IETE APEX FORUM MEET - 2018 - PALAKKAD MATTER.pdfIETE PALAKKAD CENTRE IETE APEX FORUM 2018 5 MOBILE...

IETE APEX FORUM MEET - 2018 - PALAKKAD

Mobile Phone: Gateway to Financial Services

Shri. C K Haridas Convener, Apex Forum 2018 Founder Chairman, IETE Palakkad Centre & IETE South Zone Mentor

Dr. K Geetha Prof. C Pradip Shri. M S Ajayan Chairperson, IETE Palakkad Centre Immd. Past Chairman Hon. Secretary

IETE PALAKKAD CENTRE - 2nd & 3rd Floors- West Fort Road - Palakkad-1 Ph: 0491-2525666 E Mail: [email protected] web: www.ietepalakkad.org

IETE PALAKKAD CENTRE IETE APEX FORUM 2018

2 MOBILE PHONE: GATEWAY TO FINANCIAL SERVICES



INDEX

CONTENTS PAGE NO

1. Inaugural Session - 4

2. Panel Discussion - 12

3. Concluding Session - 26

It is our proud privilege in organizing the first time IETE APEX

FORUM MEET at Palakkad on 03-03-18. Our heartfelt thanks

to all for the encouragement, support and cooperation

extended to us for making it a grand success.



INAGURAL SESSION

1. Welcome Speech : Shri. C K Haridas, IETE South Zone Mentor

2. Presidential Address : Dr. K Geetha, Chairperson, Palakkad Centre

3. Introductory Remarks Moderator : Dr. Francis Jacob, ITS, GM BSNL



Welcome Speech

Good morning and my humble Pranamam

Before going to my assigned duty, A few words about IETE

IETE (The Institution of Electronics and Telecommunication Engineers) is the second largest

professional society in India established in 1953. The vision of this great organization is reaching

the unreached and empowering youth through technical education and skill development. Our

great mission is for advancement of electronics, telecommunication, information technology and

other related disciplines in nation building in fields of human resource and infra structure

development. IETE continues the pursuit of achieving this objective through 64 centre in India

and abroad.

IETE has started a variety of Student oriented technical and social activities such as Skill

Development , PMKVY , Motivational activities for Engineering Students and woman

empowerment programs…etc to suit the requirements of changing times besides the regular

conduct of Exams twice in a year. We have 428 IETE students live Forums with a strength of

more than 50,000 in India besides our IETE regular student wing. We conduct National level

competitions such as National Technical Paper Contest, Innovators/ Exhibitors Meet, Zonal ISF

Congress … targeting the motivation of budding engineers. Publish two Technical magazines,

Technical Review and Journal of Research of International standards which are eagerly referred

to by the researchers all over the world. Two home magazines journal of Education and News

letter for young engineers and corporate members are regularly Published.

Happy to organize the Apex Forum Meet on a very important topic- Mobile Phone: Gateway to

Financial Services. Particularly happy for the positive response received from more than 100

personalities for our first time venture of the Centre. Shri M Jayaram, SBI Regional Manager

and most of the bank managers of Palakkad shown interest in the event. 9 Prominent

Personalities from 8 diverse sectors are participating in the event.

Coming to my responsibility,

Warm welcome Mr. Dr. K Francis Jacob , ITS , GM ,BSNL ,Shri M Jayaram , Regional

Manager, SBI and the special team of SBI their short presentation , Shri. Schiller Stephen,

President, Press club and chief reporter Malayala Manorama, Shri Sumesh K Menon, MD of



Winds business Solutions (Pvt) Ltd and Vice president of Palakkad Management Association, M

B Chanrasekaran, CGM of PL group of Companies, Shri. M S Ajayan, Divisional Engineer,

BSNL, N Ramachandran, Sr. DSTE , Southern Railway, Shri K Manoj , Assistant

Superintendent of Post Offices, K Manikandan, System Administrator, KSEB and Dr. K K

Jisha, Asst. Professor of Economics from Govt. Victoria College.

Hearty welcome to all the invited guests, IETE Fraternity, Students, media representatives.

My Heartfelt Pranams to you all once again

Points mentioned by Shri. C K Haridas, Convener APEX Forum & South Zone Mentor

About the response received from more than 100 prominent personalities from various

fields about the First time conduct of the Meet at Palakkad.

About the participation of NINE Expert panelists from 8 diverse sectors.

Vision and Mission of IETE according to the need of changing times.

Various student oriented activities organized by IETE for motivating the youth of the

Nation.

The importance of the theme chosen at the time of the nation is at the door steps of 5G

services for better speed and efficiency .



Presidential Address

Institution of Electronics and Telecommunication Engineers (IETE) is one of the leading

Professional Society established in 1953 for the advancement of Technology in the field of

Electronics, Telecommunications, Information Technology, Computer Science and related

disciplines. IETE Palakkad centre is one of the very active centre in India under the excellent

guidance by Shri. C K Haridas, founder Chairman Palakkad Centre and IETE South Zone

Mentor. The Centre is frequently organizing Seminars, Workshops and Competitions for the

benefit of Engineering Students and also programmes of Social Relevance. It is my privilege and

pleasure to be the Chairperson of this vibrant chapter for the Past two years.

This year Palakkad Center has concentrated on three different schemes.

1. Organized Seminars and Workshops for Engineering students in Emerging Areas like IOT,

Big Data for Big Impact, Rasberry Pi etc

2. Organized Technical Competitions like Quizzes and Paper Presentation Contests to

encourage Students.

3. Organized Special Lectures on Cyber Security and Social Security for the empowerment of

women in various Engineering Colleges.

Palakkad Centre is undertaking the National Technical Paper Contest as well as jointly

conducting the Innovative /Exhibitors Meet with Erode Centre.

Nowadays Mobile Phone seems to be a medium not only for Communications and Social

Interactions but also for many other Applications. Various Mobile Apps are being used by

many. Majority of people use mobile and most of them are Smart Phones with Internet

Connectivity. With a smart mobile we can do anything and everything. It is a tool for Financial

Transactions- Mobile Banking, Mobile Transactions, Mobile Shopping etc. There is a rapid

change of pace in financial transactions through mobile phones.

To discuss on the subject we have nine eminent Personalities from various sectors. We are really

blessed to have Dr. K Francis Jacob, GM, BSNL as the moderator for the Panel Discussion. The

suggestions and recommendations of this Panel Discussion will be valuable for the Policy

makers, Academicians and Researchers for further action. We hope that we will have very active

and fruitful discussion.



The points mentioned by Dr. K Geetha, Chairperson

IETE Centre Palakkad & Principal NSS College of Engineering (Retd)

Presently working as Principal AL-Ameen Engineering College

About IETE Centre Palakkad

Activities of Palakkad Centre

Events conducted by the Centre in 2017-18

Future Plans

Importance of the Theme chosen for the IETE Apex Forum Meet.



Introductory Speech by Moderator

Welcome to you all for this IETE Apex Forum 2018, today. We have got a theme most

relevant for today, i.e. ―Mobile phone; Gateway to Financial Services‖. We have got panelists

from various sectors, vis-a-vis Banking Industry, Railways, Consultancy Services, Postal

Services, Telecommunications, KSEB, Economists and Press & Media.

At the outset, I would like to mention that the Telecom has gone through revolutionary

and phenomenal growth in the last 2 decades, especially in the Mobile Sector from 2G upto 4G

and ensuing 5G. Of course, the mobile handsets also seen the transformation from various stages

up to the latest types of smart phones / i-phones. This has got a tremendous impact in the

financial services even in day-to-day affairs of common man. Hence it is true to state that the

mobile phone of today is the gateway to financial services, not only in India but also globe

across.

The latest services offered by mobile phones over data are very fast and secured financial

services like:-

Mobile Wallet like Paytm, Just pay, Jio money, Oxigen

Commercial Wallets - Future Pay, of Malls, e-cash, go cash, etc.

Commercial Apps – booking.com, OYO with money (OYO money)

OTP based financial transactions

Commercial bill payments of utilities

Auto debits from A/c

Credit card/Debit card transactions

M2M (Mobile to Mobile) money transfers, Fund transfers

Stock market transactions and heavy use in capital investment markets

Transaction alerts, transaction statements with PIN

Insurance Sector transactions

Wire transfers

Global payment solutions

Aadhaar linking



E-Way bill, e-tickets with QR codes.

There is a lot of mobile app based money like Jio money, Airtel money, OLA money,

SBI buddy, etc. Many flag-ship programs for cashless India like Unified Payment Interface

(UPI) are introduced for the last two years as a part of Digital India program especially following

demonetization for a digital society with faceless, paperless, cashless society, a versatile program

for the nation. UPI needs bank account, mobile link to bank account, smart phone, debit card for

resetting MPIN, digital payment method, self-service not in the cost of customer offered by most

banks customer face for data only.

Apart from this multiple services are offered like balance enquiry, transaction history,

send/pay money, virtual address, account numbers, IFSC code, mobile number and MMID,

Aadhaar, Collect money (virtual) thus secured. Most of the banks have provided this UPI

facility and inter-operable too.

Bharat interface for money ‗BHIM‘ is also another flag-ship program in this direction by

Government of India, linked to USSD banking without internet.

Large scale deployment of PoS machines, Micro ATMs, Digital Locker, e-sign

technology, NUUP even with basic feature phone enters rapid transformation happening in the

financial sector. Aadhaar PF linking via UMANG app is a latest addition as a unique Mobile

App based service introduced by the Labour Ministry.

The Aadhaar linking with OTP based by dialing 14546 is an effort to link all the mobile

users in the country for authentic identity of the user for a secure and stable India.

Having seen so many mobile based apps in the financial dealings, let us debate the pros

and cons in this revolutionary change in the financial operations without physically going to any

centres like banks, insurance or other offices as the solution is readily available at the finger tip

of the user with the help of mobile phone, which has become the day-to-day affair in our daily

life.

It is worthy to mention here that all concern of the security aspect of these financial

transactions are taken care of to a great extent by many security features incorporated by

Telecom Service Providers (TSPs) and Internet Service Providers (ISPs) and also the timely

intervention of CERT-in, which is Computer/Cyber Emergency Response Team in India.



Brief points mentioned by Dr. K Francis Jacob, ITS, GM , BSNL

Advantages due to emergence of high end smart phones

Tremendous services in day to day affairs of a common man

Importance of mobile wallets

Security due to OTP transactions

Commercial applications like OYO money

Transaction alerts and security

Less wastage of paper and time

Multiple services provided by banking sector

Security enhancement due to Aadhaar and PAN liking in transactions

Technological changes envisaged by BSNL

How to be cautious in using mobile services

Dividend to be paid for cashless transactions

BIG data management and its security

Advantages in using Rupay cards

Digital transaction a symbol of honesty

How to be cautious in using mobile transactions



PANEL DISCUSSION

Panel Members

1. M Jayaram , Regional Manager, SBI , Palakkad

2. Sumesh K Menon, M D, Winds Business Solutions (Pvt) Ltd.

& Vice President, Palakkad Management Association

3. K Manoj, Asst. Superintendent of Post offices, Palakkad

4. M S Ajayan, Divisional Engineer, BSNL

5. V. Manikandan, System Admn. KSEB, Palakkad

6. M B Chandrasekaran, CGM, PL Group of Companies, Kanjikode

7. Schiller Stephen, President Press Club, Palakkad

8. Dr. K K Jisha, Asst.Prof.of Economics Dept.Government Victoria College

9. N Ramachandran, Sr. DSTE, Southern Railway ,Palakkad



Points mentioned by Shri. M Jayaram, Regional Manger, SBI

Digital Banking is safe and secure and cheapest

Each and every transaction becomes accountable

Growth in GDP

Mobile banking is becoming more and more Popular day by day



Presentation by Sumesh K Menon

Mobile revolution (can be also be read as Technology disruption) which is shaking the financial

sector like never before which brings in lot of advantages to the consumers. At the same time,

it has got its own concerns especially on the Data security and financial security front. To

align with this, it is imperative that financial institutions needs to re-imagine the way the

business is happening now. If you take the Banking industry, it is going to witness a disruptive

change with the advent of P2P banking. It has been observed that, Apple inc is already filed for

a patent in this area, which might come in big way across the world. There is a high chance that

current Banking model will be vanished and new type of banking system will evolve in a better

way for the convenience of customers.

Major research organizations like PWC and E&Y are predicting that Block Chain technology

will be seen as a major player to manage the Financial sector down the line for 10 years by

which the financial sector can eliminate security concerns to a great extent.

One of the major challenges is the aspect of Privacy and Security. How much this can be taken

care by a leapfrogged economy like INDIA, is to be seen in the coming days. Data has become

the key player and at the same time, it has made each individual vulnerable in many ways. It is in

high demand that Govt. of India should take timely action to bring in the right policy which can

protect the privacy of each Indian citizen at the same time provide maximum conveniences.

Govt must launch proper campaigns to create awareness on the convenience factor of going

mobile and digital. At the same time educate them on the threats and precautions to be taken

related to the same.

Infrastructure management is another area where each financial institutions should take on

serious note. Cloud infrastructure is becoming a necessity nowadays to help organizations to

take real time informed decisions.

Success factor of inclusive financial model – M Pesa in Kenya is quoted here, and it‘s been

observed that, these kind of actions can be brought in only with proper education and campaigns

which will help to change the mindset of the people.

Its been observed that, even though the technology is helping the banks to reduce their operating

cost of transaction from INR 40 rupees for a physical banking transaction to a mere INR 0.40

paise for a mobile transactions, this windfall profit seems to be not transferred to the industry for

sustainable growth.



Points mentioned by Shri. Sumesh K Menon, MD, Winds Business Solutions

(Pvt) Ltd. & Vice President, Palakkad Management Association

Security space will be changed by new banking technology

Block chain effect in new banking technology

Disruptive management will affect banking sector

Even 128 byte encryption of the bank is cracked

Approach to security should be completely changed

Cost per transaction has to be reduced

Concern on P to P banking which is coming up

Infrastructure of banks not capable to handle the change.

Importance of antivirus for mobile handsets

Consumer is transferred with all responsibility with regard to security.



Points shared by Mr. K Manoj, ASPO, Postal Department

Postal Bank using mobile banking

Importance of financial inclusion

Create awareness for rural community on advantages of Cashless transactions/Mobile

banking/net banking.



Points mentioned by Shri. M S Ajayan , Divisional Engineer, BSNL

Mobile is a gateway, not just for Banking, but also for a heterogeneous range of services like

multiply, telemedicine, e shopping, education..etc

When it comes to Banking service, two considerations are top important

a) Network readiness, Seem less connectivity, Preparedness of apps, augmentation of servers

to suitable scale etc

b) Security. This aspect should be examined in 3 layers.

i) End user level. User awareness on password management and security measures is most

important

ii) App level. The mobile apps for E Banking should follow some mandatory guidelines of

security. Standardization is a must in this area

iii) Government/Regulatory agency level

Legal enforcement and monitoring of security measures to be ensured.



Points shared by Mr. V Manikandan, System Admin, KSEB

KSEB switching over to mobile services for

Bill Payment

Payment via Paytm

Complaint registration

SMS alerts on bill information/outages/ interruption alert



Points made by Shri. M B Chandrasekaran,CGM, PL Group of Companies, Kanjikode

Payment problem of unorganized sector

Mobile banking system should ensure to enhance customer confidence

Customer base will increase due to the same

Introduction of E way bill will wipe out black money/ assets.



Points shared by Shri. Schiller Stephen, President Press Club, Palakkad

Usage of local language to communicate and create awareness in mobile usage

Bank charges has to be reduced

Requirement of proper technical support

Reduce the tax for all digital transactions

Youth power to propagate advantages of mobile based financial services

Security of Digital Financial transaction must be included in the curriculum.



Presentation by Dr. K K Jisha

Mobile Banking

A large number of financial services and technology firms have set their sights on integrating

mobile devices into the broader, multi-trillion-dollar retail economy. As a result, the

infrastructure and tools for safe, reliable mobile purchasing has been advancing rapidly in recent

years setting the need for mobile commerce along with mobile banking. Mobile banking services

can be broadly listed as Account Management, Service Requests, Security & Alerts and Value

Added Services1.Mobile money—the ability to transfer funds, pay bills, save, borrow and even

acquire insurance coverage via mobile phones—is transforming the lives of individuals and

small businesses globally. The ability to access funds anywhere, anytime saves time, improves

security and provides a means for saving and managing money more effectively than traditional

methods.

But it also creates a ripple effect that drives broader economic growth.

1. How Mobile Money Drives Economic Growth?

―Mobile money provides an economic stimulus to communities,‖ says Douglas R. Emery,

professor of finance at the University of Miami. ―It allows people to buy goods and services,

from health care to solar energy panels, that they otherwise couldn‘t afford,‖ offering a way to

pay for expensive items through installments instead of one large lump sum.

Here‘s how mobile money can create a virtuous economic cycle:

It makes banking faster and safer

It links to family and friends

It offers a safety net

It helps business

It’s good for the economy



The informal sector—or gray market—in emerging economies is as big as 42 percent of official

gross domestic product. By shifting these business transactions from cash to mobile banking, it

makes it harder for companies to evade paying taxes. Mauritius reported a 12 percent increase in

tax returns in the first year of taking mobile payments. Rwanda, Kenya, Tanzania and Uganda

also accept mobile tax payments. Money also flows the other way—government-to-person

payments are increasingly moving via mobile money. The government is also transitioning

payments such as government salaries and social welfare checks. India is working to centralize

and make digital its $72 billion in subsidies, welfare payments, pensions and other transfers. The

World Bank estimates that efficiencies from the shift would save India 1 percent of GDP, or

about $20 billion.

So while mobile money may have started as a simple solution to making money more easily

accessible, it is now a key part of changing economies and improving the lives of millions of

people.

2. Why mobile money is key to financial inclusion?

The past few decades have brought more progress to mankind than the last few centuries. In

1990, 60% of the total population lived in extreme poverty. Today the share is below 10%. If

poverty reduction continues at the same pace we will be able to eradicate extreme poverty within

one or two decades. Globalization, connectivity and economic policy reforms in China, India and

many other countries have been transformative in reducing poverty.

To start on the path towards the relative prosperity of middle-class life, we need to continue to

increase inclusion in our societies. One key challenge is financial inclusion.

Almost 2 billion people, 40% the world's adult population, lack one of the most basic amenities

of modern life: a bank account. They are among the world's poorest, struggling to obtain the

money they need to feed their families. This is most obvious in fragile states and conflict and

crisis situations: financial sectors function less effectively and vulnerable people need access to

delivered financial aid just to stay alive. The International Finance Corporation, the World

Bank's investment arm, estimates that more than 200 million formal and informal enterprises in

developing economies are either unserved or underserved in terms of their financing needs.

The United Nations has, jointly with the World Bank and the World Economic Forum, launched

a commitment for Universal Financial Access by 2020. It covers 25 countries and almost 75% of

the world‘s financially excluded. Various actors, both public and private, have committed to

creating approximately 1.5 billion accounts for un- and under-banked people.



There has been substantial progress. It is a challenge that 2 billion adults remain without an

account, but we should also note that only three years ago, 2.5 billion adults were unbanked. The

number of people worldwide who have an account grew by 700 million between 2011 and 2014.

Now 60% of the world‘s adult population has an account; up from 50% in 2011.

A key factor in our ability to make progress is connectivity. Between 2010 and 2015 the number

of mobile subscriptions increased by 300 million. Swedish mobile operator Ericsson is

forecasting that another 1.6 billion subscriptions will be added by 2020 and an additional 3

billion people will have access to a smartphone in the same timeframe. Increased connectivity is

an opportunity in terms of increased access, not only to financial services but also to health,

education and many other areas.

3. Lessons from mobile banking pioneers

There are so many different examples of how technology and connectivity is transforming lives.

There are also a few lessons to be learned from the countries that have blazed a trail ahead.

The first is that political leadership is necessary. The governments and the central banks were the

energy behind the implementation. The banks were reluctant initially because they thought the

telecom operators wanted to compete with them and provide banking services. Today we can see

that this has not been the case. The banks can reach clients that never before had access to the

financial system. When people experience the convenience of storing and transferring money,

they start to consider saving opportunities that are far more efficient than a hidden coffee can.

Another key takeaway is that it is necessary to bring all stakeholders together. The banks, the

financial supervisors, the telecom companies and the telecom regulators have different starting

points and work within different frameworks. To facilitate progress it is necessary to get the

stakeholders to communicate and remove obstacles together. By understanding each other better,

problems can be avoided and progress can be made faster.

The fact that the financial sector and telecom operators can make a difference is important for the

whole industry. Both banks and telecom operators struggle with public trust issues. Contributing

to financial inclusion is one way of showing that these sectors play a key role in improving the

lives of ordinary people.



Points mentioned by Dr.Jisha K K, Asst. Prof. Govt. Victoria College Palakkad

Concern on the ripple effect in economy

How Mobile banking drives economic growth

Affecting informal sector

Digital infrastructure should be created before implementing E- transaction

Un-organized sector affected by cashless transaction



Points mentioned by Shri. N Ramachandran Sr.DSTE Southern Railway Palakkad

Comforts of digital communication and transactions

Digital usage and cyber security should be included in school syllabus

Railways using mobile services through IRCTC

Biometric verification will be a solution for enhancing security



CONCLUDING SESSION

1. Presentation by Banking Team

2. Audience Interaction

3. Concluding Remarks

4. Vote of thanks



Presentation by SBI Team

State Bank of India Special Team led by Linesh N P, Asst. Manager ( Marketing) made a

presentation about the new Mobile Apps and the security features of each. Also he mentioned

that these new features are being launched for the benefit of the Public.

The facilities of YONO, SBI PAY, AEPS(Aadhar Enabled Paying System), QR Scan Pay, SBI

Buddy and SBI Anywhere were explained in detail.



Interaction During the interaction session the following participants from audience side raised queries about

the points mentioned by the panelists.

1. T B Ramkumar

2. Sr. Gr. APP. Prem Nath

3. Dr. V Devi

4. K Radhakrishnan

The moderator clarified the queries with the help of Panelists.

Rajesh Thomas, Regional Sales Manager South Indian Bank informed that E-Lock, the most

innovative feature that locks the user's account in order to block any kind of fraudulent or

unauthorized debit transactions through digital channels like card, internet banking or mobile

banking.



Concluding Remarks

1. Awareness campaign on usage and security issues of mobile transactions is very

important

2. Peer to Peer and Disruptive management going to introduce sweeping changes in

transactions

3. Concept of adopted village –helps in propagating and educating people

4. There should not be any digital divide

5. Financial inclusion should be made

6. Propagating Rupay card will further reduce the transaction cost.

7. Included digital transaction and cyber security in school syllabus

8. Make use of local language in communicating with rural and uneducated sector.

9. Honesty charge to be given for those who do digital transactions

10. To percolate digital transaction and give incentive for digital transactions

11. Usage of youth power to propagate the advantages of mobile based financial services



Vote of Thanks

The forum is coming to an end with thought provoking remarks on the various issues of mobile

based transactions. The deliberations successfully debated issues like cyber security and the

impact that can happen due to technological changes .The forum stressed the need for financial

inclusion for all citizens.

The forum suggests the authorities to propagate and educate the common man on the advantages

of cashless transaction and how it can be achieved easily through the usage of mobile services.

Let me take this opportunity to express our sincere thanks Dr.K.Geetha , President of the

function, our sincere thanks and gratitude to Dr.K Francis Jacob,GM ,BSNL Palakkad for

moderating the session and for his enlightening inputs. Our sincere thanks to Shri. M Jayaram,

RM , SBI and his team for the active discussions and suggestions given. Our sincere gratitude to

Shri.Sumesh K Menon, MD Winds Business Solution, Sri N Ramachandran, Sr.DSTE, Southern

Railway, Mr.Ajayan M S,DE from BSNL , Mr. Manikandan of KSEB, Mr.Schiller Stephen from

media, Mr.M B Chandrasekaran from PL Group, Dr.Jisha K K , Economist and Mr. Manoj K

ASPO from India Post for their active participation. Finally to Shri. C K Haridas, Convener of

the Meet for his efforts to organize the Meet successfully. Our sincere thanks to all invited

guests, members of IETE fraternity, members of press, media and Management and staff of Fort

Palace.

Thank you...

Date post:	11-Mar-2018
Category:	Documents
Upload:	hoangnga
View:	221 times
Download:	1 times

IETE APEX FORUM MEET - 2018 - PALAKKAD MATTER.pdfIETE PALAKKAD CENTRE IETE APEX FORUM 2018 5 MOBILE...

Documents