Adhil Shetty (for Info only, not official)

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Adhil Shetty

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    ...But there is another important side to digital finance—paperless access to financial products on your mobile phone. Being able to open a new bank account quickly, get an unsecured loan instantly, or buying a paperless mutual fund or fixed deposit is critical for India’s advancement. But legacy paper-based processes are an obstacle to providing the entire population paperless, cheap, and fast access to credit, insurance and savings. How do the hundreds of millions of Indians, who often don’t have a government ID or an address proof except their Aadhaar card, access financial products on their mobile phone that will help them transact cashlessly? Aadhaar is helping in instant account openings and verifications (read more here). ...

    Live Mint on Sept. 11, 2017, 4:41 p.m.

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    ...But there is another important side to digital finance—paperless access to financial products on your mobile phone. Being able to open a new bank account quickly, get an unsecured loan instantly, or buying a paperless mutual fund or fixed deposit is critical for India’s advancement. But legacy paper-based processes are an obstacle to providing the entire population paperless, cheap, and fast access to credit, insurance and savings. How do the hundreds of millions of Indians, who often don’t have a government ID or an address proof except their Aadhaar card, access financial products on their mobile phone that will help them transact cashlessly? Aadhaar is helping in instant account openings and verifications (read more here). ...

    Live Mint on Sept. 11, 2017, 4:41 p.m.

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    ...Should the banking and financial industry care? The short answer to all the three questions is yes. There are compelling reasons for both consumers and the industry to enable paperless financial products. We will talk about those compelling reasons, and why having to manually sign, submit, transport and process paper documents is a great impediment to the democratisation of finances in India. Let’s start with costs. First, paperless products cut costs. Since the processing is being done by a technology platform that can simultaneously process millions of transactions, financial institutions can reduce their operating costs on processing paperwork. The entire process happens between a consumer logged on to the internet using a mobile phone and the platform. The reduction in costs can be 2-3% in banking products, and as high as 20-30% for insurance products. Now, this is a significant reduction. Ultimately, consumers stand to gain from reduced costs. ...

    Live Mint on Oct. 17, 2016, 4:38 p.m.