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[Music] welcome back you're watching the money show on 18 now well we spoke about investing and moving your investments to your smartphone but now it's time to move the saving aspect [Music] okay welcome back you're watching the money show on et now we spoke about investing via smartphones now it's time to understand savings and borrowing from smartphones i'm talking about conducting banking transactions yes during the covet 19 crisis most of us did have no option but to conduct our transactions online uh but now i think 2021 is a great time to move all your transactions online so to talk about that and more i have with me sudhita roy head of unsecured lending for cards and payments with icsa bank so deepa thank you so much for taking our time today on 18 now so to start with um you know we have a very traditional attitude when it comes to banking a whole host of indians still i find it very reassuring to walk to the bank to conduct uh you know even the basic is the most basic of transactions or procure the most basic of services uh you know face to face why do you think that work to the bank is no longer required we anyway are seeing a large part of the new customers being millennial what sort of a trend you observe with them see the uh the generation that you talked about millennial generation or gen z is obviously a hyper digital generation and the fact is that anything and everything that they do is is digital uh and the fact is that it is not only in terms of their doing the other stuff of their life like ordering for a cab or ordering for food that they are doing digital but they are also preferring to do their personal finances also quite digitally and you know what we uh embarked upon about 18 months back was a very detailed study of the usage attitudes and behaviors of the millennial and the genesis generation towards digital banking primarily towards person finance and one of the things that you know uh that came out very strongly in that particular survey which we did in many towns and cities across india was that yes we are digital uh we like to do things digital but one also important factor came out is that at some times you know you would like also the comfort of a physical space as well it is not that they are 100 entirely digital they are primarily digital uh but uh they're uh uh there there is uh sometimes there can be sometimes a need for a physical space uh and one of the uh sort of ideas that we got through this particular study is that millennials as well as gen z tend to look at from the lens of an experience for them experience is the key and like why likewise while they're ordering for a cab or they're ordering for a food delivery or they're watching you know a movie show or digitally or doing anything digitally for them experience is the underpinning of their entire digital uh journey so deep do you envisage a point where we perhaps will not need to go to the bank anymore do you think that even transactions like taking a loan can be done purely you know via an app or online very interesting uh question and you know behavior modification is a very very important part of personal fitness and uh because of the situation that we went through over the past couple of months when you know people's movement was restricted we see a very large movement towards digital even people who never use digital offerings uh before in fact we can see it is a study around the month of june where they studied lots of customers in india especially towards the user behaviors towards banking and 52 said that they will use us use a mobile app more than what they're doing now 59 said that they will use uh more online payment options than they are doing right before before uh and 37 percent of customers say that they will visit the branches less after after things normalize so that's actually a tectonic shift in customer behavior and coming to a specific question uh whether a customer can apply for a loan online but in fact in icsa bank uh we take pride in the fact that we probably in our personal loans team we actually have the property the first fully digitized stack in the indian industry wherein you can apply for a loan online your kyc can be done done online you can sign the documents digitally online and your disbursement is totally online so every stack which used to be uh you know physical before where somebody used to come to you take your photograph take your uh kyc documents etc everything is done digitally including using our video kyc module in fact it is not only applied for on a loan online you can apply for a credit card online you can do everything online so actually we do believe that we are at that particular class where uh largely your interactions with your financial services provider will move online and you will really need to visit the branch especially if you if there is some physical signature needed in some paper in some in some case you might need to visit the branch otherwise especially us and we do believe that uh the indian industry especially the english financial services industry is fully prepared to offer complete online banking services to the customers what about the security aspects because i'm sure while listening to a lot of viewers maybe you know talking you know sort of wondering about that as well so if you could clear the air on that too so there are two parts about this uh the first part about this is when you are doing a lot of people have fear in doing transactions especially transactions on credit and debit cards online uh because they fear that there might be some uh fraud etc what we would like to assure our customers is that uh there is a complete protection for our customers uh from any sort of fraud that might happen there is a bank of india very clearly states that if the customer disputes the transaction that the customer is not done within a period of seven days from the date of the transaction the bank is uh liable to investigate that and if the customer says that he has no he or she has not done the transaction the bank is liable to refund the transaction to the customer so that protection has been laid out by the reserve bank of indian all banks are due to be bound to solve it however we always advise the customers to follow safe ranking practices uh because unnecessary you know irritation is also not welcome for example no bank ever sends a otp and i know someone will call you and from the bank and say please give me the otp no bank ever does that so always tell our customers please do not give your otps please do not share your passwords to anyone who calls the bank will never call no bank ever calls for otp or password uh unfortunately many customers uh fall prey to some of this vision attacks which we technically call wishing attacks by customers where fraudsters call and try to obtain confidential information to do their uh unauthorized banking transactions uh so uh and uh but we we also uh take care of such customers in case they have uh unwittingly fallen prey to uh those fraudsters however our advice to customers is that never give out anything confidential the second thing is that uh doing a whole transaction online applying for our document is applying for a loan is perfectly safe you can go online we use fully secure websites where you know the end-to-end transmissions are fully encrypted if you upload any document the document is fully encrypted if someone comes to you on video kyc no one can see that conversation the conversation entire uh trail is fully encrypted and the conversation recording is also stored in the bank server in a fully encrypted form and no one can have access to that so i do believe that online banking is actually far more secure if you studently is far more secure than physical banking where you might lose a document or something might you know uh go amiss during the physical process but in case of online banking the process is seamless the process is transparent the process is secured and it is very very fast so i think it takes all the boxes and i do urge all the customers people who are listening to adopt online banking and save banking practices more and all right well now that we've got that out of the way let's talk about the fact that you know 2020 was a tough year for many people their credit scores had been ruined because of perhaps their inability to pay down loans you know credit card bills so on and so forth so as we enter 2021 what steps do you recommend they can take to sort of rectify that score what are the options that maybe an icici bank is offering its customers okay so yes we understand that the last year has been very very tough for many people and there have been people who have had financial difficulties there are many people who have fallen behind their financial obligations to their financial institutions my advice to all those people would be to reach out to their financial institutions and discuss transparently with the institutions uh as to what are the difficulties that they are facing and then also discuss our payment plan as you know reserve bank of india has allowed initiative india allowed auditorium which was a great relief for many of these customers in distress and as we saw economic activity coming back from the month of october november uh we do see that in the market uh especially in terms of cash flow for many of the impacted customers if things are eased away but still many customers remain in difficulty so reserve bank of india has also allowed a one-time restructuring option for many of these customers so the customers can offer a distracting option however they need to discuss that with their financial services provider and also uh provide some sort of evidence that generally they're in financial distress and then uh the the bank is free to give them a restructuring option however if the customer does not want to take restructuring there are a lot of options especially for example in credit cards the customer can actually convert the balances into our equated monthly installments we offer equity monthly instruments from 12 to 24 months to the customer where if you have an outstanding and you think you know if your hypothetically if you're outstanding is uh uh 24 000 rupees and your monthly paying capacity is only 1000 because i'm doing a simplistic calculation you can convert the 24 000 rupees into our 24 monthly emi wherein you know your emi is thousand rupees plus a little bit amount of interest every month and you can discharge that over a period of 24 months so actually what was actually due right now can be spread over a period of 24 months so between restructuring between emi programs especially for credit cards ssa bank is offering customers what we call a sort of runway to softland and and discharge their financial obligations according to their own capacity and we are constantly in touch of this with the customers who are adversely impacted and and we are hand holding them to get through this difficult period all right um just as we wrap it up um you know the world's opening up do you envisage um what sort of trends do you envisage in cards unsecured loan segments i do believe that the habit of doing online transactions for many customers which are actually and it's and people say that whatever you do continuously for a period of six to three to six months becomes a habit we do believe that this behavior of doing things online especially transacting and buying things online actually has become a habit for many of our customers and we do believe that there might be a slight drop uh you know as things normalize even more and some people might go back to the physical way of doing things we do believe that the large majority of the people will keep on uh the online purchase behavior on and the fact is that the trajectory of online spends to uh physical spends have been recovered irrevocably altered wherein you know we going forward we will see online spends to be much more than physical expense however also one more thing is that because people have transacted a lot more on their credit and debit cards doing profit we also do believe that and also use upi we also do believe that the prevalence of digital spending or using making digital transaction is actually uh going to stick and and we will see cash slowly coming down uh also towards loans we have seen a lot of people are applying for loans online during provide in fact one of the interesting facts is that one of our highest issuance days on the amazon card which is completely digitally issued cards was actually during you know a period of restriction and so which actually proves that customers have transitioned very well to applying for a loan online customers that transition very well to applying for a card online and i do believe that we as we emerge on the other side of the school these behaviors will stick and finally india will probably break the physical banking habit and transition like many advanced countries to a largely online banking group well sudeep it was a pleasure having you with us and i'm sure that a lot of our viewers have taken home a lot of lessons from you be it on banking how to make the most use of you know the services that banks like yours provide and of course on how to ensure that they kick start the new year with a good credit history um or at least um you know a guidance on how to attain a good credit history from year on and on that note we'll take a very short break but when we return we'll be touching upon the last aspect of money and that is spending [Music]