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New Delhi, Nov 14 () KPMG in India and NIIT Ltd on Thursday said they have entered into an exclusive partnership to launch 'KPMG NIIT Finance Academy' in India for building skills and talent for finance professionals.
 Designed as a centre for future skills in finance, the academy will offer futuristic programs in finance to fresh graduates and experienced finance professionals to address the changing talent requirements that evolving business models, regulatory changes and new-age technologies, a statement said.
 "The finance workforce of the future will need well rounded finance technical skills combined with data utilisation and technology skills and broader behavioural skills. We believe that this finance academy will help address a critical component on talent and skills," Sai Venkateshwaran, Partner and Head of CFO Advisory at KPMG in India and Global Lead for Smart Digital Finance said.
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* CII, GlobalGyan launch Smart Manager Certificate Programme for job readiness 
 CII on Thursday launched Smart Manager Certificate Programme in partnership with GlobalGyan to make students ready for professional careers with practical competencies that employers seek. 
 This programme will provide those skills to students that are typically gained through work experience or internships, a statement said. 
 The certificate programme will be open to students of all colleges affiliated with AICTE, it added.
 The mode of delivery would be a blend of self-paced digital learning through Android, iOS and web apps, as well as live interactive sessions over a duration of four months, it said. 
**** 
* Tobacco Board awarded Golden Leaf Award 
 The Commerce Ministry on Thursday said Tobacco Board has been awarded the Golden Leaf Award for its efforts to initiate various sustainability initiatives in flue-cured virginia (FCV) tobacco cultivation in the country.
 The awards under this category are given to a company or institution that introduced a public service programme or educational campaign of creativity, effectiveness to date and best use of resources. 
 The board got this award for its best outstanding public service in sustainability to the industry for its initiatives on natural farming in tobacco cultivation for production of organic tobaccos, improving the soil health through green manuring.
 India is the world's fourth largest producer of FCV tobacco. About 88,000 FCV tobacco farmers and their families in the states of Andhra Pradesh and Karnataka are dependent on this crop for their livelihood. SR RR
 RVK

KPMG in India, NIIT launch 'KPMG NIIT Finance Academy'

The second quarter of 2016 didn’t see an uptake in dollar value of VC investments into the country’s <a href="http://www.businessinsider.in/searchresult.cms?query=fintech&amp;sortorder=effectivedate">fintech</a> startups according to Pulse of <keyword id="2461546" type="UNKNOWN" weightage="60" keywordseo="FinTech">Fintech</keyword>, a quarterly global report by KPMG and CB Insight. 
 
While investments in <a href="http://www.businessinsider.in/searchresult.cms?query=fintech&amp;sortorder=effectivedate">fintech</a> startups fell by 49%, all is not lost. While there were no mega rounds, the number of deals remained consistent with last year’s figure. Startups in the SME and P2P space based out of Bengaluru and Mumbai clinched the top deals. 
 
"VC investment in <a href="http://www.businessinsider.in/searchresult.cms?query=fintech&amp;sortorder=effectivedate">fintech</a> remains strong in India. We continue to see investment in key areas such as payments and mobile wallet as well as increased momentum in emerging areas like robo advisory," Neha Punater, Partner and Head of Fintech at <a href="http://www.businessinsider.in/searchresult.cms?query=KPMG+India&amp;sortorder=effectivedate">KPMG India</a> said. 
 
While India only saw a drop in dollar value, the second quarter saw a drop in both the number of deals and the quantum of deals world over. VC-funded fintech companies raised $2.5 Bn across 195 deals. That’s a solid 12% drop in deal volume compared to Q1 of 2016. The good news is that the report predicts that investments in fintech companies are expected to exceed 2015 results.

VCs didn’t pump as much money into India’s fintech startups as before

Are you a <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+banking+">mobile banking</a> user? Then this news might interest you. The number of <keyword id="48346" type="TECHNOLOGY" weightage="80" keywordseo="Mobile-banking">mobile banking</keyword> users globally is likely to double (1.8 billion) in the next four years. 
 
According to a report by consultancy agency <a href="http://www.businessinsider.in/searchresult.cms?query=KPMG+">KPMG</a> in association with <keyword id="2994352" type="UNKNOWN" weightage="80" keywordseo="UBS-Evidence-Lab">UBS Evidence Lab</keyword>, banks that do not have a competitive mobile banking platform stand the risk of losing out its customers. 
 
The Global Mobile Banking Report 2015 has claimed that adoption of mobile technologies for banking has reached 60-70% of the total banking population in India and <a href="http://www.businessinsider.in/searchresult.cms?query=China">China</a>, which is higher than that of the US and <a href="http://www.businessinsider.in/searchresult.cms?query=Europe">Europe</a>. 
 Moreover, <keyword id="50041" type="CITY" weightage="80" keywordseo="KPMG">KPMG</keyword> clarified that by the term mobile banking, it does not only mean app-based banking in smart phones, but message alerts as well. 
 
"With the mobility of young customers between banks having increased, the days of banks taking for granted that the customers once acquired will remain sticky is history," said KPMG report. 
 
Indian customers demonstrate the highest propensity to switch banks, encouraged by the availability of better mobile banking services, said the report. 
 
Banks should also probe the potential of value added services in their banking apps such as social media support and life tools such as cloud storage. The report also informs the greater need for banks to collaborate with application developers to be able to build state-of-the-art mobile banking platforms. 
 
"Customer experience and frictionless engagement will likely remain a key driver for mobile banking adoption. The winners may have to invest as much as in creating a strong perception of security as they may be required to implement technical security measures," said Akhilesh Tuteja, Partner and Head of IT advisory services, KPMG India. 
 
The report warns banks of malware and hacking. Hence, all banks need to invest heavily in security of all mobile <a href="http://www.businessinsider.in/searchresult.cms?query=transactions">transactions</a>. They need to strike a fine balance between security and a seamless user experience, it said. 
 
(Image: Indiatimes)

Mobile banking user numbers to double in next 4 years

The bell curve appraisal system, junked by many big organisations including consultancy firm <keyword id="50041" type="General" weightage="100" keywordseo="kpmg" source="Orion">KPMG</keyword> is being proposed to be implemented in General Insurance Corporation of India (<keyword id="1031743" type="General" weightage="80" keywordseo="gic-re" source="Orion">GIC Re</keyword>), the company unions said. They also wondered as to how the bell curve appraisal system would be good for GIC Re when its own <keyword id="17182" type="General" weightage="20" keywordseo="CONSULTANT" source="Orion">consultant</keyword> - KPMG - was not in favour of it. "The bell curve appraisal system that has already been defunct in many organisations is being proposed to be implemented in GIC Re very soon at the cost of Rs 4 crore approx," five unions of the national reinsurer have told their management. Citing various news reports, the five GIC Re unions, in a letter to the Board of Directors and its Chairman and Managing Director <keyword id="1089020" type="General" weightage="50" keywordseo="devesh-srivastava" source="Orion">Devesh Srivastava</keyword>, listed names of several big companies that have scrapped the bell curve appraisal system. "The most surprising part is that even our KPI (key performance indicator) consultant, KPMG has also scrapped the aforesaid appraisal system as it was toxic for the work environment," the letter notes. "While removing this mode of appraisal, KPMG stated that 'We want to encourage a collaborative work culture and take away the internal competition between employees, thus encouraging qualitative discussions on performance'. The bell curve, the way it is understood and implemented, is wrong sometimes, making it a forced normalisation and forces rating. It cannot be a rigid curve. It could be a steep curve, flat curve depending on the business performance," the GIC Re unions said. The GIC Re is the national reinsurer with about 470 employees. In an earlier letter, the five unions had said if KPMG's recommendations are implemented, the work-life balance of employees will be adversely affected. "KPMG has proposed a phone application which will be installed in every employee's handset which will inform one's performance 24/7, thus further deteriorating work life balance," the unions had told the GIC Re management. "We also demanded the consultant's preliminary report with SWOT analysis and final pre-implementation report which has not been provided till date," the letter written by the unions notes. "Be it known to all that the recent transfers, re-transfers and retro transfers fiasco and the various departments which have mushroomed overnight were based on KPMG's report which is not even approved by the management nor has our board's sanctity. Hence, it does not adhere to the current transfer policy. This is akin to clinical trials," the earlier letter added. According to the unions, quality parameters are totally ignored, and all the employees will be judged on quantity and what the phone app reflects. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-rises-28-paise-to-79-25-against-us-dollar-in-early-trade/articleshow/94168701.cms">Rupee rises 28 paise to 79.25 against US dollar in early trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/tata-memorial-centre-doctors-from-11-institutes-develop-low-cost-clinical-intervention-for-cancer-treatment/articleshow/94168749.cms">Tata Memorial Centre, doctors from 11 institutes develop low-cost clinical intervention for cancer treatment</a>

GIC Re unions question the bell curve appraisal system that was junked by its consultant, KPMG

<ul><li><keyword id="3306712" type="COMPANY" weightage="20" keywordseo="online-fantasy-sports">Online Fantasy Sports</keyword> (OFS) operators’ gross revenues stood at INR 2400+ crore in FY20 as compared to INR 920+ crore in FY19, an increase of 3X over a period of 12 months</li><li>OFS operators contributed taxes to the tune of ~INR 750 Cr in FY20, a significant jump of 4X from INR 200 Cr in the FY19</li><li>~35-40% online transactions on OFS platforms are through RuPay or Unified Payment Interface (UPI)</li><li>~50% of transactions on OFS platforms were initiated from Tier 2 and Tier 3 cities in India substantiating deep connection of OFS within the country</li><li>~INR 14,000 Cr was paid out in the form of winnings and cash bonuses/promotional credits in FY20</li><li>A survey by KPMG with 750+ respondents found that users consume more sports when they engage with OFS platforms</li></ul><keyword id="9545140" type="COMPANY" weightage="20" keywordseo="the-federation-of-indian-fantasy-sports">The Federation of Indian Fantasy Sports</keyword> (FIFS), India’s first &amp; only self-regulatory industry body for Fantasy Sports (FS), today unveiled the findings of a report titled ‘Business of Fantasy Sports’ in collaboration with KPMG, at its flagship event FIFS GamePlan 2020. According to the FIFS-KPMG report, OFS operators’ gross revenues stood at INR 2,400+ crore for the FY20 as compared to INR 920+ crore in FY19 an increase of almost 3X over a period of 12 months. Indian OFS platforms have shown a rapid increase in their user-base YoY, growing from 2 million in 2016 to 90 million in 2019. Similarly, the number of OFS platforms in India has increased from less than 10 operators in 2016 to 140+ operators by the end of 2019. The OFS market recorded a CEA (Contest Entry Amount) of over INR 6,000 crore in FY19 and more than doubled to INR ~16,500 crores in FY20, at a growth rate of 167 per cent over FY20. The growth in FY20 is despite COVID-19’s impact on loss of CEA and revenues for the last 15 days of March 2020. Every rupee of revenue earned by the Indian OFS platforms translates into revenue for its supporting industries; thereby resulting in indirect topline growth for these service providers. Indian OFS platforms are also contributing to the overall growth of the Indian economy by paying GST, TDS on winnings, through sponsorships, in attracting FDI, in executing advertising campaigns, building IT infrastructure and incremental earnings for OFS winners, among others. Furthermore, close to 50% of transactions on OFS platforms in 2019 were initiated from Tier 2 and Tier 3 cities in India, thereby promoting digital payments literacy and adoption. The report further deep dives into the symbiotic relationship between real-life sports and fantasy sports. A dipstick survey with 750+ respondents found that for 55% of the respondents, the engagement with fantasy sports increases the consumption of real-life sports. Further, over 65% of the respondents indicated that there is a direct increase in the time spent in analyzing, watching and reading about Sports once they start participating in online fantasy sports. Besides increasing sports consumption among sports fans, fantasy sports also supports the sports ecosystem by sponsoring live-sporting events, across Cricket, Football, Basketball, Volleyball etc., by partnering with sporting personalities and giving back to sports via philanthropic initiatives. Due to the rapid growth of OFS, a new segment of the fantasy research ecosystem is also fast emerging across different digital platforms. Talking about the growth of the fantasy sports industry in India in his speech at GamePlan 2020, Amitabh Kant, CEO, NITI Aayog, said, “I have very keenly followed the growth of Indian fantasy sports industry as a supporter of technology and good governance. I am a long term believer that India must become a global champion of the fantasy sports industry. Sports across all facets, including fantasy sports, could well be a game-changer for employment and career opportunities. Given our Government’s initiatives like ‘Digital India’ and ‘Startup India’, I believe that we can harness the power of fantasy sports and create a robust sports ecosystem to boost its growth in the next few years. Post pandemic I am confident that the industry will not just rebound but will lead the way for sustainable technology-enabled growth secured by good governance.” Commenting on the report findings, John Loffhagen, Chairman, FIFS, said, “The COVID-19 impacted the Indian OFS industry in FY21 with sports matches across the globe cancelled to ensure player &amp; staff safety. Specific to India, with IPL getting postponed, ~30-40% of the revenues for most of the OFS operators were impacted for the quarter. As real-life sports is making a promising return, Indian sports fans are in for a non-stop sporting action for 8-9 months. As most of these matches will be held without an in-stadia audience, we are sure that fantasy sports being a highly immersive fan engagement platform will experience a strong surge in demand by the Indian sports fans.” Girish Menon, Head of Media and Entertainment and Partner, <keyword id="146882" type="COMPANY" weightage="20" keywordseo="KPMG-India">KPMG India</keyword>, further added, “Online fantasy sports in India has seen rapid growth, reaching a revenue size of INR 2,470 crore in FY20. This growth has also contributed immensely to the overall ecosystem around fantasy sports including online payment platforms, tech vendors, data analytics, etc. and has had a positive impact on the consumption and growth of the overall sports landscape in India. While COVID-19 may result in a temporary blip in the upward trajectory of the fantasy sports segment, the medium to long term growth prospects of the segment remain robust, with the gradual return of international sport. Further, in a post COVID world, with social distancing measures in place, fantasy sports is likely to play an increasingly important role in connecting fans to their favourite sports and increasing fan engagement.” Key findings from the KPMG survey conducted among 750 respondents: <ul><li>For 55% of the respondents, their engagement with sports increased once they started engaging with fantasy sports</li><li>32% of all fantasy sports users, engaged with more than one sport on the platform</li><li>Over 65% of these respondents indicated that there is a direct increase in the time spent in analysing, watching and reading about the sport once they start participating on fantasy sports online</li><li>Fantasy Sports users who engaged with OFS platforms more than 4 times a week spent an average ~215 minutes/week watching sports in comparison to users who engaged less than 4 times a week and spent ~160-180 minutes/week watching sports</li><li>16% of the OFS users categorically mentioned that the key motive of watching the sports leagues is to track the performance of their OFS teams</li><li>77% of fantasy sports users are engaged in cricket contests followed by Football at 47% &amp; Kabaddi at 9%</li><li>~15-20% of the active users on OFS platforms are paid-users, which is significant given the relatively younger vintage of the industry as compared to other digital businesses</li></ul>

Indian Fantasy Sports contributes Rs 750 crore in FY20: Report

<ul><li>Audit firms — E&amp;Y, Deloitte, KPMG — are planning to expand their workforce in India. </li><li>E&amp;Y is looking to hire nearly 14,000 working professionals for its eight global delivery service centres. </li><li>KPMG and Deloitte also announced that they hire 9,000 and 40,000 professionals to boost India team. </li><li>The companies are planning to hire digitally skilled professionals in areas advanced analytics, cybersecurity, <keyword id="24019" type="PERSON" weightage="20" keywordseo="automation">automation</keyword>, machine learning and <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword>.</li></ul>Auditing firms— Ernst &amp; Young, Deloitte, KPMG — are expanding their workforce in India, as a part of digitisation. Audit multinational E&amp;Y is looking to hire nearly 14,000 working professionals for its global delivery service (GDS) centres to boost its delivery network across the country, ET<a href="https://economictimes.indiatimes.com/industry/services/consultancy-/-audit/ey-plans-to-hire-14000-for-global-delivery-services-team/articleshow/71367245.cms"> reported </a>citing Srinivasa Rao, Vice Chairman, GDS at EY. The team currently has a strength of 27,000 people onboard, across the eight centres. EY’s delivery services include client technology, advisory and innovation. “GDS is globally seen as the conduit for all its outsourcing contracts,” it added. KPMG and Deloitte also announced recruitment of 9,000 and 40,000 professionals, respectively in India. The companies are planning to hire digitally skilled professionals. “We are no longer looking at the talent that is proficient in repetitive, standard, codified tasks as we have built more technology using automation, artificial intelligence in our delivery models. The areas we're looking at are advanced analytics, cybersecurity, automation and machine learning, and continuing attention around artificial intelligence,” Rao explained. As per industry estimates, India has less than 10% of data scientists available globally. According to a <a href="https://www.businessinsider.in/iits-launch-courses-in-artificial-intelligence-and-machine-learning/articleshow/67850336.cms">survey</a> by Analytics Vidhya and ed-tech platform Great Learnings, India has 50,000 vacancies in data and analytics sector. In fact, the country is expected to create 39,000 new analytics jobs by 2020. The demand for STEM (Science, Technology, Engineering, Mathematics) professionals is also on the rise. To adjust with the changing business needs, E&amp;Y recently hired <a href="https://www.peoplematters.in/news/appointments/ey-global-delivery-services-gets-a-new-hr-head-on-board-21897?utm_source=peoplematters&amp;utm_medium=interstitial&amp;utm_campaign=learnings-of-the-day">Sreekanth Arimanithaya</a> as the global talent leader for its delivery services for a talent rejig in the team. See also: <a href="https://www.businessinsider.in/american-express-and-techgig-call-for-women-coding-contest-geek-goddess/articleshow/71322227.cms">American Express and TechGig call for women coding contest — Geek Goddess</a> <a href="https://www.businessinsider.in/this-is-the-first-year-when-more-than-half-of-the-worlds-population-is-online/articleshow/71258361.cms">This is the first year when more than half of the world’s population is online</a> <a href="https://www.businessinsider.in/googles-ceo-sundar-pichai-warns-against-rushing-into-regulating-ai-which-happens-to-be-vital-to-googles-future-growth/articleshow/71258785.cms">Google's CEO Sundar Pichai warns against 'rushing' into regulating AI, which happens to be vital to Google's future growth</a>

Audit firms EY, Deloitte, KPMG plan to add 63,000 digitally skilled professionals

Thanks to the rapid growing economy, the growth of multinational consultancies has touched double digits in India, to maximize which, they have returned to their old ways of poaching senior executives, partners and their teams from rivals by offering stronger paychecks and other perks. 
 
Talking of the recent past, at least 20 partners from such consultancies, along with their teams of about 150 professionals, have either joined rival companies or are about to, all in a matter of three months. 
 
Although the big four, viz. EY, PwC, Deloitte and KPMG, are leading this poaching round, several other firms like BDO, Grant Thornton and Baker Tilly too are signing joining letters from new partners and accepting resignations from the existing ones. 
 
As per ET sources, a partner with KPMG is set to join PwC, to head indirect tax there. "Everyone who is in the indirect tax practice in KPMG has got an offer to join competition. Though, not all team members would choose to jump the boat. Some of them may settle with a renegotiation of their salary and role in their current organisation," said the source. 
 
There are cases when one person (and his team) is being offered posts from two or three firms, who are fighting over one team. 
 
The reason, they say, is the lack of trained people in the industry, because of which they have to rely on poaching. However, to stop their partners from leaving, these companies are also looking at restructuring the contracts so that leaving can be made tougher. 
 
<a href="https://www.biggerpockets.com/renewsblog/wp-content/uploads/2015/08/fire-employee-702x336.jpg">Image source</a>

Old habits die hard! Multinational consultancies poaching senior employees from rivals

<ul><li>KPMG International’s <keyword id="8454718" type="UNKNOWN" weightage="20" keywordseo="The-Truth-about-Customer-Loyalty">The Truth about Customer Loyalty</keyword> report reveals that only 37% of respondents globally say that points and rewards are one of the most effective ways to secure their <keyword id="485911" type="PERSON" weightage="20" keywordseo="brand-loyalty">brand loyalty</keyword>. </li><li>74% of Indians suggest that companies need to appeal to customers’ hearts as well as their minds and wallets.</li><li>Report suggests a few ways brands can improve <keyword id="573045" type="PERSON" weightage="20" keywordseo="Customer-loyalty">customer loyalty</keyword>.</li></ul>Digital disruption and new generational influences are making customer loyalty tough to hold onto these days, but fresh thinking on loyalty programs is key to winning and retaining customers, suggests KPMG International’s The Truth about Customer Loyalty report. With the holidays nearing, KPMG’s survey of over 18,000 consumers in 20 countries, with 1721 being from India explores the nature of customer loyalty and how some traditional loyalty programs, long a mainstay of customer retention strategies, may not be keeping consumers brand-faithful. “In India, brands and retailers are ready to run miles to acquire a customer. It becomes even more difficult to retain acquired consumers, unless there is a unique value proposition along with related benefits. The fact that over 55 per cent of consumers in India say they will buy from their favourite company even if it is cheaper and more convenient to buy from a rival company is further proof that loyalty endures. Loyal customers can be a reliable repeat source of revenue for retailers/brands” said Harsha Razdan, Partner and Head, Consumer Markets and Internet Business, KPMG in India. “The study in India revealed that when a consumer is loyal to a brand, 93 per cent will recommend it to their family and friends. 47 per cent will remain loyal, even after a bad experience. This substantiates that retailers today will need to re-imagine and re-invent to continue to lure/excite the new digital tech-savvy consumer. They will need to invest in creating convenient loyalty platforms, educating consumers about the program uniqueness and get the consumer to experience the benefits that the program has to offer. These programs should make the consumer feel special, wanted and proud of being associated with the retailer/brand. Retailers/brands should continue to engage with consumers while ensuring that consumer data and interests are protected.” added Razdan Here are KPMG’s four recommendations to improve customer loyalty programs: Revitalize them. Around half of the surveyed consumers globally agree that companies should find new ways to reward loyal customers. This number stood at 97% India. Responsible personalization, emotional connection and purpose-driven causes should be key considerations. Keep it simple. Make loyalty programs easy to join and simple to use. Globally, 60% agree loyalty programs are too hard to join and/or earning rewards is a challenge. 80% in Brazil and China feel that way, 76% in India feel this way and as do nearly seven out of ten millennials globally. Lengthy registration processes, rules and conditions, technical difficulties with redeeming awards are all likely to turn customers away. Maintain relevance amid the noise. Retailers need to ensure their loyalty programs stay relevant to customers. 49% of loyalty program members globally agree they belong to too many programs. This is particularly the case for consumers in China (72%), Brazil (70%) and India (61%). Too many programs equate to too many apps, so it’s no surprise that customers forget their memberships, lose track of their points and perhaps decide that the rewards are not worth the effort. Promote awareness and familiarity. Regular communication to consumers through social channels, email or advertising can help programs remain top of mind with consumers. More than one in three consumers globally who did not belong to any loyalty programs globally said they were not aware of any. 17% globally compared to 21% in India have not joined a program. Lack of awareness (42%) is one of the main reasons stated by respondents in India for them not being part of any loyalty program in India. What Indians feel about loyalty programs: Out of the over 18,000 respondents from 20 countries, 1721 were from India. The maximum number of respondents were millennials (in the 17-36 age group). 93% of the respondents who are loyal to a particular brand are very likely to recommend the brand to friends and family, compared to global average (86%). 84% of the respondents in India believe in loyalty programs and are more likely to buy new products offered by the company 47% of the respondents are not likely to shift to a competitor brand even if they have a bad experience 33% of the customers in India view loyalty programs as crucial for making purchase decisions What Engenders Brand Loyalty Today? Brand loyalty doesn’t only earn companies repeat business from their loyal customers -- over 86% of consumers globally, from Gen Z to the Silent Generation, say they would recommend a brand they loved to friends and family. In terms of earning customer loyalty, 59% of the consumers surveyed globally said they are loyal to their favorite brand because of a personal connection compared to 74% in India. 75% of consumers globally said their loyalty was driven by product quality compared to 81% in India, 66% consumers globally as compared to 74% in India said their loyalty was driven by value for money and 57% consumers globally as compared to 73% in India said their loyalty was driven by customer service. Meanwhile, only 37% globally see loyalty programs as an effective way to earn their loyalty. And 55% of consumers who are enrolled in loyalty programs internationally use them infrequently – a few times a month or less. 96% of the millennials surveyed globally said companies need to find new ways to reward loyal customers altogether.

4 ways in which brands can improve their loyalty programs: KPMG

New Delhi, Jan 17 () India's gold loan market is expected to reach Rs 4,617 billion by 2022 at a five-year compounded annual growth rate of 13.4 per cent, a KPMG report said.
 The 2018-19 fiscal year saw gold loan companies aggressively expanding their branch network across the northern and eastern states in the country, it said.
 "Moving forward, these companies are expected to focus on optimising their asset utilisation and leveraging their existing branch infrastructure to maximize the branch-level AUM and customer outreach," KPMG India said in the report 'Return of gold financiers in India's organised lending market'.
 The emergency of the online and digital models in the gold loan space by NBFCs and new-age fintech players that offer gold loans at the customers' doorstep have opened up an untapped market among digitally enabled customers, it said.
 The industry incumbents are expected to "invest more" in developing "digital onboarding capabilities" that are critical to capturing this segment of tech-savy customers, it added.
 The organised gold loan market comprising of banks, Non-Banking Financial Company (NBFCs) and Nidhi companies contribute to nearly 35 per cent of Indian gold loan market.
 According to the report, today's gold loan companies are competing not just against other players but against financial services providers too.
 While the size of the unorganised gold loan sector, which is estimated to be three times the size of the organised sector, may imply significant growth potential and it is actively being encroached upon by financial services players that offer unsecured loans, it said.
 In the last few years, the major gold loan players have achieved geographical saturation and are now exploring other financial products such as microfinance and SME loans to maintain growth.
 The report further said that customers who previously had to pledge gold to fund their emergency cash shortages, consumer durable purchases and holidays now have a risk-free avenue to source funds without providing any collateral.
 "Lenders today are partnering with fintech companies to leverage the advancement in technology for developing enhanced underwriting capabilities that are agnostic to the availability of customer credit history," it said.
 With the arrival of more robust technological platforms and underwriting systems, the utilisation of unsecured loan products such as personal loans, credit card loans and consumer durable loans has been growing in popularity, it added.
 Noting that the key challenges faced by gold loan market are gold price volatility and liquidity stress in NBFCs, the KPMG report said as 2019 saw prices of the precious metal reaching an all-time high, gold loan companies will be "more conservative" in their approach towards disbursing loans until prices stabilise.
 These companies will continue to promote low loan to value (LTV) ration and low-tenure loans so that the risk of volatility in gold prices is reduced and prevent an LTV breach, it said.
 Although global gold prices are forecast to reduce over the long term, the gold loan market is expected to demonstrate high growth potential as banks are becoming more selective and stringent in credit disbursement. Unlocking new geographies, such as the northeast, will also add to the growth story, it added.
 According to the report, gold loan NBFCs will continue to be frontrunners in this journey equipped with quicker decision-making, faster adoption and capturing new markets will give them a natural advantage compared to banks.
 KPMG in India, however, sees banks tackling this by operating gold loan-specific branches and channels to give the NBFCs a strong fight, the report added. LUX LUX MR
MR

India's gold loan mkt to touch Rs 4,617bn by 2022

6G will require 100 per cent fiberisation of towers and given that the current state of fiberisation of towers stands at 38 per cent, the country will have to develop an expedited plan to meet the above targets, a new report showed on Friday. India should continue investing in research and development activities to contribute to the advancement of <keyword id="6319489" type="General" weightage="20" keywordseo="6g-technology" source="Orion">6G technology</keyword> - to strengthen the global knowledge base and help shape the future of this technology, according to the report by KPMG in India, in association with India Mobile Congress (IMC) 2023. India should continue playing an active role in establishing global standards for 6G technology by leveraging its manufacturing capabilities to produce and export <keyword id="19290619" type="General" weightage="20" keywordseo="6g-equipment" source="Orion">6G equipment</keyword> to other countries, the report added. "India's forward-looking 6G vision document has positioned its digital prowess on the global technology forefront," said Yezdi Nagporewalla, CEO, KPMG in India. Furthermore, India's population dividend and technological progress give it a tremendous advantage and can help the country achieve its goal of becoming a dependable global digital leader with cooperative action on <keyword id="6372493" type="General" weightage="20" keywordseo="digital-literacy" source="Orion">digital literacy</keyword>, <keyword id="6361948" type="General" weightage="20" keywordseo="cybersecurity" source="Orion">cybersecurity</keyword>, new technologies, and export promotion, Nagporewalla added. India is focusing on development and adoption of cutting-edge technologies across 5G/6G, Satellite Communication (SatCom), and semiconductors. KPMG estimates these three technologies to collectively add approximately $240 billion to the nation's economy in the next five years and estimates it to contribute an additional 1.6 per cent to the national GDP by FY2028. Recognising the potential in the semiconductor space, the government is working aggressively to enable India to be at the centre stage of the global semiconductor supply chain and is offering some of the most attractive incentives globally. In total, India is offering $30 billion in support for semiconductors and related industries. "The Information and Communication Technology (ICT) sector's robust growth trajectory indicates, major industry players looking to address the needs of this customer base have also found the opportunity to be global suppliers, supported by the government's thrust on conducive policy and enabling infrastructure," said P Ramakrishna, CEO, India Mobile Congress.

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India's gold loan mkt to touch Rs 4,617bn by 2022

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India will need 100% tower fiberisation for 6G, and it's now at 38%

IANS

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