By Shwetal Gajbhiye, FinTech Consultant
Whenever there is a new idea, concept or change is introduced, the one and the biggest challenge faced is how one can embrace this change. For the very obvious reason is its threat to the existing ecosystem. The same was observed when the buzz word FinTech was heard. One of the important pillar of FinTech is blockchain which is the talk of the town these days. And the question is how Indian market can embrace this disruptive change?
We already know that blockchain is one of the unexploited sector of the FinTech industry in India. Hence, we need to keep a strategy network to accelerate the growth of this concept. So how do we manage this transition when we know that stakeholders like regulators, banks, investors are so wary of this change?
Let’s take this transition in steps here.
- We know that there is a need to cover the unbanked sector of Indian landscape, hence we need to establish a sense of urgency of covering the customer till the last mile and by examining the potential opportunities and examining the market and competitive realities.
- No transition is successful without a strategic alliance or a well guided coalition. To embrace this change we need to bring together the stakeholders on a common platform which creates enough power to lead this change effort.
- And to direct this change effort one needs to create a strategic vision that helps develop strategy to achieve the same.
- Using every possible channel to communicate this vision among the participants is the most important step. Understanding and mentoring people with new behaviour is something that can be achieved with a guided coalition.
- Every industry operates in a traditional framework which makes the participants of the industry risk averse. Developing risk taking ability is another aspect which one needs to keep in mind. Also there is always a strong need to challenge and change the structure of the industry which undermines the vision.
- A visible performance is always an indicator of success, hence always plan for short term success and visibility of its results.
- Also creating a link between the change and its success is most important step. This helps build a confidence which further improves the trust amongst the stakeholders.
Once we are able to create a robust transition process for embracing a change there will be also a change in the way we look at a concept.