These are interesting times. Technologies are hitting inflection points. Mobile, big data, genomics, 3D printing are all integrating to work together. Besides, funding is now available. Softbank is going to invest billions of dollars in the next two years. In financial services, banks are under a lot of pressure. They are facing challenges from fintech firms. In China, at Alibaba, innovations are happening at scale. And in Andhra Pradesh, citizens’ services are available in an app. Fintech firms are now developing apps for customers that have a seamless interface whereas legacy banks pass books are chunky and not easy to navigate. An important revolution happening in banks is open banking where banks are being forced to open up data. We now have 25 challenger banks taking on legacy banks. In India, one of the most aggressive financial innovation is the UPI (United Payments Interface). This has happened because of the billion people in Adhaar. In China online and offline retail is creating a new retail experience. People are going to stores and scanning the things they need to buy and before they reach their homes, their groceries and even cooked food are delivered at their doorstep. In Andhra Pradesh, 750 citizen services are on one platform. You simply have to sign on with Aadhaar or KYC and there are government to customer, government to business services and for state government employees, there are government to government services.
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