Elets Technomedia, in collaboration with The Banking & Finance Post Magazine, organised the 18th Elets NBFC100 Tech Summit on 21st November 2024 at ITC Maratha, Mumbai. Presented by Acies and powered by Lenovo, this summit featured e dynamic discussions and showcases future-ready innovations in the NBFC sector.
Industry leaders, experts, and visionaries from across the country gathered at the summit to explore the latest trends, challenges, and innovations shaping the future of Non-Banking Financial Companies (NBFCs).
As India’s largest and longest-running gathering of NBFCs, the summit brought together over 100 leading NBFCs and top technology providers, creating an invaluable platform for knowledge exchange and collaboration.
The event kicked off with a welcome address by Dr. Ravi Gupta, Founder & CEO, Elets Technomedia and Editor-in-Chief of The Banking & Finance Post Magazine. He said, “Non-Banking Financial Companies (NBFCs) play a pivotal role in bridging the divide between the banked and the unbanked. Recognising this sector’s significance, we initiated these dedicated discussions to foster dialogue and collaboration within the NBFC community.”
Keynote Address
Sameer Unhale, State Joint Commissioner for Municipal Administration at the Government of Maharashtra, delivered a keynote on how NBFCs can drive India’s economic ambitions. He stated, “NBFCs, with their operational flexibility, are essential in formalizing the economy and integrating advanced technology into financial processes. Their role in addressing inefficiencies and fostering inclusivity is critical as we aim to increase per capita income from $2,500 to $15,000 in the next 20-25 years.”
Session Highlights
Throughout the day, the summit featured a series of insightful sessions addressing key challenges and opportunities within the NBFC sector.
Technology & Innovations
The session by Abhinava Bajpai, Head – TechWorks, ACIES, focussed on maximising ROI from technology investments in risk, regulatory, finance, and treasury sectors. He highlighted the importance of prioritising technology investments based on business growth and risk management. “Prioritisation is driven by regulatory pressure for reliable decision-making and stronger controls, crucial for safeguarding revenue. In our industry, the focus is on achieving ROI and maximising investment value. Technological advancements, particularly in data management and reduced infrastructure costs through cloud computing, have made integrated solutions more accessible,” he said.
The summit delved into the future of digital lending within the NBFC sector, highlighting its profound impact on financial services. Alok Aggarwal, CEO of Muthoot Homefin Limited, emphasised key drivers of transformation over the past decade. “These include technological advancements, increased digital penetration through mobile and internet access, and progressive regulatory changes such as UPI payments and the account aggregator framework, which have paved the way for digital solutions,” he said.
Alok further added that the rise of fintech collaborations with NBFCs has broadened market reach, enhanced product offerings, and driven industry-wide growth, collectively reshaping the sector.
Arindam Banerjee, Head of Business Development at ACIES, discussed the critical role of technology in driving NBFC growth, emphasising its impact on success, sustainability, and profitability. “NBFCs have leveraged technology and product innovation to create new asset classes and expand access to underserved customers,” he said.
Highlighting the significance of innovation through smarter technology, a session led by Aditya Agarwal, Tablets Product Head at Lenovo India, delved deep into the right tech solutions to build future-ready NBFCs. He highlighted Lenovo’s commitment to driving innovation with open ecosystems, supporting third-party developers, and enhancing BFSI operations through tablets.
“Lenovo’s devices are designed to reduce last-mile friction, boost efficiency, and offer tailored solutions for industries. Key innovations include Hand Signature Recognition, pen-enabled solutions, and ISO-certified digital signature technology. Lenovo is also advancing personal banking with mobile office tools, tablet-laptop integration, kiosk modes for banking apps, and advanced security features,” Aditya said.
Omni-Channel Lending & Next-Gen Credit Soring
The summit featured engaging Trialogue and Fireside Chat, highlighting trends like omni-channel lending redefining customer experience in the digital era and next-gen credit scoring.
In the trialogue chat on Omni-Channel Lending, Mohan Sushantam, Chief Product Officer at Vivriti Capital, and Amit Mande, Chief Revenue Officer at U GRO Capital, explored how NBFCs are leveraging digital platforms to enhance customer experiences.
Amit Mande shared, “The focus is shifting towards reaching customers through diverse channels, enabling more personalized and effective interactions. Harnessing technology while maintaining fairness and transparency will shape the future of digital lending.”
Sushantam emphasised, “An omni-channel approach—integrating both physical and digital strategies—is essential for the B2B space. By combining digital tools with a physical presence, companies can offer personalised solutions to MSMEs, shopkeepers, and dealers, enhancing speed and efficiency.”
Another key session explored the role of alternative data in promoting financial inclusivity, with insights from Deepak Chandani, Chief Data & Analytics Officer at Angel One Broking, Majid Asadullah, Head of Products at Experian India and Harshit Rathi, Executive VP – Risk Analytics & Modelling at Northern Arc Capital.
Deepak Chandani, Chief Data & Analytics Officer at Angel One Broking, highlighted how alternative data from social activities and mobile platforms can offer a more comprehensive view of creditworthiness, especially for underserved segments. “Social stability, location consistency, and mobile payment behaviurs can serve as reliable indicators of financial stability,” he said.
Majid Asadullah, Head of Products at Experian India, pointed out that while alternate data complements traditional credit assessments, its full potential is hindered by integration challenges. The session emphasised how combining alternative and traditional data can bridge gaps in credit access, fostering financial inclusion and growth.
Cybersecurity and Risk Oversight
A key discussion on Strategic Cybersecurity and Risk Oversight addressed how NBFCs can safeguard customer data in the digital era. Amit Pal Singh, Chief Risk Officer at SATYA MicroCapital Limited, emphasised, “In a digital world, the strongest currency is cybersecurity. With increasing regulatory demands, addressing cybersecurity risks is crucial for ensuring organizational continuity.”
Sanjay Jaiswal, Chief Information Security Officer at Nuvama Wealth, added, “Digital innovation thrives only when cybersecurity drives.”
As NBFCs embrace digital transformation, new vulnerabilities emerge, and smaller organisations may find it difficult to build robust security frameworks. Jaiswal suggested focusing on strong policies and processes to ensure secure innovation without compromising efficiency, he said.
Technology Presentations
The summit featured impactful presentations, discussing the transformative role of next-gen technology and significance of digital solutions.
Sabyasachi Das, Chief of Affinity Business at MediBuddy, emphasised the need for digital health solutions, revealing that only 63% of Indians have health insurance, with rural coverage dropping to just 20%. This leaves many families bearing high out-of-pocket medical costs. MediBuddy is addressing this by providing digital healthcare services across 96% of India’s pincodes, ensuring broader access to essential care.
Akhil Jain, Practice Head of Analytics at Team Computers Pvt. Ltd., discussed the role of AI-powered real-time analytics in transforming NBFCs.
Expo and Networking Opportunities
Participants had the opportunity to engage with leading industry players during the networking sessions and expo visit. The expo featured new-age solutions and technologies tailored to the NBFC sector, offering a platform for businesses to explore innovations that drove growth and enhanced efficiency.
Awards and Recognition
The summit concluded with the 7th Elets NBFC100 Leader of Excellence Awards, a prestigious recognition of exceptional achievements in the NBFC sector. This will be a moment to celebrate the innovative leaders and organisations shaping the future of the financial services landscape.
Elets BFSI Yearbook 2024
Elets released the Elets BFSI Yearbook 2024 at the summit, spotlighting the top BFSI Titans who have made significant strides in the industry. This edition highlights key innovations, leadership, and transformations shaping the BFSI landscape.
Summit Partners
The 18th Elets NBFC100 Tech Summit is proudly supported by a range of esteemed partners. ACIES Consulting serves as the Presenting Partner, while Lenovo is the Powered By Partner, and Thales and Synology are Gold Partners. Spocto is the Collections Partner, and OneXtel is the Communication Partner. The Analytics Partners include Team Computers & Qlik, while Medibuddy is the Healthtech Partner, and WebEngage is the Customer Data Platform Partner. Experian is the Credit Innovation Partner. Exhibitors at the summit include Credence, Depth Consulting, Knight Fintech, Qualtech, Credility, Paycorp, Kloudrac, ESDS, and Coverfox. Additionally, Clu Cloud is the Branding Partner, with FIDC, Sa-Dhan, and UPMA contributing as Supporting Partners.
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