Back in the India of the nineties, most people would go to the electricity board or the railway station to make a small payment. We have obviously moved ahead; payments are increasingly digital now. Going forward, almost all payments will become digital, rendering a physical branch almost like a relic of the past. Most of it will be mobile, with artificial intelligence algorithms determining what savings portfolios should look like, given our savings goals and risk appetite. This will reduce cost of banking too and improve individual gains overall.

With regards to digital payments, the ecosystem is continually evolving and penetration has widened from Tier 1 cities to Tier 2 and Tier 3 urban areas and towns. The fourth industrial revolution will render automation of current repetitive tasks and will open up possibilities of creative tasks beyond manual labour. With 13 million people joining the workforce every month, we have significant opportunity. However, the challenge will be to ensure that this workforce is equipped to face the work of the future.

A conducive environment for ease of doing business is critical, especially for small businesses. From getting an establishment certificate, to paying taxes and daily payments collections, there is significant scope for seamless digitisation, thereby cutting down on red tape and administrative barriers. For example, small businesses such as restaurants can remain operational 24/7, thereby catering to demand post conventional business hours and further contributing to economic growth.