March 2021 Monthly Newsletter Volume 2 Issue 3     RBI Internal Working group on Digital Lending FCC wrote to the RBI expressing its interest to work on consultation and engagement with the Internal Working Group on Digital Lending. RBI requested the support from FCC to provide industry feedback on the pain points within the industry and the challenges faced in digital lending operations in terms of business conduct practices, technological practices, regulatory and statutory gaps as well as customer protections and data privacy. FCC made its representation to the RBI with the industry suggestions to resolve the critical issues in the digital lending industry. SEBI consultation paper on ‘Role of KYC Registration agencies/MII’s in performing KYC of clients in securities market’ FCC submitted its industry suggestions to the SEBI on the proposed role of KRAs/MIIs (Stock Exchanges and Depositories) in performing KYC of the clients in Securities Market. SEBI has requested for industry feedback on its consultation paper which detailed the role of KRA’s to perform KYC as currently performed by RI’s. The industry suggestions also thanked SEBI for its proactive steps taken towards harmonizing the KYC process to be more robust and digital. Submission to RBI on allowing in-app notifications as an option for sending transaction alerts for PPIs PCI made a request to the RBI to allow the option of transaction related information to be sent to customers either via SMS or in-App notification or email. The submission also put forward that for feature phones the SMS transactions may remain as the default mode of transaction alerts. PCI made this submission considering the increasing cases of fraudsters using fraudulent and phishing SMS to defraud customers pretending to be sent by the Regulated Entity. In addition to reducing frauds in the industry, PCI believes that this will benefit the start-up ecosystem in Fintech and Banking space immensely. Submission of the targets to the RBI for Payments Infrastructure Development Fund (PIDF) PCI submitted the targets taken up by the industry for the deployment of physical and non-physical payments infrastructure for the first year of the implementation of the scheme. The PIDF scheme is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments. The scheme will be operational for a period of three years from and may be extended for two more years depending upon the progress. Industry 4.0- Driving the Customer Experience Transformation On 17th February 2021, IAMAI along with Oracle, organised a roundtable discussion on Industry 4.0, the boundary between physical and digital is blurring fast, paving way for deeper integration of automation & data in technologies and processes, in manufacturing products, selling them or in customer support. Customer behavior & expectations, however, are changing at an even faster pace. In such a highly dynamic environment, delivering an excellent customer experience becomes imperative to differentiate. Organizations in the manufacturing sector need to unlock the value of data in real-time and have a 360 view of customers to understand them and leverage it for sales planning, optimization to service customers & deliver experiences that matter. The panel deep dived into the challenges specific to the manufacturing sector and discussed the best practices from integrating customer data for their unique view to gaining the right technology to shaping the desired experience.  The round table discussion was attended by  Mr. Ajay Dhyani, Head- Marketing & Ecommerce, Timex Group, Mr. Amit Sethiya, CMO, Syska, Mr. Amitava Aich, Principal Solution Consultant, Oracle CX Cloud Solutions, Mr. Aniruddha Haldar, VP- Marketing, TVS Motor Company, Mr. Prashant Kolleri, Consumer Insights Lead- South Asia & FMCG Lead- South Asia, Middle East & Africa, NielsenIQ, Mr. Rajeev Malik, VP & Head Marketing-CVBU, Mahindra & Mahindra. Fintech Connect - Customer Experience in the new Economy a Fintech Perspective On 24th February 2021, IAMAI along with Freshworks organised a virtual roundtable discussion on how has consumer behavior changed, how organizations are responding to this change, challenges in prioritizing and implementing change and how they are enabling customer facing employees to tackle burnout and fatigue along with measures taken to keep employees positive and motivated. Speakers at the roundtable were Mr. Anil Sinha, Chief Technology Officer, EarlySalary, Mr. Ashish Ahuja, Chief Operating Officer,  Fino Payments Bank, Mr. Sarath Chandra, Chief Information Officer, Airtel Payments Bank, Mr. Virender Bisht,  Co-founder & CTO, Niyo Solutions &  Mr. Sandeep John, Head of Field Marketing, South East Asia, Freshworks Scaling Profitability: Match Solutions that unlock d2C Hyper-Growth On 25th February 2021, IAMAI long with Netcore organised a invite only virtual roundtable, which bought together leaders from the E-Commerce sector to discuss on Key challenges on the path to D2C e-commerce growth - in terms of customer acquisition, engagement, conversion, and retention, the role, implementation, and impact of personalization across multiple touchpoints of a shopper's buying journey - in order to deliver delightful customer experiences, the use of marketing technology and advanced analytics to identify and ring-fence best/most valuable customers - in order to maximize CLTV and long term revenues and Strategies, tools, and tactics to achieve customer retention at scale. Participants of the Roundtable were Mr. Bharat Sethi, Founder & CEO, Rage Coffee, Mr. Champ Alreja, Co-Founder & CBO, GOQii, Mr. Dhyanesh Shah, Co-Founder, Mosaic Wellness, Mr. Ishendra Agarwal, Founder, GIVA  & Mr. Manish Chowdhary, Co-Founder, WOW Skin Science Report on Gaming: As the Indian gaming industry crosses the billion dollar mark, the need to accurately portrait the landscape of gaming in India quickly became a necessity for entrepreneurs and policy makers alike. Taking cognizance for the need for such a resource, IAMAI, in collaboration with Ikigai, has published a comprehensive report aimed at unpacking the billion dollar industry of digital games and sports in India. The report has accounted for the types of games in India, the trends the industry has been following, the opportunities for economic growth it offers, and the societal and legal sentiment towards gaming in India.  Govt. Notifies new IT rules, 2021:  The Government notified the new Information Technology (IntermediaryGuidelines and Digital Media Ethics Code) Rules 2021, for social media Intermediaries as well as Online Curated Content providers (OCCPs). IAMAI is in the process of working closely with members to decode what these notifications would mean for the industry and the way forward for concerned stakeholders.  Blockchain and Crypto Assets Committee (BACC)  The news of a proposed ban on Crypto assets by introduction of a bill in the parliament, triggered the entire crypto asset industry and users to take up the cause with the government, through the media interactions. The BACC worked with Nishith Desai and Associate to create an industry paper to be presented to various MPs as well as worked on a white paper to further represent with various ministries just before the start of current parliament session after recess. Major crypto exchanges represented by BACC are - Unocoin, Zebpay, WazirX, Paxful, Luno, Xignite, Pocketbits & CoinDCX.