The ongoing lockdown in India and almost every other country on planet to counter the COVID-19 pandemic has brought home the message of a fundamentally different future upon us. "When Fintech Future was readying for release in early 2020, I thought about this book more as a faraway future, or at least a medium-term like a few years. That’s why I had put the epilogue with space travels. The events in last month, however, have sent shocks around this planet, and in a sense fast-forwarded the future,” points author Sanjay Phadke whose recently-released book Fintech Future: The Digital DNA of Finance, talks about finch startups offering deep insights to the reader in terms of the future of money.
The book lists down major issues with current banking and financial system, the global financial crisis and inequality eating into the fabric of democracy and capitalism. It furthermore includes stories of successful Fintech startups and treads a growth journey of fintech startups from Silicon Valley to Indian cities in the creation of new financial services.
Speaking with an experience of over 20 years in banking and financial services, according to Phadke with social distancing and careful networking becoming new norm, notes as a medium of exchange hardly remain relevant, and so does bank cheques.
“Starting with electronic wallets that became popular over a few years with Banks and Fintechs embracing mobile phone and the Big Techs (Microsoft, Apple, Amazon, Alibaba and others) pretty much making every aspect of life digital, coronavirus bring forward the future of finance in one swoop.”
He also gives a lowdown on the title of the book. “The long form of the book title, the Digital DNA of Finance was rather prosaic, as everyone hunts for the elusive RNA based virus. The physical world is fast looking for the equivalent of antivirus in cybersecurity applications,” adding, “While there will be short term solution like vaccines, lasting changes will come through healthier lifestyles and increasingly digital approach to life. This book chronicles the increasing coupling of technology and finance, zooming onto future with AI/ML, blockchain that maybe already upon us.”