India’s Leading BFSI and FinTech Companies 2022

32 Experts’ View India’s Leading BFSI and FinTech Companies 2022 How should we conceptualize ‘Technovation’ as an opportunity? ‘Technovation’ requires an Economic Theory exposure for adequate conceptualization. Otherwise, its literal meaning, as a combination of two words ‘innovation’ (i.e., invention, discovery or development) plus ‘technology’ (i.e., the application of scientific knowledge to the practical aims of human life), is clear to a reasonable extent. Economic Theory insights go beyond the lexical comprehension and bring us closer to the dynamics of the organized world of firms, markets and the legal system. Details show that the insights of this nature are four: A. Process of Creative Destruction [Joseph A. Schumpeter (1942)] B. Theory of Innovative Disruption [Clayton M. Christensen (1997, 2003 & 2013)] C. The vision of Technological Work Structure [Peter F Drucker (1967)] D. The concept of Entrepreneurial State [Mariana Mazzucato (2013)] How has Technovation impacted the post-2008 BFSI world? A clarity on the epistemic significance of the year 2008 is needed to discern a meta-policy breaking-point in history. The Global Financial Crisis surfaced, and a white-paper on peer-to-peer electronic cash-system was released in 2008. The first dismantled the entire edifice of the neoliberal policy-precept; the other ushered-in what we now know as the Blockchain Revolution. Both had foundational ramifications for the human good because they turned out to be sharp learning lessons for the post- 2008 strategic re-thinking. In the arena of Technovation for the BFSI specifically, we can highlight contemporary relevance of the following: A. Banking: Situating FinTech Intermediation in Banking B. Financial Services: IR 4.0-based Business Models C. Insurance: Delivered Value of the Blockchain Revolution How has the Technovation Process in the BFSI sector unfolded in India? Broad contours of the post-2008 Technovation Process Unfolding can be delineated in terms of strengths and opportunities as well as weaknesses and threats. Strengths have demonstrated five success- points (agility, scalability, designing, integration, and analytical rigour), while opportunities have functionality been dependent on the seamlessness of reinvention, re-engineering, re-skilling, and collaboration. Weaknesses have surfaced when sovereign concerns on volatility and risks did not adequately get addressed, while threats have emanated when States lost their moral edge on regulation. A. FinTech Intermediation in Banking in India FinTech Intermediation in Banking in India has been an endeavor in which all the stakeholders have behaved with remarkable maturity and insight. We can understand this in the context of the challenge spelt out succinctly in the Bali FinTech Agenda (2018) that policymaking shall have to strike the right balance between innovation aintegrity. Governments were also cautioned to show policy vigilance on the adoption process to ensure that economies remain inclusive and resilient so as to capture full benefits. B. IR 4.0-based Business Models for Financial Services in India India has an open, innovative and dynamic financial services sector. It is a cumulative creative achievement of the State and Society which, however, shall enter a historic phase only when systems gather further agility and reform-input to respond Dr. Amitabh Rajan Chairman - Services Board Reserve Bank of India Dun & Bradstreet