Paper

Bridging the Gap with Digital

Using technology to penetrate untapped financial markets in India

This report focuses on key distribution opportunities available to the financial services industry in India and how digital technologies are formidable means to capitalize on them. It looks at major digital models and solutions that can be adopted to increase financial distribution efficiencies and also highlights the risks and challenges while considering these alternate distribution strategies. The report also provides an overview of government initiatives undertaken in India for financial inclusion and enhancing financial literacy in the country. It states that the financial markets in the country have witnessed significant growth in the last two decades and in comparison with global trends, the Indian market still has huge potential in terms of market penetration. The report covers the following sections in detail:

  • Discussion on untapped markets in India that provide opportunities for insurance, asset management, and banking service providers;
  • Leveraging digital technologies in India with a focus on business trends shaping the distribution channels of the future, use of digital technologies in providing efficient financial products, and customer analytics through digital technologies;
  • Various risks and challenges with a focus on regulatory implications, the cost of distribution, financial literacy, and exposure to fraud risk.