Elets Technomedia successfully concluded the 13th Elets NBFC100 Tech Summit on 27th April 2023. The event, held at the Hotel Crowne Plaza, New Delhi, witnessed the participation of key stakeholders in the non-banking financial companies (NBFCs) sector, including industry leaders, policymakers, investors, and technology providers.
With a focus on the innovative ways NBFCs are transforming the competitive financial landscape, the summit discussed the latest trends and challenges in the industry, including digital transformation and new-age technologies like AI/ML.
Dr. Ravi Gupta, Founder & CEO, Elets Technomedia, delivered the welcome address and highlighted the importance of robust digital transformation in the NBFC sector.
The summit featured a series of keynote speeches, panel discussions, and presentations by industry experts, covering a wide range of key topics related to NBFCs and fintech.
Recognising the importance to maintain a healthy and sustainable digital lending industry, in the keynote address Raman Aggarwal, Director, Paisalo Digital Ltd & FIDC, said, “The rise of digital lending applications presented additional transaction and payment challenges, compelling the Reserve Bank of India (RBI) to prohibit several of these applications. The RBI implemented comprehensive monitoring measures to ensure that all business conducted through these digital lending applications was transparent and compliant with regulatory requirements.”
Another engaging keynote address by Jiji Mammen, Executive Director & CEO, Sa-Dhan highlighted the significant progress made in achieving financial inclusion through technology, with 90% of adults now having bank accounts compared to just 40% in 2010-11. He said, “Financial inclusion is not just about opening bank accounts, but also providing access to credit, pension, insurance, and other financial services to empower the underserved.”
The financial service industry in India is at an inflection point, with significant growth and demand for services outpacing banks’ ability to meet the need. “Despite recent challenges like the IL & FS crisis and the Covid pandemic, macroeconomic indicators have shown remarkable resilience. To capitalize on this gap, NBFCs that remain agile and innovative in their products and services will have significant opportunities in the market,” said Sunil Pandita, Vice President – South Asia, Newgen Software.
Leaders in the NBFC industry discussed the importance of leveraging technology to enhance operational efficiency and mitigate financial risk, while maintaining a personal touch. The insightful discussions highlighted the outstanding use of AI/ML in fast data processing for risk and compliance decision-making. They emphasised the need for new-age NBFCs to balance technology with physical operations to increase financial penetration in the country. Dynamic document generation has helped reduce loan processing times from 100 days to 18 days, demonstrating the impact of technology on the industry.
Himanshu Gupta, Chairman & CEO, SMC Finance, said, “Technology can play a vital role in reducing financial risks and ensuring adequate security checks in the operations of NBFCs. This is particularly important for fintech NBFCs that may not prioritize strict checks and balances. Gupta suggests that NBFCs should utilize technology while also maintaining physical operations to improve their operational efficiency and expand financial reach across the country.”
Shubhomoy Banerjee, the Co-Founder and CEO of Ezee.ai, presented the idea that “Data is the New Oil, we make the Refinery” during a technology presentation. He identified that the problem of digital spaghetti, where technology systems become complex and difficult to manage, is largely caused by the abundance of different technologies being used simultaneously, such as Java, NodeJS, and Oracle. “The solution to this problem is to refine and streamline data management processes, and this is the mission of Ezee.ai.,” said Banerjee.
The 13th Elets NBFC100 Tech Summit provided a valuable platform for NBFCs to learn, share, and collaborate on innovative ways to drive change and transform the financial landscape. The event showcased the industry’s commitment to leveraging technology and innovation to enhance financial inclusion, support economic growth, and deliver value to customers.
The summit was powered by Newgen Software, while Nucleus Software served as the Digital Lending Partner. Nelito joined as the Technology Partner, ezee.ai as the Credit Lifecycle Partner, and Knight Fintech as the Co-Lending Partner. Servosys was the Digital Innovation Partner of the summit, and Smart Ping joined as the Telecommunication Partner. Additionally, FIDC, Sa-Dhan, and UPMA were the Supporting Partners.
The NBFC100 Tech Summit is an annual flagship event organized by Elets Technomedia Pvt. Ltd., a premier technology and media research organization. The event serves as a platform for industry players to network, share insights and experiences, and explore new technologies and solutions that can help NBFCs enhance their efficiency, profitability, and customer experience.
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