Fintech will revolutionise financial sector, advance inclusion – Shri. V.P.Nandakumar
What the future holds
Financial institutions that master these data-driven advantages will enjoy increased operational efficiency and business performance. From general management at the macro level, the shift will be to “lean management of detailed processes and performance.” Profit-centric will give way to customer-centric, and a comprehensive risk-management culture will take over from the current focus on containing collateral-damage.
In the coming decade, big data will make inroads into the financial sector at an increasingly faster rate, sparking a new wave of innovation and creativity. It will trigger the emergence of new commercial formats, such as increasingly sophisticated Internet banking and mobile finance. Next-gen technologies like voice-based payments, biometrics and iris authentication through mobiles, QR codes, wearable devices and internet of things will play a significant role in driving the adoption of digital payments.
Armed with vast consumer transaction data, many Internet start-ups will also emerge within the financial sector. Their focus will be on creating and capturing what is called “white space” opportunities. These are the new profit growth opportunities that emerge by determining potential gaps in existing markets, either by identifying entirely new markets, or by “mapping incremental innovation in products or services.”
In short, we are heading for exciting times where technology will be the next big disruptor fostering innovation and hastening obsolescence, at a pace that will surely leave many existing players behind.
Shri V.P. Nandakumar
MD & CEO
Manappuram Finance Ltd.
and Chairman of CII, Kerala State Council
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