This helps in the reduction of operational costs and curbs mis-selling of financial products leading to NPAs. Fintech companies, investing heavily in innovative ideas, are expected to create a market of over $1 trillion in the next 5 years. Mobile based paperless access to financial products for every Indian will ensure financial inclusion, increase credit flow, further the growth of the insurance sector and increase participation in our securities markets.