Publication:Economic Times
Abhishek Bansal, Chairman, Abans Group reflects on what the next wave of financial innovation will look like
1. How have digital innovations opened a new world of possibilities for Indians in the financial markets?
A revolution in mobile and internet technologies in India has changed the way Indians trade in the stock market, purchase mutual funds, insurance policies or secure loans. India is witnessing a growing market for E-wallets, discount brokerage, E-insurance and quick-loan apps along with M-payment banks with the help of new-age technologies and Artificial Intelligence (AI).
A vast majority of India’s adult population are in the learning phase of applying digital financial concepts. Digital innovation is an evolving science with ample open platforms that will present service providers numerous opportunities in these largely untapped markets.
Digital innovation has now opened doors to the next-generation of consumers; financial service providers are now targeting Tier-2 andTier-3 cities after being successful in the metro cities. Easy availability of affordable internet access even in remote areas and low-cost mobile devices are increasing our data accessibility, and hence financial products such as direct mutual funds, E-insurance or instant online loans are within easy reach.
AI has helped traders and brokers identify better opportunities to transform conventional ways of trade execution. Currently, we have high-end mobile applications that understand the investor's goals and provide tailored investment advice. People are making informed decisions due to ease in comparing services, value and viability of financial products.
2. In your opinion, what will the next wave of tech-infused financial services look like?
The next wave of financial market growth would be achieved by various factors such as the introduction of low-cost, high-volume products. These products would create sustainable wealth for all stakeholders, be it customers or service providers.
Financial literacy and education will be the key in making people understand the importance of managing and growing their money with modern and sophisticated high-tech financial service platforms.