Democratising Digital Transformation
'UPLIFT'ing Bottom of Pyramid
In the journey of sports and life, setbacks and failures are the threads that weave the fabric of resilience. Our unwavering support has fueled the Indian Cricket team through victories, creating memories etched in glory. Today, as the shadows of defeat loom, remember that this is not the end but a pause in a remarkable story. Like I write in the OTW section, we would come back again stronger.
UPLIFT the Game and Nation.
DTW
During the Week, RBI ordered Bajaj Finance to stop lending via 'eCOM' and 'Insta EMI Card' with immediate effect because of Digital Lending guidelines violations.
Over time, we have seen an overlap between traditionally distinct business models like micro-finance products and small consumer loans. But recent developments suggests that there is some regulatory arbitrage of certain fintechs doing micro-finance kind of transaction albeit for consumption loans instead of income generating credit. I have written earlier about how the platforms like CRED, Zerodha and many others are shaping money. This shape has characteristics of Personalised, Tech-Enabled and Fun.
But many developments on the edges of the regulatory frameworks have also led to democratisation of fruits of digitalisation and access to resources to the bottom of the pyramid. We could use the UPLIFT framework for Digital Transformation at the Bottom of the Pyramid. In the journey towards digital transformation at BoP, the UPLIFT framework might point to a path, beginning with "Ubiquitous Access." This approach ensures that digital technologies are not a privilege but a universal right, reaching the farthest corners of society. The subsequent pillars—Personalized Solutions, Local Empowerment, Inclusive Innovation, and Frugal Technologies—form a cohesive strategy for uplifting the bottom of the pyramid through tailored, accessible, and sustainable digital transformations.
Ubiquitous Access: Ubiquitous Access underlines the commitment to democratize digital technologies, ensuring they transcend geographic and economic barriers. This involves creating an infrastructure that reaches even the remotest areas, providing reliable internet connectivity and access to essential digital services. By fostering inclusivity, this pillar aims to bridge the digital divide and make the benefits of technology universally accessible.
Personalized Solutions: Personalized Solutions cater to the diverse needs of individuals and communities at the base of the pyramid. This involves tailoring digital solutions to address specific challenges, preferences, and cultural nuances. It goes beyond one-size-fits-all approaches, recognizing the unique circumstances of different demographics. Through customization, technology becomes more relatable and impactful, fostering meaningful engagement and ensuring that digital interventions resonate with the people they aim to serve.
Local Empowerment: Local Empowerment focuses on building digital capabilities at the grassroots level. This includes initiatives for digital literacy, skill development, and entrepreneurship. By nurturing these competencies, local communities become active contributors to the digital economy. Digital skills empower individuals to harness technology for personal and economic advancement, fostering self-reliance and resilience in the face of challenges.
Inclusive Innovation: Inclusive Innovation is about developing technologies and strategies that address the specific challenges faced by the underserved. It involves thinking beyond mainstream solutions and creating innovations that consider the unique circumstances, needs, and limitations of marginalized communities. This pillar encourages a participatory approach, involving the community in the innovation process, and ensures that technological advancements are accessible and beneficial to all.
Frugal Technologies: Frugal Technologies emphasize the deployment of cost-effective solutions that optimize resource utilization. In resource-constrained environments, efficiency is paramount. This involves developing and implementing technologies that are not only economically viable but also environmentally sustainable. By minimizing infrastructure costs and maximizing impact, frugal technologies ensure that digital transformations are not only accessible but also resilient and sustainable in the long run.
To conclude, the UPLIFT framework offers a holistic approach to digital transformation at the Bottom of the Pyramid, emphasizing key pillars for inclusive and sustainable progress. As India strides towards a digitally empowered future, the applications of UPLIFT in FinTech and HealthTech are pivotal. In the realm of FinTech, these principles enable the creation of accessible financial services, ensuring that even the economically underserved can participate in the formal economy. From personalized microfinance solutions to localized digital banking, UPLIFT transforms financial landscapes for the better. Simultaneously, in HealthTech, the framework promotes digital health solutions tailored to local needs. This includes telemedicine initiatives, personalized health apps, and frugal technologies enhancing healthcare accessibility. By weaving UPLIFT into the fabric of India's digital evolution, we not only address immediate challenges but also lay the foundation for a resilient and inclusive digital future.
I was glad to see the echoes of this approach in latest book Fintech For Billions: Simple | Human | Ubiquitous by Prof Bhagwan Chowdhary and Anas Ahmed. It was great to be in audience for the Book Launch and Interactive Session with the authors for 'FinTech for Billions' (Prof Bhagwan Chowdhry & Anas Ahmed, Penguin 2023), being held on the ISB Hyderabad campus on November 17, 2023 along with eminent journalist-writer Tamal Bandyopadhyay.
Future of Fintech or for that matter any digital transformation for BoP is SHUb!
OTW
Over the Weekend, I attended Boots & Crampons Expedition Company's Coffee Meetup in HYDERABAD which turned out to be an evening of inspiring tales, shared passions, and the magic that happens when adventure lovers gather.
This happens to be my regular way to catch with good friends Romil Barthwal and Bharat Thammineni. It is also an opportunity to catch up with other adventure enthusiasts in Hyderabad and make new friends. As usual, there are stories of triumph and failure. Mountains are tough and they make you tougher. Each step is a revelation about nature and your nature. Watch the complete video of The Winter Ascent | U T Kangri, Ladakh (6030 M) to hear one such story with some stunning visuals.
Unfortunately the team could not summit and had to return to the base without reaching the top. One of the most important lesson learnt was “Mountain Kahin Nahin Jayega“
It is not the mountain we conquer but ourselves.
Edmund Hillary
I Love You
Shailendra
PS
Let's make the “Platform’ed” community even stronger! Feel free to post it on your social media accounts too, and inspire others to join our journey. Together, we can go the distance!
or leave a comment