Impact of Digitalization on the Indian Financial System
Digitalization or digital transformation is more than just adopting cloud, social, mobile or big data technologies. It is about using technology to create new values or change the business model. Digitally transformed businesses typically create an ecosystem where all market participants and consumers participate. 1st July, 2015 is a day when an initiative was being taken by our honorable Prime Minister Narendra Modi towards “making India Digital”. The campaign aimed to connect rural areas with high speed internet network and to improve the digital literacy. Indian economy is growing at a fast pace that requires the people to be financial literate to take judicious decisions. After this digitalization, the financial transactions have to be done through internet. So, Digital financial literacy is gaining importance. This paper analyses the importance of financial literacy in today’s world. The finding of the study will identify the obstacles in the execution of various programmes to make India financial literate and strategies to execute these policies effectively and efficiently. There are some financial services providers that have taken on a back seat approach and observe the developments in this digitalization space. This is probably a safer approach given the risks and costs involved. On the other extreme end, there are also financial service providers who have yet to embark on any digitalization strategy. However, this does not mean they will not be able to leapfrog ahead once they have strategized their digital strategy.
Indian economy, Digital India, Financial literacy, Financial System
International Conference on Digital Economy and its Impact on Business and Industry
Dr. Amardeep D. Jadhav