Building Digital Public Goods: The Next Big Opportunity in India, Says Kris Gopalakrishnan

In a recent speech at the Global Fintech Fest in Mumbai, Infosys co-founder Kris Gopalakrishnan highlighted the importance of building digital public goods as the next big opportunity in India. Gopalakrishnan emphasized the need for transformation at scale and stated that the government and regulators must be part of this journey. He expressed his optimism about the fintech opportunity in India, noting that the government’s support, collaboration with regulators, and low-cost telecom infrastructure create a unique environment for growth.

Gopalakrishnan believes that the key to success lies in democratizing access to payments and fostering collaboration between the industry and government to build a superior digital architecture. He cited the example of the recently launched Kisan credit cards, which provide easy access to land records and help streamline the process of obtaining credit. By standardizing such initiatives, the government can create crucial infrastructure and public goods that benefit customers.

Furthermore, Gopalakrishnan highlighted the role of payment gateways, such as Gpay, in enabling digital transactions for a significant portion of the Indian population. However, he stressed the need to increase the availability of services to reach the majority of Indians, emphasizing that this expansion presents a huge opportunity for businesses.

Gopalakrishnan also discussed the importance of providing a seamless and inclusive user experience. He noted that service providers should focus on guiding customers in their various journeys, leveraging vernacular languages and AI tools. The ease of use is a key factor in driving adoption, and he encouraged businesses to disrupt traditional models in every industry.

In terms of talent, Gopalakrishnan praised the abundance of IT professionals in India and highlighted the opportunity for innovation at scale. He acknowledged that Indian IT talent is highly paid domestically but remains cost-effective compared to global standards. With millions of skilled professionals based in India, Gopalakrishnan emphasized the need to channel this talent into innovative projects.

In conclusion, Gopalakrishnan believes that building digital public goods and revolutionizing the digital payments space will drive the next wave of opportunities in India. By collaborating with the government, leveraging technology, and focusing on inclusivity, businesses can create scalable models that benefit both customers and the Indian economy.

Sources:
– Global Fintech Fest (No URL provided)
– Infosys’ Tennis fever: After Rafael Nadal, IT giant ropes in Iga Świątek as global brand ambassador (No URL provided)