To Hell with Digital

Industries of the future would come out of amalgamation of current industries, which were essentially built in Analog world. All success stories of Digital world have been about re-imagining of the current industries by Digital mavericks.

Alignment of different industries on digital platform will create the next set of winners. I can visualise Uber / Ola drivers selling financial products to customers through their trips. Driver anyways has basic customer information like name, phone no, address… kyc is pretty simple.. customer’s address can be checked locally…. customer usually carries kyc docs and even Aadhaar can be checked using biometric or iris. Incase there is a need for wet signature, customer is anyway in the cab to sign.

Customer can then deposit money for account opening through upi or other ways. By the time customer comes out of the car, he is ready with account.

With drivers meeting millions of customers across the country on daily basis, dependency on physical outlets would be reduced. Drivers can also sell insurance policies and much more….

Potential innovations around BFSI may be:

  • “Student Banking” by Toy store chains or even by School chains. These entities have access to future employees and incase, they can channelise this for financial literacy at an early age, then its win win for all.
  • Single mobile & digital platform for all banks, mutual funds, NBFCs would help in simplifying customers life. This would be similar to UPI platform and can help in simplifying banking for the masses. Imagine a customer requiring just one application to manage all his financial needs (payments / loans / investments / insurance). With all financial tools & analytics onboard (goal setting to need analysis), this may be the best tool for Digital India.

Many of us are still underestimating the impact of Digital and are saying “To Hell with Digital“. Digital journey may not be easy or even successful for most and we will continue to see many massive failures. However, Not taking Digital journey is the surest way to Hell as Disruption Tsunami is anyway on its way…

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