This article reminds me recent news which throw insights on "GOOGLE IS IN TALKS TO LAUNCH SME LENDING ON PAY PLATFORM" with competitors aggresively working on it ( source :https://economictimes.indiatimes.com/small-biz/sme-sector/google-is-in-talks-to-launch-sme-lending-on-pay-platform/articleshow/76615624.cms) and it will take few more months to get on launch mode. In my opinion , now all payment provider digital platform looking not only for working on fulfilment /satisafction level of consumers/customers in terms of what they are looing for but now they are seeing opportunities in providing suitable solutions to service provider which will in return help them in achieving their mission,vision and goals. In new normal, new definition of end mile connectivity not only restrcited only to consumers/customers but now its also very much apt for service provider also. The interesting thing to watch out will be ,going back to basics of designing of new platform which states ensure safety, mitigate asymmetric information and aligning company goals with monetization. The role play of GOI related towards creating awareness related to cyber-crimes with obvious support from common man will be interesting to watch. The importance of strategy, value-chain process, culture, souricng -resources will play key role in freelancers role and best thing will be platforms provinding gateways/connecting to these freelancers and those platforms visiting campus for placements and providing PPT on imp. of self-centric , self-appraisal, & self-appreciation towards the work which they do or willing to do and making them to understand the self-independent.
That's a great analysis, Roshan. Platforms are all about organising the unorganised and financial services industry is really guilty of leaving a large section of B2B and B2C customers in "unorganised " sector devoid of their offerings. Google, Amazon and Paytm amongst many others have forged an ecosystem to provide financial inclusion to this 'excluded' market.
Growing digitalisation of work itself would bring its own set of challenges and opportunities for the young generation entering the world of work.
This tracking of unorganised financial behaviour can create value for users on both sides and definitely for the platform. More on the B2C focussed FinTech Platforms in the next newsletter.
"Tuning in" to "Now" always allows you to move ahead ! More Power to You.
The rate of consumption of the internet increases not only in the urban sector whereas in the rural areas by 35 to 40% in the last three months which opens more opportunities for e-platform to expand. Even people now switching towards digital payments and according to Razorpay report categories such as utility bill payments and groceries have seen a double growth rate. This report also says about 23% growth of the online education sector and a 20% increment in payment for medical services. This trend brings new players in the online market and new moves of existing ones to increase the thickness and alleviate the competition for example Flipkart owned PhonePe and Amazon Pay offers several discounts. This pandemic brings lots of positive and negative effects in the economy and unfortunately one of them is rising unemployment and people are looking for new opportunities. In fact, industrial body ASSOCHAM estimated before COVID that the gig economy in India reaches around $455 billion by 2023.
And we get the positive vibes from you in order to measure our lives.
Good insights about the growth in online financial transactions. FinTech would help in bringing financial services to hitherto unbanked parts of our economy thereby growing the entire market. More power to you, Abhilasha.
This article reminds me recent news which throw insights on "GOOGLE IS IN TALKS TO LAUNCH SME LENDING ON PAY PLATFORM" with competitors aggresively working on it ( source :https://economictimes.indiatimes.com/small-biz/sme-sector/google-is-in-talks-to-launch-sme-lending-on-pay-platform/articleshow/76615624.cms) and it will take few more months to get on launch mode. In my opinion , now all payment provider digital platform looking not only for working on fulfilment /satisafction level of consumers/customers in terms of what they are looing for but now they are seeing opportunities in providing suitable solutions to service provider which will in return help them in achieving their mission,vision and goals. In new normal, new definition of end mile connectivity not only restrcited only to consumers/customers but now its also very much apt for service provider also. The interesting thing to watch out will be ,going back to basics of designing of new platform which states ensure safety, mitigate asymmetric information and aligning company goals with monetization. The role play of GOI related towards creating awareness related to cyber-crimes with obvious support from common man will be interesting to watch. The importance of strategy, value-chain process, culture, souricng -resources will play key role in freelancers role and best thing will be platforms provinding gateways/connecting to these freelancers and those platforms visiting campus for placements and providing PPT on imp. of self-centric , self-appraisal, & self-appreciation towards the work which they do or willing to do and making them to understand the self-independent.
That's a great analysis, Roshan. Platforms are all about organising the unorganised and financial services industry is really guilty of leaving a large section of B2B and B2C customers in "unorganised " sector devoid of their offerings. Google, Amazon and Paytm amongst many others have forged an ecosystem to provide financial inclusion to this 'excluded' market.
Growing digitalisation of work itself would bring its own set of challenges and opportunities for the young generation entering the world of work.
Nice insights Roshan! Gone are the days saying ' Customer is the king'. :D
Platform Business has changed the way the business works.
For Platform provider, end customer as well as service providers are the king. So , they are in a situation to satisfy both.
In other way we can think is for platform business, both service provider as well as service receiver are the customers!
Multisided networks have created huge value for all sides of their network.
One of my favourite things to do in college was switching off my phone for your classes and tuning out of all the "work", haha!
I remember we discussed how payment platforms track what you're spending on and push offers on the basis of that.
This tracking of unorganised financial behaviour can create value for users on both sides and definitely for the platform. More on the B2C focussed FinTech Platforms in the next newsletter.
"Tuning in" to "Now" always allows you to move ahead ! More Power to You.
Thanks Shailendra sir, looking forward for many more insightful articles from you.
The one thing which I really liked in this article is the image showing how Amazon covers the entire banking segment!
Banks especially inefficient ones should be really afraid of FinTech or rather Amazon as they are coming for their most profitable customers.
Sir it's a very good article which encompasses both the present and future of banking industry and dependency of technology.
All the best for your new innings in the financial sector. Stay Safe.
The rate of consumption of the internet increases not only in the urban sector whereas in the rural areas by 35 to 40% in the last three months which opens more opportunities for e-platform to expand. Even people now switching towards digital payments and according to Razorpay report categories such as utility bill payments and groceries have seen a double growth rate. This report also says about 23% growth of the online education sector and a 20% increment in payment for medical services. This trend brings new players in the online market and new moves of existing ones to increase the thickness and alleviate the competition for example Flipkart owned PhonePe and Amazon Pay offers several discounts. This pandemic brings lots of positive and negative effects in the economy and unfortunately one of them is rising unemployment and people are looking for new opportunities. In fact, industrial body ASSOCHAM estimated before COVID that the gig economy in India reaches around $455 billion by 2023.
And we get the positive vibes from you in order to measure our lives.
Good insights about the growth in online financial transactions. FinTech would help in bringing financial services to hitherto unbanked parts of our economy thereby growing the entire market. More power to you, Abhilasha.
Insightful as always, Coach
Stay Safe.