How To Foster Innovation In Technology!

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