Taking Banks to Next Level | Platformification

Platformification is not a new concept but is has never been applied to the banking industry before. In essence, a platform is a place where producers and consumers meet to conduct some form of exchange such as they did in the markets of yore. Platformification without digitally open platforms will not help. Open platforms help in the evolution of ecosystems, where business models are heading towards. It can create a path for relationship-building with API providers and constructs a space for those providers to access a wider customer base.

Zohnerism | How Gullible Are We?

There is a term coined for the use of a true fact to lead scientifically and mathematically ignorant public to a false conclusion, which is called Zohnerism. This term was coined by journalist James K. Glassman in 1997. In a land where technical ignorance reigns and susceptibility to Zohnerisms is high, the fourth pillar of democracy i.e. the media is seen many times as spreading misinformation, post-truth, biased views, and preconceived opinions on the incidents with the intent to create a false public opinion.

A Case of Knightian Uncertainty | COVID-19

Frank Knight, an economist, formalised a distinction between risk and uncertainty in his 1921 book, Risk, Uncertainty, and Profit. In his classic book, Knight introduced a distinction between measurable uncertainty, which he called “risk,” and “true uncertainty,” which cannot “by any method be reduced to an objective, quantitatively determined probability.”

Reverse Migration in India | COVID-19

Post COVID-19 lockdowns in India, thousands of daily wage labourers belonging to the unorganised sector have been leaving big cities in droves. They have no other alternative but to return to their villages though their future there is also bleak. Having no public means of transport, many have left on foot to remote places like UP, Bihar, and West Bengal from Delhi, Mumbai, Ahmedabad, etc. Some have taken rickshaws to reach their destinations.