The future is indeed paperless. With India firmly on the fast track towards becoming a paperless economy, the country’s leading financial marketplace BankBazaar, hosted the second edition of the BankBazaar Paperless Finance Conclave at Mumbai on 12th September 2017.
The conclave saw more than 200 eminent bankers, industry influencers and regulators come together to discuss ways to fast-track paperless access to finance in India. The event’s highlight was the keynote speech on financial sector reforms by Amitabh Kant, CEO, NITI Aayog.
Head on over to FB or Twitter to listen to the speech in its entirety.
Additional Reading: NITI Aayog Pushes For Digitisation Of Finance
Setting the stage for the evening, Adhil Shetty, CEO, BankBazaar, said that India was ready for the paperless revolution and is seeing a surge in demand for a perfectly frictionless experience while buying financial products.
He also said that thanks to regulatory encouragements, paperless technology is perfectly placed to provide the kind of frictionless experience for every financial product that people expect.
The evening also featured two-panel discussions on how paperless finance is a potential game changer for the financial industry, as well as what constraints need to be resolved in order to make completely paperless onboarding a reality.
For a more detailed overview of what the panel discussions were all about, check out our previous coverage of the conclave right here.
Fascinating Insights From The BankBazaar Paperless Finance Conclave 2017
Key Quotes From The Conclave
Of course, the evening certainly wouldn’t be complete without a few quotes from some of the leading figures in the Indian financial sector.
Arvind Kapil, Country Head, Unsecured Loans, Home & Mortgage Loans, HDFC Bank, described his experience of creating an instant, paperless Personal Loan product with great enthusiasm, stating that “It started off with complete disbelief and it moved on to sheer delight.”
An engaging chat on #Paperless by this panel on Tuesday night! Thanks for being there at the #BankBazaarPFC! @BankBazaar pic.twitter.com/p9WrVRYjHo
— Adhil Shetty (@adhilshetty) September 14, 2017
Rajesh Sud, EVC & MD, Max Life Insurance said paperless onboarding is gaining ground. “Sixteen percent of our customers were on-boarded completely paperlessly,” Sud said. “What we were talking about potentially happening in 2018, I must say, with the efforts of the industry and the regulators, is a reality for insurance today. We are very proud of that and we obviously wanted to accelerate that.”
Puneet Nanda, Executive Director, ICICI Prudential, said going paperless is helping the industry lower costs. “Paperless helped us grow our business higher than the industry, helping us reduce expenses and grievances,” he said.
Ugen Bhutia, General Counsel, SBI Card, called for greater cooperation between the industry and regulators in making paperless finance more easily available. “Paperless is an evolution, involving not only the customer or company, but also controllers. If all of us partner together, we can complete the evolution,” he said.
Additional Reading: Cashless, Paperless Could Make Indian An Efficient Economy: Amitabh Kant
To summarise, everyone present at the conclave agreed that with rising internet connectivity and smartphone penetration, and with the availability of world-class digital infrastructure provided by the government of India, the future of finance is certainly going to be paperless.
Equally fascinating to listen to diverse points of view on #Paperless onboarding from this panel. #BankBazaarPFC @BankBazaar pic.twitter.com/TxY1nglCyn
— Adhil Shetty (@adhilshetty) September 14, 2017