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Elets Exclusive: Fintech will emerge as gamechanger during COVID-19 outbreak, says Shiju Rawther A, Infoline Group

Shiju Rawther

The COVID-19 outbreak will change the office-based model and people will no longer rely on geographical planning. Digital will come forward. Fintech, in particular, will play a major role during this crisis. Earlier, Fintech was only considered from the BFSI point of view but now they will be at the forefront. It will be a gamechanger for the Indian Economy, said Shiju Rawther A, EVP – Technology, India, Infoline Group (IIFL Group) during a Live Webinar hosted by Elets Technomedia.

Excerpts of the address:

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Challenges will definitely hinder the growth of the BFSI sector but this phase of the crisis is temporary. If you see the economy, who will that not just the BFSI sector but all the sectors are badly hit but I believe the blockage is for the time being and not a permanent entity. It is not a recession from an economy point of view rather a halt in the operations due to the virus outbreak. But the phase will definitely report stress and a significant rise in the Non-Performing Assets.

As a positive measure, the Government is pushing a lot of packages for the growth and stability of the economy. And I am sure there will be more packages that will be announced in the coming weeks. This is the phase when we have to be patient and prepare ourselves for the future and gear-up for the next move because after every pause there is a chance of upward growth. In my view, we are going to witness a boom of opportunities and demand when the outbreak will suppress. It is important to use this time at home in re-skilling yourself and start planning future ideas.

It is the time when organisations need to level-up their infrastructure so that they are capable enough in meeting the lending demands when the market opens. Earlier, despite several discussions actual outcome on Business continuity planning (BCP) remained pending but now within hours BCP is working efficiently and organisations are working day-in and day-out from their homes.

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The COVID-19 outbreak will change the office-based model and people will no longer rely on geographical planning. There will be less touch-points. Digital will come forward.

Fintech, in particular, will play a major role during this crisis. Earlier, Fintech was only considered from the BFSI point of view but now they will be at the forefront. It will be a gamechanger for the Indian Economy.

I believe, the economy will revive within 12-24 months and we all will get back in shape.

Please watch the full Video here:

 

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