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Innovation necessary for transformation of financial markets

Innovations necessitates in transformation of financial markets to achieve desired results in today’s technology driven complex world, despite disruptions, says Prof (Dr) J.D. Agarwal, senior professor and founder chairman, Indian Institute of Finance. Delivering a keynote address at a seminar on ‘Innovation, Disruption and Transformation in Financial Markets in Mumbai. Prof Agarwal, who is also editor-in-chief, Finance India, said innovations cause disruptions and result in transformation of financial markets. In turn disruptions necessitate innovations and transformation of financial market for better results. Innovations are motivated by desire to change, redesign, reengineer, redo, discard the existing system, procedure, or method of operations, designing the new methods, systems, procedures, products, markets, he added. The discussion was part of a two day conference organized by IBS, Mumbai. Prof Agarwal also said innovations are required to reduce volatility, maximize market value, meet challenges in financial markets, maximize growth, facilitate operations and liquidity, mobilize resources and maintain transparency and to control scams. He also underscored the importance of a cashless world, stating emerging payment rails of cryptographic protocols, P2P transfers, fintechs and mobile money are innovations in payments sector. Speaking on some key disruptive trends, Prof Agarwal highlighted the need for alternative lending through P2P lending, lean automated processes, alternative adjudication, aggregators and their changing roles. He also advocated the need for empowered investor and processes externalization while discussing the disruptive trends in investment management.

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