DR. DEEPAK KUMAR SAHU, CHIEF EDITOR, VARINDIA
The lightning-speed of change, driven by technology, is taking us from the digital age towards a new reality. Organizations are making enormous strides and realizing the benefits of new digital business models and processes. We see examples of this everywhere in how people shop, work, learn, communicate, decide, respond and even elect leaders.
Now enterprises are at a crucial turning point with the emergence of a post-digital world. These technological trends have a huge impact on financial services. India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market. IoT, AI, blockchain and cloud computing are some of the technologies driving the change in how consumers interact and how they manage their money. The use of artificial intelligence (AI) and machine learning is allowing algorithmic or automated trading in the stock exchanges.
India has the potential to quintuple its digital economy by 2025 with the vision of a Trillion Dollar Digital Opportunity. Digital technology has become a vital factor in accelerating the pace of India’s economic growth as India is striving to become one of the early adopters of 5G technology, as the gig economy is becoming a key part of India Inc’s strategy and most of the professional gig economy segments will see a double digit growth in the next two years. Startups were early adopters of flexible talent and now, large corporates are driving the demand by leveraging independent consultant services and freelancers to pilot new product/service models.
Lastly, technology has the potential to disrupt the existing and future infrastructure requirements. It has the potential to drive efficiencies and in some cases make existing infrastructure obsolete. Hence, it is crucial for everyone to play the role proactively for driving the technology agenda.