He further said that all models in India need to leverage not just technology but also the human touch.
“I have to create a balance that caters to both. Not everyone has a smartphone. Not everyone is really smart. There is both India and Bharat. My technology has to work for both,” Shah said, while taking part in a panel discussion at the Global Fintech Fest 2024 here.
He recommended avoiding the advent of a digital age where digital exclusion and digital trapping occur. He stressed that the industry must work hard to prevent digital trapping and fraud from occurring.
“Between this digital exclusion and digital trapping, I think we can survive,” he said.
Shah said technology needs to be leveraged to cut through the noise and provide wisdom, but said knowledge alone is not wisdom. “We need to reach out to people. Whatever you say, the opposite is also true. If you need technology, you also need the human touch,” he said, adding that some people still prefer to fill out applications by hand.
“We also need to reach all strata of society through personal engagement and technology to ensure every Indian is financially literate,” he said.
