The 5th Elets BFSI Gamechanger Summit & Awards, held from August 8th to 11th, successfully concluded as India’s most significant gathering of BFSI leaders, attracting key stakeholders from across the financial ecosystem. The summit, themed “Advancing Financial Institutions through Novel Strategies & Alliances”, witnessed dynamic discussions, innovative collaborations, and meaningful exchanges that are set to reshape the future of the BFSI sector.
Over four action-packed days at Radisson Blu Resort, Cavelossim Beach,Goa, the summit featured a robust lineup of keynote addresses, panel discussions, and interactive sessions, with attendees engaged in a diverse agenda that also included networking opportunities, and various entertainment activities.
A key highlight of the summit was the prestigious Elets BFSI 100 Gamechanger Awards, which celebrated industry pioneers whose contributions are redefining the sector. The awards recognised leaders and visionaries for their forward-thinking strategies and innovations, further inspiring excellence across the industry.
Moreover, the Golden Jubilee Edition of The Banking & Finance Post Magazine was unveiled, marking a significant milestone in the publication’s illustrious history. This special edition celebrates and highlights new-age innovations in the ever-evolving BFSI ladscape.
Dr. Ravi Gupta, Founder & CEO of Elets Technomedia and Editor-in-Chief of The Banking & Finance Post Magazine, delivered the welcome address, emphasising the significance of the summit. Reflecting on the journey, Dr. Gupta stated, “When IT adoption was in its nascent stage in India, we launched platforms to accelerate technology-driven initiatives across various sectors. The BFSI magazine, rooted in the financial inclusion movement, has since played a crucial role in driving dialogue and innovation in the banking sector.”
Here’s a synthesis of the key quotes and insights shared during the event:
Government Sector Perspective on India’s Financial Landscape
Manisha Verma, IAS, Additional Chief Secretary & MD of Maharashtra State Financial Corporation, highlighted the transformative journey of India’s digital infrastructure since 2015. She emphasised the role of India Stack—including Aadhaar, UPI, the Account Aggregator framework, and DigiLocker—in driving digital services and financial inclusion. Aadhaar’s vast reach, UPI’s transactional volume, and the Pradhan Mantri Jan Dhan Yojana (PMJDY) have significantly expanded access to banking services.
Dr. Rabindra Narayan Behera, Member of Parliament for Jajpur Lok Sabha Constituency, Odisha, highlighted India’s historical and ongoing contributions to technology and finance. Reflecting on India’s legacy from ancient innovations to modern advancements such as UPI, Dr. Behera emphasised India’s significant role in driving technological progress and financial inclusion on a global scale.
Sumnesh Joshi, Deputy Director General, Ministry of Communications, Government of India, spoke about India’s ambition to become the world’s third-largest economy by 2032. He highlighted India’s rapid digital transformation, particularly through UPI and other digital innovations, positioning the country as a global leader in technological infrastructure.
Shalini Duhan, IAS, Deputy Secretary, Urban Development & Urban Housing Department, Government of Gujarat, discussed how automation, AI, and data-driven decision-making have transformed government systems and business processes. She illustrated the impact of technology on urban management in Gujarat, particularly in enhancing service delivery and citizen engagement in rapidly growing cities like Ahmedabad and Surat.
Ashutosh Mishra, Chief Risk Manager, National Bank for Agriculture & Rural Development (NABARD) addressed the evolving landscape of risk management in banking. He emphasised the shift from focusing solely on credit risk to adopting enterprise risk management (ERM) to ensure the stability and integrity of the BFSI sector.
Hyper-Personalisation in BFSI
Swaminathan Krishnamoorthy, Chief Digital Officer, ESAF Small Finance Bank
“Hyper-personalisation reduces operational friction and costs by enhancing customer-centric products and experiences, benefiting both banks and their clients.”
Tejasvi Addagada, Senior Vice President, Head- Enterprise, Data Management, Data Office, HDFC Bank
“Our data transformation focuses on customer experience, digital innovation, and personalisation, ensuring accurate and consistent data to enhance communication and experience.”
Abinash Adhikari, Chief Data & Analytics Officer, Zuno General Insurance
“In General Insurance, data diversity poses challenges for obtaining a 360-degree customer view. It’s crucial to filter relevant data from multiple sources to understand customers accurately.”
Deepak Chandani, Chief Data Officer, Angel One Broking
“A customer-centric approach, focusing on individual needs rather than just selling products, is essential for delivering hyper-personalized experiences.”
Ankit Jain, Chief Revenue Officer, OneXtel Media
“Technologies like Generative AI and machine learning are vital for achieving hyper-personalization. Integrating these into the ecosystem fosters revenue and enhances customer support.”
Paritosh Vatsal Tripathi, Founding Member & EIR, Signzy
Hyper-personalisation involves engaging deeply with customers and guiding them through their journey, leveraging historical data to shift from product-centric to customer-centric strategies.”
Financial Resilience and Cybersecurity
Prakash Kumar Ranjan, CISO at Sammaan Capital, noted the evolving nature of cyber threats and the need for robust cybersecurity measures. Dhiraj Ranka, CISO at Tata AIG General Insurance, highlighted the balance between proactive and reactive security measures.
Vivek Shankar, CITSO at Max Life Insurance, discussed the importance of having a well-tested incident response plan. Bhaskar Rao, CISO at The Bharat Co-operative Bank Ltd, pointed out the cybersecurity gaps within cooperative banks, while Gaurav Midha, CISO at NSE Indices and Data, stressed a human-centric approach to cybersecurity.
Bhavik Dedhia, CISO at GIC Housing Finance Ltd, advocated for the integration of AI and blockchain with human expertise for robust security, while Vijayakumar Chandrasekaran, CISO at NSE Clearing Corporation Limited, emphasised the need for collaboration in security frameworks.
Communication and Cloud Optimisation
Anisha Shastri, Executive Director at Intense Technologies Limited, spoke on the strategic importance of centralised communication governance to streamline operations and improve customer engagement.
Siddhartha Sinha, CTO at National E-Repository Limited, discussed the benefits of cloud solutions and the importance of strategic planning to manage costs effectively.
Meghavi Chauhan, Director – Technology Innovation at London Stock Exchange Group, emphasised advanced cloud security tools and the shared responsibility model.
Vamsi Krishna Ithamraju, CTO at Axis Mutual Fund, highlighted the necessity of scalable cloud infrastructure to handle dynamic market needs.
Emerging Tech Like AI & Customer Experience
Viral Davda, CTO at National Commodity & Derivatives Exchange Limited (NCDEX), emphasised the importance of a well-defined AI strategy and the need for quality data to leverage AI effectively.
Deepak Sharma, Tech Entrepreneur & CXO Advisor Independent Director, Suryoday Small Finance Bank, spoke on the evolving role of technology in BFSI: “The challenge now is to ensure access to credit while securing reliable collections, all within the context of building a trust economy. It’s about reducing the cost of origination and guaranteeing that when you lend, you get your money back.”
Gaurav Garg, Director – Business & Customer, BlinkX by JM Financial, discussed the role of AI and ML in the future of BFSI. “AI-powered algorithms will analyze vast amounts of customer data, unlocking hyper-personalisation and empowering clients to make smarter, more informed decisions. This will lead to greater customer satisfaction and help them achieve their investment goals with ease.”
Rushikant Shashtri, President – Technology Leader, SBI, emphasised that GenAI is non-negotiable for modern banking. “Identity, information, experience, speed, and intelligence are the most demanded aspects of the BFSI industry. To meet these demands, embracing cutting-edge technologies like GenAI is not optional—it’s essential.”
Santosh Sagar Reddy, CEO & Founder, CoffeeBeans, emphasised the potential of blockchain and digital currencies: “Blockchain offers unprecedented opportunities for transformation and efficiency in the banking sector. The integration of smart money with built-in escrow accounts is just the beginning of what’s possible.”
Rahul Kulkarni, Head of Presales APAC, MENA & Turkey, Mitel India, discussed the importance of unified communication in the financial sector: “Mitel’s all-in-one voice and digital solutions are tailored for the financial sector, transforming traditional communication methods and ensuring mission-critical operations run smoothly.”
Prashant Choudhari, Head – Marketing, Fino Payments Bank, spoke on optimising the modern customer journey through personalisation and transparency. “Optimising the modern customer journey means embracing personalisation and transparency. By adopting an opt-in model and leveraging zero-party data, we can empower customers, enhance their experience, and build trust in a landscape where emotions often lead.”
The 5th Elets BFSI Gamechanger Summit & Awards brought together an impressive array of industry leaders and partners, including Presenting Partner Mitel and Exato.ai; Co-presenting Partner: Lumiq; Digital Adoption Partner: Whatfix; Communication Partner: Onextel; Digital Customer Partner, In10s; Intelligent Automation Partner: Nividous; Document Execution Partner: Leegality; Digital Onboarding Partner: Signzy; Innovation Partner: CoffeeBeans; OTP-Less Authentication Partner: Odyssey; Secure CaaS Partner: Mtalkz, and Associate Partners: Veup; Cartel Infosystems and Digit Insurance.
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