Democratisation of Financial Services & New Business Graduates
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My address to students of business management students of Rukmini Devi Institute of Management Studies, Delhi on March 20, 2018 on how public access to financial services despite its impressive growth remains limited and how this is changing thanks to Internet access, digitzation, regulation, financial inclusion initiatives and innovation. What the financial services landscape will look like in 2020 and what business graduates need to prepare for.
Democratisation of Financial Services & New Business Graduates
- 1. Democratisation of Financial Services & New Business Graduates Address by Udayan Ray, Founder, FundooMoney, at the Rukmini Devi Institute of Advanced Studies, Delhi, on March 20, 2018
- 2. Growth Contradictions of Financial Services
- 3. ^ As on March 2017, RBI Annual Report # As on March 2016, IRDA Annual Report 13.86 11.0 21.29 Mutual Funds ^ Life Insurance# Health Insurance# Growth (% in percent)
- 4. Mutual Funds ^ Life Insurance# Health Insurance# Assets (Rs crore) 1,353,443 2,502,068 27,457 ^ As on March 2017, RBI Annual Report # As on March 2016, IRDA Annual Report
- 5. 3.2% of financial assets* Mutual Funds ^ 3.2% of the population** Life Insurance# 1% of the population** Health Insurance# Coverage ^ As on March 2017, RBI Annual Report # As on March 2016, IRDA Annual Report * Nasscom Report: "How Internet is Changing India ** KPMG India-Google Study, 2016
- 6. Why Rapidly Rising Internet Access Will Change The Game By 2020
- 7. Almost one in every six Internet users across the globe will be Indians Source: Nasscom report How Internet is Changing India
- 8. 75% of new Internet user growth will arise from rural India Source: Nasscom report How Internet is Changing India
- 9. 70% of e-commerce transactions will happen through mobile Source: Nasscom report How Internet is Changing India
- 10. 70% of online shopping to happen through mobiles Source: Nasscom report How Internet is Changing India
- 12. Technology
- 13. Government Initiatives Financial inclusion, boost to digital finance and formal economy
- 14. Regulation Greater accountability & primacy to advisory models
- 15. Innovation
- 16. The New Financial Services Landscape
- 17. Digitization of Transactions & Processes
- 18. Ascendancy of Quality Advice & Value Added Services
- 19. Data & Analytics Based
- 20. Co-Existence Of Mass Market & Mass Affluent
- 21. Customer Centricity Greater understanding of present and future customer needs Needs-based solutions & family-focussed offerings (asset allocation & family goal planning) Enhanced customer experience on physical and online touch points Focus on customer engagement & retention Significantly higher need for upselling and cross-selling
- 22. What Business Graduates Need to Prepare For
- 23. Dynamic And Technology-Led Competition
- 24. Continuous Education Persistent need for new certifications and training of self and subordinates
- 26. Dynamically changing regulations Real Time Customer Engagement Use of multiple methods and digital platforms including social media
- 27. Performing In Expert Team-Based Creation Of Solutions