Financial services technology 2020 and beyond

It is absolutely fact that, Financial Inclusion in rising India.

In a disruptive world, workforces must be built to adapt, to embrace new business strategies and continuously learn new skillsets and the understanding changing customer needs and behaviours is, of course, hugely important. But the real deciding factor in the digital era will be the ability to evolve corporate culture. That means not simply taking advantage of emerging technologies but, critically, embracing the new business strategies that those technologies drive.

Secondly, the scope of the financial inclusion is not limited to only banking services but it extends to other financial services as well like insurance, equity products & pension products etc. Thus, financial inclusion is not just about opening a simple bank account with a branch in an unbanked area.

Embracing disruption examines the forces that are disrupting the role, structure, and competitive environment for financial institutions and the markets and societies in which they operate. The post-crisis regulatory frameworks have been gradually settling into place, and financial institutions have been adjusting their business models accordingly. As per PWC: It is now becoming obvious that the accelerating pace of technological change is the most creative force-and also, the most destructive one-in the financial services ecosystem today.

In India, the government is committed to its target of increasing the inclusion of every household in the financial system so that the masses can get all the legitimate benefits arising out of the growth of the country and in turn, the funds mobilised from the people not earlier in the formal channel could also be brought in the formal channel thereby giving the economy of the country an extra thrust to lead the path of growth. Said, Arjun Ram Meghwal, Ministry of State For Finance and Corporate Affairs, Government Of India.

To summarize, You can’t solve this challenge just by consuming more and more technology. Nor, as some fear, by replacing humans with machines. Instead, enterprises must focus on enabling people – consumers, employees and ecosystem partners – to do more with technology. That demands a digital corporate culture enabling people to continuously adapt, learn, create new solutions, drive relentless change, and disrupt the status quo. In an age where tech is grabbing the limelight, true leaders will, in fact, put people first.

Tags: Financial services technology 2020, Financial services technology, Financial Inclusion in rising India,  Arjun Ram Meghwal, Ministry of State For Finance and Corporate Affairs, Government Of India, PwC Financial Services Technology 2020, Embracing disruption