Elets BFSI Gamechanger Summit concludes in Goa, experts foresee tech-driven BFSI sector

By
Rashi Aditi Ghosh
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BFSI Gamechanger Summit
Inaugural-Elets BFSI Gamechanger Summit
Inaugural-Elets BFSI Gamechanger Summit

FinTech is a topic of relevance, not just for India but for the global action plan as well. Financial Technology is a global agenda that will enable in crafting financial institutions across the globe, said Dr Amitabh Rajan, Chairman, Reserve Bank of India Services Board, at the recently concluded Elets BFSI Gamechanger Summit in Goa.

He, however, also spoke about India’s progress in terms of tech-deployments and said a lot has to be done and the country is yet to utilise the optimum benefits from the tech-revolution.

“Each component of technology and innovation has a lot of potential associated with it. India, however, has not been able to make optimum utilisation of the benefits that technology is ushering,” added Rajan.

He addressed a session titled Institutional Foundations for Fin-Tech in India Dr Amitabh Rajan, Chairman, Reserve Bank of India Services Board.

 

The Summit began with the welcome address by Dr Ravi Gupta, Editor-In-Chief, The Banking & Finance Post and Founder Publisher & CEO, Elets Technomedia.

In his addressable, Dr Gupta spoke about Elets’ journey so far and also shared the joy of completing 16 years of its operations with all the attendees.

He said that the journey of Elets began with four core areas namely Governance, Financial Inclusion, Health and Education, and the role of Information Communication and Technology in reaching the desired goals in the above-mentioned segments.

“If efficiency with the help of ICT is enabled across Governance, Financial Inclusion, Health and Education, the country’s future will change,” he added.

 

Other eminent faced who shared their insights during the inaugural session of the summit are VG Kannan, Chief Executive, Indian Banks’ Association, Kewal Handa, Chairman, Union Bank Of India, Raman Aggarwal, Chairman, Finance Industry Development Council and SVP & Head-Corporate Affairs, SREI and Anas Kalleda, Solution Manager – BFSI, Huawei Enterprise.

 

While addressing his session on Technology and Banking-Cyber Security, VG Kannan, Chief Executive, Indian Banks’ Association said, “Technology has brought massive changes across the BFSI sector and the industry is enthusiastic towards embracing them all. The sector is also maintaining balance with the changing regulatory norms by adhering to it.”

 

Kewal Handa, Chairman, Union Bank of India shared his views on a session titled -What Ails Public Sector Bank.

“One of the biggest challenges faced by PSBs is the lack of decision making and risk-taking officers. If PSBs have to compete with private lenders in the commercial domain, they will have to step out and take risks,” added Handa.

 

Talking about the challenges and opportunities in the Non-Banking Financial Companies Raman Aggarwal, Chairman, Finance Industry Development Council and Senior Vice President and Head-Corporate Affairs, SREI said, “NBFCs have been providing credit to the unbanked segment for decades now. They are now catering diverse demands with relevant specialisation and ready to face any turmoil.”

 

The future of BFSI sector in India will be driven by tech-innovations and lot more tech-deployments in terms of Big Data Analytics, cloud computing and others would be a common practice.

“95 percent of the financial services will be based on Big Data Analytics and cloud in future. Banks are now shifting into more comprehensive customer experience,” said Anas Kalleda, Solution Manager – BFSI, Huawei Enterprise.

 

A special issue of The Banking & Finance Post magazine was also inaugurated during the conclave.

 

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