1. What is your take/comments on the Evolution of digital platforms, disrupting the way of banking –Do you think it will help faster the movement, increasing transparency or reduce security, increasing cybercrimes?
In the last few years, a wave of digital technologies introduced through social platforms and mobile payment services have highly impacted the banking landscape in the country. The wave of ‘influential technologies’, that includes robotic process automation (RPA), Internet of Things (IoT) instrumentation, artificial intelligence (AI), blockchain distributed ledger and shared infrastructure, and open banking platforms controlled by application programming interfaces (API), is empowering the banking industry and reshaping how financial institutions will evolve and operate in the near future, making a positive dent in the traditional banking systems. As the demand for digitally enabled banking services increase, we expect the banking industry to see unprecedented disruption, particularly with non-traditional banks and Fintech companies foraying into all segments of the banking space.
2. Future of Digital, Reimagine digital, what’s the next big thing?
Digital payments market is still in its nascent state in India. While the digital payments industry has witnessed a rapid and unprecedented growth over the past couple of years, there is a huge population that is yet to move to digital and adopt digital payment services.
However, pertaining to the limitless potential the industry has, the evolution of payments is on a constant go. UPI 2.0 is a classic example of the same. Reshaping our expectations and our ways in which we pay, the next big thing in the industry would be standardisation for the digital cash (currency). Another move that has already begun but is expected to amplify in the next few years is payments through social media. Interoperability of financial service platforms might also become a reality soon.
3. Though urban India is fast adopting the digital platforms, what do you have say about rural India. How are we preparing ourselves to prepare the Rural India for digital adaption?
Our recent observation has been that many of the semi-urban and rural area dwellers of the country are now steadily starting to emerge from the obscurity of digital payments and are adopting digital routes to make payments. Though the amount and frequency of the payments being made in these areas is quite low when compared to those made in the metro cities, we are optimistic about the fact that the number will soon go high with the combined efforts of the Govt. and private financial service providers. Freecharge, in line with Government’s vision of making India a digital first economy, aims to expand its digital payments services not just in Mumbai or Delhi or other metro cities, but also in tier2 and tier 3 cities. A decent amount of traction on the platform comes from cities beyond the metros.
4. Your views on The Economic Times BFSI Innovation Tribe and how important do you to feel is the need of organizing such summits, , that we all can collaboratively work towards the common goal
The ET BFSI summit has established itself as a catalyst, fostering such meaningful collaborations. Events like these can be great facilitators of real exchange of ideas and spark inspiration. It provides an opportunity to harness the collective knowledge of leaders, align them in a way that serves the common goal of driving innovation and enabling a future which fuels growth.