Outlook Money Digital Dialogue

OutlookIndia

Find out what our experts have to say about Digital Money. Naveen Surya - Managing Director, ITZ Cash Deepak Sharma - Ex VP, Kotak Mahindra Bank Dr. S Prakash - Sr. Executive Director, Star Health & Allied Insurance Mohit Goel - Director Marketing, Exide Life Insurance Abhijit Shah - Head Marketing, Digital & Customer Experience, ICICI Prudential Asset Management  #OutlookMoneyDigitalDialogue #Money #OutlookMoney #OutlookMagazine #OutlookGroup

Transcript

00:00 [MUSIC PLAYING]

00:05 Any digitization transaction actually

00:07 are supposed to help consumers in two or three ways.

00:10 One is it creates a convenience.

00:12 That means what used to take-- let's say

00:14 you give you the money, exchange, change, et cetera.

00:16 It happens seamlessly just with a click.

00:18 Secondly, it brings you a lot of control and security.

00:21 When you deal with physical cash,

00:22 there are all kinds of issues-- fake note, handling the cash,

00:25 et cetera comes in.

00:26 I think this becomes fully that how much you're carrying,

00:29 how are you handling, how are you transferring.

00:31 It becomes a lot more secure than in a physical cash space.

00:34 So if you see the overall value proposition

00:35 of any digital transaction, it's always

00:38 have been a lot more secure than the physical currency

00:41 transactions.

00:42 I think we are right now at the cusp of one

00:46 of the big inflection point in the Indian economy,

00:50 especially on the digital push towards going cashless.

00:55 In last three months, we have seen the range of initiatives

00:59 getting rolled out, right from the scaling up of UPI to BIM

01:04 and moving towards a full-blown USSD

01:08 to Aadhaar-enabled payment system and also India QR code.

01:12 Importance of digitization, like the way in which technology

01:19 is evolving today, digitization is

01:22 going to create a great metamorphosis in the way

01:26 insurance is going to be transacted.

01:29 Now we understand the importance of digitization,

01:32 and the industry should be geared up

01:34 to incorporate digitization in their sales and their service.

01:37 See, the robo-advisory model will put in a lot of rigor

01:41 into the overall advice.

01:44 It'll also make customers, investors, a little bit more

01:48 rational investors.

01:50 But it has to be propped up with some kind of advice

01:59 or some kind of interaction with the relationship manager.

02:05 What digital does is gives us an opportunity

02:07 to connect very closely with consumers and our customers,

02:12 both in terms of our investors as well as intermediaries, who

02:16 play a very important role in taking us closer

02:20 to customers.

02:21 At ICICI Prudential, we have a slew of digital initiatives

02:25 and innovations that help us deliver customer experiences

02:31 in a seamless manner, in a real-time manner.

02:35 (upbeat music)

02:37 you

Transcript

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