We have come a long way since a decade ago. Technology is now more mature and has evolved to a large extent. A significant contributor to this change has been the immensely active open source communities. A techie does not have the need to re-invent the wheel like he used to. It is a huge advantage that knowledge and code are now open and shared because a techie can think beyond basic problems that have already been solved by the community, resulting in better utility of technical ability, time and effort.

This makes it easier for a startup to innovate and offer personalized online experiences to users. Today's start-ups can make use of these readymade technologies and start experiments at the business level. With more of them tapping into such technology, there are a plethora of services made available to users, which is of huge value to fulfill various needs.

What did the top technology brands have in common that made them click leading to a plethora of similar innovations? Well, all of them in their early years had the audacity to think big and carve a space for themselves. This was made possible by their technical prowess. The willingness to experiment and take risks combined with the availability of venture capital is conducive for a start-up to innovate and become successful.

With more and more people starting to make a daily habit of utilizing online services there are significant changes needed for people to embrace innovations as a way of life! In India, we still do not have a tech ecosystem in place. There is a huge difference to accessibility and availability of tech infrastructure between India and the U.S. More affordable, stable and reliable infrastructure would mean more online services hosted within the country. This is always good.

The access to online services is still not available to a huge percentage of masses. To mitigate it, many online services companies have opened up kiosks or offices even in urban areas. The primary reason is that the ISPs here offer an inferior service for a higher price than in the U.S. In a price sensitive country like India, many households still feel that an internet connection is a non-essential luxury. Though the situation has changed a lot in the recent past, a lot more needs to improve in this segment. With a basic infrastructure need like a fast, reliable, internet service available, more people will be able to access it for utilizing online businesses and services, which has the potential to flourish in such a populous country.

Another area that is evolving rapidly includes mobile platforms. Online services are coming onto mobile platforms. More innovation is needed in this field to make the online experience through mobile interaction smooth and personalized. However, things are definitely heading in a positive direction. Whenever speed and fast turnaround is required, a lot of paper work and systems need to be streamlined and processes should be put in place. So far many different industries existed independently but are now looking at a symbiotic relationship for their mutual benefit. Technology offers a lot of help here, right from developing the concept to its operations. For example a traveller does not have to book hotels, tickets and arrange for sightseeing separately, when all these can be arranged at a single point of interaction! It is easier to offer better available choices to consumers using technology to increase operational efficiency, which assures the customer of a prompt, meaningful and transparent response. Such a convergence will provide a holistic user experience and offer customer delight!

In a vibrant and aggressive economy, there is a need for easy access to capital. Most decisions in these matters are solely dependent on the lending institutions, many of whom may not come equipped with the technology to increase the level of efficiency several notches higher, when it comes to enhancing the reach and depth of their services to people who need them quickly. Here there is a huge space to better the decision making processes in matters of finance using technology. Fast and accurate decisions in this domain would always help the economy. Online technology and services play a vital role in this scenario due to the tremendous reach it enables.

The user benefits from such innovations with hassle free, faster and cheaper service that helps a user save or make money and plan his or her finances better. It is a win-win situation for both the user and the service provider. Data availability to enable financial decisions and operational flexibility to handle the complexity of the user requirements are crucial to be able to provide such a service but both these requirements can be easily met using well designed tech systems.

With regard to tech innovations, the possibilities are endless! Imagine this. How can television evolve further? What if instead of manually browsing the channels, the television comes equipped with the technology to sense our emotions and shift to the channel that we are likely to be interested in watching?

However for such innovations to become a reality several circumstances need to evolve. For instance the society in India is yet to have a healthy attitude towards a start-up culture. A lot of importance is attached to the individual who works for a multi-national brand, while in reality, an equally or more capable innovator could be taking the plunge by following his dream with a start up venture. In my opinion, the Indian society is yet to become mature enough to support an ecosystem where innovators can thrive and be happy. A lot of smart people turn away from a startup despite the fact that it could be something after their own heart due to pressure from family and loved ones. Mundane work routines, which do not offer opportunities to innovate, are taken up by these individuals who reluctantly become part of somebody else’s success story instead of carving one of their own! The challenge is to change this perception of the society at large and provide the moral support needed for smart talent to take the giant leap of faith! If this happens, with the kind of talent pool available in this country we can see not one but many tech innovations come true.

A good start for this can be provided by our educational institutions. IITs were started for the talent development in India, but they are the exporters of talent to the U.S. If we had institutions that prepare professionals who are passionate about the field of work rather than the money and provide an incubation environment to develop more attractive startups and home grown companies, then the larger talent pool of this country will stick around and innovate.

The article is authored by Vijay Santhosh, Development Manager, BankBazaar.com