Sanjiv Bajaj on driving financial Inclusion with fintech

To get closer to the customers in this digital age, industries have to get past the legacy systems for much more nimble innovation and execution in tandem with the regulators. In doing so, cloud, data and Artificial Intelligence will play key roles.

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Today, financial technology or fintech is changing the way we earn, buy, spend and invest. Fast adoption of technology is pivotal to financial inclusion with fintech as the biggest support in strengthening a country's economy, feels Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd.

“We are seeing a significant adoption across different aspects of the digital world, even in financial services (which is a heavily regulated sector). .. Institutions, especially incumbents will need to adopt digital as a way of life. The last year and a half have dramatically increased adoption across various customer segments. That is why the requirement of very solid, stable and scalable cloud infrastructure, becomes a prerequisite,” Sanjiv Bajaj said at Microsoft’s 2-day event Future Ready.

The role of technology in pushing financial services in rural regions among the younger population is paving the way for financial inclusion. Strong regulation often impedes innovation. Just with the disintermediation seen in financial services driven by fintechs, insurtech companies, the financial services industry is unravelling in how it accesses the customer. To know how the fintech space is strengthening the country.