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Mobiles to drive $985 bn financial services sales in India by 2022 (Lead, correcting headline)

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New Delhi, Sep 27 (IANS) By influencing purchases of credit cards, insurance and loans, mobiles will create $985 billion sales opportunity for financial services brands in India by 2022, says a new Facebook-KPMG report on Thursday.

By 2022, mobile platforms are expected to influence eight out of 10 credit card and insurance purchases, about six out of 10 personal loan purchases and around seven out of 10 other loan purchases, said the report, the fifth in the series under Facebook’s “Zero Friction Future” programme.

“India could not be more ready for a digital revolution in financial services – with government interventions on one hand and growing consumer awareness on the other,” Pulkit Trivedi, Director, Facebook India, said on the launch of the port.

“As more and more Indians access the Internet on their mobile phones, there is a big opportunity for financial companies to create a powerful digital experience that is intuitive, more seamless and free of friction points for their customers,” Trivedi added.

The report, titled “Eliminating friction in financial services path to purchase”, suggests that in the credit cards category, nearly 30 per cent of consumers drop out due to friction (consumer drop-off from their purchase journey) and nearly one-third of this friction is caused by media.

As for the insurance category, some 37 per cent of consumers drop out due to friction, and nearly half of this friction is caused by the media while in the loans category, nearly 32 per cent of consumers drop out due to friction and nearly one-fourth of this friction is caused by the media.

As per the findings of the report, mobile-enabled purchase journeys are shorter than offline purchases by 22 per cent for credit cards, 17 per cent for insurance and 8 per cent for loan categories.

“With increased penetration of smartphones and Internet, the number of mobile first customers for the financial sector is rapidly increasing,” said Gayathri Parthasarathy, Head, Financial Services – Advisory, KPMG in India.

“Also, with app economy gaining prominence, digital is surely bringing a paradigm shift in the way financial sector engages and services its customers today,” Parthasarathy added.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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