Flipkart Banking On Fintech To Boost The Big Billion Days Sale

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Flipkart has announced partnerships with several banking, insurance and financial service entities, ahead of The Big Billion Days, to make shopping on the platform more affordable than before.

Through these partnerships, the company is offering affordable credit options through seventeen leading banks, NBFCs (non-banking financial companies) and fintech players on the platform, which will drive credit accessibility for over 70 million customers.

Flipkart has partnered with State Bank of India (SBI) and SBI Card to provide a 10 per cent discount to their debit and credit cards holders.

“At Flipkart, customer-centricity is at the heart of all our endeavors, as we create increased shared value for all our stakeholders and partners in

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Pharmaceutical, Biotech and Banking Companies Lead the Way in Social Responsibility

It might seem counterintuitive that Merck KGaA, a German science and technology company with a market value of about $67 billion, would pay attention to a neglected tropical disease called schistosomiasis that mostly affects poor and rural communities.

Similarly, providing financial services to underserved parts of the population might not be the most obvious growth strategy for Bank of Montreal, a Canadian banking and financial-services company with about $740 billion in assets under management as of July 31.

Both companies found that serving local communities—and burnishing their reputations as socially responsible businesses—pays off. These efforts helped land Merck and BMO among the top 100 companies in The Wall Street Journal’s new ranking of the world’s most sustainably managed companies.

The ranking is based on a scoring system that Journal research analysts used to compare more than 5,500 publicly traded companies world-wide in areas including social capital, the environment, human capital

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COVID-19 Has Forced More Than Three-Quarters of Banks to Change Their Future Banking Strategy


Marqeta, the global modern card issuing platform, today released a report that examines how banks intend to change their strategies in response to the COVID-19 pandemic. According to the findings, COVID-19 has had a significant impact on almost all (96%) European banks, with over three-quarters (78%) planning to change their future banking strategy to adapt to changes in consumer behaviour, such as the accelerated adoption of digital banking services and cashless payments.

The study of 200 banking executives found that, as a result of growing demand for digital services, 80% of banks have accelerated their plans to digitally transform. Banks also predicted that digital transformation projects will need to be delivered in two-thirds (69%) of the time, with 89% saying that the COVID-19 pandemic has drastically increased the speed of change in banking from years to months. The study also found that:

  • Three quarters (75%) of
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Digital banking means better banking for billions of people

Banks with a platform that allows them to adapt to continuous change will be able to make banking better for billions more people and also help de-risk economies.

Banking today is unrecognizably better for hundreds of millions of people than it was even 10 years ago. In 2010, payments took days instead of minutes to clear; no one had heard of a banking app, let alone installed one on their phone; retail banks relied on high-street branches; fraud mitigation was manual, based on rules; and data was heavily siloed in departments, slowing decisions and stopping it from being used to reduce risk.

Some of the ways in which banking has changed are trivial: I once queued for hours to open an account and had to send a fax to reset a pin code; today that can all be done online in minutes. Some changes are more fundamental, such as the

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Yolt Technology Services tops 1 billion open banking API calls

  • Yolt Technology Services has reached 1 billion open banking calls following its expansion across Europe.
  • Usage of YTS’ API will likely accelerate further, though financial services players’ in-house developments could pose a challenge to growth. 
  • Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Fintech industry with the Fintech Briefing. You can learn more about subscribing here.

YTS has surpassed 1 billion API calls—single uses of its API—experiencing 10% month-on-month growth in the past year, per AltFi. Launched in 2017 by ING Bank, YTS provides financial institutions (FIs) and tech firms with three services, underpinned by API technology: account information services, payment initiation services, and data enrichment.

consumer perception of banks' open banking initiatives

Yolt Technology Services tops 1 billion open banking API calls.

Business Insider Intelligence

YTS’ growth is down to its expansion across Europe, with the coronavirus pandemic further boosting use of its infrastructure.

  • YTS expanded its coverage throughout Europe. It announced back
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How conversational AI is shaping the future of banking

Financial institutions are at the forefront of technological innovations, searching for ways to execute faster and serve their customers better. But in striving for the latest and greatest solutions, it may be tempting to embrace whatever technology comes around. This has led to the proliferation of chatbots, which claim to bolster call centers with automation. In reality, these “bots” behave more like dated robots and are highly rigid in how they interact with customers, creating an IVR 2.0 format that frustrates callers and prevents banks from serving their customers.

This is especially challenging today, in the aftermath of stay-at-home orders and the possibility of subsequent lockdowns. Many banks were overwhelmed by an influx of calls at height of the quarantine, and they are now facing a potential resurgence as many cities and states reconsider their decision to reopen.

Even when call volumes are high, banks need to be able offer

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AI in Banking Report from Insider Intelligence

AI in banking is maturing and entering the mainstream as financial institutions (FIs) roll out AI solutions across their businesses.

bii AIB AI Adoption Business Domains

AI is helping banks with their anti-money laundering and know-your-customer obligations.

Business Insider Intelligence

This marks a move beyond the experimental for the technology, with a solid majority of global financial services firms either having implemented or currently working to implement AI solutions in business domains like risk management (77%), generation of new revenue potential through new products or processes (80%), customer service (74%), process re-engineering and automation (73%), and client acquisition (69%), per the Cambridge Centre for Alternative Finance and the World Economic Forum.

But even as the AI applications for banking come into clearer focus, buzz surrounding the tech remains undiminished — making it necessary for FIs to look at real use cases to grasp the tech’s true potential. More than three-quarters (77%) of global bankers believe that

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NEC snaps up Swiss digital banking solutions provider Avaloq in $2.2 billion deal

NEC has agreed to acquire Avaloq in order to secure a global pathway into the digital payments market. 

Announced on October 5, the deal will bring Avaloq under the Japanese IT group’s umbrella, although Avaloq will continue to operate using its own brand. 

Under the terms of the agreement, NEC will pay CHF 2.05 billion, or approximately $2.23 billion, for 100% of Avaloq shares. At present, 45% is owned by global private equity firm Warburg Pincus, whereas the rest are held by the firms’ founders and employees. 

Founded in 1985, Avaloq is an IT solutions company now specializing in banking, wealth management, and the digital payments space. The firm has developed business process as a service (BPaaS) and software as a service (SaaS) cloud solutions for banks and financial organizations. 

See also: Infosys acquires GuideVision in European services push

Headquartered in Switzerland, Avaloq is listed on the Tokyo stock exchange

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Monzo offers most valued mobile banking tools among UK neobanks

  • This is a preview of Business Insider Intelligence’s inaugural annual UK Neobank Competitive Edge Study, available exclusively to Enterprise subscribers.
  • In addition to mobile banking coverage, Insider Intelligence publishes thousands of research reports, charts, and forecasts on the banking industry. You can learn more about becoming a client here.

Monzo offers the most sought-after mobile banking tools among the UK’s largest neobanks in 2020, according to Business Insider Intelligence’s inaugural UK Neobank Competitive Edge Study. 

The UK is home to some of the world’s largest and most advanced digital-only challenger banks, led in user count by Starling Bank, Monese, Revolut, and Monzo.

In the past few years, these banks have grown to over a million users each, putting them in competition with the nation’s largest banks and building societies. One of the key factors behind neobanks’ rapid growth is their advanced mobile feature sets. 

Business Insider Intelligence’s 2020 UK Neobank

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Pandemic spurs Africa’s mobile telcos to ramp up banking bid

By Nqobile Dludla, Emma Rumney and Media Coulibaly

JOHANNESBURG/ABIDJAN (Reuters) – When COVID-19 hit Ivory Coast, Bonaventure Kra, who works at an import-export business, began to worry. Handling hard cash all day was a risk. Queuing in crowded bank branches exposed him to infection.

Then, in the midst of the pandemic, French telecommunications giant Orange <ORAN.PA> launched an entirely digital bank – its first full banking venture in Africa.

“Going back to cash would be like travelling back in time,” Kra said in the country’s commercial capital, Abidjan. “I intend to use it permanently.”

Africa’s mobile phone operators are ramping up plans to bring banking to millions of Africans, in some cases for the first time, after the coronavirus crisis caused a surge in use of digital financial services.

Orange, MTN <MTNJ.J>, Telkom <TKGJ.J> and Vodacom <VODJ.J> are lowering fees, rolling out new lending services ahead of schedule, and expanding

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