Bridging financial inclusion with technology is key
Sonny Singh, Senior VP and GM of Oracle’s Financial Services Global Business Unit, tells Anup Jayaram how the company is helping facilitate digital banking in India.
Q. While the government is pushing for more transactions online, many people are wary of it. What is Oracle doing as part of this effort?
If you are going for financial inclusion and dealing with the scale that India has, the key is to bridge that with technology, which is dependent on infrastructure. So, the government has to make sure that infrastructure is available in not only Tier II and III cities, but all the way down to the villages. Without that you are going back to a very traditional method of putting human beings to conduct those transactions. We are working with banks to give them a variety of capabilities not only in technology infrastructure, but APIs that plug into the unified payments system and take advantage of authentication.
(See Business Today India for full interview)