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 require a renewed environment.
The industry envisions a new Financial System deeply rooted in Digital Bharat. The Digital India campaign aims at putting a smart phone in the hands of every Indian by 2020. Together with new payment banks this will disrupt the business dynamics of BFSI. The branch network will lose significance and digital network will take center stage. Technology will increase access and reduce transaction costs. People will be able to do tiny financial transactions ubiquitously. This new ecosystem should allow the following,
Every Indian should be able to sign up for new financial products from their mobile using secure biometric authentication and UID data.
True financial education will happen if new financial products are bilingual, intuitive and easy to use just like currency notes or WhatsApp.
The value of a Billion Indians can be realized if new financial products leverage technology to allow transaction as small as Rs 1.
The financial providers need to embrace these changes and re-imagine the way in which financial services are produced and delivered. The future financial products should be designed to deliver electronically the 5 Essential Financial Transactions.
Creation of such an ecosystem will require concentrated efforts on 4Ps of BFSI.