Second, is partnerships and collaborations. As we move forward, agility will be imperative particularly for incumbent institutions as they respond to changing customer preferences for anytime anywhere services. Even before the pandemic, incumbent banks and telecommunication companies had started to develop partnerships with agile fintech companies. This trend will have to be accelerated in a safe and sustainable manner as we build back.
We have an opportunity, like never before, to harness technology for the benefit of the masses. Responsible innovation is the key. We have to ensure that financial innovation is customer focussed and results in faster, safer and cheaper access to financial services, particularly for the large sections of our population that are still excluded from the formal financial system.