Future Prosperity Panel

Rama Bijapurkar

Independent director and author

Rama Bijapurkar is one of India's most respected thought leaders on market strategy and consumer related issues in India. She is also a keen commentator on social and cultural changes in the evolving liberalising India. She has her own market strategy consulting practice and works with an impressive list of Indian and global companies, guiding the development of their business-market strategies.

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Summary of essay

Two billion more people are predicted to join the global middle class by 2030, with the majority from emerging markets. Their growing consumption will require access to financial services. The model used to serve these consumers mustn't repeat the flaws of the existing, established model. Instead, there is an unprecedented opportunity to design a "new deal" - a new way of doing business based on different principles - and provide a win-win solution to both customers and suppliers.

The basic principle is very simple: build a safe system that generates sustainable profits. Customers and their financial prudence should be the priority. A focus on individual accounting and risk management will help individuals understand what assumptions they're making about their future when buying their portfolio of products.

Financial services companies will have to learn how to manage a whole new set of consumer needs and environments and design products from first principles. Firms should develop country-specific strategies for an integrated world and a new set of products for consumers on modest incomes.