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In a day and age when businesses are facing all kinds of uncertainties due to the ups and downs of the market, Indian <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword> remain hopeful of their near future. Small and Medium-sized Enterprises (SMEs) in India are highly optimistic about domestic economic growth in the next 12 months and are confident about their business performance in 2017, according to the <keyword id="4613360" type="UNKNOWN" weightage="20" keywordseo="american-express-global-sme-pulse">American Express Global SME Pulse</keyword>2 2017, a new survey commissioned by <keyword id="91294" type="CITY" weightage="100" keywordseo="American-Express">American Express</keyword> and carried out by <keyword id="637984" type="ORGANIZATION" weightage="20" keywordseo="Oxford-Economics">Oxford Economics</keyword>. The survey was carried out among senior executives and decision-makers across 15 countries, with the purpose of understanding the priorities and aspirations of the SME community. Companies surveyed form part of India’s mid-market organizations having revenues of up to $90mn, including SMEs. According to the survey, Indian SMEs are more positive about the domestic economy over the next 12 months than their Asian counterparts. Indian led with 71% followed by <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword> at 62%, China at 54%, and <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword> at 26%. Interestingly, the confidence of Asian countries is substantially higher than the global average of 45%. In terms of global economic outlook, SMEs in India have higher optimism at 65% than Asian counterparts with Japan at 58%, China at 47% and Singapore at 20%. 

 

 

 

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Healthy optimism about profitability SMEs in India are confident about their ability to deliver increased revenues and profitability. According to the survey, 76% of the Indian SMEs surveyed expect revenue growth of at least 4% in 2017. In terms of profitability, Indian SMEs are similarly upbeat with 45% forecasting a profit of 8% per annum by 2020. This is in excess of the global findings which show 27% of SMEs forecasting net profits of 8% over the same period. While SMEs in India are optimistic about the economy and their own business, they cite domestic policies, uncertain laws and regulations as major concerns over the next year. Optimistic about recent political changes for businesses’ prospects SMEs in India see positive light among the government’s recent initiatives and support to boost the sector. 69% of them feel that barriers to entry are coming down and providing business opportunities. As revealed through the survey, 73% of Indian SMEs responded that recent political changes in the country make them optimistic about their businesses’ prospects. 

 

 

 

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Aim to smoothen business operations through funding options Amongst various sources of funds, Indian SMEs expressed that existing working capital (at 88%) and bank loans (at 77%) are the most readily available; whereas the funds they actually put to use are bank loans (at 62%) and existing working capital (at 49%). Over the next year, Indian SMEs plan to source funds through public equity markets (at 50%) and bank loans (at 46%). In order to streamline their future business financing options, Indian SMEs ranked flexible lending and repayment options (at 37%) as the most important factor and high interest rates (at 49%) as the biggest pain point when applying for business finance. Focus on expansion and sales growth to drive financial performance Indian SMEs are focusing on growth and expansion strategies to improve their financial performance. The survey revealed that 38% of Indian SMEs feel that expansion into new domestic market segments will be a top priority for their business over the next three years. They are also pushing for sales growth with over 35% looking to grow their current market share.

 

 

 

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 Increasing exports part of the growth push Exporting is a core pillar of many SMEs’ growth strategies globally and India is no exception. Almost 32% of SMEs surveyed said they recognize expansion into new international markets as a pathway to improved financial performance over the next three years. Indian SMEs are confident they are ready for export growth, with a sizeable 68% strongly believing their company has the right plans to increase export sales. An overwhelming majority (73%) agree it is easier to access new export markets than it was three years ago. Also, 37% of Indian SMEs said they will be looking at increasing operational efficiency as another key priority for driving financial performance. 

 

 

 

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 Technological investment is the most important priority area According to the research, the majority of Indian SMEs understands the growing importance of technology and wants to make investments in the same. 77% of Indian SMEs felt the importance of applying the latest technology in their businesses over the next three years. Another 71% said that they are developing and implementing innovation to business models, products and services and ways of working. About 62% said they are prioritizing on quickly responding to changing business demands. Understanding the need of being on track with technological advancements, 75% of Indian SMEs plan to use more scalable technology, like cloud based solutions in the next three years. Look beyond the short term As part of the research, top executives in Indian SMEs were asked about the long-term goals of the business. While profit margin growth (51%) and revenue growth (44%) are identified as the number one and two objectives, well over a quarter (29%) state that both sustaining the business for future generations and building company reputation (28%) are important long-term goals.

Indian SMEs confident about their growth in 2017, according to this American Express Survey

Among the most ambitious projects that have enjoyed great attention by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, national mission for financial inclusion tops the list. 
 
The report relating to this project prepared by USAID -- titled ‘Beyond Cash’- was released recently highlights the current behaviors and perceptions of digital payments in low-income communities in India, and suggests ideas on how policy makers can accelerate the adoption of digital payments in the country. The study was conducted by strategic advisory firm Dalberg in six locations across four states. 
 Indicating the potential of inclusive digital economy, the report carried most intricate data pertaining to the avenues that <keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">digital India</keyword> can take to make the project a huge success. 
 
The data indicates that across India 97 percent of retail transactions are conducted in cash or cheque. Surprisingly, only 29% of bank accounts in India have been used in the last three months, only 6 percent of merchants accept digital payments, and just over 10 percent of consumers have used a debit card for payments in the last year. 
 
Schemes such as Pradhan Mantri Jan-Dhan Yojana, supported by the Aadhaar; India has already made some important strides into the area. Add to this, one billion mobile phone connections and you will see universal financial inclusion taking stronghold in the country. However, the use of digital payments in the country remains limited and this needs to be addressed. 
 Digital payments can help consumers and merchants spend their money more safely and securely, save and build credit profiles for lending opportunities unavailable in the informal banking sector, and participate in a growing online economy. According to the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>, India could save approximately one percent of its GDP annually by digitizing cash-based subsidies alone. 
 
The report Beyond Cash suggests a few ideas to drive greater consumer and merchant adoption and use of digital payments. These ideas include: 
 
• Create opportunities for consumers to make digital contributions to micro-savings products. 
• Incentivize current users to deepen use and bring other consumers onboard. 
• Enable merchants to try digital payments at low or no cost. 
• Digitize retailer-to-supplier payments. 
 
 
 
 
 
 
 
Matthew Homer, a Senior Policy Advisor on Digital Finance at the United States Agency of International Development (USAID), lays open the potential, the challenges, solutions and way ahead for universal inclusive digital economy for India. 
 
BI: What are the solutions that India can focus on - both short term and long term (considering the majority low income demography and poverty)? Essentially how would you rate government's efforts and what are the necessary suggestions? 
 
Matthew: India is making tremendous progress with regard to financial inclusion. Aadhaar has created an enabling environment in which PMJDY and digital direct benefit transfers (DBTs) can take hold. These are important foundational elements of India’s journey to widespread and meaningful financial inclusion. Another critical element on this journey is to ensure that all Indians have the opportunity to actively participate in India’s growing digital economy. Very few merchants in India currently accept digital forms of payment, and those who do are unlikely to serve poor consumers. Solving this is a critical piece of the financial inclusion puzzle. As more and more low-income consumers are obtaining accounts, and DBTs are flowing into those accounts, being able to make active use of these accounts requires greater merchant acceptance of digital payments. 
 Finding ways to increase usage of digital payments between merchants and consumers is an important short- and medium-term step toward a more inclusive and active digital economy that extends across society, including to low-income demographics. In the long-run, sustaining focus on this issue will be critical for both the government and the private sector. It’s important that the private sector sees a long-term opportunity to viably and responsibly meet the <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">financial services</keyword> needs of the poor, by designing, testing, and scaling business models that increase use of digital payments wherever consumers shop. 
 
 
 
 
BI: In a country like India the major problems are reaching out to public, low income and the necessary digital infrastructure to support the initiatives of financial inclusion. How do you see that? 
 
Matthew: With one billion mobile phone connections in India, mobiles have the potential to be one of the most effective channels for delivering critical services to the public, particularly low-income and underserved communities. However, without effective and widespread digital infrastructure, it will impossible to achieve deeper financial and economic inclusion for all of India’s citizens. The public and private sectors both have a role to play in building this infrastructure, and we have seen important public sector investments in payment systems and other critical digital infrastructure. To effectively meet the last-mile access needs of low-income and rural populations, significant private sector leadership is needed. For example, building a digital payment network that reaches all of India’s merchants can’t be accomplished without compelling business models that are attractive to merchants, consumers, and other other private sector stakeholders. This is one of the goals of the Partnership we’ve organized with the Ministry of Finance, one which includes nearly 40 private sector member organizations. 
 
 
 
BI: What can India do to achieve next level of economic gains through digital? World is already watching India and its economic outlook with great optimism but problems and challenges are plenty. How tech can help achieve the dynamism India is looking for? 
 
Matthew: Transitioning from cash to a less-cash digital economy won’t happen overnight. Digital infrastructure, like digital payment networks at point-of-sale, is an important enabler. But just as important is creating incentives for this shift to happen. Enabling must be coupled with incentivizing. Technology and innovation can have a huge impact, especially when they are accompanied by effective policy incentives and business models that reach low-income populations. Among population segments that are generally unaware of these tools, targeted marketing that appeals to the needs and wants of specific population segments can also be essential. 
 
BI: Many people are under extreme poverty and many are struggling for basic financial necessities. What could be done through digital tech based on the ideas and findings of the report? How to catalyze India's digital growth and what impact it would have globally? 
 
Matthew: Digital finance tools such as digital payments can help alleviate poverty in a number of ways. This can include, for example, enabling low-income consumers to store and save their money more safely and securely, reducing the amount of time needed to travel to obtain or cash a check, improving ability to handle emergencies, and developing a digital transaction history that can be used to provide access to additional financial services such as credit. Importantly, digital payments also enable consumers to participate in the growing online and digital economy. 
 
Our research is intended to help us better understand the financial behaviors and perceptions of consumers and merchants when it comes to making payments digitally. The report, <a href="https://www.globalinnovationexchange.org/beyond-cash">Beyond Cash</a>, uses quantitative and qualitative research methods to answer that question and identify potential actions that can lead to widely-used digital payment networks, particularly among low-income populations. The report also includes a rich dataset that is available for public use. As we think about extending digital payment networks to the poor, the research provides some insight about how to move forward. 
● First, to increase the number of merchants who accept digital payments we must focus on creating incentives for consumers to pay electronically. Our research indicates that merchants are much more willing to accept digital payments if their customers demand it. 
● Second, early adopters should be incentivized to sign up others and the cost of trying digital payments should be as easy and inexpensive as possible for both merchants and consumers. Merchants report that even if they would like to try accepting digital payments the cost of trialing is too high. 
● Third, digital payments should focus on mimicking what consumers and merchants like about paper payment instruments (e.g. cash or check) while also solving for clear pain-points they experience in the cash economy. (The research identifies a number of pain points and suggests a variety of responses). 
● Fourth, and to me this is the most important factor, digital payments must connect merchants and consumers with something more valuable than any digital transaction itself. For merchants, this may be the ability to reach new market segments or have access to better inventory management tools. And for consumers this could include being able to participate in the online economy or being able to more quickly pay and board a bus without exact change. 
 
Engaging all Indians in the digital economy would benefit not only individuals themselves, but the Indian economy too. And as India identifies opportunities to lift the poor out of poverty using the digital economy, these learnings will be of keen interest across other markets as well. 
 
BI: Digital divide, how to overcome this main problem? 
 
Matthew: While our research doesn’t examine this larger question, it does point to the importance of designing financial services and products with a variety of users in mind. This means, for example, better understanding the use cases that appeal most to digitally marginalized populations and creating targeted outreach efforts that highlight those use cases. I think it also suggests the need to think out-of-the-box with regard to business models that meet the needs of un- or underserved consumers. Business models that work elsewhere or with other population segments may not work for these populations and we may need to try entirely new approaches. This is really what our Partnership is all about, and we’re focused on using the research we’ve conducted to now to test a variety of business models to find out what really works.

‘Beyond Cash’: India’s inclusive digital economy is on top gear

The <keyword id="394949" type="CITY" weightage="20" keywordseo="National-Payments-Corporation">National Payments Corporation</keyword> of India (<keyword id="193629" type="COMPANY" weightage="20" keywordseo="NPCI">NPCI</keyword>) on Tuesday said that there has been no data compromise pertaining to the <keyword id="4013165" type="PERSON" weightage="20" keywordseo="BHIM-app">BHIM App</keyword> and has requested everyone not to fall prey to such incorrect information. In a statement, the NPCI said that it has conducted an independent verification of the recent news, including through a leading Digital Risk Monitoring firm who has reconfirmed that the claims against the BHIM App are untrue. "There is no data leak with respect to the BHIM app," it said. The statement comes a day after a <a href="https://www.vpnmentor.com/blog/report-csc-bhim-leak/" data-type="tilCustomLink">report</a> said that security researchers have discovered that about 7.26 million records linked to users of mobile payments app BHIM were left exposed to the public by a website. <div type="Article" hostid="261" msid="76135419" title="CSC BHIM site left Aadhaar cards, PAN numbers, and biometric information exposed — could be used to carry out financial fraud and identity theft, says report" mstype="2" mssubtype="0"></div> The exposed data included sensitive information such as names, dates of birth, age, gender, home address, caste status and Aadhaar card details, among others, said the report from VPN review website vpnMentor. NPCI said <keyword id="4115852" type="COMPANY" weightage="20" keywordseo="CSC-e-Governance-Services-India-Ltd">CSC e-Governance Services India Ltd</keyword> was working in 2018 on a project to educate and activate village level entrepreneurs on digital payments and also educating them to create Merchant Virtual Payment Address (VPA). Most of these VPAs were not valid UPI IDs. Moreover, it said that <keyword id="4003296" type="COMPANY" weightage="20" keywordseo="UPI-ID">UPI ID</keyword> is a virtual ID that is meant to be shared conveniently, instead of real account details. The UPI ID can be used to receive money. The user can simply share his UPI ID with the payer and receive payment directly in his bank account. This is a standard feature used by merchants, who only need to receive money using UPI, it said. Based on the findings from the Digital Risk Monitoring firm, it is ascertained that there is not a single instance of data breach compromising financial details of the customers, the NPCI statement said.

NPCI denies data breach of BHIM mobile app

<keyword id="12018096" type="General" weightage="20" keywordseo="Internet-major" source="Orion">Internet major</keyword> <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword> on Friday said it firmly sees itself as a partner to the existing <keyword id="8219861" type="General" weightage="20" keywordseo="financial-ecosystem" source="Orion">financial ecosystem</keyword> in India and that instances of partnerships being described as <keyword id="2750705" type="General" weightage="100" keywordseo="Google-Pay" source="Orion">Google Pay</keyword>'s offerings fuel misinterpretation. While the company did not elaborate of any specific instances, the latest assertion comes against the backdrop of reports that suggested Google Pay has launched fixed deposit offerings in partnership with a bank. The company emphasised that in every geography where Google Pay is present, its stance is consistently one of partnering with the existing financial services and banking systems to help scale and enable frictionless delivery of financial products and services and contribute to the goal of financial inclusion. In a blogpost, <keyword id="45395" type="General" weightage="20" keywordseo="google-india" source="Orion">Google India</keyword> said there have been a few instances where these offerings have been reported as 'Google Pay's offerings' which "fuels misinterpretation". "To be clear, we have always looked at our role firmly as a partner to the existing financial ecosystem that brings unique skill sets and offerings to drive further adoption of digital payments in the country," it said. According to Google, several of its offerings are built on top of NPCI's pioneering UPI payment network and infrastructure, "which has grown over 190X in the last 4 years, to processing over INR 6 trillion in value today". Furthering that objective, in 2019, "we had announced the launch of the <keyword id="12021446" type="General" weightage="20" keywordseo="spot-platform-on-google-pay" source="Orion">Spot Platform on Google Pay</keyword>, a surface for merchants of all types -- offline or digital native, small or large, across use cases - to find payment-ready users," it noted. The <keyword id="6357247" type="General" weightage="20" keywordseo="Internet" source="Orion">internet</keyword> major also noted that its spot platform works as an additional discovery channel for many businesses to build and offer new experiences to users to drive adoption of their services. The use cases span across ticket purchase, food ordering, paying for essential services like utility bills, shopping and getting access to various financial products. Providing a detailed explanation, Google said that many of these Spot experiences especially in the financial products/ service categories -- be it insurance, wealth management, credit or other financial services -- are regulated industries and each merchant is required to be duly authorised to provide those services before they are onboarded onto the platform. "Today we have close to 400 merchant spots on Google Pay, and in this journey, we have seen that financial product offerings perform especially well, with offerings from spot experiences delivered by financial services players like CashE, Groww, 5paisa, Zest Money etc. seeing significant growth and engagement from users on Google Pay," the blogpost said. Also, the company noted that this engagement underscores that payments platforms are a great surface to deliver financial services to users across the country. "As Google Pay, our role is firmly circumscribed to providing these merchants a surface where Google Pay users can discover and gain from these offerings -- be it credit products, insurance or any others... We are committed to play our role by using technology as a means to level social inequalities and contribute to this vision operating within the purview of India's legal and regulatory frameworks," it stated. Earlier this week, Google Pay's partnership with Equitas SFB was announced under which consumers can book fixed deposits fully digitally, without needing to open a savings account with the lender through its 'spot' integrated with the Google Pay platform.

Google ‘firmly’ sees itself as a partner to India's financial ecosystem

The international arm of the National Payments Corporation of India (<keyword id="193629" type="General" weightage="20" keywordseo="npci" source="Orion">NPCI</keyword>) on Thursday announced to deploy <a href="https://www.businessinsider.in/business/telecom/news/how-to-use-upi-autopay-to-recharge-jio-number/articleshow/88754552.cms" data-type="tilCustomLink">Unified Payments Interface</a> (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India. Nepal is the first country outside India to adopt UPI as the payments platform, driving the digitalisation of cash transactions. The NPCI International Payments Limited (NIPL), the global arm of the NPCI joined hands with the Gateway Payments Service Pvt Ltd, an authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy UPI in the country. "The partnership will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," said Ritesh Shukla, CEO of NIPL. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India. In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India's GDP. "The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society," said Rajesh Prasad Manandhar, CEO of GPS. Mobile penetration of over 135 per cent, with 65 per cent of the population using smartphones, provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal. Over the next few months, all three companies will work closely together to deploy UPI in Nepal. along with all the functionalities and features presently available in India. "We believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy," said Naga Babu Ramineni, Director of Manam.

NPCI to deploy UPI in Nepal, first country outside India

<ul><li><keyword id="1106616" type="PERSON" weightage="20" keywordseo="TrueCaller">Truecaller</keyword> has 150 million users in India and a total of 200 million worldwide. </li><li>The Swedish app’s revenue jumped 70% in the last four months and turned profitable. </li><li>It also said that its premium subscription service has a million users. </li><li>The company believes that its paying users will grow by 50% in the coming months.</li></ul>As much as 75% of total users of Truecaller are from India. According to a press release by the company, users from Indian market make up for 150 million monthly active users, of its total 200 million worldwide. All this is due to excessive spam calls that Indian customers are trying to block. According to data <a>revealed</a> by the company, India ranks fifth globally when it comes to spam calls and over 10% of these calls come from financial service providers. Truecaller also declared that it has turned profitable over the last four months, after a sharp revenue jump. “We are thrilled and humbled that we have been profitable for the last several months while simultaneously growing revenues at over 70% annually,” said Sandeep Patil, managing director of Truecaller. The app recently expanded its service offerings to include voice and messaging, UPI payments and more. Truecaller also said that its premium subscription service now has a million users. And it’s gunning for more. The company believes that its paying users will grow by 50% in the coming months. Truecaller to offer <keyword id="5012940" type="PERSON" weightage="20" keywordseo="digital-credit">digital credit</keyword> lending services soon The Swedish app also wants to enter new business areas that can boost its revenues. It’s sector of choice is digital lending services. Several tech companies are choosing to enter Indian fintech space like smartphone makers <a href="https://www.businessinsider.in/business/news/xiaomi-launches-mi-credit-in-india/articleshow/72350148.cms">Xiaomi</a> and <a href="https://www.businessinsider.in/tech/news/smartphone-makers-realme-and-xiaomi-will-compete-in-the-financial-services-market-too/articleshow/72832681.cms">Realme</a>. Paytm founder Vijay Shekhar Sharma even <a href="https://www.businessinsider.in/business/startups/news/decoding-vijay-shekhar-sharmas-latest-tweet-on-2020-being-the-year-of-lending/articleshow/73924710.cms?src=hp_latest">took to Twitter</a> earlier today to claim “2020 will be the year of lending, globally”. Getting ready for an IPO This sudden interest in raking up revenue has long-term plans. Patil said that Truecaller is getting ready for an initial public offering (IPO). “This is a concrete milestone on our path to build a financially-sustainable independent company that will be ready for IPO in three years,” he added. So far, the 10 year old company <a href="https://www.crunchbase.com/organization/true-software-scandinavia#section-overview">raised</a> $98.5 million from Sequoia Capital and Kleiner Perkins, among others. Revamping business products It is also expanding its portfolio with Truecaller for Business, aimed at small and medium enterprises and businesses. This FourSquare-like service will help businesses discover users nearby. Currently, Truecaller for Business is offered for free. Business owners can create their profiles with information like address, website, email and opening business hours. These features are similar to what we find in Google Maps. It is also revamping its Truecaller Priority service to distinguish between businesses from spam calls. See also: <a href="https://www.businessinsider.com/truecaller-expands-fintech-efforts-in-india-2019-12?IR=T">Truecaller expands further into fintech in India by providing credit to small businesses</a> <a href="https://www.businessinsider.in/how-truecaller-helped-spotify-and-zoomcar-reach-500-million-impressions-in-a-day/articleshow/70960768.cms">How Truecaller Helped Spotify and Zoomcar Reach 500 Million Impressions in a Day</a>

Truecaller has three-fourths of its customers in India - all thanks to endless spam calls

<ul class="summary-list"><li><a href="https://media.chase.com/leadership/gordon-smith/allison-beer">Allison Beer</a> is chief product officer and head of customer experience and digital for <keyword id="42561" type="COMPANY" weightage="60" keywordseo="chase">Chase</keyword>.</li><li>She says the pandemic has accelerated changes in consumers' <keyword id="1460938" type="PERSON" weightage="60" keywordseo="Digital-Banking">digital banking</keyword> needs.</li><li>Over the next year, Beer says, there will be increased demand for personalization, automation, and real-time payments.</li></ul>The last year changed all industries, including banking.Consumers have embraced digital banking tools for several years, but the pandemic accelerated adoption even further across demographics. For example, half of Chase's new digitally active customers since March 2020 are over 50. New research suggests that we can expect consumers to engage more actively with their bank's digital offerings in 2021 and beyond. According to a recent <a href="https://www.jpmorgan.com/insights/technology/2020-digital-banking-survey">Chase survey</a>, 80% of respondents prefer to manage their finances digitally rather than in-person.We believe this preference will continue to increase demand for personalization, automation and real-time payments as consumers continue to shy away from cash. <h2>Personalization</h2>Every year, tech companies release new devices, hardware and software that allow consumers to update and personalize their experience. Consumers want the same experience from their bank.Banking will become even more personalized in 2021, helping foster deeper engagement between customers and the features and services that their bank offers. Advanced technologies - like artificial intelligence - can help banks create more customized experiences that adapt to each customer's individual needs. For example, people can already use their mobile banking app to enjoy offers and rewards from some of their favorite retailers and brands. Customers can also view unique insights about their spending and savings trends or credit score to make more informed financial decisions. <h2>Automation</h2>In a post-vaccine world, consumers will still want to find the most convenient and effective ways to manage their finances. We expect digital resources that assist with budgeting and bill payments to play a major role in future digital banking enhancements.Automation, especially for payments and savings, has made it effortless for consumers to stay on top of their finances. Essentially, they increasingly want to use their mobile apps to "set it and forget it." Moving forward, we anticipate that we will make an even wider array of automated tools available. <h2>Real-time</h2>Digital payments became even more popular last year, as consumers relied on safe, convenient and contactless methods for completing real-time peer to peer (P2P) payments. In fact, in 2020, the Zelle Network processed more than <a href="https://www.zellepay.com/press-releases/zeller-closes-2020-record-307-billion-sent-12-billion-transactions">1.2 billion transactions</a> totaling $307 billion in payments. Consumers and businesses can easily process transactions using a variety of real-time payment platforms - whether they are paying rent, splitting a dinner bill, or paying the babysitter.The early adopters of this technology were younger generations, but in 2020 we saw older customers use this way of paying more frequently. Real-time payments will undoubtedly grow in popularity as both consumers and businesses become more comfortable with the convenience and security it provides. Digital banking will further influence who consumers choose to bank with. COVID-19 has increased customer preference for the convenience and speed that digital banking offers through websites and apps. To better serve consumers of all ages, banks will need to be agile enough to react quickly to the evolving needs of their customers.At the end of the day, who consumers choose to bank with will increasingly depend on how easy it is for them to manage their entire financial life digitally from one place. Banks that make that experience seamless, insightful and simple will gain loyal customers who engage more frequently with their products and services.<a href="https://media.chase.com/leadership/gordon-smith/allison-beer">Allison Beer</a> is chief product officer and head of customer experience and digital for Chase. She's been with Chase since 2017.

3 digital banking trends to look out for this year, according to the head of digital at Chase

<ul><li>Out of 2035 <keyword id="6613383" type="UNKNOWN" weightage="20" keywordseo="indian-fintech">Indian fintech</keyword> startups, only 58 focus on cybersecurity: India Fintech Report 2019. </li><li>This is a big problem as India currently ranks 15th in a list of world’s least digitally secure countries. </li><li>Lack of awareness and scarcity of talent is a big reason for the absence of cybersecurity companies. </li></ul>Financial technology startups have been a major part of India’s startup growth story, especially after India’s crack down on cash during its demonetisation drive two years ago. But among the 2,035 Indian fintech startups, only 58 work in regulatory technology (a segment of fintech dealing with compliance) and cybersecurity, according to the India Fintech 2019 report released at the recently concluded conclave Fintegrate Zone. Some of the reasons behind the absence of startups dedicated to security is the lack of knowledge and resources, along with the required skills to work on the challenges of these sectors, according to the report. India’s fintech story has been synonymous with leading players like Paytm, Policybazaar etc, with impressive reach on their side. Partly due to their success, and the opportunity in digital financial services, the number of players has since mushroomed. According to the report, India is home to a whopping 375 payment startups and 338 fintech companies. However, given the sheer volume of players and India’s ranking of 15 on a <a href="https://www.indiatoday.in/india/story/india-cybersecurity-privacy-data-breach-crypto-hackers-aadhaar-1450572-2019-02-07">list</a> of the world’s least secure countries with respect to <keyword id="137092" type="PERSON" weightage="20" keywordseo="cyber-security">cyber security</keyword>, only 58 startups dedicated to security may not be enough. Financial services and banking sector fall under “critical infrastructure” for cyber security, <a href="http://www.niti.gov.in/writereaddata/files/document_publication/CyberSecurityConclaveAtVigyanBhavanDelhi_1.pdf">according</a> to government think tank Niti Aayog. Growing threats According to the EY Global Information Security Survey (EY GISS) 2018-19 – India edition, only 19% of Indian companies have a sufficient budget to have the desired level of cyber security. For instance, the WannaCry Ransomware which hit businesses including banks globally in 2017 didn’t spare India, which was the second-worst affected country in the APAC region while holding the fifth-worst affected rank globally. When it comes to fintech, the importance of cybersecurity and regtech only increases further with people entrusting these companies with their payment details. India’s growing number of e-commerce and hyperlocal delivery startups, too, have integrated payment gateways through third party payment apps. Further, fintech companies also gain access to customer spending behaviour and financial information, putting them at risk of cyber attacks. With the growing need for compliance in India, Regtech too becomes an important part of Indian fintech scene. Many players have relied on sensitive personal data such as Aadhaar to meet electronic Know-Your-Customer (e-KYC) requirements. “Our database shows there are 53 startups in India in the RegTech space providing varied solutions like digital onboarding, fraud prevention, ID authentication, ID management, insight generation from structured data, digital signature, etc. RegTech would find increased usage in KYC/AML compliance,” stated the Indian fintech report. See Also: <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">A majority of Indian corporates are unprepared for cyber security challenges: Report</a> <a href="https://www.businessinsider.in/rbi-wary-of-financial-fraud-by-anydesk/articleshow/68043224.cms">India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data</a> <a href="https://www.businessinsider.in/here-are-the-most-controversial-data-breaches-of-2018-that-affected-indian-users/articleshow/67148364.cms">Here are the most controversial data breaches of 2018 that affected Indian users</a>

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