To make financial services easily available to every Indian, India’s top professionals came together under the Bankers Meet Forum to create BFSI Vision 2022. The deliberations led to a unanimous conclusion that future growth of financial services will be rooted in a BFSI Ecosystem that enables, educates and empowers every Indian to carry out 5 Essential Financial Transactions. Creation of such an ecosystem will require a concentrated effort on the following,
Policy – A sound financial system needs a strong policy foundation to rest upon. To enable the BFSI Vision 2022 policy makers need to keep aligning and reinventing policies in tune with Digital India.
People – Both current and next generation bankers need to be retrained, skilled and oriented to understand the possibilities, capabilities and limitations of mobile as a platform for financial transactions.
Product – Business leaders from every domain of financial services need to think radically while questioning current presumptions and redesign each financial product to support the tiniest transactions.
Process – In a digitized society the financial organizations needs to become Omni Channel and leverage the big data for bottom line benefits by providing better customer service, cross selling and predictive decision making.