Jaiveer Singh

Jaiveer Singh on Banking With The Poor

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Jaiver SinghAt the Financial Inclusion Summit we are pleased to have on board with us Jaiveer Singh, Vice President, Core Banking Technology at DBS Bank who will deliver the opening keynote to kickstart the day’s programme.

According to Jaiveer, banking the poor will be a good business when services are designed for their needs and they are within their reach. Technology can enable the fruition of a “long tail model” of financial products to a new customer base thus enabling servicing of thousands of products with lowest possible costs. We sat down with Jaiveer to find out more about his thoughts on financial inclusion and the man the himself.

Jaiveer Singh, thanks for taking time out of your busy schedule. Could you share a bit more about yourself with us?

Certainly, I am a senior technology executive who moved from finance domain (ICWAI) to information technology more than two decades ago, anticipating disruptive impact of IT on business in future. To sum it up: I am a self-motivated learner and has learnt about many technologies and business models on the go to respond to business challenges effectively.

Hobby wise, I like to read mythology, fiction, business & technology books/articles and participating in group discussions, industry events in addition to writing blogs on customer empowerment, financial inclusion, co-creation and Fintech startups. Travelling is another personal joy of mine and I have traveled to 20+ cities across the world so far.

Who is your industry hero and why?

  • Bill Gates (Solving few biggest world problems – Health, Poverty, Education, Financial Inclusion)
  • Ajay Banga (Mastercard- Connecting Banks & NBFC to expand their reach)
  • Piyush Gupta (DBS, Leveraging technology to grow business)
  • Ram Charan (Strategy to Execution)
  • Bill George (Authentic Leadership)
  • Simon Sinek (Know Why before what & how)

Which financial inclusion challenge/opportunity is front of mind for you going into 2016 and why?

Payment Banks & Networks, Telecom & Banks Collaboration, Mobile Wallets, Cards & POS growth initiative in emerging markets will connect millions of new customers to mainstream financial services. Digital Identities, shared economy business models, new ways of credit risks assessments & digital banking channels with better internet connectivity will make it easy to sign up millions of new customers for financial services.

Low cost mobile financial services will extend reach of microfinance and serve people at the bottom of pyramid. Fintech firms innovative solutions are expected to help large banks to offer financial products and services to new customer segments.

Banks partnership with Fintech firms for P2P lending, SME funding, mobile wallets & payments will allow wider access to its services for underserved and new customers. Governments will extend focus to extend financial services reach & access to all citizens will drive required policies revisions and industry changes. Direct Benefits Transfers, Wider network of POS, new payments & finance bank licenses are some of the new initiative in this direction.

What do you enjoy about your job and working at DBS Bank?

Banking business is heavily driven by technology. Low cost high volume transaction processing technologies deployment and better customer experience across channels is key to transform banking services for better. Core banking connected with internal & external systems via APIs/ Web Services will enable single view of enterprise to the customer and will enhance overall customer experience.

I enjoy leading bank technology initiatives to enhance bank technology capability and customer experience across channels. Regularly participate in various innovation initiatives to learn & share with other colleagues and external partners.

Are there any cool projects that you’re currently working on that you could share?

Outside of my job, I work as mentor with few Fintech startups, advising them on product/ service market fitment, lean execution, product pivoting and connecting them with relevant stakeholders/ industry consultants. I support a few PoC leveraging (distributed databases) blockchain technology to create enterprise scale solutions.  I also participates in weekend hackathons  & prototypes competitions.

 

To learn from Jaiveer in person book your ticket now to attend the Financial Inclusion Summit Asia by clicking here

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