The 4th Elets BFSI Gamechanger Summit, India’s biggest residential event of BFSI leaders, took place from 9-11 June at Radisson Blu Resort in Goa. With a focus on “Decoding New Disruptions & Technologies for a Better Tomorrow”, the summit brought together over 100 industry leaders, policy-makers, experts, and other stakeholders to discuss the latest trends, challenges, and opportunities shaping the future of the BFSI sector.
3-Day Event
The 3-day event was marked by insightful discussions, engaging presentations, and productive networking sessions. Attendees had the opportunity to exchange ideas, share best practices, and explore strategies to navigate the challenging digital evolution of the financial world. Moreover, many recreational activities like meditation, live comedy, and music show by renowned artists, etc. entertained the attendees, delivering an unforgettable experience.
The summit kicked off with a serene beach walk, setting the tone for a collaborative and productive event. Participants also enjoyed networking sessions by the poolside and during breakfast, fostering connections and building valuable relationships.
The highlights of the summit included the launch of The Banking & Finance Post Magazine’s special issue, which highlights the latest advancements, emerging trends and future outlook on driving innovation in the industry.
The inaugural session focused on strengthening financial inclusion and the digital payment ecosystem for the nation, featuring esteemed speakers including Vipul Mitra, Chairman of Gujarat Narmada Valley Fertilizers Company Ltd, Keshav Hingorani, Special Secretary (Revenue) of the Government of Punjab, and Dr. Ravi Gupta, Editor-in-Chief of The Banking & Finance Post Magazine and Founder, Publisher & CEO of Elets Technomedia Pvt Ltd.
Vipul Mitra, Chairman, Gujarat Narmada Valley Fertilizers Company Ltd said, “The implementation of demonetisation proved to be a game-changer. After this sudden and impactful decision, a remarkable opportunity emerged for the growth of digital payments, and we have witnessed tremendous progress in this domain ever since.”
Highlighting the potential of technology, Keshav Hingorani, Special Secretary (Revenue), Government of Punjab said, “Under the Swamitva Scheme, we are creating land records for rural areas from scratch, utilising top-notch technology. The Survey of India is employing drones to map the entire land of a village, subsequently assigning ownership to the rightful individuals and generating a record of rights for the land. Previously, despite possessing assets such as 500 acres of land, people were unable to monetise them due to the absence of proper documentation. However, now this is becoming possible through Swamitva.”
Keynote sessions by Murali Ramakrishnan, Managing Director & CEO of South Indian Bank; G.P. Upadhayay, Cabinet Secretary & Principal Chief Investment Advisor, Government of Sikkim and KK Pathak, Secretary, Revenue and Finance, Government of Rajasthan enlightened the audience with unique perspectives.
Murali Ramakrishnan, Managing Director & CEO of South Indian Bank provided valuable insights into the successful journey of his organisiation. He said, “I formulated a 6C strategy to make the bank competitive. The 6C strategy is about improving capital and low-cost savings account and current account deposit ratio, reducing the cost-to-income ratio, higher customer focus, competency building, and compliance.”
Taking about the significant benefits of digitisation of banking operations, G.P. Upadhayay, Cabinet Secretary & Principal Chief Investment Advisor, Government of Sikkim said, “ One of the major advantages is the secure transfer of direct benefits for scholarships, subsidies, pensions, and other forms of government’s assistance. This has effectively eliminated issues like leakage, middlemen, and ghost beneficiaries. Additionally, the process has become incredibly convenient and user-friendly. To add further, banks have become crucial contributors to the government’s goal of promoting financial inclusion, playing a transformative role in this endeavour.”
KK Pathak, Secretary, Revenue and Finance, Government of Rajasthan elaborated how the state government is leveraging innovation for inancial inclusivity. “By integrating Aadhar with the Family Identity Card, known as the Bhamashah scheme, Rajasthan has successfully eliminated numerous fraudulent beneficiaries. Additionally, this integration has facilitated seamless and trouble-free distribution of various social welfare programs,” he said.
Panel discussions on topics such as risk, regulation, and innovation; redefining the future of BFSI powered by technology and driven by innovation; and the impact of technology on business strategy and customer experience in the insurance industry, etc. stimulated thought-provoking conversations among the participants.
Also, a compelling panel discussion on the theme of “Ensuring Citizen Centric and Participatory Governance through the Application of Emerging Technologies” deep insights into building inclusive and technologically empowered governance framework. The esteemed panelists, Aditya Singh and KK Pathak, brought their expertise and insights to the table, representing the Department of Science & Technology, Government of Madhya Pradesh, and the Revenue and Finance Department, Government of Rajasthan, respectively.
Furthermore, the summit featured technology presentations by industry experts, who discussed empowering enterprise data science teams, inclusive security postures for financial services, and the tech trends shaping the future of banking and financial services. These sessions provided attendees with valuable knowledge and practical insights into the application of technology in the BFSI sector.
In his engaging presentation on “Accelerate ROI from your Digital Investments”, Sameer Mishra, Vice President, Head of Sales – India and South-East Asia, Whatfix said, “ In today’s world, technology is abundant, and it can bring both benefits and drawbacks. The relentless progress of technology often overwhelms employees or users, as its demands co”ntinue to grow rapidly. It is time to consider whether our technology can be more user-friendly.
Prashant Roy, a Senior Consultant in the Analytics Practice at SAS India talked about the ten must-haves for empowered enterprise data science teams in 2023. “Among the 10 essential components, I firmly believe that operationalisation is the most crucial aspect for organizations to achieve success in their data science endeavors. Organisations have made significant progress in constructing models and generating valuable assets. However, the true challenge lies in putting these models into action and integrating them seamlessly into existing business processes. This is where operationalisation comes into play.”
Throughout the event, attendees also had the opportunity to explore an expo showcasing the latest products, solutions, and services from leading organisations in the BFSI industry. The expo facilitated interactions between industry experts and technology providers, promoting collaboration and innovation.
The summit also hosted the Elets BFSI Gamechanger Awards, which recognised and celebrated innovation and excellence in the BFSI sector.
Entertainment Extravaganza
Moreover, the highly anticipated summit exceeded all expectations with an unforgettable evening of laughter and music. The event featured a side-splitting comedy night by the renowned standup comedian Ravi Gupta, known for his unique brand of humor and witty observations. Furthermore, Goa’s finest bands, Raagas2Riches captivated the crowd with their soulful melodies and infectious energy. The band’s fusion of traditional Indian music with contemporary sounds was a true delight for the senses.
Huge Success
The 4th Elets BFSI Gamechanger Summit concluded on a high note, facilitating new ideas to transform the BFSI sector. The event showcased the collective commitment of industry stakeholders to drive positive change and embrace the opportunities offered by technology and innovation.
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