Left Menu
Development News Edition

Rohit Gajbhiye reckons Digitization and AI for improving financial literacy at DAV United Festival 2020

PTI | New Delhi | Updated: 03-02-2020 17:01 IST | Created: 03-02-2020 17:01 IST
Rohit Gajbhiye reckons Digitization and AI for improving financial literacy at DAV United Festival 2020

New Delhi, February 3, 2020: Rohit Gajbhiye, founder of fintech company Fiancnepeer has reckoned that digitization coupled with AI can be the game changers in improving financial literacy which will further lead to financial Inclusion. He was in Delhi to attend an interactive session on Financial Literacy at DAV united festival 2020 held at Indira Gandhi stadium. During the session which was attended by Industry experts Rohit laid the emphasis on the role of Digitization and AI as the key catalysts in financial literacy that can enhance the capabilities of people to ensure economic security for their families.

It is even more essential for countries like India where financial literacy is relatively poor and where the majority of the population still finds it difficult to comprehend the financial leitmotifs. Lack of basic financial understanding often results in unproductive investment decisions which can be a hindrance in the country’s blueprint of becoming an economic superpower in the coming years.

Talking about the role of Digitization in improving financial literacy Rohit said “Improving financial literacy is a long-term behavioural change. It takes multi-dimensional approach and persistent action over a period of time to drive a change. Digitization of financial information can play a very important role in improving financial literacy in India and one of the most important technologies in this area is artificial intelligence (AI), which is a key tool for positive change. AI can facilitate dealing with finances and financial institutions more accessible. It can take away the stigma and fear around dealing with money.

Emphasising the importance of financial literacy among students he added higher financial literacy will increase students’ perceived value of schooling by boosting their time commitment to education.

There is a strong need to connect with the millennials who are tech driven and always look for custom made financial solutions but have limited awareness and information about the same. Through AI the behavior analysis can be drawn and products can be designed as per the data analysis.

Also, the bottom of the pyramid which consists of lower income groups and where the majority of the masses belongs, needs to be involved in financial literacy mechanism then and only the idea of financial inclusion can look more effective.

All the stakeholders must work in conjunction for financial literacy through a combination of innovative strategies.

Rohit is UNGSII and World Economic Forum Education vertical Board member and IIT Bombay and Stanford GSB Alumnus skilled in Credit Risk, Commercial Banking, Liquidity Risk and Management. He Founded FINANCEPEER - AI based Zero Cost, Zero Interest - School Fee Financing product with a vision to ease out School Fee Payments, provide quality education access to middle and bottom of the pyramid (mass) and boost the K-12 School/Education Eco-System.

During the event he met principals of schools, parents and hundreds of students and clarified their doubts about various school finance related queries. The event witnessed tremendous response of students, educators and parents towards the innovative school fee financing model that Financepeer has offered.


(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Tourism post-COVID 19: Lessons learned, out-of-box strategies to ensure the revival

In the pre-COVID 19 period the tourism industry was seen with much hope throughout the world. However, the COVID 19 pandemic has completely paralysed the tourism industry and its dependent sectors. The tourism industry in the post-COVID 19 ...

Cybersecurity post-COVID 19: More internet means more threats, stay alert folks!

When supported by adequate digital awareness campaigns and more crackdowns on cybercrimes, increased internet usage will help more people embrace technology and better understand the risks, bringing us closer to unleashing the true potentia...

Rising temperatures in India seem to counter the spread of COVID 19 infections

Scary predictions on the rate of spread of COVID 19 infections in India are floating in media. But the data on the spread of infections coming so far point to a contrary trajectory putting a question mark on such predictions. Explanations o...

Sanitation post-COVID 19: Tissue paper not in fashion, learn to wash

Tissue paper has failed COVID 19 test. The modern understanding of sanitation is passing through a stage of transformation. Those who used to feel proud of using tissue paper have been compelled to wash frequently their hands with soap. In ...


Latest News

U.S. to lift sanctions on Rosneft units if Venezuela involvement ends -officials

The United States would lift its sanctions on two units of Russian oil company Rosneft if it is clear the company is no longer involved in Venezuela, two U.S. officials said on Thursday.Washington sanctioned Rosneft Trading in February for ...

New York as U.S. 'microcosm': Body count mounts, medical supplies dwindle

The coronavirus pandemics mounting death toll besieged New York City morgues and hospitals struggled to treat thousands of infected patients on Thursday with a dwindling supply of ventilators and protective equipment. Funeral homes and ceme...

Paris Eternal's 'HyP' retires from Overwatch

Paris Eternal flex support Damien HyP Souville quit the team and announced his Overwatch League retirement Thursday, citing health reasons. It was a very complicated choice to make, surely the hardest one that I had to take in my life but t...

U.S. borrowers struggle to get coronavirus relief from big banks

U.S. borrowers seeking a reprieve from mortgage, auto or credit card payments because of coronavirus hardships are not getting the help they expected from big banks that promised assistance in recent weeks.JPMorgan Chase Co, Bank of Americ...

Give Feedback