FINOMENAL 2016: Day 1: “Disruptions in the Financial Services Industry”-Mr.Gajendra Kothari, Managing Director & CEO at Etica Wealth Management Private Limited

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Mr. Gajendra Kothari started off by quoting technology is the heart of our business. It has changed the way we experience things.

Taking the discussion forward, he said we are increasing moving towards sharing economy. We are spending on infrastructure and branding activities like never before. He mentioned that the beauty of technology is that there are problems as well as solutions. All form part of an ecosystem. He provided the example of whatsapp moment to illustrate the same.

He further mentioned about JAM Trinity-Jan-Dhan, Aadhar, Mobile connectivity. According to him, technology has eliminated leakage of funds to middlemen, transacting directly from government to end-users i.e. the poor. In other words, we consume what we disseminate.

He provided several other examples like IMTF (Instant Transfer of Money), Digilocker, Square Credit Card Reader, smartphones with integrated Aadhar, Now deposit checks on the go! (mobile app) etc. that have made our lives better by the click of a button. He also mentioned about UPI to make and request transactions and ecommerce sites, which have revolutionized, the consumer shopping experience. According to him, the technology moment would be when we enjoy paperless, signatureless and branchless economy.

He went to suggest the industries undergoing disruption in the financial sector include banking, insurance, asset management, wealth management and investment banking. Moving ahead, he highlighted the future trends comprising the rise of sharing economy, wearable technology, contactless payments, mass rollout and driverless cars.

However, he emphasized that there are certain challenges facing the technological growth including data confidentiality, faster replacements, robust infrastructure in terms of network and connectivity and standard conflicts.

He concluded the discussion by suggesting the students to constantly be up the curve with specialised courses like risk management, cyber security etc. He also stated in conclusion that regulators, not technology are causing disruption.

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