How Is Transformational Leadership Changing the Rules of the Banking and Finance Industry?
Banking
The economic transformation of India in the 75 years since the country gained independence from the British has been a phenomenal one.
The Indian economy pegged at USD 3.05 trillion (2021) is one of the fastest-growing in the world.
Banking and finance are at the very core of this economic transformation. India is now leading the world in financial inclusion, digital payments, and fintech innovations.
Famous Financial Leaders
Much of the credit goes to famous financial leaders of the banking and finance industry who have had the vision and determination to steer India in the right direction and have made the country a global contender in finance.
India has come a very long way since the establishment of the RBI and the nationalization of banks.
Traditional banking services encompassed several financial products, a number of which are now also being offered by non-banking financial companies.
This journey into a modern financial industry that is in sync with global systems rests firmly on the solid foundation laid by famous personalities in finance in India such as CD Desai, AD Shroff, Sir Benegal Rama Rau, Bimal Jalan, and others.
It is the strength of their vision and the robust guidelines that have been created for the industry that has made the true transformation possible.
India has produced some of the most inspirational and charismatic leaders in the world and continues to do so.
In an increasingly digital economy, it is only a strong transformational leadership model that will bring success to the banks and financial companies that operate in our country.
From online banking systems to robust security measures, from UPI and digital wallet systems to diversified financial portfolios – the innovative offerings of the banking and financial industry are a result of the willingness of transformational leaders to embrace the new and the necessary.
Digital Pioneers In India
Some of the top digital pioneers in India have revolutionized fintech innovations providing much-needed support to the people. Let us take the example of Sanjiv Bajaj, the Chairman, and MD of Bajaj Finserv.
He firmly believes in the power of fintech to empower the end-user. To this effect, he has undertaken a complete digital transformation of Bajaj Finserv to make financial products and services available across the country through mobile applications and ITES.
With mobile and internet proliferation, a farmer living in a remote village can now access the same financial services and products as a person living in a metro city. This is the real power of transformational leadership in the world of banking and finance.
As India emerges from the COVID-19 pandemic, technology, and digital outreach have become the watchwords.
This means that non-banking financial companies that are ready to ride the digital wave shall emerge at the forefront of the economic boom.
The leaders of the banking and finance industry need to be geared up for such evolution.
In fact, they must be the ones to initiate the transformation by providing valuable insights into the needs of the future and digital solutions to meet such needs.
India’s banking and finance sector has undergone a great evolution over the past 75 years.
With the digital boom and with the introduction of fintech innovations, however, the role of transformational leaders is all set to grow stronger and more important.
Financial inclusion, digitization, digital payments, online systems, and security are likely to be the focus of the times to come and only leaders with great vision and foresight will lead the financial industry to greater heights.
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Category: Business
