India’s Leading BFSI and FinTech Companies 2022

33 Experts’ View India’s Leading BFSI and FinTech Companies 2022 to the exponential unfoldings of IR 4.0. There is no other way to harness a creative revolution of disruptions and fusions. IR 4.0 business models today have acquired a potential to be of utmost use-value in public interest. Time has come now to frame IR 4.0 National Policies by encouraging a balancing discourse on economic stability, governance principles, fair competition, and planned workforce transitions. C. Delivered Value of the Blockchain Revolution for the Indian Insurance Industry 2014 was a turning-point for ongoing Blockchain Revolution when research on the subject shifted its focus-balance from “crypto- currency” profiteering-mania to other business domains of potential use-value. In 2015, the Ethereum Frontier network was launched, enabling developers to write smart contracts and decentralized apps that could be developed to a live network. Another development of public-interest significance was also in 2015 when Linux Foundation launched the Hyperledger project and nine major investment banks joined forces to form the R3 consortium, exploring how blockchain could benefit their operations. The Public-Interest phase of the Blockchain Revolution since 2015 has gone on getting strengthened in a really big way. The Blockchain innovation landscape in the insurance industry has grown from smart contracts to proof-of- stake systems in just ten years. Within underwriting, the technology has transformatively helped reduce costs and sharpen risk assessment. It also has by now a proven potential to radically enhance client onboarding, fundamentally alter claims submission processes, and promptly detect frauds. In combination with the Internet of Things and Artificial Intelligence, Blockchain Technology further strengthens automation of insurance processes to emerge as a proposition for a paradigm shift in the industry. Revamping of India’s health insurance sector is being attempted; Blockchain in this endeavour has a huge capability to generate stakeholders’ trust with growth. What should be India’s vision on the Next Steps for the BFSI sector? A. Blockchain Technology Paras 111 (Central Bank Digital Currency) and 131 (Scheme for Taxation of Virtual Digital Assets) of Finance Minister’s Budget Speech dated 1.2.2022 are important decisions of the Government of India. They indicate two of the Next Steps fairly well and are in tune with the global moral concerns. It has to be seen how things within the country work out during FY 2022- 23 and how systematically policy- options get narrowed towards a meritorious resolution. B. FinTech Risk Landscape FinTech Intermediation in India has acquired excellence and resilience. However, there are some warning-signals on risks. They have been highlighted by the Bank for International Settlements [Implications of FinTech Developments for Banks and Bank Supervisors (February, 2018)]. Newer responses to disruptions and fusions in markets have emerged since then. Laws on FinTech Regulation therefore, need a study and review by the Law Commission of India. C. Economics of Technovation Attention of policy establishments has been drawn to innovation economics insights that view productivity directly linked to the growth of innovation, treat innovation as an emancipatory public value, and recommend investments in human capital far above the usual residual thresholds. We get a glimpse of this insight in the writings of Paul Romer and Mariana Mazzucato. India should use these for reforming its IR 4.0 strategies of growth and transition. D. Business Model Innovations Firms within nations need to evolve reform-sensitive multi-faceted business models to optimize opportunities, integrate systems and networks, and determine performative values. Business Models, in International Financial Reporting Standard 9; Financial Instruments of the International Accounting Standards Board, have acquired an accounting method dimension too. It is a silent revolution in banks’ business models and should be implemented early. E. Competing on Big Data Analytics India’s public sector banking-reform strategy EASE 4.0 has a strategic component on big data analytics. It’s key document (August 26, 2021) highlights the need to accentuate the efforts taken till now and invest in building dedicated teams for mining and leveraging big data. Big Data Analytics is the new science of winning. We have to keep our agile pool of competent manpower ready for the requirements of IR 4.0, Dun & Bradstreet