Digital Disruption: Arvind Gupta, Head Digital India Foundation

0:1919 secondsgreat introduction it feels nice sometimes to hear good things about you because the world that we live in that 0:2828 secondsis social media and digital media if you go online it's mostly people trying to tear you apart on any comment you make 0:3737 secondsand that's the great diversity of of the digital media today there is that's the best way to find out actually what's 0:4646 secondshappening around you you write something and you know somebody so I tweeted it this morning what mr. MJ awkward said 0:5353 secondsand all sorts of views come back and I think that's that is that is a power 1:001 minutemore likely than not the views are very very strong but it's our job to cut you 1:081 minute, 8 secondsknow see what is the genuine views versus non genuine views and what is just somebody is anger or ranted his or 1:141 minute, 14 secondshers boss or in the house with the wife or the husband and that they're throwing out in social media so in a way I joke 1:221 minute, 22 secondsalways social media is very very a good medium because you can go there and rant and not take it out on the car or the neighbor or somewhere else it's good 1:301 minute, 30 secondsthat you take out your anger on writing hundred and forty characters in a tweet it solves the matter there and then only so that's that's so that's good okay so 1:411 minute, 41 secondsI I want to talk about three four things and keep it very interactive but and the 1:481 minute, 48 secondsthree things I do want to talk about are shown they're basically the smartphone revolution I know this room is the last 1:571 minute, 57 secondsplace that I should talk about smartphones I think everybody in this room has a smartphone anybody in this 2:052 minutes, 5 secondsroom who does not use a smartphone see zero hands and this number as all of you 2:142 minutes, 14 secondsknow in India has already become mind-boggling India as of yesterday is the second biggest smartphone user in 2:212 minutes, 21 secondsthe world after China we have surpassed America Apple wants to open its the 2:282 minutes, 28 secondsbiggest store in India today because that's where they see the next billion Indians coming 2:372 minutes, 37 secondson there consumers coming on they don't care whether it's Indians or Chinese as long as they buy iPhones but that's 2:452 minutes, 45 secondsthat's where the future is we have in India today almost and the numbers will vary according to the people that you talk to 2:532 minutes, 53 secondsbut 250 million smartphones 25 kuroda Indians have smartphones today and that number is increasing at a mind-boggling 3:013 minutes, 1 second100 million every year and these are not hundred million replacements this is 100 million new smartphone users every year 3:093 minutes, 9 secondsso your before you know your you know people around you in your ecosystem who work for you may be driving your car 3:173 minutes, 17 secondstheir kids they're all using smartphones and it's just a matter of their buying power with smartphone they buy and 3:243 minutes, 24 secondsthat's that's one piece of the puzzle and I think somebody asked me this and I always say this with a lot of passion 3:323 minutes, 32 secondsIndia today is witnessing that revolution that everybody carries a supercomputer in their pocket 3:403 minutes, 40 secondsthis smartphone that we carry French as all of you know has more computing power than the Apollo 11 computers that went 3:493 minutes, 49 secondson the moon and that's really so and and how does that whole ecosystem help us in 3:573 minutes, 57 secondsdoing business and doing our transactions and how the government is looking at that is very very important the second thing is what's happening in 4:064 minutes, 6 secondsIndia and I know mr. Raghav Bell talked about a little bit is this whole thing of disruption the digital disruption 4:154 minutes, 15 secondsthat tech disruption that is happening in India and that's great because you know this young entrepreneurs like 4:224 minutes, 22 secondsmyself I still consider myself young and an entrepreneurial person somebody asked me what do you do I said I am an entrepreneur and hybernation because an 4:304 minutes, 30 secondsentrepreneur once can always will always be an entrepreneur and and you always need to keep wearing that hat what is 4:374 minutes, 37 secondshappening today is that there is this bunch of youth young India which is trying to disrupt everything 4:464 minutes, 46 seconds95% of them will fail but 5% of them will succeed and that 5% is what I say 4:534 minutes, 53 secondswill eat away bits and pieces of your business or will transform the way you do business I've had many conversations 5:025 minutes, 2 secondsespecially in the financial industry in the banking industry where people say you know but money is real yes money is 5:105 minutes, 10 secondsreal people still need to the core business remains how do you invest money somebody needs to make that decision you know you do use algorithms and 5:185 minutes, 18 secondscomputers fine but there are all these disruptions happening in bits and pieces which are which are really changing the 5:265 minutes, 26 secondsway banking happens which is which are changing the way the customer interacts with the bank with the investment adviser the customer interacts with you 5:355 minutes, 35 secondsknow making payments receiving money from the bank receiving money from each other and while no one disruption while 5:445 minutes, 44 secondsno one disruption is causing can will trouble SBI or a Franklin or anybody 5:525 minutes, 52 secondselse but if you take all these small small small things they if you combine them all they are all nibbling bits and 6:006 minutespieces of that away and that is where the future lies and I'm going to talk a little bit about that and the third 6:076 minutes, 7 secondsthing is from you know what what what is very exciting is what we are building in 6:156 minutes, 15 secondsIndia right here in India and I started with giving the example of the Apple Apple iPhone we are building what is 6:256 minutes, 25 secondscalled the India's stack in India the India stack is a public good it's a public stack in India which is based upon one of the biggest things that 6:336 minutes, 33 secondsIndia did over the last five years combined with the previous government and our government now in power called the Jonathan a de haar mobile Trinity 6:426 minutes, 42 secondsthe Jam Trinity and building on that base we are building what is called the 6:496 minutes, 49 secondsIndia stack and how does that impact your business are the three things I'm going to talk about so I talked about the smart phones but this is the numbers 6:586 minutes, 58 secondsthat I thing all of us should be really excited about hearing today as I said India is 7:057 minutes, 5 secondsthe second biggest technology market in the world sometimes behind America in certain things sometimes behind China in certain things we have a billion mobile 7:147 minutes, 14 secondsconnections that's a huge number three hundred and fifty million give or take Internet users and 200 million million 7:237 minutes, 23 secondsuses 20 corrode social media users the 150 million that you don't see on social 7:327 minutes, 32 secondsmedia but are on internet use something very simple called whatsapp whatsapp is 7:397 minutes, 39 secondsthe most pervasive thing in India today the biggest market for whatsapp in the world is India the biggest market mind 7:487 minutes, 48 secondsyou right and I gave this example this morning and I will give it again 7:557 minutes, 55 secondswhatsapp has 1 billion users globally 1 billion users in the world use whatsapp and you know how many whatsapp gets 8:038 minutes, 3 secondsexchanged every day 50 billion whatsapp's every day how many total SMS 8:108 minutes, 10 secondsis all over the world sorry Airtel Vodafone t-mobile Verizon you combine everything in Africa Asia US 8:208 minutes, 20 secondsIndia total number of SMS s in the world any guesses 24 billion half of that all 8:298 minutes, 29 secondsthe SMS is in the world combined are 24 billion whatsapp by itself is 50 billion 8:358 minutes, 35 secondsmessages a day it's real and that is the single most thing that has today 8:438 minutes, 43 secondsdisrupted the telecom sector telecom companies could not predict this 8:508 minutes, 50 secondsdisruption coming to that thankfully financial institutions banks companies I 8:588 minutes, 58 secondslike yourself are embracing disruption you're at least understanding what it how it can change your business i I 9:059 minutes, 5 secondsreally complement all of you you're sitting in a room trying to understand how technology can you and your business you're not shying away from embracing the new technologies 9:159 minutes, 15 secondsare coming in and that's a very welcome thing because what happened to telcos can happen to all financial institutions 9:239 minutes, 23 secondsall this digital disruptions can eat away make people redundant you can make big companies redundant a company like 9:309 minutes, 30 secondswhatsapp employs about sixty people that's it sixty people in all and they are bigger 9:389 minutes, 38 secondsthan all the telcos in the world combined that's the power of digital disruption the other thing that is very real in 9:489 minutes, 48 secondsIndia and I know there were a lot of questions on that is the ad hoc a de haar has become that big fundamental 9:579 minutes, 57 secondsright to identity in India it's still not a right so I don't use it in the legal term but it has become that 10:0510 minutes, 5 secondsidentity in India which is too big to fail actually as we speak this number keeps getting changed this is actually 10:1210 minutes, 12 secondsright now at 95 throat people Indians have another account and add our number 10:1810 minutes, 18 secondsunique this is huge and when you combine 10:2410 minutes, 24 secondsthis with when you combine this with two 10:3110 minutes, 31 secondsother huge things that I talked about a billion at higher accounts with a billion mobile phones a billion people 10:3910 minutes, 39 secondsand guess what the jund on accounts that makes that this new interesting trend he 10:4810 minutes, 48 secondscalled jean de nada hard Mobile Jam Jean de nada are mobile now why is this so fundamental you know I'm not an 10:5710 minutes, 57 secondseconomist I'm a technologist you had I I heard two sessions from mr. Akbar and the minister a gazelle they're talking 11:0411 minutes, 4 secondsabout economics and what fundamental reforms are required I think this is the biggest reform our government has done today why is that because all that 11:1411 minutes, 14 secondssegmented subsidies all transformations in in the way 11:2211 minutes, 22 secondswe deal with the government all transformations the way kyc happens everything is changing and it's not it 11:2911 minutes, 29 secondswill change it's changing as we speak and there are disruptors who are disrupting this payment specially it's 11:3711 minutes, 37 secondsall working on this the new payment gateway that I'm going to talk about the payments which that the government is building which is called the India stack 11:4511 minutes, 45 secondsthis is a public good that the government is making and this is what the googles and apples of the world hold 11:5311 minutes, 53 secondsas IPR and and that's where their world they're valued at seven hundred eight hundred billion dollars what we are 12:0012 minutesdoing my friends is making this a public good means this is available to anybody this is an open architecture available 12:0712 minutes, 7 secondsto anybody and to make it very non-technical so that you understand this what is that we are doing with this I hope this works it does not that's 12:1612 minutes, 16 secondsokay what we are doing is we are creating something which is important for you identity layer what is the identity layer I just talked about it aha 12:2412 minutes, 24 secondswe are saying Adha anybody can use you give your other hand number it will return back saying this person is 12:3112 minutes, 31 secondsclaiming to be Arvind Gupta this is the HAR number is e urban gupta or not the answer will come back as yes if he is Arvind Gupta or not if not its know that 12:4012 minutes, 40 secondsidentity layer is available it's a open layer available to everybody paperless layer we are becoming paperless now why this is important in 12:4812 minutes, 48 secondsyour industry I am a customer I'm by the way a very satisfied customer of franklin templeton these people when they invited me they did not know that I 12:5712 minutes, 57 secondsmentioned this morning I also realized that I actually you use you guys for for for my savings in the future for my 13:0613 minutes, 6 secondsfuture actually I guess but what do I hit and I was checking my my iPad I just 13:1313 minutes, 13 secondscarry my iPad with me I sent one kyc to my Citibank one to Standard Chartered one to you guys one to somebody else why 13:2113 minutes, 21 secondsam i doing that it's the same information it's the same form there is no difference and you know what I have 13:3113 minutes, 31 secondsactually stored it electronically for me that form I scanned to ordered electronically and all I do 13:3913 minutes, 39 secondsis whenever somebody asked me for my cave I see I just emailed that again and again to that but what pains me they want me to take a printout sign it every 13:4813 minutes, 48 secondstime and then again scan it and send it it's the same thing right yes or no so 13:5613 minutes, 56 secondsyou guys end up spending more time being compliance managers than being advisor investment advisors so that's the truth 14:0614 minutes, 6 secondsbecause as a customer I feel that every day my guys are spending less time with me telling me what I should do then rather 14:1414 minutes, 14 secondssir please fill this form this is this two blocks are unfilled we have to create your risk profile that's that's the conversation we are doing we are not 14:2214 minutes, 22 secondsconversing with them on our spending value time and using your expertise and telling me what I should be doing in the future your job has become more 14:3114 minutes, 31 secondscompliance all that is going to go away and is going away with completely paperless you put your kyc in the cloud 14:4014 minutes, 40 secondsone link if anybody needs your kyc send it to them and that's it that's authentic it's it's it's believed and trusted by the Government of India it's 14:4914 minutes, 49 secondsgoing to be trusted by everybody this is becoming public so what I want to tell you is this stack is becoming public 14:5714 minutes, 57 secondswhat companies like yourself what people like yourself should do is create applications around it anybody can do 15:0515 minutes, 5 secondsthat there's no charge it's an open public good third layer we are creating is a payments layer you've heard about 15:1415 minutes, 14 secondsthis national payments Corporation of India Limited it it's going to really be competitor through all the master cards 15:2215 minutes, 22 secondsand visa and networks of the world we are building our own the yoona unified payment interface any payment from anywhere on a click of a mouse you can 15:3115 minutes, 31 secondsmove money most efficiently in the world India is all about frugal innovation that's what we are doing otherwise 15:3915 minutes, 39 secondsGoogle wallets and the Apple pays they charge two to four percent we are going to make it at fifty base Pesa per transaction irrespective of the size of 15:4715 minutes, 47 secondsthe transaction something like that pavement layer public good anybody can do anything around it and then of course 15:5515 minutes, 55 secondsthe transactions layer which is for the businesses GST N and the consent layer talked very little about it consent layer is what consent later says you 16:0416 minutes, 4 secondsshould give information only when the customer has given consent the customer can know who all is looking at my information so the random people don't look at that if somebody is accessing 16:1216 minutes, 12 secondsyour information wrongly you can block it things like that and transaction layers is about this whole GST so that the b2b transactions all that all the 16:2016 minutes, 20 secondsmerchants and all can come into that in one common platform but what what is the common thread and all of them the red 16:2716 minutes, 27 secondsthing the identity layer what this identity layer does is any transaction that is done anywhere can be associated 16:3616 minutes, 36 secondswith one person now and it's amazing because you can create credit scores of people you can profile people you can 16:4416 minutes, 44 secondscreate a complete paperless individual using technology and any of the layers two layers three layers and how does 16:5116 minutes, 51 secondsthat change and I know many people ask me is at the heart cave I see really gonna happen it's not really gonna it's 17:0017 minutesactually already there and I want to tell you this that if you are not seeing 17:0717 minutes, 7 secondsthe trend unless you should I have these youngsters who are doing hackathons every weekend they actually create 17:1517 minutes, 15 secondsapplications on a weekend and one of the youngsters about about a month ago showed me an application how to do EK YC 17:2217 minutes, 22 secondscollege student two of them made an application you put your other on a biometric authenticate all your kyc 17:3017 minutes, 30 secondsinformation comes in no more need it's all there it's actually happening and all absolutely paperless once it is in 17:4017 minutes, 40 secondsthe locker in the digital Locker cloud open to a you know you will just send the link you don't need to send anymore paper anywhere certificates birth 17:4817 minutes, 48 secondscertificates all in the locker and then he's signing and all it's all built into 17:5417 minutes, 54 secondsthat where I want to spend some time again is what does this do to you what does this how does this impact your 18:0218 minutes, 2 secondsbusiness and it's very important how does this impact your business today this is some estimates and you can give 18:0918 minutes, 9 secondsus some feedback what happens is because of this cumbersome nature of onboarding 18:1618 minutes, 16 secondscustomers the average cost of your onboarding is 1,500 rupees because of 18:2318 minutes, 23 secondsyour time span because of paperwork everything and and you become the compliance managers that you are not 18:3018 minutes, 30 secondssupposed to be what what does that limit that to that you have to have a minimum 18:3718 minutes, 37 secondsinvestment of three to five lakh rupees of that person you are limiting yourself to the top three million households 18:4518 minutes, 45 secondsthat's all because of the the cost of doing unloading the cost of doing 18:5218 minutes, 52 secondstransactions you and and because below that it's not break even for you the 18:5918 minutes, 59 secondswhole investment industry wants to you know that's why you want to target people with lakhs and multiple lakhs only because it doesn't make sense for 19:0719 minutes, 7 secondsyour business sense for you which is fine what does this do becoming paperless we believe the onboarding cost is going to come down 19:1519 minutes, 15 secondsfrom fifteen hundred to a hundred rupees and what does that do that brings down your break-even investment from the 19:2419 minutes, 24 secondsthree lakh rupees to 20 lakh rupees opens up twenty thousand rupees and opens up from 3 million to thirty four million households this is real numbers 19:3319 minutes, 33 secondsreal data and what the how does this transform India this becomes every Indian basically says 19:4019 minutes, 40 secondsevery Indian can save so instead of cherry-picking your customers you can actually go to any customer sit in their 19:4719 minutes, 47 secondshome with a smartphone iris scanner authenticate that customer do kyc unload them and make them invest make them safe 19:5519 minutes, 55 secondsand you know mr. Ahmed talked about it today we have 20 crore bank accounts in India which are johnathan accounts we have we have 47 Corolla counts unique 20:0320 minutes, 3 secondsaccount holders in India but 20 crores of them were first-time people they have 31 thousand rupees sitting in the thirty 20:1020 minutes, 10 secondsone thousand corrodes sitting in their bank account because of two reasons one they don't know what savings is they've never saved 20:1820 minutes, 18 secondsin an instrument before they've never done savings in an instrument before 31 thousand corrodes sitting out there because people don't know what do they 20:2720 minutes, 27 secondsdo but what is savings mean what does the mutual fund mean nobody has educated them and nobody goes to them because it's too costly to unboard them and 20:3620 minutes, 36 secondssecondly the second reason is they don't know how to move their money they actually don't know cost of transaction 20:4420 minutes, 44 secondsa cost of a ATM transaction to withdraw cash from an ATM in non-urban India is 85 rupees so if you withdraw 500 rupees 20:5220 minutes, 52 secondsfrom an ATM in India it's eighty five rupees cost to the bank in Bombay and Delhi it's 17 rupees on an average you 20:5920 minutes, 59 secondsknow this so if you withdraw 500 rupees from a bank or a thousand rupees from a bank the cost to the bank is 17 rupees 21:0721 minutes, 7 secondsin Delhi and 85 rupees in in a rural village or outside outside the urban 21:1221 minutes, 12 secondscities it's not efficient and and to 21:1921 minutes, 19 secondsremove that efficiency I'm going to talk about that next layer do we have to remove all the inefficiency in the system and that's what this system is trying to do 21:2721 minutes, 27 secondssimilarly for you the paperless and the KYC norms are trying to make the system efficient for you and reach out to a consumer that you could never reach out 21:3621 minutes, 36 secondsto before you can talk to any consumer of India because of eco EV I see you can actually onboard them and actually open up a huge new market which never existed 21:4521 minutes, 45 secondsand never knew this whole new class of savings called funds mutual funds and markets you know the two percent become 21:5221 minutes, 52 secondsactually 35 percent 40 percent slowly as you go on we believe so this is the 22:0122 minutes, 1 secondonboarding part and how this whole Chandan har mobile with the India stack is transforming and there are lots of 22:0922 minutes, 9 secondslots of people working in this helping you do this the phone has iris scanner on it I wish I carried it today I can show you how you can just show so 22:1722 minutes, 17 secondsilliterate people people who are not educated can just look at the phone they authenticated an iris other authentication done job 22:2622 minutes, 26 secondsas simple as that this is all available today as we speak the second area I want to talk about which is a not an onboarding is a 22:3522 minutes, 35 secondstotally different domain the second thing that is happening is and that's as a as advisors again is this whole what's 22:4422 minutes, 44 secondsa position of everything everything is on whatsapp today right how many of you don't use whatsapp anybody in this room 22:5322 minutes, 53 secondswho does not use whatsapp see the answer is zero I feel very proud today India 23:0423 minutes, 4 secondshas 240 250 million WhatsApp users and the number keeps going up they don't disclose that I was a second order the third whatsapp user in India so it's 23:1323 minutes, 13 secondscome a long way and and it's just aside one of the hidden tools in our campaign was whatsapp many people don't know this 23:2123 minutes, 21 secondsit's actually very strategic very very strategy you can use it very interestingly we've really mastered how 23:2923 minutes, 29 secondsto use whatsapp very well now what is what is this theory with whatsapp today 23:3623 minutes, 36 secondsall of us use whatsapp we create groves we shared this we shared this information the next thing that is 23:4323 minutes, 43 secondshappening with whatsapp is something that you can be very interested about it's whatsapp is getting integrated with 23:5023 minutes, 50 secondscustomer service so far whatsapp was a communication tool sharing tool you take photographs you put it there you you you 23:5923 minutes, 59 secondsknow publish some information for your clients they see it they like it yes or no but it was always you know in a group 24:0824 minutes, 8 secondsit was okay but for if you had to you know understand if you took 10,000 20,000 whatsapp every day you couldn't 24:1624 minutes, 16 secondsdo that but whatsapp is bringing about is whatsapp for business where it is integrated at the backend with your CRM 24:2524 minutes, 25 secondswith your customer service saying whatever so you can now have responses you can action items based on how people 24:3424 minutes, 34 secondsare responding to you on whatsapp I believe that's the big move happening from just using whatsapp for 24:4224 minutes, 42 secondscommunication and information sharing you can now use whatsapp as a tool to conduct business as a tool to conduct 24:5024 minutes, 50 secondsgive customer service as a tool to do trades as a tool to do anything it can actually be a platform rather than just 25:0025 minutesa communication technology or a chatting tool so it's going away from being just chatting to being a proper proper 25:0925 minutes, 9 secondsplatform which can then like email or like the internet will become so it's already so pervasive so that's exactly what they have done they put it on 25:1725 minutes, 17 secondseverybody's phone and what they have done this year they made it free you know this or not whatsapp has made you 25:2525 minutes, 25 secondsmade the thing free life long now and men will ask me if they are free they don't make any money the best revenue 25:3425 minutes, 34 secondsthey did was about 50 60 crore rupees and they are worth a whopping do you know how much whatsapp got sold for how 25:4325 minutes, 43 secondsmany about that much twenty two billion dollars twenty two billion dollars sixty 25:5125 minutes, 51 secondspeople don't charge any fees that's their game that amount of data the 26:0026 minutesamount of data that they are generating on their platform is unimaginable and that's what I have make money by the way 26:0826 minutes, 8 secondswhatsapp is not doing this for charity and Facebook definitely not is for charity Facebook owns whatsapp now so 26:1526 minutes, 15 secondsthey don't do charity the point being whatsapp is becoming a serious platform 26:2226 minutes, 22 secondsfor us to conduct business so far it was a very personal tool to chat to communicate to share family friends this 26:3126 minutes, 31 secondsand that but now with its new integration what's up for business whatsapp for CRM everything it's 26:3826 minutes, 38 secondsbecoming very pervasive and it's on everybody's phone and and why that is important and I just don't I don't want to talk about just whatsapp as a 26:4626 minutes, 46 secondswhatsapp I'm saying all these technologies the things that are on your phone this messengers or chatting things they are so pervasive that everybody 26:5526 minutes, 55 secondsuses them they're available to everybody every single person who has that smartphone in India the 350 million 27:0227 minutes, 2 secondspeople to 250 million people who are then on smartphone and the 350 million who are on the Internet they all have 27:0927 minutes, 9 secondswhatsapp and because of that it is the easiest thing to use today it's easier 27:1827 minutes, 18 secondsto go on whatsapp and do something then put it on Facebook or put it on on a website easiest whatsapp and because of 27:2627 minutes, 26 secondsthat just to give a message or send something the pervasiveness the easiness of it the languages in it the support that the language is having it it's 27:3527 minutes, 35 secondsmaking it the tool of choice for all of you and you have to think about how you can leverage it to do your businesses a 27:4327 minutes, 43 secondslot more better give advice and also a small warning hear more rumors get floated on whatsapp than anything else 27:5127 minutes, 51 secondsso please be very sure of what information you are consuming on whatsapp before believing it because I get rumors every day earlier I used to 28:0028 minutesget it on email now I get it on whatsapp somebody has died somebody has happened somebody has bought this company somebody has done that so standard rumor market has not shifted on whatsapp and 28:0928 minutes, 9 secondsthat that the the interesting part it is free so people love to do it even more now so please be very careful 28:1628 minutes, 16 secondsinformation needs to be trusted and and reliable and people will trust you with that in for your information the information you start sharing with your 28:2428 minutes, 24 secondsclients and your business associates when you make sure that you use the information in a very trustworthy 28:3128 minutes, 31 secondsreliable manner you use that technology in that manner if you start sharing you 28:3628 minutes, 36 secondsknow jokes and business communication in the same platform the reliability of 28:4428 minutes, 44 secondsyour information goes away and that's that's a one big critical mistake people make in communication they mix 28:5128 minutes, 51 secondscommunication platforms so a very heavy topic as India into the India stack which is transforming becoming paperless 29:0029 minuteseky see attached with a ha but a very simple thing as what as a front-end making your customer 29:0729 minutes, 7 secondsservice customer interaction very very easy these two things I believe are 29:1529 minutes, 15 secondsreally transforming something very applicable to you there are a lot of things happening in the payment space I 29:2229 minutes, 22 secondstalked about you know this whole India stack and in this the exciting thing in 29:2929 minutes, 29 secondsthis is the payments layer that we are building in today if again if you think if this whole process of customer 29:3829 minutes, 38 secondsonboarding you go to a customer you convince them you talk to them saying you need to invest in this mutual fund or whatever it may be and they say yes 29:4629 minutes, 46 secondssitting right there you you and what the customer do the kyi see take their Aadhaar the fingerprint they are on board it you don't need to do any any 29:5529 minutes, 55 secondsfurther paperwork the second thing is they need to then give you a check right to make the investment in the fund something like that that is all getting 30:0530 minutes, 5 secondsthat also you carry a payments application online just a app and say press this button account gets 30:1230 minutes, 12 secondstransferred the money gets transferred right there and then they can again authenticate that transfer the money with the new payments layer any mobile 30:2130 minutes, 21 secondsphone is a complete bank branch any mobile phone is not supposed to be ringing its ringing any mobile phone is 30:2930 minutes, 29 secondsa complete Bank branch that's what I want to tell you and that's a big revolution India is creating this revolution in the world nobody is able 30:3830 minutes, 38 secondsto I mean people in the world are appreciating the FinTech revolution that India is bringing about because we are making it a public good we are making it 30:4630 minutes, 46 secondsat a cost that nobody has ever done before we are made doing it at a scale of a billion people that nobody is done 30:5330 minutes, 53 secondsbefore and the whole a smartphone in fact is a complete bank the full 31:0131 minutes, 1 secondauthentication full you know today when you carry a credit card or any debit card what do you carry you carry a card 31:0731 minutes, 7 secondswhich says what you have then you have a PIN number who tells you what you know and there is a name or identity 31:1631 minutes, 16 secondsassociated it tells you who you are the three things that identify a person right what you have who you are what you 31:2431 minutes, 24 secondsknow these are three unique things that identify a person all three things replaced by a phone Adha replaces your 31:3431 minutes, 34 secondsauthentication who you are the phone is what you have and what you know is a pin on the app on the phone 31:4231 minutes, 42 secondsall these things can replace a complete bank checkbook debit card and it is not 31:4931 minutes, 49 secondscan it is replacing you have multiple systems that have completely replaced the phone is your biggest ally today and 31:5731 minutes, 57 secondsI want to I want to stop here leave it for some questions I guess but if phone is your virtual bank 24 by 32:0632 minutes, 6 seconds7 in the pocket of every individual that is going to be your e cave IC tool that's going to be your payments tool your instrument whatever you want to do 32:1532 minutes, 15 secondsand your customer service your phone is your customer service so because you will have your whatsapp and what's F for business right here and this is what I 32:2332 minutes, 23 secondsbelieve is the future and it's it's it's not out there 12 months from now or 24 months from now it's happening as we 32:3032 minutes, 30 secondsspeak it's more real time that you can believe and it is at a scale that every individual is covered every Indian is 32:3732 minutes, 37 secondscovered there was there are you know I know they were always comments on Haris 32:4432 minutes, 44 secondslegal issues this and that but let me tell you that apart this is this is the 32:5332 minutes, 53 secondsbiggest and the most ambitious project India is they can care of it is a transformational thing because not only how citizens interact with each other 33:0133 minutes, 1 secondbut also how the government uses its money in a very very intelligent and 33:0833 minutes, 8 secondstargeted manner so it really changes a lot of dynamics the Harvey believe has a potential of having three to four 33:1533 minutes, 15 secondspercent impact on the sale on savings of the whole GDP so that's that's the 33:2233 minutes, 22 secondsamount of impact that are can have it's a huge thing and you know not just at har the John Denard are mobile 33:2933 minutes, 29 secondstrilogy last thing I'll leave it at you know the John Donne accounts today and 33:3633 minutes, 36 secondsmr. Egbert talked about it in the morning have 31,000 throats this is the money that is sitting in the banks but what we have not mentioned is 33:4633 minutes, 46 secondsthat more than a lakh crores has actually moved into these accounts and moved out of this account so people are using this accounts the big thing that 33:5433 minutes, 54 secondsJonathan accounts have done which we have to all realize is tell people there is something called banking and they 34:0134 minutes, 1 secondhave a right to bank they have a right to save if you go outside the big cities and ask people who have done these general accounts they will tell you that 34:0934 minutes, 9 secondslives have changed they don't need to store their money in their mattresses or you know worry about the money being 34:1634 minutes, 16 secondsstolen from their hands they actually have a sense of security so you're looking at 20 corrode new people who 34:2334 minutes, 23 secondswill have balances going forward who will understand the banking world who will start trusting who are trust starters who have started trusting the 34:3234 minutes, 32 secondsbanking world and I think that that whole new generation of financially 34:3934 minutes, 39 secondsincluded people have a great potential that is really the potential of banking in India and at scale we have delivered 34:4634 minutes, 46 secondsto the world and you know I think this whole revolution is just starting and I think you all should be part of that so I leave it at that Shelley is there a 34:5534 minutes, 55 secondsquestion answer thank you very much what is going to be the most disruptive piece 35:0335 minutes, 3 secondsin let's say the next 18 months because the speed of change in technology there 35:1035 minutes, 10 secondsare all these things to grapple bit but if you were to pick one or two of them what would they be especially in FinTech if you were I was to pick one or two in FinTech I I 35:1935 minutes, 19 secondsactually talked about it one or two things in FinTech is definitely number one things that are happening on eky see 35:2735 minutes, 27 secondspayments all based on this john Danaher mobile and the other thing is this pervasiveness of smart phones and 35:3435 minutes, 34 secondswhatsapp it's it's really changing the way things are happening there there is on a lighter side 35:4235 minutes, 42 secondspeople are talking about how cities are being run on whatsapp people are talking about how you know how quickly you 35:5035 minutes, 50 secondsrespond to that so instead of what was a Facebook page or a URL today the flavor of the season is whatsapp so I think there's two technologies the mind with 35:5935 minutes, 59 secondsthe gender Nadar trilogy I think Trinity is really disruptive well I love the things that comes with disruption is this challenge of security 36:0736 minutes, 7 secondsright particularly with the platforms that you're talking about social media in general what are the big concerns for the financial sector has been that it 36:1536 minutes, 15 secondsall sounds pretty good that all this is disruptive and we should just embrace it but what about data security how does one address that issue when these have 36:2436 minutes, 24 secondsto go big scale let me answer that question in two different ways again I'll take a few comments from the few 36:3236 minutes, 32 secondspointers from from the audience here how many of you use Google how many of 36:3936 minutes, 39 secondsyou don't use Google there is one person who doesn't use Google here why I asked 36:4836 minutes, 48 secondsthat question actually is because we actually give more information of our personal information away to the 36:5736 minutes, 57 secondsGoogle's the Facebook's and the apples of the world voluntarily voluntarily or 37:0337 minutes, 3 secondswithout choice yeah but we don't trust our own systems our own governments because we don't have a choice we have given our life away Google knows 37:1237 minutes, 12 secondsI'm sitting in this room right now yeah I can bet yes or no and and then half of them have already checked into their pages before they came if you do a 37:2037 minutes, 20 secondssearch right now on Google on your on your smartphone or your Apple phone they know everything about you but the point 37:2737 minutes, 27 secondsI'm trying to make is this is India's attempt to decolonize ourselves digitally we are actually and I say this 37:3537 minutes, 35 secondswith a lot of meaning we are actually creating helping ourselves stay away from digital colonization now when we 37:4437 minutes, 44 secondstalk of privacy we have to understand that these are very secure systems we have to make them more secure but you 37:5337 minutes, 53 secondsknow there is there are privacy to that extent the government is best suited in our country I would rather 38:0138 minutes, 1 secondtrust my own government with my data than anybody else as simple as that now second question is about security I think very stringent data security norms 38:1038 minutes, 10 secondsshould be made I think we all should be and and that's that's something I want to share with this community the biggest problem I and as a consumer I am sharing 38:1938 minutes, 19 secondsthis feedback is people don't value people's private data so people change banks they will carry their the customer 38:2938 minutes, 29 secondslists the client lists with them yeah so yesterday would have your bank X tomorrow you would Bank Y and now start bank Y starts getting you know you start 38:3738 minutes, 37 secondssaying I have just shifted banks and I'm you know making calls on behalf of Bank Y but the data belong to Bank X so I think a culture of data privacy negative 38:4538 minutes, 45 secondssecurity has to be built in that is for true that but most of these applications and that you know have to be very secure 38:5438 minutes, 54 secondsif that's your question and I think we need to really emphasize on security frauds are happening there is there is a 39:0139 minutes, 1 secondgood digitization the there is cyber fraud cyber crimes will increase so that has to be built in there is no no 39:1039 minutes, 10 secondsdenying that fact okay some questions are coming in as you all know most of you have been tweeting as well as asking questions so the FT perspectives app one of them is really 39:1839 minutes, 18 secondshow India has been probably behind the curve with respect to Big Bang innovations after all even products like the Apple iPhone and so on 39:2739 minutes, 27 secondseverything was developed in the West do you think that that's a story India needs to stop chasing stop having you 39:3539 minutes, 35 secondsknow that long waits to create India's equivalent of the iPhone product you're a man who believes products have to support services as well as a part of 39:4339 minutes, 43 secondsdigitization so the question is can India do the innovation or should we do the innovation both the answer to that 39:5139 minutes, 51 secondsis yes without fail the iPhone gets made in China but the IP resides in America 39:5839 minutes, 58 secondsand Cupertino you know this is a tooth jokes I will tell you about Apple and I've worked very closely with that company so I can share that with you 40:0540 minutes, 5 secondsthere is a store in New York the the Central Park store of New York iPhone store it sells 40:1440 minutes, 14 secondsmore iPhones than the chain that that revenue of that one store is more than the chain of Bloomingdale's globally one 40:2140 minutes, 21 secondsstore sells more revenue than Bloomingdale's all over the world iPhone Apple makes more profit in a year 40:2940 minutes, 29 secondsthan the whole market cap of Reliance I don't know whether you realize this last year it was 55 billion dollars of 40:3640 minutes, 36 secondsprofitability p80 so innovation is necessary for a country because we need to create value we haven't done that so 40:4440 minutes, 44 secondsfar right what's holding us aback what's holding us back if you ask me I I you know I can share from my very personal experience and a lot of people like us 40:5340 minutes, 53 secondswhat is holding us back was we never incentivize innovation in India we never had that word called innovation in India 41:0041 minuteswe never said make in India do things in India we will value you you know as a start-up person if you ask any startup 41:0741 minutes, 7 secondsperson the charm of a startup never existed in India you always wanted to go work for a big name and you know every 41:1541 minutes, 15 secondsbig name is is what you wanted because that's what get you married that's what do all the things so that was a genuine thing the first thing you 41:2241 minutes, 22 secondswould ask why you are putting a start-up is you know because I am not able to get married people don't understand what a start-up is today that is completely changed you get married because you work 41:3141 minutes, 31 secondsin a start-up because people think you are the biggest potential right you can make all those billions and millions of dollars so things have completely 41:3741 minutes, 37 secondschanged and we have to go on this maybe there will be 20,000 companies we will float and one of them will succeed but 41:4541 minutes, 45 secondswe need that one superstar and already I say this there at least 15 superstars in making we have this 15 unicorns in India 41:5441 minutes, 54 secondsthe unicorns already have a billion some of them have 15 billion dollars of valuation I think we are going to produce this much just you know this the 42:0142 minutes, 1 secondbiggest valued companies from India so let me ask you a question that I'm sure comes to the mind of all the IFS at some point or the other if digital really 42:1042 minutes, 10 secondsdoes take over their life more than it has right now and you know the entire payment system gets integrated I mean we're talking of pure digital banks you 42:1742 minutes, 17 secondsdon't even need a branch how will how what will be the incentive for some of these financial how 42:2442 minutes, 24 secondsto go from being traditional to digital because clearly when you cut into media intermediaries you cut you know cut 42:3142 minutes, 31 secondsvarious processes money making capabilities change what do you think is the trend there so I did I did address 42:4042 minutes, 40 secondsthat and I'll say that again you cut inefficiencies in a process you cut inefficiency please mind me in 42:4842 minutes, 48 secondssaying that you can inefficiency you cannot cut people's intellectual value and their actual business value business 42:5542 minutes, 55 secondsvalue does not go away anywhere your advice my advice will still stay advice I can't this talk itself I can't 43:0443 minutes, 4 secondsdigitize it and just give it to you the talk has to happen physically same thing you have to talk to your clients physically so to convince them physically but the inefficiencies of the 43:1343 minutes, 13 secondssystem will go away from a digital process so that and that is that is welcome I think at that amount of people who clapped on that was very I could see 43:2143 minutes, 21 secondsthat they're they're sick and tired of filling forms and getting their clients to fill forms right so yeah no indeed and the final question is really to say 43:3043 minutes, 30 secondsthat even as some India goes on talking about digital India and so on really where will we see that 43:3743 minutes, 37 secondsintegration you talked a lot about hard hard for example right do we actually see a collapse a political will to 43:4443 minutes, 44 secondscollapse some of these multiple plugs that we all have to connect with you know again as he said there was an applause when you talked about form-filling 43:5143 minutes, 51 secondsis there a political will to allow a complete collapse of these unnecessary parallel structures and go with it with 43:5943 minutes, 59 secondsa single point of contact it could be on her or whatever it is I mean at this point it appears to the other but we don't know what's the political conviction to take it ahead see certain 44:0844 minutes, 8 secondsthings happen is certain things happen because there is no choice somebody asked me what is this leapfrogging certain things happen in India because 44:1644 minutes, 16 secondsthere are no choice today we are left with no choice we are our wall towards our back completely our back towards the wall we have no choice remaining but to 44:2444 minutes, 24 secondsadopt all these things and make things more efficient we you know if you ask all the software companies in 44:3244 minutes, 32 secondsIndia they bloom they blossom because of something called the y2k movement the year 2000 bug in the computers yeah the 44:4144 minutes, 41 secondsbug never happened by the way but everybody everybody did very well you ask all these companies how many clients 44:4844 minutes, 48 secondsthat they have in India they will tell you they had very few clients in India because India didn't have computers which could have by 2k bug in them right 44:5644 minutes, 56 secondsso we were we were safe because we didn't have anything and we saw an opportunity turn it into business and that that opportunity today similar 45:0345 minutes, 3 secondsopportunity we leapfrog we've just leapfrogged so many generations of inefficiencies in technology to come up with the latest so 45:1045 minutes, 10 secondsin India today everybody I said this carry is a smart phone I mean 350 300 billion people carry a smartphone in India bigger than the US 45:1845 minutes, 18 secondsso I mean we because we were pushed to the wall we have now a great opportunity in front of us we actually can make the 45:2645 minutes, 26 secondsbest out of it and there is a we have no choice we have to make the best out of it we are at the right point also in time then or you know people are 45:3545 minutes, 35 secondsembracing technology banks are talking about technology III said this when you know started recession telecom companies said that you know people will not like 45:4445 minutes, 44 secondsto send photographs and videos over the 4th who would like to send photographs and videos over the phone how wrongly they were they are today 45:5245 minutes, 52 secondseverybody is doing that yeah right you how many of use cameras any longer everybody is using the smartphone taking 46:0046 minutesa photograph right the Nokia's and the people who make comes from the tops the selfie culture starts from the top yes 46:0946 minutes, 9 secondsyes okay on that note thanks very much Arvind in an absolute pleasure and thank you for your in that perspectives on digital 46:1646 minutes, 16 seconds[Applause] 46:1746 minutes, 17 seconds[Music] 46:2546 minutes, 25 seconds[Music] 46:2946 minutes, 29 secondsthe biggest market for whatsapp in the world is India the biggest market mind you right and I gave this example this 46:3846 minutes, 38 secondsmorning and I will give it again whatsapp has 1 billion users globally 1 46:4546 minutes, 45 secondsbillion users in the world use whatsapp and you know how many whatsapp gets exchanged every day 50 billion whatsapp's 46:5346 minutes, 53 secondsevery day how many total SMS is all over the world sorry 46:5946 minutes, 59 secondsAirtel Vodafone t-mobile Verizon you combine everything in Africa Asia us 47:0747 minutes, 7 secondsIndia total number of SMS s in the world any guesses 24 billion half of that all 47:1647 minutes, 16 secondsthe SMS is in the world combined are 24 billion whatsapp by itself is 50 billion 47:2247 minutes, 22 secondsmessages a day it's real and that is the single most thing that has today 47:3047 minutes, 30 secondsdisrupted the telecom sector telecom companies could not predict this 47:3747 minutes, 37 secondsdisruption coming to them thankfully financial institutions banks companies I 47:4547 minutes, 45 secondslike yourself are embracing disruption you're at least understanding what it how it can change your business i I 47:5247 minutes, 52 secondsreally complement all of you you're sitting in a room trying to understand how technology can help you in your business you are not shying away from 48:0048 minutesembracing the new technologies are coming in and that's a very welcome thing because what happened to telcos 48:0748 minutes, 7 secondscan happen to all financial institutions all this digital disruptions can eat away make people redundant can make big 48:1548 minutes, 15 secondscompanies redundant a company like whatsapp employs about 60 people that's it 60 people in all and they are bigger 48:2548 minutes, 25 secondsthan all the telcos in the world combined that's the power of digital disruption the other thing that is very 48:3548 minutes, 35 secondsreal in India and I know there were a lot of questions on that is the odd ha a Dahar has become that big fundamental 48:4448 minutes, 44 secondsright to identity in India it's still not a right so I don't use it in the legal term but it has become that 48:5248 minutes, 52 secondsidentity in India which is too big to fail actually as we speak this number keeps getting changed this is actually 49:0049 minutesright now at 95 crore people Indians have another account and add our number 49:0549 minutes, 5 secondsunique this is huge and when you combine 49:1149 minutes, 11 secondsthis with when you combine this with two 49:1849 minutes, 18 secondsother huge things that I talked about a billion add her accounts with a billion 49:2349 minutes, 23 secondsmobile phones a billion people and guess what the jund on accounts that makes 49:3249 minutes, 32 secondsthat this new interesting 20 called Jun de nada hard Mobile Jam Jean de nada our mobile now why is this so fundamental 49:4149 minutes, 41 secondsyou know I am NOT an economist I'm a technologist you had heard two sessions from mr. Akbar and the minister Raghav 49:5049 minutes, 50 secondsthe hell they're talking about economics and what fundamental reforms are required I think this is the biggest reform our government has done today why 49:5949 minutes, 59 secondsis that because all that segmented subsidies all transformations in in the 50:0850 minutes, 8 secondsway we deal with the government all transformations the way kyc happens everything is changing and it's not it 50:1650 minutes, 16 secondswill change it's changing as we speak and there are disruptors who are disrupting this payment specially it's 50:2450 minutes, 24 secondsall working on this the new payment gateway that I'm going to talk about the payments which that the government is building which is called the India stack 50:3250 minutes, 32 secondsthis is a public good that the government is making and this is what the googles and apples of the world hold 50:4050 minutes, 40 secondsas IPR and that's where their world their valued at seven hundred eight hundred billion dollars what we are 50:4750 minutes, 47 secondsdoing my friends is making this a public good means this is available to anybody this is a open-architecture available to anybody 50:5550 minutes, 55 secondsand to make it very non-technical so that you understand this what is that we are doing with this I hope this works it 51:0251 minutes, 2 secondsdoes not that's okay what we are doing is we are creating something which is important for you identity layer what is the identity layer I just talked about it aha 51:1151 minutes, 11 secondswe are saying AHA anybody can use you give your other hand number it will return back saying this person is 51:1851 minutes, 18 secondsclaiming to be Arvind Gupta this is the her number is e urban Gupta odd not the answer will come back as yes if he is Arvind Gupta or not if not it's no that 51:2751 minutes, 27 secondsidentity layer is available it's a open layer available to everybody paperless layer we are becoming paperless now why this is important in 51:3551 minutes, 35 secondsyour industry I am a customer I'm by the way a very satisfied customer of franklin templeton these people when they invited me they did not know that I 51:4451 minutes, 44 secondsmentioned this morning I also realized that I actually you use you guys for for for my savings in the future for my 51:5351 minutes, 53 secondsfuture actually I guess but what do I hit and I was checking my my iPad I just 52:0052 minutescarry my iPad with me I sent one kyc to my Citibank one to Standard Chartered one to you guys one to somebody else why 52:0852 minutes, 8 secondsam i doing that it's the same information it's the same form there is no difference and you know what I have 52:1852 minutes, 18 secondsactually stored it electronically for me that form I have scanned stored at electronically and all I do is whenever 52:2652 minutes, 26 secondssomebody asked me for my cave I see I just emailed that again and again to that but what pains me they want me to take a printout sign it every time and 52:3552 minutes, 35 secondsthen again scan it and send it it's the same thing right yes or no so you guys 52:4452 minutes, 44 secondsend up spending more time being compliance managers than being advisor investment advisers so that's the truth 52:5352 minutes, 53 secondsbecause as a customer I feel that every day my guys are spending less time with me telling me what I should do then rather 53:0153 minutes, 1 secondsir please fill this form this is this two blocks are unfilled we have to create your risk profile that's that's the conversation we are doing we 53:0953 minutes, 9 secondsare not conversing with them on our spending value time and using your expertise and telling me what I should be doing in the future 53:1653 minutes, 16 secondsyour job has become more compliance all that is going to go away and is going away with completely paperless you put 53:2553 minutes, 25 secondsyour kyc in the cloud one link if anybody needs your kyc send it to them and that's it that's authentic it's it's 53:3453 minutes, 34 secondsit's believed and trusted by the Government of India it's going to be trusted by everybody this is becoming public so what I want to tell you is 53:4353 minutes, 43 secondsthis stack is becoming public what companies like yourself what people like yourself should do is create 53:5053 minutes, 50 secondsapplications around it anybody can do that there's no charge it's an open public good third layer we are creating is a 53:5953 minutes, 59 secondspayments layer you've heard about this national payments Corporation of India Limited it it's going to really be 54:0754 minutes, 7 secondscompetitor to all the mastercards and visa networks of the world we are building our own 54:1354 minutes, 13 seconds[Music] 54:2454 minutes, 24 secondsyou thank you for that great introduction it 54:3454 minutes, 34 secondsfeels nice sometimes to hear good things about you because the world that we live in that is social media and digital 54:4254 minutes, 42 secondsmedia if you go online it's mostly people trying to tear you apart on any 54:4954 minutes, 49 secondscomment you make and that's the great diversity of of the digital media today there is that's the best way to find out 54:5754 minutes, 57 secondsactually what's happening around you you write something and you know somebody so I tweeted it this morning what mr. MJ 55:0655 minutes, 6 secondsbut said and all sorts of views come back and I think that's that is that is 55:1355 minutes, 13 secondsa power more likely than not the views are very very strong but it's our job to cut you know see what is the genuine 55:2255 minutes, 22 secondsviews versus non genuine views and what is just somebody is anger or ranted his or hers boss or in the house with the 55:3155 minutes, 31 secondswife or the husband and that they're throwing out in social media so in a way I joke always social media is very very a good medium because you can go there 55:3955 minutes, 39 secondsand rant and not take it out on the car or the neighbor or somewhere else it's good that you take out your anger on writing hundred and forty characters in 55:4755 minutes, 47 secondsa tweet it solves the matter there and then only so that's that's so that's good okay so I I want to talk about 55:5555 minutes, 55 secondsthree four things and keep it very interactive but and the three things I do want to talk about are shown there 56:0456 minutes, 4 secondsbasically the smartphone revolution I know this room is the last place that I 56:1156 minutes, 11 secondsshould talk about smartphones I think everybody in this room has a smartphone anybody in this room who does not use a 56:1956 minutes, 19 secondssmartphone see zero hands and this number as all of you know in India is 56:2856 minutes, 28 secondsalready become mind-boggling India as of yesterday is the second biggest smartphone user in the world after China 56:3656 minutes, 36 secondswe have surpassed America Apple wants to open its the biggest store in India today 56:4456 minutes, 44 secondsbecause that's where they see the next billion Indians coming on or their 56:5256 minutes, 52 secondsconsumers coming on they don't care whether it's Indians or Chinese as long as they buy iPhones but that's that's where the future is we have in India 57:0157 minutes, 1 secondtoday almost and the numbers will vary according to the people that you talk to but 250 million smartphones 25 crore 57:0957 minutes, 9 secondsIndians have smartphones today and that number is increasing at a mind-boggling 100 million every year and these are not 57:1757 minutes, 17 secondshundred million replacements this is 100 million new smartphone users every year so your before you know your you know 57:2657 minutes, 26 secondspeople around you in your ecosystem who work for you may be driving your car their kids they're all using smartphones and it's just a matter of their buying 57:3557 minutes, 35 secondspower with smartphone they buy and that's that's one piece of the puzzle and I think somebody asked me this and I 57:4357 minutes, 43 secondsalways say this with a lot of passion India today is witnessing that revolution that everybody carries a 57:5157 minutes, 51 secondssupercomputer in their pocket this smartphone that we carry French as all of you know has more computing power 57:5857 minutes, 58 secondsthan the Apollo 11 computers that went on the moon and that's really so and and 58:0658 minutes, 6 secondshow does that whole ecosystem help us in doing business and doing our transactions and how the government is 58:1458 minutes, 14 secondslooking at that is very very important the second thing is what's happening in India and I know mr. Raghav well talked 58:2258 minutes, 22 secondsabout a little bit is this whole thing of disruption the digital disruption that tech disruption that is happening 58:3058 minutes, 30 secondsin India and that's great because you know this young entrepreneurs like myself I still consider myself young and 58:3758 minutes, 37 secondsan entrepreneurial person somebody asked me what do you do I said I'm an entrepreneur and hybernation because an entrepreneur once can always always be 58:4658 minutes, 46 secondsan entrepreneur and and you always need to keep wearing that hat what is happening today is that there is this 58:5258 minutes, 52 secondsbunch of youth young India which is trying to disrupt everything 95% of them will fail but 5% 59:0259 minutes, 2 secondsof them will succeed and that 5% is what I say will eat away bits and pieces of 59:0959 minutes, 9 secondsyour business or will transform the way you do business I've had many conversations especially in the 59:1659 minutes, 16 secondsfinancial industry in the banking industry where people say you know but money is real yes money is real people 59:2359 minutes, 23 secondsstill need to the core business remains how do you invest money somebody needs to make that decision you know you do use algorithms and 59:3159 minutes, 31 secondscomputers fine but there are all these disruptions happening in bits and pieces which are which are really changing the 59:3959 minutes, 39 secondsway banking happens which is which are changing the way the customer interacts with the bank with the investment adviser the customer interacts with you 59:4859 minutes, 48 secondsknow making payments receiving money from the bank receiving money from each other and while no one disruption 59:5659 minutes, 56 secondswhile no one disruption is causing can will trouble SBI or a Franklin or 1:00:051 hour, 5 secondsanybody else but if you take all these small small small things they if you combine them all they are all nibbling 1:00:121 hour, 12 secondsbits and pieces of that away and that is where the future lies and I'm going to talk a little bit about that and the 1:00:201 hour, 20 secondsthird thing is from you know what what what is very exciting is what we are 1:00:281 hour, 28 secondsbuilding in India right here in India and I started with giving the example of the Apple Apple iPhone we are building 1:00:371 hour, 37 secondswhat is called the India's stack in India the India stack is a public good it's a public stack in India which is based upon one of the biggest things 1:00:461 hour, 46 secondsthat India did over the last five years combined with the previous government and our government now in power called the Jonathan 1:00:531 hour, 53 secondsAdha Mobile Trinity the Jam Trinity and building on that base we are building 1:01:011 hour, 1 minute, 1 secondwhat is called the India stack and how does that impact your business are the three things I'm going to talk about so I talked about the smart phones 1:01:091 hour, 1 minute, 9 secondsbut this is the numbers that I think all of us should be really excited about hearing today as I said India is the 1:01:181 hour, 1 minute, 18 secondssecond biggest technology market in the world sometimes behind America in certain things sometimes behind China in certain things we have a billion mobile 1:01:271 hour, 1 minute, 27 secondsconnections that's a huge number 350 million give or take Internet users and 1:01:341 hour, 1 minute, 34 seconds200 million million uses 20 corrode social media users the 150 million that 1:01:441 hour, 1 minute, 44 secondsyou don't see on social media but are on internet use something very simple called whatsapp whatsapp is the most 1:01:531 hour, 1 minute, 53 secondspervasive thing in India today you know unified payment interface any payment from anywhere on a click of a mouse you 1:02:011 hour, 2 minutes, 1 secondcan move money most efficiently in the world India is all about frugal innovation that's what we are doing 1:02:081 hour, 2 minutes, 8 secondsotherwise Google wallets and the Apple pays they charge two to four percent you are going to make it at 50 basic Pesa 1:02:151 hour, 2 minutes, 15 secondsper transaction irrespective of the size of the transaction something like that paper and layer public good anybody can 1:02:241 hour, 2 minutes, 24 secondsdo anything around it and then of course the transactions layer which is for the businesses GST N and the consent layer we'll talk very little about it consent 1:02:321 hour, 2 minutes, 32 secondslayer is what consent later says you should give information only when the customer has given consent the customer can know who all is looking at my information so the random people don't 1:02:401 hour, 2 minutes, 40 secondslook at that if somebody is accessing your information wrongly you can block it things like that and transaction layers is about this whole GST so that 1:02:481 hour, 2 minutes, 48 secondsthe b2b transactions all that all the merchants and all can come into that in one common platform but what what is the 1:02:551 hour, 2 minutes, 55 secondscommon thread and all of them the red thing the identity layer what this identity layer does is any transaction 1:03:031 hour, 3 minutes, 3 secondsthat is done anywhere can be associated with one person now and it's amazing because you can create credit scores of 1:03:111 hour, 3 minutes, 11 secondspeople you can profile people you can create a complete paperless individual using technology and any of the layers 1:03:181 hour, 3 minutes, 18 secondstwo layers three and how does that change and I know many people ask me is at the heart cave I see 1:03:271 hour, 3 minutes, 27 secondsreally gonna happen it's not really gonna actually already there and I want to tell you this that if you are not 1:03:361 hour, 3 minutes, 36 secondsseeing that trend in this you should I have these youngsters who are doing hackathons every weekend they actually 1:03:441 hour, 3 minutes, 44 secondscreate applications on a weekend and one of the youngsters about about a month ago showed me an application how to do 1:03:521 hour, 3 minutes, 52 secondsek YC college student two of them made an application you put your other on a biometric authenticate all your kyc 1:04:001 hour, 4 minutesinformation comes in no more need it's all there it's actually happening and all absolutely paperless once it is in 1:04:101 hour, 4 minutes, 10 secondsthe locker in the digital Locker cloud open to a you know you just send the link you don't need to send any more paper anywhere certificates birth 1:04:181 hour, 4 minutes, 18 secondscertificates all in the locker and then he's signing and all it's all built into 1:04:241 hour, 4 minutes, 24 secondsthat where I want to spend some time again is what does this do to you what does this how does this impact your 1:04:321 hour, 4 minutes, 32 secondsbusiness and it's very important how does this impact your business today this is some estimates and you can give 1:04:391 hour, 4 minutes, 39 secondsus some feedback what happens is because of this cumbersome nature of onboarding 1:04:461 hour, 4 minutes, 46 secondscustomers the average cost of your onboarding is 1,500 rupees because of 1:04:531 hour, 4 minutes, 53 secondsyour time span because of paperwork everything and and you become the compliance managers that you are not 1:05:001 hour, 5 minutessupposed to be what what does that limit that to that you have to have a minimum 1:05:071 hour, 5 minutes, 7 secondsinvestment of three to five lakh rupees of that person you are limiting yourself to the top three million households 1:05:151 hour, 5 minutes, 15 secondsthat's all because of the the cost of doing onboarding the cost of doing 1:05:221 hour, 5 minutes, 22 secondstransactions you and and because below that it's not break even for you the 1:05:291 hour, 5 minutes, 29 secondswhole investment industry wants to you know that's why you want to target people with lags and multiple lacs only because it doesn't make sense for you 1:05:371 hour, 5 minutes, 37 secondsbusiness sense for you which is fine what does this do becoming paperless we believe the onboarding cost is going to 1:05:451 hour, 5 minutes, 45 secondscome down from fifteen hundred to a hundred rupees and what does that do that brings down your break-even investment from the 1:05:541 hour, 5 minutes, 54 secondsthree lakh rupees to 20 lakh rupees opens up 20 thousand rupees and opens up from 3 million to 34 million households 1:06:021 hour, 6 minutes, 2 secondsthis is real numbers real data and what the how does this transform India this becomes every Indian basically says 1:06:101 hour, 6 minutes, 10 secondsevery Indian can save so instead of cherry-picking your customers you can actually go to any customer sit in their 1:06:171 hour, 6 minutes, 17 secondshome with a smartphone IRA scanner authenticate that customer do kyc onboard them and make them invest make 1:06:241 hour, 6 minutes, 24 secondsthem safe and you know mr. Egbert talked about it today we have 20 crore bank accounts in India which are johnathan accounts we have we have 47 Corolla 1:06:321 hour, 6 minutes, 32 secondsaccounts unique account holders in India but 20 crores of them were first-time people they have 31 thousand rupees 1:06:391 hour, 6 minutes, 39 secondssitting in the 31,000 corrodes sitting in their bank accounts because of two reasons one they don't know what savings 1:06:471 hour, 6 minutes, 47 secondsis they've never saved in an instrument before they've never done savings in an instrument before 31,000 corrodes 1:06:541 hour, 6 minutes, 54 secondssitting out there because people don't know what do they do but what the savings mean what does the mutual fund mean nobody has educated them and nobody goes to them because 1:07:021 hour, 7 minutes, 2 secondsit's too costly to unboard them and secondly the second reason is they don't 1:07:091 hour, 7 minutes, 9 secondsknow how to move their money they actually don't know cost of transaction a cost of a ATM transaction to withdraw 1:07:171 hour, 7 minutes, 17 secondscash from an ATM in non-urban India is 85 rupees so if you would draw 500 rupees from an ATM in India is eighty 1:07:241 hour, 7 minutes, 24 secondsfive rupees passed to the bank in Bombay and Delhi it's 17 rupees on an average you know this so if you could draw 500 1:07:321 hour, 7 minutes, 32 secondsrupees from a bank or a thousand rupees from a bank the cost to the bank is 17 rupees in Delhi and 85 rupees in in in a 1:07:401 hour, 7 minutes, 40 secondsrural village or outside outside the urban cities it's not efficient 1:07:481 hour, 7 minutes, 48 secondsand and to remove that a efficiency I'm going to talk about that next layer do we have to remove all the inefficiency in the system and that's what this 1:07:561 hour, 7 minutes, 56 secondssystem is trying to do similarly for you the paperless and the KYC norms are trying to make the system efficient for you and reach out to a consumer that you 1:08:051 hour, 8 minutes, 5 secondscould never reach out to before you can talk to any consumer of India because of eco EV I see you can actually onboard them and actually open up a huge new 1:08:141 hour, 8 minutes, 14 secondsmarket which never existed and never knew this whole new class of savings called funds mutual funds and markets you know the two percent become actually 1:08:231 hour, 8 minutes, 23 seconds35 percent 40 percent slowly as you go on we believe so this is the onboarding 1:08:311 hour, 8 minutes, 31 secondspart and how this whole Jun de nada har mobile with the India stack is transforming and there are lots of lots 1:08:391 hour, 8 minutes, 39 secondsof people working in this helping you do this the phone has iris scanner on it I wish I carried it today I can show you how you can just show so illiterate people 1:08:481 hour, 8 minutes, 48 secondspeople who are not educated can just look at the phone they are authenticated and iris other authentication done job 1:08:561 hour, 8 minutes, 56 secondsdone as simple as that this is all available today as we speak the second area I want to talk about which is a not 1:09:031 hour, 9 minutes, 3 secondsan onboarding is a totally different domain the second thing that is happening is and that's as a as advisors 1:09:121 hour, 9 minutes, 12 secondsagain is this whole whatsapp ization of everything everything is on whatsapp today right how many of you don't use 1:09:201 hour, 9 minutes, 20 secondswhatsapp anybody in this room who does not use whatsapp see the answer is zero 1:09:311 hour, 9 minutes, 31 secondsI feel very proud today India has 240 250 million watts app users and the number keeps going up they don't people 1:09:391 hour, 9 minutes, 39 secondsthat nobody has done before and the whole a smartphone in fact is a complete 1:09:451 hour, 9 minutes, 45 secondsbank with full authentication full you know today when you carry a credit card or any debit card what do you carry you 1:09:531 hour, 9 minutes, 53 secondscarry a card which says what you have then you have a PIN number who tells you what you know and there is a name or 1:10:021 hour, 10 minutes, 2 secondsidentity associated it tells you who you are the three things that identify a person write what you have who you are 1:10:111 hour, 10 minutes, 11 secondswhat you know these are three unique things that identify a person all three things replaced by a phone ha replaces 1:10:201 hour, 10 minutes, 20 secondsyour authentication who you are the phone is what you have and what you know is a pin on the app on the phone 1:10:281 hour, 10 minutes, 28 secondsall these things can replace a complete bank checkbook debit card and it is not 1:10:361 hour, 10 minutes, 36 secondscan it is replacing you have multiple systems that have completely replaced the phone is your biggest ally today and 1:10:441 hour, 10 minutes, 44 secondsI want to I want to stop here leave it for some questions I guess but if phone is your virtual bank 24 by 7 in the 1:10:541 hour, 10 minutes, 54 secondspocket of every individual that is going to be your eky see tool that's going to be your payments tool your instrument whatever you want to do and your 1:11:021 hour, 11 minutes, 2 secondscustomer service your phone is your customer service so because you will have your whatsapp and whatsapp for business right here and this is what I 1:11:101 hour, 11 minutes, 10 secondsbelieve is the future and it's it's it's not out there 12 months from now or 24 months from now it's happening as we 1:11:181 hour, 11 minutes, 18 secondsspeak it's more real time that you can believe and it's at a scale that every individual is covered every Indian is 1:11:241 hour, 11 minutes, 24 secondscovered there was there are you know I know they were always comments on Haris 1:11:311 hour, 11 minutes, 31 secondslegal issues this and that but let me tell you that apart this is this is the 1:11:401 hour, 11 minutes, 40 secondsbiggest and the most ambitious project India is they can care of it is a transformational thing because not only how citizens interact with each 1:11:481 hour, 11 minutes, 48 secondsother but also how the government uses his money in a very very intelligent and 1:11:551 hour, 11 minutes, 55 secondstargeted manner so it really changes a lot of dynamics the Harvey believe has a potential of having three to four 1:12:021 hour, 12 minutes, 2 secondspercent impact on the sale on savings of the whole GDP so that's that's the 1:12:091 hour, 12 minutes, 9 secondsamount of impact that are can have it's a huge thing and you know not just at her the John Denard our mobile trilogy 1:12:161 hour, 12 minutes, 16 secondslast thing I leave it at you know the John Donne accounts today and mr. Ahmed 1:12:241 hour, 12 minutes, 24 secondstalked about it in the morning have thirty-one thousand throats this is the money that is sitting in the banks but 1:12:311 hour, 12 minutes, 31 secondswhat we have not mentioned is that more than a lakh roads has actually moved into these accounts and moved out of this account so people are using this 1:12:391 hour, 12 minutes, 39 secondsaccounts the big thing that Jonathan accounts have done which we have to all realize is tell people there is 1:12:451 hour, 12 minutes, 45 secondssomething called banking and they have a right to bank they have a right to save if you go outside the big cities and ask 1:12:541 hour, 12 minutes, 54 secondspeople who have done these general accounts they will tell you that lives have changed they don't need to store their money in their mattresses or you 1:13:011 hour, 13 minutes, 1 secondknow worry about the money being stolen from their hands they actually have a sense of security so you're looking at twenty corrode new people who will have 1:13:111 hour, 13 minutes, 11 secondsbalances going forward who will understand the banking world who will start trusting who are trust starters who have started trusting the banking 1:13:191 hour, 13 minutes, 19 secondsworld and I think that that whole new generation of financially included 1:13:261 hour, 13 minutes, 26 secondspeople have a great potential that is really the potential of banking in India and at scale we have delivered to the 1:13:341 hour, 13 minutes, 34 secondsworld and you know I think this whole revolution is just starting and I think you all should be part of that so I leave it at that Shelley is there a 1:13:421 hour, 13 minutes, 42 secondsquestion answer thank you very much what is going to be the most disruptive piece 1:13:501 hour, 13 minutes, 50 secondsin let's say the next 18 months because the speed of change in technology there are all these things too 1:13:581 hour, 13 minutes, 58 secondsApple bit but if you were to pick one or two of them what would they be especially in FinTech if you were I was to pick one or two in FinTech I I 1:14:061 hour, 14 minutes, 6 secondsactually talked about it one or two things in FinTech is definitely number one things that are happening on ek YC 1:14:141 hour, 14 minutes, 14 secondspayments all based on this Jan Donna they are mobile and the other thing is this pervasiveness of smart phones and 1:14:211 hour, 14 minutes, 21 secondswhatsapp it's it's really changing the way things are happening yeah there-there is on a lighter side people 1:14:301 hour, 14 minutes, 30 secondsare talking about how cities are being run on whatsapp people are talking about how you know how quickly you respond to 1:14:371 hour, 14 minutes, 37 secondsthat so instead of what was a Facebook page or a URL today the flavor of the season is whatsapp so I think these two technologies the mind with the John 1:14:461 hour, 14 minutes, 46 secondsDonna dar trilogy I think Trinity is really disruptive well are the things that comes with disruption is this challenge of security right 1:14:551 hour, 14 minutes, 55 secondsparticularly with the platforms that you're talking about social media in general what are the big concerns for the financial sector has been that it 1:15:021 hour, 15 minutes, 2 secondsall sounds pretty good that all this is disruptive and we should just embrace it but what about data security how does one address that issue when these have 1:15:111 hour, 15 minutes, 11 secondsto go big scale let me answer that question in two different ways again I will take a few comments from the few 1:15:191 hour, 15 minutes, 19 secondspointers from from the audience here how many of you use Google how many of you 1:15:271 hour, 15 minutes, 27 secondsdon't use Google there is one person who doesn't use Google here why I asked that 1:15:351 hour, 15 minutes, 35 secondsquestion actually is because we actually give more information of our personal information away to the Google's the 1:15:441 hour, 15 minutes, 44 secondsFacebook's and the apples of the world voluntarily voluntarily or without choice yeah but we don't trust our own 1:15:531 hour, 15 minutes, 53 secondssystems our own governments because we don't have a choice we have given our life away Google knows I'm sitting in this room right now yeah I can bet yes 1:16:021 hour, 16 minutes, 2 secondsor no and then half of them have already checked into their pages before they came so if you do a search right now on Google on your on your smartphone 1:16:101 hour, 16 minutes, 10 secondsor your Apple phone they know everything about you but the point I'm trying to make is this is India's attempt to 1:16:171 hour, 16 minutes, 17 secondsdecolonize ourselves digitally we are actually and I say this with a lot of meaning we are actually creating helping 1:16:271 hour, 16 minutes, 27 secondsourselves stay away from digital colonization now when we talk of privacy we have to understand that these are 1:16:351 hour, 16 minutes, 35 secondsvery secure systems we have to make them more secure but you know there is there are privacy to that extent the 1:16:441 hour, 16 minutes, 44 secondsgovernment is best suited in our country I would rather trust my own government with my data than anybody else as simple as that now second question is about 1:16:531 hour, 16 minutes, 53 secondssecurity I think very stringent data security norms should be made I think we all should be and and that's that's 1:17:011 hour, 17 minutes, 1 secondsomething I want to share with this community the biggest problem I and as consumer I am sharing this feedback is people don't value people's private data 1:17:101 hour, 17 minutes, 10 secondsso people change banks they will carry their the customer lists the client 1:17:171 hour, 17 minutes, 17 secondslists with them yeah so yesterday were view Bank X tomorrow you would disclose that I was a second order the 3rd what's 1:17:231 hour, 17 minutes, 23 secondsup user in India so it's come a long way and and it's just aside one of the 1:17:311 hour, 17 minutes, 31 secondshidden tools in our campaign was whatsapp many people don't know this it's acting very strategic very very strategy you can use it very 1:17:391 hour, 17 minutes, 39 secondsinterestingly we've really mastered how to use whatsapp very well now what is 1:17:451 hour, 17 minutes, 45 secondswhat is this theory with whatsapp today all of us use whatsapp we create groves we share this we shared this information 1:17:541 hour, 17 minutes, 54 secondsthe next thing that is happening with whatsapp is something that you can be very interested about is that whatsapp is getting integrated with customer 1:18:041 hour, 18 minutes, 4 secondsservice so far whatsapp was a communication to sharing tool you take photographs you put it there you you you 1:18:121 hour, 18 minutes, 12 secondsknow publish some information for your clients they see it they like it yes or no but it was always you know in a group 1:18:211 hour, 18 minutes, 21 secondsit was ok but for you had to you know understand if you took ten thousand twenty thousand what's up every day you couldn't do that but 1:18:301 hour, 18 minutes, 30 secondswhatsapp is bringing about is whatsapp for business where it is integrated at the back end with your CRM with your 1:18:391 hour, 18 minutes, 39 secondscustomer service saying whatever so you can now have responses you can action items based on how people are responding 1:18:471 hour, 18 minutes, 47 secondsto you on whatsapp I believe that's the big movement happening from just using 1:18:541 hour, 18 minutes, 54 secondswhatsapp for communication and information sharing you can now use whatsapp as a tool to conduct business 1:19:021 hour, 19 minutes, 2 secondsas a tool to conduct give customer service as a tool to do trades as a tool to do anything it can actually be a 1:19:101 hour, 19 minutes, 10 secondsplatform rather than just a communication technology or a chatting tool so it's going away from being just 1:19:181 hour, 19 minutes, 18 secondschatting to being a proper proper platform which can then like email or like the internet will become so it's 1:19:271 hour, 19 minutes, 27 secondsalready so pervasive so that's exactly what they've done they put it on everybody's phone and what they have done this year they made it free you 1:19:361 hour, 19 minutes, 36 secondsknow this or not whatsapp has made you made the thing free life long now and men will ask me if they are free they 1:19:441 hour, 19 minutes, 44 secondsdon't make any money the the best revenue they did was about fifty sixty corrode rupees and they are worth a whopping do you know how much whatsapp 1:19:531 hour, 19 minutes, 53 secondsgot sold for how many about that much 1:19:591 hour, 19 minutes, 59 secondstwenty two billion dollars twenty two billion dollars sixty people don't 1:20:071 hour, 20 minutes, 7 secondscharge any fees that's their game that amount of data the amount of data that 1:20:141 hour, 20 minutes, 14 secondsthey are generating on their platform is unimaginable and that's what I make money by the way whatsapp is not doing this for charity 1:20:231 hour, 20 minutes, 23 secondsand Facebook definitely not is for charity Facebook owns whatsapp now so they don't do charity the point being 1:20:321 hour, 20 minutes, 32 secondswhatsapp is becoming a serious platform for us to conduct business so far it was a very personal tool to 1:20:401 hour, 20 minutes, 40 secondschat to communicate to share family friends this and that but now with its new integration what's up for business 1:20:491 hour, 20 minutes, 49 secondswhat's up for CRM everything it's becoming very pervasive and it's on everybody's phone and and why that is important and I just don't I don't want 1:20:581 hour, 20 minutes, 58 secondsto talk about just whatsapp as a whatsapp I'm saying all these technologies the things that are on your phone these messengers or chatting things they are so pervasive that 1:21:081 hour, 21 minutes, 8 secondseverybody uses them they're available to everybody every single person who has that smartphone in India the 350 million 1:21:161 hour, 21 minutes, 16 secondspeople 250 million people who are there on smartphone and the 350 million who are on the Internet they all have whatsapp and because of 1:21:251 hour, 21 minutes, 25 secondsthat it is the easiest thing to use today it's easier to go on whatsapp and 1:21:331 hour, 21 minutes, 33 secondsdo something then put it on Facebook or put it on on a website easiest whatsapp and because of that just to give a 1:21:401 hour, 21 minutes, 40 secondsmessage or send something the pervasiveness the easiness of it the language is in it the support that language is having it it's making it the 1:21:491 hour, 21 minutes, 49 secondstool of choice for all of you and you have to think about how you can leverage it to do your businesses a lot more 1:21:561 hour, 21 minutes, 56 secondsbetter give advice and also a small warning hear more rumors get floated on whatsapp than anything else so please be 1:22:051 hour, 22 minutes, 5 secondsvery sure of what information you are consuming on whatsapp before believing it because I get rumors every day earlier I used to get it on email now I 1:22:141 hour, 22 minutes, 14 secondsget it on whatsapp somebody has died somebody has happened somebody has bought this company somebody has done that so standard rumor market has not shifted on whatsapp and that the 1:22:231 hour, 22 minutes, 23 secondsinteresting part it is free so people love to do it even more now so please be very careful information needs to be 1:22:301 hour, 22 minutes, 30 secondstrusted and and reliable and people will trust you with that in for your information the information you start sharing with your clients and your 1:22:381 hour, 22 minutes, 38 secondsbusiness associates when you make sure that you use the information in a very trustworthy reliable manner you use that 1:22:461 hour, 22 minutes, 46 secondstechnology in that manner if you start sharing you know jokes and business communication in the 1:22:551 hour, 22 minutes, 55 secondssame platform the reliability of your information goes away and that's that's a one big critical mistake people make 1:23:021 hour, 23 minutes, 2 secondsin communication they mix communication platforms so a very heavy topic as India 1:23:091 hour, 23 minutes, 9 secondsin the India stack which is transforming becoming paperless eky see attached with a ha but a very simple thing as whatsapp 1:23:181 hour, 23 minutes, 18 secondsas a front-end making your customer service customer interaction very very easy these two things I believe are 1:23:281 hour, 23 minutes, 28 secondsreally transforming something very applicable to you there are a lot of things happening in the payment space I 1:23:351 hour, 23 minutes, 35 secondstalked about you know this whole India stack and in this the exciting thing in 1:23:421 hour, 23 minutes, 42 secondsthis is the payments layer that we are building in today if again if you think if this whole process of customer 1:23:511 hour, 23 minutes, 51 secondsonboarding you go to a customer you convince them you talk to them saying you need to invest in this mutual fund or whatever it may be and they say yes 1:23:591 hour, 23 minutes, 59 secondssitting right there you you and both the customer do the KYC take their Aadhaar the fingerprint they are on-boarded you 1:24:071 hour, 24 minutes, 7 secondsdon't need to do any any further paperwork the second thing is they need to then give you a check right to make the investment in the fund something 1:24:151 hour, 24 minutes, 15 secondslike that that is all getting that also you carry a payments application online just the app and say press this button 1:24:241 hour, 24 minutes, 24 secondsaccount gets transferred the money gets transferred right there and then they can again authenticate that transfer of the money with the new payments layer 1:24:321 hour, 24 minutes, 32 secondsany mobile phone is a complete Bank branch any mobile phone it's not supposed to be ringing its ringing any 1:24:411 hour, 24 minutes, 41 secondsmobile phone is a complete bank branch that's what I want to tell you and that's a big revolution India is creating this revolution in the world 1:24:491 hour, 24 minutes, 49 secondsnobody is able to I mean people in the world are appreciating the FinTech revolution that India is bringing about because we are making it a public good 1:24:581 hour, 24 minutes, 58 secondswe are making it at a cost that nobody has ever done before we are made doing it at us of a billion