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FinTech : Trivial to Substancial

I start with very simple real life anecdotes to drive home the import of the two words i.e Trivial and Substantial. It will help us realize that out of so many many things that we do as part of our normal routines, some fall in the category of trivial and some in substantial. It all boils down to the need to evaluate the choices for the implications particular to any person before he or she takes the plunge.

Talking about the intrusion of technology in our lives , the way it is has affected us and is shaping the coming generations – there are many decisions such as booking a cab, ordering food online and booking a movie ticket which have become trivial courtesy, the all pervasive technology.While we are happy doing many of our daily chores the tech way, there are many decisions which are substantial and we are still in the process of evaluating, whether to allow technology to take over or not. Stressing upon the growing power of computing, I add that the future is all about plethora of digitized information and the availabilty of different technologies primed to make the most out of the same. This interplay and synergy of varied technology towards communal use of data can be termed as “Recombinant Innovation” ¬†. In the times to come we would witness an ecosystem ruled by high end computing methodologies such as NLP (natural language processing), RPA (Robotic process Automation) and may be Blockchain. Further to this there would hardly be any aspect of our lives left untouched by various shades of automation and artificial intelligence.

The evolution of financial sector in modern times will give us a peek into the role the robots and AI are playing in fields of potfolio construction, trades, payments and settlements. The philosophical premise of trust or lack of it behind any financial deal is precisely the spot where many startups have come up with the sole mission of providing solutions to big companies and governments by using computing power and algorithms to determine fair play and transparency. A good example is how Blockchain as a technology is threatening to make a paradigm shift in the Financial sector by empowering millions across the globe to authenticate and transact immediately and without costly intermediaries. In future, finance and technology look more and more intertwinedb.

Trivial Powers of the technology and it’s substantial ramifications

 Material used for my session at IIM :-  From Trivial to Substantial

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