The Changing Landscape of Financial Services
Convenience is Key
Financial Services – Did you know that convenience is super important in the world of finance? According to KV Kamath, Chairman of Jio Financial Services, companies that focus on making things easier for customers can really shake things up in the industry. He talked about how the financial services sector is changing faster than ever before, with both old and new companies adapting to meet the needs of customers who want things to be quick and easy.
Disruptive Forces at Play
Kamath mentioned that broking is already being disrupted, and next up could be Asset Management Companies (AMCs). He also pointed out that rules and regulations can make it tough for fintech companies to make money, but as long as they keep their focus on making things convenient for customers, they can stay competitive in the market. The way people are depositing money in banks is also changing, showing that big changes are happening in the financial world.
The Role of Technology
Kamath stressed the importance of having a CEO who can lead the way in making changes, especially in banks that are still using old systems. He talked about how modern systems can be set up quickly and easily, unlike the old ways that took forever. By embracing technology and making sure everyone in the company understands how it can help, businesses can transform and stay ahead of the game.
The Future of Banking
Technology is key in setting up new banks, but it also depends on the rules set by regulators. Kamath mentioned that Small Finance Banks (SFBs) have the potential to become neo banks, which are like the low-hanging fruits just waiting to be picked in the ever-changing financial world.