Updated: Jun 25, 2019
The movement for worldwide universal financial inclusion has begun. In fact, at the Fintech Festival in Singapore, Prime Minister Narendra Modi announced that financial inclusion has become a reality for 1.3 billion Indians pitching India as a favorite destination for investments. When his government came into office in 2014, Prime Minister Modi had one mission “touch the lives of every citizen by providing a solid foundation to financial inclusion”.
It was not an easy task; however, with the help of technology, within a short few years and with the power of Fintech and the reach of digital connectivity – they started a revolution of history, speed and skill. While others shook their heads saying it could not be done, Prime Minister Modi and his tech savvy team rolled up their sleeves and set a goal to give every Indian a bank account within three years. Since the movement started, 330 million new bank accounts have been opened – that’s 330 new sources of identity, dignity and opportunity. In 2014 less than 50% of all Indians had bank accounts; now it is nearly universal!
More than a billion bank accounts to Indians
More than a billion new cell phones to Indians
More than a billion residents building new financial opportunities
History has shown that the first to embrace new technology gains the upper hand; we are in a new age and have come a long way in such a short time moving from desktop to cloud and from the internet to social media. Technology is defining competitiveness; at the same time changing the character of the global economy while creating boundless opportunities to transform people lives. Recently, financial service providers undertook research to locate insights into how the technology industry is affecting banking, particularly focusing on millennial's’ perception.
Fourteen percent surveyed believe major conglomerates such as Apple and Google will eventually become financial institutions to replace traditional banks in the eyes of consumers.
“The rise of the smartphone and rise of the middle class is coming together to drive demand for the next generation of banking products and services; this newly banked population is skipping traditional brick and motor methods to use mobile.
Northeast Capital Fund II recognizes the benefits of utilizing technology in the financial industry; more importantly, we will not rest until we have reached our goal to bring global financial inclusion to all!
Ani. (2018). Financial inclusion has become a reality for 1.3 bn Indians, says PM Modi. Economic Times. https://economictimes.indiatimes.com/industry/banking/finance/financial-inclusion-has-become-a-reality-for-1-3-bn-indians-says-pm-modi/videoshow/66615578.cms
Samuely, A. (2018). Millennials believe tech giants will replace traditional banks: report. Retail Dive. https://www.retaildive.com/ex/mobilecommercedaily/why-millennials-believe-tech-giants-will-replace-traditional-banks-report