Most of us have heard about the term gatekeepers, the ones who determine who is in and who is out. This aspect assumes enormous proportions in any conversation around financial inclusion, because traditional legacy-based models have been implicitly coded to focus on what can be considered the “safe bets,” the big metros, big companies, unicorns and IPOs. I believe it is this flawed perspective that has left most Indians outside the financial safety net so far, and it is precisely what technology and tech-based systems are now remedying.
Just think about it. Go back even 7 to 10 years, and getting access to any kind of financial instrument, whether credit or investment, was a huge chore for anyone coming from non-metro or tier 2 and 3 areas, from Indore to Guwahati to Mysore. Red tape, endless paperwork and countless “come back tomorrows” meant people did not even want to be part of the process, choosing instead to keep their wealth in tijoris. I can still vividly recall many bold business ideas that never saw the light of day because of lack of access to funds and other finance-led technicalities.
But now digital-led and data-driven approaches are flipping the script. Online apps, UPI and digital lending platforms are paving the way towards a landscape where even the smallest shopkeeper can get access to funds with a simple click.
A smartphone today has literally become a bank branch, an investment advisor, a stockbroker and a tax consultant, all rolled into one. To me, that is not just a small tweak but an evolution that truly needed to happen.
And for me, it is not just about speed or convenience. It is about dignity and respect. When a farmer in Nashik or Kanpur gets online credit in time, especially during a bad harvest, they no longer need to turn to informal moneylenders. This is a story of human impact and, most importantly, of the basic human right to be prosperous, secure and able to grow. It may seem like a small example, but as I often say, “This is not only a story of finance catching up, but also a saga of people on the margins finally being treated with respect and included by the system.”
Here is the part that many people miss. The old models and processes were not broken by accident; they were designed with intent. Classical approaches were built around the predictability of big metros and their markets. But today, that conversation has changed for the better. Tech-led solutions, local language apps, biometric logins and transact-and-pay-on-the-go systems have brought dynamism, breaking away from the stagnancy of stale fail-safes.
The big question is, are stakeholders and leaders truly ready to trust this change? I believe they must. Spreadsheets cannot capture the action that is happening on the ground. India’s growth over the past two decades has raised both income levels and aspirations, and it would be shortsighted for financial institutions not to leverage that. Leading today means having the appetite to embrace and back new models and processes, even if they feel uncomfortable. I am not suggesting recklessness. I am simply urging that change be recognised, embraced and accepted for what it truly is.
So what does success look like in all of this? For me, the outcome is very simple. If a small trader in Ayodhya or a shopkeeper in Asansol is empowered and positively impacted, then that is the best bottom line we can have. Finance should not feel like a prohibitive, oppressive gatekeeper. It must become a partner to growth and happiness for all. That, to me, is the real promise fintech is finally unleashing.