The Elets 8th BFSI CXO Masterclass, a landmark event organised by Elets Technomedia and The Banking & Finance Post, successfully concluded on February 11th, 2024, at the O by Tamara, Thiruvananthapuram, Kerala. Embodying the theme “Innovate | Accelerate | Transform,” the four-day residential summit marked a pivotal moment in the BFSI sector’s relentless pursuit of innovation and digital transformation.
The summit was a melting pot of ideas, featuring a vibrant confluence of policymakers, industry leaders, and visionaries from the BFSI realm. Through a series of thought-provoking panel discussions, keynote presentations, and interactive sessions, the event covered a broad spectrum of topics critical to the BFSI landscape in India, fostering a robust platform for knowledge exchange and networking among the sector’s luminaries.
Dr. Ravi Gupta, Founder & CEO of Elets Technomedia and Editor-in-Chief of The Banking & Finance Post, set the tone with a compelling welcome address. He highlighted the BFSI sector’s dynamic nature and its commitment to customer satisfaction, setting the stage for a series of enriching discussions and networking opportunities. He stated, “It’s a pleasure to welcome everyone here today. As we embark on the 8th edition of Elets BFSI CXO Masterclass, we also mark a decade in the BFSI sector. This sector is known for its rapid changes and evolution, often on a monthly or quarterly basis. It’s a sector characterized by intense competition, dynamism, progressiveness, and a strong focus on customer satisfaction. Over the next two days, we have an exciting lineup of panels, keynote speeches, and activities planned. Let’s look forward to engaging sessions and ample networking opportunities. Welcome, and I hope you all enjoy the event.”
Left to Right: Navpreet Kaur, HCL Softwares | Kallol Basu, National Insurance Company | S Ganesh Kumar, IDFC First Bank | Nina Nagpal, Governance Advisor | Ravi Gupta, Elets Technomedia | Rishabh Ladha, Squadstack
The summit featured a roster of distinguished speakers, including S Ganesh Kumar, Ex-Executive Director of RBI and Independent Director at IDFC First Bank, who shared insights on achieving excellence in a VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) and regulated financial environment, saying,” “One significant advantage for us as Indians is our inherent capacity to recover from any situation, be it a natural disaster or a man-made calamity. The future for India is promising, the nation will not remain passive. Instead, India is set to be active, vibrant, and dynamic. Most importantly, India is poised to lead on the global stage. As an economy, a country, and a community, we have a preference for operating within defined boundaries, which are crucial for safeguarding what is most valuable to us.”
Sumnesh Joshi, Deputy Director General at the Ministry of Communications & IT, Government of India, elucidated on the transformational impact of Digital Public Good infrastructure, AI, ML, IoT, and M2M in the BFSI sector. “India has experienced significant growth in the last 10 years and positioned itself to become one of the top three economies in the world. This transformation has been largely driven by the adoption of technology in delivering services and benefits. As a result, India’s Digital Public Infrastructure (DPI) concept has gained global recognition. A prime example of India’s DPI success is the Aadhaar biometric identity project. According to a McKinsey report, 3.6 billion people worldwide lack any legal identity, with one billion having no identity at all. Aadhaar addresses this issue by providing a digital identity to every Indian citizen, showcasing India’s capability to deliver services based on digital identity”, he stated during his address.
Nina Nagpal, Board Member and Governance Advisor, discussed the comprehensive regulatory oversight in the BFSI sector, emphasizing the importance of digital technologies and data security. She stated that, “In the BFSI sector, regulatory oversight is comprehensive, with entities that were previously unregulated now coming under stringent regulation. This applies across the board, whether it pertains to securities, banking, or digital lending regulations. The regulatory framework in this country is considered world-class, robust, and effective, providing a solid foundation for the sector’s operations. It’s important to note that the use of digital technologies, including algorithms and big data, in the BFSI sector is not a recent development. Indeed, algorithmic trading in equities has been a practice for over 15 years. During this period, SEBI (Securities and Exchange Board of India), the sector’s regulator, has been proactive in addressing issues related to data localization and the protection of customer data. This involves ensuring that sensitive data pertinent to this country is stored locally rather than in foreign jurisdictions. Over the years, the approach to data security and privacy has become more sophisticated, refined, and robust, building on a foundation that was established more than a decade and a half ago.”
Mahesh Ramamoorthy, Chief Information Officer of YES Bank, showcased the bank’s innovative strides in UPI infrastructure and customer experience enhancement through next-gen technologies. During his masterclass, he stated that, “Within YES Bank, our commitment to innovation propels us to lead in UPI infrastructure, powering nearly half of the ecosystem. But it’s not just about core banking; it’s about front-end agility, about constantly asking: How can we enhance the customer experience? How can data fuel this evolution? Traditional architectures are giving way to next-gen APIs and enterprise services, enabling seamless integration with third-party ecosystems. This collaboration isn’t just about digital infrastructure; it’s about embracing the wealth of innovation beyond our walls. As Mahesh Rammamoorthy, CIO of YES Bank, underscores, this holistic approach drives impactful innovation that resonates with our customers.”
The summit was made possible by the support of its esteemed Platinum Partner: HCL Software; Gold Partner: BluSapphire; Silver Partner: SquadStack; Email & Collaboration Partner: IceWarp; Fintech Partner: Ring; and CyberSecurity Partner: Fortinet.
The summit also witnessed the grand launch of the special issue of The Banking & Finance Post Magazine by the key dignitaries and policymakers in the industry. The Banking & Finance Post is the sole & premier B2B magazine within the BFSI sector, comprehensively portraying prominent industry figures’ accomplishments and pathways.
Another highlight of the event was the Elets BFSI CXO Awards, honoring the remarkable achievements in innovation, adaptability, resilience, and technological progress among BFSI institutions and individuals.
The Elets 8th BFSI CXO Masterclass has not only underscored the sector’s commitment to innovation and digital excellence but has also paved the way for future endeavors aimed at transforming the BFSI landscape in India and beyond.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
