Innovating the Future: Elets 9th BFSI Leadership Summit Unveils Tech-Driven Banking Solutions

Elets 9th BFSI Leadership Summit

Elets Technomedia, with The Banking & Finance Post, successfully wrapped up the Elets 9th BFSI Leadership Summit with the support of the Government of Maharashtra. This event, which took place at The LaLiT, Mumbai, marked the 58th in-person BFSI gathering and set the stage for shaping the future of banking and financial services in India.

Under the theme “Techcrafting BFSI – Banking for the Future,” the summit highlighted the transformative power of technology in the banking and financial services industry. As India’s Most Influential BFSI Conclave, it brought together industry leaders, policymakers, innovators, and stakeholders to discuss and explore the future of banking in the digital age.

The summit’s success is attributed to the invaluable support of our esteemed partners. We extend our heartfelt gratitude to our Platinum Partner, Thales; Gold Partner, Genesys; Digital Innovation Partner, Montran; and Technology Partner, Zoho. We also acknowledge the support of our exhibitor partners: YodaPlus, Apna, Wizergos, and ProBuddy.

The conference began with opening remarks from Dr. Ravi Gupta, Founder and CEO of Elets Technomedia and Editor-in-Chief of The Banking & Finance Post. He welcomed all the esteemed dignitaries and our partners, stating, “We started our BFSI journey a decade ago, and this is our 58th BFSI event. A decade before that, when ICT was in its nascent stage in India, we were the first to start print magazines, portals, conferences, and workshops on eGovernance, Digital Learning, and the eHealth sectors. We also enjoy the distinction of being the only magazine focused on ICT-based innovation in Asia and the Middle East.”

“The world is evolving rapidly, with new technological innovations emerging daily. AI is changing the entire landscape very quickly. The BFSI sector is also evolving, increasing in size, and reaching Tier 2 and 3 cities. This summit is our attempt to bring all key stakeholders under one umbrella to enhance user experience, accelerate financial inclusion, and shape trends in the BFSI sector,” he concluded.

The Elets 9th BFSI Leadership Summit saw profound insights shared by distinguished speakers, all of whom are pivotal in driving the transformation of India’s banking and financial services sector.

Sumnesh Joshi, ITS, Deputy Director General (Joint Secretary, Govt. of India Level), Ministry of Communications, Government of India, emphasized the significant advancements in Digital Public Infrastructure over the last decade. He highlighted how India has successfully provided a digital identity, Aadhaar, to every citizen, making Direct Benefit Transfer (DBT) highly efficient and convenient, thereby accelerating financial inclusion. Joshi noted that with initiatives like Jan Dhan, Aadhaar, and mobile, India leads in real-time UPI transactions, contributing to the growth of India’s digital economy. With ONDC at the helm of this digital drive, service delivery is expected to be completely transformed in the coming 2-3 years. He also mentioned the Bharat Net program, which has digitally connected 200,000 gram panchayats, emphasizing the need to leverage AI/ML, IoT, 5G, and other technologies to redefine service delivery.

Hrushikesh Mehta, SVP-Financial Services, ONDC, elaborated on how ONDC is creating a vibrant marketplace for sellers and providing a wider range of choices for buyers. Customer acquisition costs can be significantly reduced by leveraging digital public infrastructure like Aadhaar, eSign, and DigiLockers. Mehta also discussed ONDC’s efforts to standardize APIs for lenders and borrowers, enabling banks to access a larger market and providing underserved communities better access to financial services. Beyond credit, ONDC is focusing on the insurance sector to prevent bankruptcy due to unforeseen events and the investment sector to offer wealth generation opportunities.

Deepak Sharma, Tech Entrepreneur & CXO Advisor, Independent Director, Suryoday Small Finance Bank, discussed India’s unique position of becoming data-rich before achieving widespread financial independence. Sharma highlighted the challenge of leveraging this wealth of data and robust digital infrastructure to extend financial services to millions. Traditionally, financial products were designed for the top 100-200 million urban users, limiting penetration beyond tier 2 and tier 3 cities due to high distribution costs and lack of credit data. However, technological advancements and innovations have revolutionized India’s digital public infrastructure, creating opportunities to overcome these barriers and foster greater financial inclusion.

Amit Mande, Chief Revenue Officer, U GRO Capital, shared the vision behind founding U GRO Capital, recognizing the need to address the MSME credit gap despite ample liquidity and government and financial services sector support. Mande emphasized that the digital public infrastructure has become robust and resilient over the past five years, creating a strong database crucial for improving last-mile credit delivery. He noted that new-age NBFCs and financial institutions can leverage alternative databases to explore methods beyond traditional credit assessment, focusing on understanding customer cash flows more effectively.

These insights from industry leaders underscored the transformative potential of technology and digital infrastructure in driving financial inclusion and innovation within the BFSI sector. The summit highlighted the collaborative efforts needed to harness these advancements and shape the future of banking in India.

Another highlight of the event was the grand launch of a special edition of The Banking & Finance Post Magazine. This edition offers a wealth of insights from prominent BFSI leaders, featuring exclusive interviews and thought-provoking articles. It delves into the dynamic banking and finance landscape, providing invaluable perspectives and strategies for success in the ever-changing BFSI sector.

The summit also witnessed the 9th edition of the Elets BFSI Leadership Awards, which celebrate exceptional individuals and organizations that have demonstrated extraordinary dedication and accomplishments in advancing the BFSI industry.

Participants had unparalleled opportunities to network with peers, forge new partnerships, and gain insights from industry leaders about cutting-edge technologies and solutions transforming the BFSI landscape.

The Elets 9th BFSI Leadership Summit was a vibrant gathering where industry titans, policymakers, regulators, and tech innovators delved into the latest trends, addressed challenges head-on, and seized new opportunities in the dynamic BFSI arena.
We look forward to welcoming you to our future events as we continue to drive innovation and excellence in the BFSI sector.

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