4Ps of BFSI Ecosystem

To make financial services easily available to every Indian, India’s top professionals came together under the Bankers Meet Forum to create BFSI Vision 2022. The deliberations led to a unanimous conclusion that future growth of financial services will be rooted in a BFSI Ecosystem that enables, educates and empowers every Indian to carry out 5 Essential Financial Transactions. Creation of such an ecosystem will require a concentrated effort on the following,

Policy – A sound financial system needs a strong policy foundation to rest upon. To enable the BFSI Vision 2022 policy makers need to keep aligning and reinventing policies in tune with Digital India.

People – Both current and next generation bankers need to be retrained, skilled and oriented to understand the possibilities, capabilities and limitations of mobile as a platform for financial transactions.

Product – Business leaders from every domain of financial services need to think radically while questioning current presumptions and redesign each financial product to support the tiniest transactions.

Process – In a digitized society the financial organizations need to become Omni Channel and leverage the big data for bottom-line benefits by providing better customer service, cross-selling and predictive decision making.

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