Elets Technomedia and The Banking & Finance Post successfully wrapped up its 15th edition of the Elets NBFC100 Tech Summit on October 11th at the ITC Maratha, Mumbai. Being the longest-standing NBFC congregation, the summit drew a line-up of distinguished NBFC leaders, tech pioneers, and industry leaders to catalyze advancements in the financial landscape.
Centered around “Advancing the Digital Disruptions in NBFCs“, this summit showcased the industry’s commitment to harness ever-changing technologies, foster innovation, and steer growth in the financial realm. Attendees were amused with thought-provoking discussions, prime networking opportunities, and invaluable insights into the future trajectories of the NBFC ecosystem.
Dr. Ravi Gupta, Editor-in-Chief, The Banking & Finance Post Magazine, and Founder, Publisher & CEO, Elets Technomedia, inaugurated the summit with a welcome address. He expressed gratitude to all collaborators, stating, “Elets has been pivotal in propagating IT and technology awareness across multiple sectors, reaching over 75 cities and forging partnerships with state and central government entities.”
A significant highlight of the summit was the launch of a special issue of the Elets Banking & Finance Post magazine, which showcased the Elets Top 100 NBFCs Ranking, a comprehensive list of the paramount NBFCs in India.
The summit’s star-studded speaker lineup included industry stalwarts like V.P. Nandakumar, Managing Director & CEO, Manappuram Finance Limited; D S Tripathi, Executive Chairman, Aadhar Housing Finance; Gaurav Dugar, General Counsel and EVP, CredAble; Roopesh Chandran, Chief Operating Officer, BoB Financial Solutions Ltd; Nishit Shrivastava, Chief Information and Technology Officer, Muthoot Fincorp Ltd, among others.
V P Nandakumar remarked on the significance of adapting to change and emphasized the need for financial inclusion, while also highlighting the concerns surrounding data privacy with the advent of AI.
Deo Shankar Tripathi threw light on the regulatory landscapes, underscoring the RBI’s role in promoting both innovation and regulation for a robust financial system.
Roopesh Chandran lauded the regulatory bodies for their proactive approach in adapting to rapid industry changes, pointing out initiatives like the Innovation Hub by the RBI.
The 15th NBFC100 Tech Summit was made possible by the support of esteemed partners, including: Powered By Partner: Piscis Networks; Cloud Security Partner: Cloudflare; FinTech Partner: RazorpayX; Financial Technology Partner: Trustt; Technology Partner: Persistent; Dispute Resolution Partner: Presolv360; Associate Partner: Fintellix andProphaze
There were several technology presentations presented by the esteemed partners where they showcased their innovative products and solutions they are offering to streamline the working of NBFCs.
Sharing the thoughts on “Leveraging 4G to uplift your branch connectivity”, Mandar Lokegaonkar, Founder & CEO, Piscis Networks underscores the role of 4G in revolutionizing branch connectivity across the country.
He further said that, “This includes both wired and satellite connections. The choice of utilizing 4G is driven by several factors: its stability, cost-effectiveness, widespread availability, and adequacy for our needs.”
Ayush Bansal, Vice President, General Manager, RazorpayX, elucidated how technology acts as a growth catalyst for NBFC-Fintech collaborations, emphasizing the critical role NBFCs play in India’s digital economic transformation.
Gautam Bandhyopadhyay, Chief Executive Officer & Co-Founder, Trustt, displayed their exclusive Trustt GPT referring to it as a conversational chatpower which is powered by Gen-AI. It offers both voice and text interactions with a key feature of discovering products for the customers and learning about the product in detail.
Shrenik Bhayani, Regional Sales Director, Cloudflare, shared his views on Everywhere Security: Protect employees, Applications, and Networks Everywhere. Stating on the topic he said, “Indian companies, in particular, face a plethora of cybersecurity and IT challenges. Engage with any CISO (Chief Information Security Officer) or CIO (Chief Information Officer) today, and a predominant concern that emerges is about the evolution of the complex architecture. Moreover, there is an expressed need for better control and access to the organisation’s network and data.”
Gautam Bandhyopadhyay, Chief Executive Officer & Co-Founder, Trustt, showcased the demonstration of their exclusive Trustt GPT stating, “Trustt GPT is a product powered by generative AI, specifically the LLMbs conversational chatbot. We offer support for both voice and text interactions. A key feature of Trustt GPT is product discovery. When logged in, customers can learn about your products and even apply for them within the same conversation, a capability not found in other NLP-based chatbots. This tool can be also integrated with both outbound calls and incoming customer service inquiries, potentially reducing call-center expenses by 60-70% compared to current market costs. Additionally, it can assist in generating various customer-requested reports, such as account statements, portfolio reports, and more.”
Nishant Kalia, Pre-Sales Head, Prophaze, emphasis on Redefining Fintech Application security with Advanced Web and API Protection. Addressing the audience, he said, “Our vision centers on revolutionising the digital landscape, transforming both the web and applications into a cyber-secure, dependable ecosystem. We aim to instill trust and resilience in all digital interactions, ensuring a safer online world for everyone. In the context of banks and Non-Banking Financial Companies (NBFCs), our commitment is unwavering.”
Deepak Bhagchandaney, Senior Vice President, Managed Services CMS Info Systems, shared his views on AI-Driven Monitoring Solutions for NBFCs, stating, “Today, there are available technologies known as VSaaS (Video Surveillance as a Service) that enable comprehensive integration. Regardless of the age or type of the existing cameras and equipment, these technologies allow us to extract data in real-time, providing the advantages of IoT-based solutions.”
Exhibitors at the Summit included Rakuten SixthSense, Singtel, L&T Cloudfiniti, CloudBankin, Crediwatch, CMS, Riskcovry, Knight Fintech. The Supporting partners of the event are FIDC (Finance Industry Development Council) and Sa-Dhan.
To further recognize the luminaries in the NBFC arena, the summit also marked the 4th edition of the NBFC100 Leader of Excellence Awards, where we honoured the outstanding NBFCs for their innovations, versatility, resilience, and technological advancements.
This remarkable summit not only unveiled innovative strategies and insights but also set the tone for the future of the NBFC sector, promising to return with even more knowledge and inspiration in its next edition.