Dr Ravi Gupta, Editor-in-Chief, The Banking & Finance Post and Founder & CEO, Elets Technomedia, stated “Over the past two and a half years, the world has faced unprecedented turmoil due to the COVID-19 pandemic and ongoing conflicts, such as the situation in Ukraine. This has led to numerous digital disruptions and a general lack of certainty, making it crucial for organizations in all sectors, including government and private industries, to remain highly agile in order to stay relevant during these turbulent times.”
Moreover, in the midst of a global recession, India is poised to become the fastest growing economy in the world, further adding to the complexity of the situation. As we continue to witness these interesting and rapidly changing scenarios unfold, it is crucial for scientific institutions to adapt and evolve in order to remain agile, relevant, and focused on their customers while also pursuing growth.”
Sachin Dutta, Chief Operating Officer, Canara HSBC Life Insurance shared, “Every uncertainty leads to an opportunity. The key to these opportunities is customer needs. Coming from the backdrop of the pandemic, there is an increase need that we see from an insurance perspective – both on life insurance and health insurance. So, while the pandemic gave us a lot of uncertainty, it gave us a lot of opportunity as well.”
“India as an economy is doing fairly well and there are reports that the next ten years will be of India. Clearly, we are doing fairly well and will continue to be a land of opportunities and the key to unlock these opportunities are two– Customer & Technology.”
Shankar Jadhav, Managing Director, BSE Investments shared, “Today, Compliance norms become very difficult. We know how difficult compliance is both at the technology side as well as the consumer side but compliance is important because otherwise, the consumer will not feel secure.”
“India is going from a saving economy to a consumer economy and the whole world likes it and that is how demand is created. Infact demand is a problem in most of the developed economy because they dont have enough people.”
The problem that we should address is Income disparity. The government alone cant help, we as financial institutions, insurance people
Anil Pinapala, Co-founder & CEO, Vivifi India Finance shared, “Obviously, there is an opportunity but there is a bit of uncertainty as well and the uncertainty is coming from the developed market. If we look at the European market which is in a recessionary state ever since Brexit and if we look at the US market, inflation is at a record high, and that kind of affecting the Indian economy– rightfully so because we are all a global economy.”
‘The opportunity for growth in India, we are the only large economy that is expected to grow at 6-7% this next year. However, in next 6 to 7 years, we are expected to grow at a higher rate.”
Priya Deshmukh Gilbile, Chief Operating Officer, ManipalCigna Health Insurance shared, “Digitisation and automation are really bringing in information at a lightning speed but at the same time, these also bring in multiple threats and frauds, so these are opportunities as well as areas to watch out for.”
“India as a country is at the helm of opportunity and kind of waning out uncertainties. We are one of the fastest-growing economies, and the per capita income, and consumer awareness are going up.”
Dr. Sourav Dutta, Executive Director-IT, IDBI Bank shared, “Everybody is talking about AI, ML, and automation but we should take them with careful steps. We should not jump on such technologies without taking care of certain steps. You have to think carefully about what needs to be done, does it make sense to your business? Those things need to be carefully evaluated and then we need to move forward.”
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