Digital revolution in the banking sector propels India into future
Technology has helped India bypass a whole generation of structural development
Technology enabled India to side-step a whole generation of structural development. Now the country is driving the revolution into the heart of its population through the use of electronic payment platforms. In the process a digital revolution is unfolding. For years, India was the IT and call-centre capital of the world. A vast pool of English-speaking, technologically literate, inexpensive and highly educated graduates led international companies such as BT, Sky and Microsoft to adopt business process outsourcing (BPO) strategies during the 2000s. What started as a way for multinationals to exploit Indian skills to save money has now enabled the country to skip a whole generation of structural development and enter the digital age, bypassing traditional forms of infrastructure and communications. Through technological advancement the government has seized the opportunity to revolutionise the welfare system, through the collection of biometric data, the like and size of which is in...
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