Elets 17th NBFC100 Tech Summit Unveil India’s Hyperconnected Financial Future

Elets Technomedia Pvt Ltd, a premier media and knowledge organization, proudly presented the 60th in-person BFSI event, the Elets 17th NBFC100 Tech Summit, India’s biggest and longest-running NBFC congregation. The summit took place on July 11th, 2024, at the Hilton, Chennai, marking a significant milestone in the convergence of technology and finance, showcasing innovative solutions and fostering collaborative discussions among industry leaders.

Imagine a place where the brightest minds in finance and cutting-edge tech collide. Since 2017, the NBFC100 Tech Summit has been the go-to platform for showcasing how NBFCs are revolutionizing India’s financial landscape.

This year’s theme, “Future-Ready NBFCs in a Hyperconnected World,” delved deep into the technologies reshaping the industry, including AI, blockchain, and machine learning, highlighting the importance of staying ahead of the curve.

We couldn’t pull off something this epic without our amazing partners. A special thanks to our Technology Partner: Zoho ZeptoMail; Conversational Messaging Partner: Karix; Communication Partner: SmartPing; Innovation Partner: Craft Silicon; Risk & Compliance Partner: iXSIGHT.ai; Associate Partner: Synoriq; Networking Partner: Infosys Finacle; Exhibitor Partners: Presolv360, Credility, Apna, Depth Consulting, Turtlefin, Manipal Business Solutions, and iServeU; Branding Partner: DocOnline, and our Supporting Partners: FIDC, Sa-Dhan, UPMA

Some of the eminent speakers of the event will be, Deepak Sharma, Tech Entrepreneur & CXO Advisor, Independent Director, Suryoday Small Finance Bank; Saibal Paul, Deputy Director, Sa-Dhan; Agri Gurunath N, Executive Director, Samunnati Financial Intermediation & Services Pvt Ltd; Natarajan R, Chairman & MD, South India Finvest; Abhijit Ray, Co-Founder & Managing Director, UC Inclusive Credit; Ramesh Kumar Aravamuthan, Chairman & MD, LaRaksha Impact Finance Enterprise Pvt Ltd; Senthil Kumar, Managing Director, South India Finvest

Shivam Pathania, Lead – BFSI Initiatives & Partnerships, Elets Technomedia, kicked off the summit with a dynamic opening, setting the stage for a day packed with cutting-edge insights. He stated, “We stand at the cusp of a new era in financial technology. The NBFC sector is profoundly transformed by technological advancements and changing consumer expectations. Technology has democratised finance, bringing services to unbanked and underbanked populations. AI and ML are revolutionising risk assessment and customer service, and the power of partnerships is creating ecosystems that offer seamless, integrated financial solutions. As we explore the intersection of technology and finance, let’s challenge ourselves to think beyond the conventional.”

Siddhartha Thimmavajjalla, Executive Director – Artificial Intelligence and Machine Learning, Standard Chartered Bank, shared his views on the ongoing market trends and transformation in the field of AI in the BFSI sector. He mentioned that, “ Over the past 4-5 years, there has been a significant revolution in the field of AI, particularly with AI Agents serving as highly efficient virtual assistants. In the banking and finance sectors, AI can be leveraged for credit decision-making and fraud detection. AI agents, utilizing their various components, can perform these tasks effectively. They operate based on a 4-step architecture: Profiling, Planning, Action, and Memory. Among the 6 levels of AI Agents, each level can be implemented according to specific needs. Incorporating AI Agents ensures increased efficiency, enhanced customer satisfaction, improved data analysis, personalized services, and effective financial advisory.”

Aliasgar Bhopalwala, Associate Director, Karix, stated during his technology presentation, “We have identified three primary challenges concerning customer acquisition and retention for NBFCs: evolving customer expectations, high customer churn rates, and dissatisfaction with debt collection methods. Rich Communication Services (RCS) can effectively address these issues by offering interactive and personalized messaging that makes customers feel valued and understood. RCS fosters stronger customer relationships, reduces churn through proactive engagement, and provides respectful, clear, and convenient communication options for debt collection, thereby enhancing the overall customer experience.”

The opening panel discussion on “Innovative Financing Solutions: Exploring New Avenues for NBFCs” brought together key industry leaders to discuss the evolving landscape of NBFCs. The event was moderated by Kumaran Sampath, MD & CEO of Aegma Capital Services Pvt Ltd, who emphasized that success for NBFCs hinges on prioritizing customer experience, operational efficiency, data-driven intelligence, and control. According to Kumaran, focusing on these areas builds trust, streamlines processes, enables informed decisions, and ensures market success.

Agri Gurunath N, Executive Director of Samunnati Financial Intermediation & Services Private Limited, highlighted the crucial role of technology in scaling business operations. He shared that their company efficiently handles Rs. 400 crore per month, and to double this volume, advanced technology—not just more manpower—is required to streamline operations and enhance productivity.

Ramesh Kumar Aravamuthan, Chairman & MD of LaRaksha Impact Finance Enterprise Pvt Ltd, discussed the challenges and flexibility of adopting technology in financial institutions. He emphasized the importance of moving beyond single platforms to integrating features from various innovators via APIs. This approach allows for customization and system upgrades tailored to specific needs, ensuring that financial institutions remain agile and responsive to market demands.

Natarajan R, Chairman & MD of South India Finvest Pvt Ltd, noted that scalability in India is driven by a strong demand for financial services and a positive economic outlook. He highlighted that while technology levels the playing field and amplifies efficiency, maintaining service quality is essential for sustainable growth. This balance between technological advancement and service excellence is key to long-term success.

Sundar M, Co-Founder of Monexo Fintech Private Ltd, emphasized the importance of automation in the financial sector. Representing the sole RBI-recognized B2B company in Chennai, Sundar stated that loan processing should be seamless and available 24/7. This not only improves efficiency but also significantly enhances the customer experience.
The panel discussion underscored the transformative potential of technology in the NBFC sector. By embracing innovative solutions and maintaining a focus on quality service, NBFCs can navigate the challenges of scalability and continue to thrive in a competitive market.

There were more such insightful discussions throughout the day that enriched the knowledge of the attendees.

Additionally, the Elets 6th NBFC100 Leaders of Excellence Awards recognized the absolute best in the NBFC sector, providing an opportunity for attendees to meet and greet industry leaders, forge game-changing partnerships, and gain insights into the technologies reshaping the industry.

The NBFC100 Tech Summit proved to be a monumental event, solidifying its position as the epicenter of finance’s future. Attendees left inspired, informed, and ready to drive forward the future of NBFCs in India.