India’s Banking, Financial Services, and Insurance (BFSI) sector, valued at a staggering Rs. 81 trillion, stands at the epicentre of a digital revolution, shaping the country’s financial landscape. The digital transformation unfolding over the past decade has been as profound as it has been rapid, touching every aspect of the industry and beyond.
Operating within a highly regulated framework, the BFSI sector is a long-standing pillar of India’s economy, directly employing 14.8 million people in banking and an estimated 35 million in insurance. As it evolves, the sector finds itself at the intersection of innovation, regulation, and sustainable development, playing a crucial role in supporting the government’s ambitious economic growth plans.
Over the past decade, a loud and profound revolution has been reshaping India’s financial landscape. At the forefront of this transformation stands The Banking & Finance Post, Asia’s and the Middle East’s First B2B magazine dedicated exclusively to the BFSI sector.
Since its inception in 2015, The Banking & Finance Post has been the voice of the BFSI sector in India. What started as a modest B2B media-organising vertical has become a premier publication known by industry leaders, policymakers, and innovators. Over the past decade, the magazine has documented the sector’s journey from traditional banking practices to today’s digital revolution.
Now, as we celebrate a remarkable milestone – ten years of the Banking & Finance Post vertical and an impressive 50 issues of The Banking & Finance Post Magazine – we reflect on a journey reflecting the sector’s most dynamic and ever-changing period. These years have seen a whirlwind of change, from the rise of digital banking and fintech disruptions to sweeping regulatory reforms and the integration of cutting-edge technologies like AI and blockchain.
The Banking & Finance Post has remained an unwavering baton, illuminating the path forward for industry professionals, policymakers, and innovators alike. Its pages have captured countless innovations, dissected trends, and provided a platform for exchanging ideas that have shaped the future of finance in the region.
Prepare to be captivated by a journey that mirrors the evolution of India’s financial landscape—from traditional banking to the digital revolution, from financial inclusion initiatives to cutting-edge technologies shaping our economic future.
The Legacy of The Banking & Finance Post Vertical
The roots of The Banking & Finance Post can be traced back to October 24-25, 2013, when the first event, “Financial Inclusion and Payment Systems” (FIPS 2013), was organised in New Delhi. This landmark conference brought together key financial inclusion and payment systems stakeholders. The chief guest was C Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister, Government of India, setting the stage for the high-level discussions that would become a hallmark of the publication’s future events.
The Legacy of The Banking & Finance Post Magazine
The first edition of the magazine was launched on February 3, 2015, in Mumbai by Devendra Fadnavis, then Chief Minister of Maharashtra, along with Sudhir S Mungantiwar, then Minister of Finance & Planning and Forests, Government of Maharashtra. They believed that The Banking & Finance Post brings together the four pillars of the Indian Banking Industry: Government, Regulators, Bankers, and Industries, which would provide impetus to the process of strengthening the banking system in the country.
This inaugural issue set the tone for the magazine’s future focus with its cover story “Banking the Unbanked – Economic Empowerment to Every Citizen.” The cover story highlighted the government’s efforts to bring every household in the country under banking services, emphasizing that the opening of bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) was just the first step in a larger financial inclusion revolution in India.
K P Bakshi, Additional Chief Secretary, Department of Home, Government of Maharashtra, commented on the relevance of PMJDY, stating “All government benefits and other financial instruments would reach the beneficiaries through these bank accounts. This process eliminates the role of intermediaries, thereby narrowing down chances of corruption.”
In its early years, The Banking & Finance Post focused on reporting regulatory changes and basic financial/business news. As the sector evolved, so did the magazine’s content. It began to delve deeper into emerging trends, technological advancements, and the changing face of customer service in the BFSI sector.
The magazine’s commitment to quality journalism and in-depth analysis has made it a trusted source of information for professionals across the industry. Its pages have featured interviews with finance ministers, RBI governors, bank chairpersons, and fintech innovators, providing readers with invaluable insights into the minds shaping the future of finance in India.
Notable contributions from government officials have enriched the magazine’s content over the years. Babubhai Bokhiria, Minister for Agriculture and Cooperation, Gujarat, shared insights on agricultural loans. Aniruddh Mukherjee, Secretary, Department of Finance, Government of Madhya Pradesh, discussed the importance of Aadhaar as a payment bridge. Rajesh Aggarwal, Joint Secretary, Department of Finance Services, Government of India, provided a deeper perspective on PMJDY’s role in combating financial untouchability.
The Banking & Finance Post has been more than just a magazine; it has been a chronicle of India’s financial growth story. From the nationalisation of banks in the 1970s to the liberalisation of the 1990s, from the rise of private banks to the fintech boom of the 2010s, from the rise of UPI in the country to the advent of AI/ML, IoT, Chatbots, and other cutting-edge technologies, the magazine has been there, documenting every significant milestone.
As we approach our 50th edition, we reflect on the journey of The Banking & Finance Post. With 49 successful issues published to date, the magazine has consistently provided a platform for in-depth analysis, expert opinions, and cutting-edge insights into the BFSI sector. Each edition has contributed to the ongoing narrative of India’s financial evolution, from traditional banking practices to today’s digital revolution.
The journey of The Banking & Finance Post reflects the transformation of India’s financial landscape. From its first issue, which emphasized the importance of financial inclusion, to its current focus on cutting-edge technologies, the magazine has consistently been at the forefront of reporting and analyzing the most important trends in the BFSI sector. As we look to the future, The Banking & Finance Post remains committed to its mission of providing insightful, comprehensive coverage of the ever-evolving world of banking and finance in India.
India’s Biggest Residential Event of BFSI Leader: Advent of an Era
While The Banking & Finance Post has been the written voice of the BFSI sector, the Elets BFSI Gamechanger Summit has emerged as its live forum for discussion and innovation in and around the BFSI sector. Conceptualised and organised by Elets Technomedia, the pioneers in organising financial services and technology conferences in India, the summit has become a pivotal event in the BFSI calendar.
This prestigious annual flagship residential conference takes place in the scenic city
of Goa, providing industry leaders with a unique blend of professional development, peer networking, and relaxation. Set against the backdrop of Goa’s beautiful beaches and vibrant culture, attendees can immerse themselves in cutting-edge knowledge sessions, engage in meaningful interactions with peers, and unwind over a two—to three-day period. This conference promises a perfect balance of insightful discussions, strategic networking opportunities, and leisurely activities, making it an unmissable event for industry professionals.
The journey of the Elets BFSI Gamechanger Summit is a testament to the rapid changes and growing importance of technology in the financial sector of India.
The summit has played a crucial role in:
1. Facilitating Knowledge Exchange: By bringing together diverse stakeholders, the summit has created a unique platform for sharing insights, best practices, and lessons learned.
2. Driving Innovation: Focusing on emerging technologies and disruptive trends has encouraged participants to think outside the boX and embrace innovation.
3. Shaping Policy: The summit, which included government officials and regulators, has contributed to policy discussions and regulatory frameworks.
4. Recognizing Excellence: The summit has incentivised and celebrated innovation in the BFSI sector through its awards program.
5. Building Networks: The summit’s residential format has fostered deep connections among participants, leading to collaborations and partnerships.
Let’s trace its evolution through its four landmark editions:
1st Edition: Setting the Stage
The Elets BFSI Gamechanger Summit began a new era in BFSI conferences. This two-day residential networking conference brought together CXOs from across the sector to discuss technological innovations adopted by banks and financial institutions.
The summit featured an impressive lineup of speakers, including Dr. Amitabh Rajan, Chairman of the Reserve Bank of India Services Board, and Rajagopal Devara, Principal Secretary of the Department of Finance (Reforms), Government of Maharashtra. Other notable speakers included Raman Aggarwal, Chairman of FIDC, V.G. Kannan, Chief Executive of Indian Banks’ Association, and Kewal Handa, Chairman of Union Bank of India. The presence of such highprofile speakers underscored the summit’s importance from its inception.
In his keynote address, Dr. Amitabh Rajan emphasised the global relevance of FinTech, stating, “Financial Technology is a global agenda that will enable the crafting of financial institutions across the globe.” This set the tone for the summit, highlighting the transformative potential of technology in the BFSI sector.
Key discussions centered around the dynamic changes implemented across the BFSI sector, focusing on technological innovations. The summit provided a platform for senior-level executives, technology innovators, and solution providers to share their expertise on pressing issues in the industry.
The conference covered a wide range of crucial topics, including:
- Institutional Foundations for FinTech in India
- Technology and Banking – CyberSecurity
- Challenges facing Public Sector Banks
- Non-Banking Financial Companies – Challenges & Opportunities
- CIOs as Drivers of Digital Disruption
- Data Analytics: Harnessing Data to Understand Customer Behavior
- NextGen Payments: Open Banking and the Evolving Regulatory Landscape
The summit concluded with a felicitation ceremony and the BFSI Gamechanger Awards, recognising exemplary contributions made by Banks, NBFCs, and Corporations
in driving innovation and excellence in the sector.
This inaugural edition set a high benchmark for future summits, establishing the Elets BFSI Gamechanger Summit as a pivotal platform for knowledge sharing, networking, and recognizing excellence in the BFSI sector. It laid the foundation for one of the most anticipated events in the Indian financial services calendar.
2nd Edition: Adapting to the New Normal
The second edition of the summit held virtually in August 2021, reflected the changing times brought about by the global pandemic. Aptly themed “Going Ahead with the New Normal,” this edition focused on the digital transformation sweeping across the BFSI industry.
The three-day virtual event featured power-packed panel discussions, technology presentations, and an expo. It highlighted the role of CXOs in restrategising priorities in sync with emerging technologies, a crucial topic as the industry grappled with rapidly changing business environments and evolving customer demands.
Notable speakers included Nitesh Ranjan, Executive Director of Union Bank of India, and Vijay Kumar, CEO of Go-Digit Insurance Company Limited. Their insights into navigating the challenges posed by the pandemic and leveraging technology to ensure business continuity were particularly valuable.
3rd Edition: Unlocking Fresh Insights
The third edition, which took place in August 2022, marked a return to physical conferences post-pandemic with a three-day residential summit in Goa. This edition was designed
to unlock fresh insights for a future-ready industry encompassing the entire BFSI ecosystem in an internet-driven world.
Post-covid, when everyone was going through a digitlisation phase, and especially the BFSI industry was on the cusp of adopting the latest, new-age technologies into their working systems.
The summit was held over the Top 100 BFSI Gamechangers, celebrating and recognizing excellence in innovation. This addition further cemented the event’s status as a platform for acknowledging and promoting groundbreaking ideas in the sector.
This edition of the Gamechanger Summit featured Ajay Bhushan Pandey, Chairman of the National Financial Reporting Authority, Baldeo Purushartha, Joint Secretary of the Department of Economic Affairs, Ministry of Finance, Government of India, Murali Ramakrishnan, MD & CEO, South Indian Bank, Sourav Dutta, ED-IT, IDBI Bank, Anil Kuril, CTO, Union Bank of India, and many more. Their presence highlighted the summit’s growing influence and its ability to attract top-tier government officials and industry leaders.
Key Highlights and Insights:
1. SME Lending: Murali Ramakrishnan stressed combining quantitative factors with personal engagement in SME customer appraisal.
2. Data Monetization: Viswanath Ramaswamy highlighted the potential of predicting customer behaviour through technology and monetizing data to enhance the client experience.
3. Regulatory Impact: Harish Soni discussed how regulatory boards like SEBI, RBI, and IRDAI shape technology and services in the BFSI sector.
4. AI and ML in Banking: Atul Kumar Srivastava emphasized the role of AI and ML in understanding and addressing customer problems in the BFSI sector.
5. Digital Transactions: Shankar Jadhav advocated reducing transaction charges to promote digital acceleration, especially among low-income groups.
This edition successfully bridged the gap between government initiatives, technological advancements, and industry needs. It provided a comprehensive view of the
BFSI sector’s future, touching upon crucial aspects like digital governance, emerging technologies, customer-centric innovations, and regulatory challenges.
The diversity of speakers and topics covered in this edition underscored the summit’s growing influence and its ability to attract top-tier government officials, industry leaders, and innovators from across the BFSI spectrum.
4th Edition: Decoding New Disruptions
The last edition, held in June 2023, focused on “Decoding New Disruptions & Technologies for a Better Tomorrow”, and reflected the commitment to staying ahead
of industry trends and addressing the most pressing challenges facing the BFSI sector. The event brought together over 100 C-suite leaders from the BFSI industry, offering enriching sessions, networking opportunities, and leisure activities. Speakers included Murali Ramakrishnan, MD & CEO of South Indian Bank, and Dr. Sourav Dutta, Executive Director-IT of IDBI Bank, among other industry stalwarts.
This edition delved deeper into the changing frontiers of the BFSI sector and explored new strategies to stay ahead of the curve. It solidified the summit’s position as a must-attend event for industry leaders looking to shape the future of finance in India.
Impact and Infiuence
Over its four editions, the Elets BFSI Gamechanger Summit has evolved from a conference into a movement. It has become a melting pot of ideas, where traditional banking meets cutting-edge technology, where regulatory challenges meet innovative solutions, and where industry leaders meet the changemakers of tomorrow.
The 5th Elets BFSI Gamechanger Summit: Shaping the Future of Financial Services
To celebrate our golden jubilee, we’re now preparing the 5th Elets BFSI Gamechanger Summit, which will take place in the picturesque beachfront setting of Goa. This
landmark event promises to be the biggest and most impactful edition yet, reflecting the rapid evolution and exciting future of the BFSI sector.
Under the theme “Advancing Financial Institutions through Novel Strategies &
Alliances,” this four-day residential summit aims to explore and shape the future of financial services. The event is crucial at a time when the BFSI sector is experiencing unprecedented transformation driven by technological advancements.
The summit will explore disruptive technologies that are reshaping the industry
landscape. Artificial Intelligence, cloud scalability, and big data analytics have revolutionised operations across the sector. However, the emergence of Generative
AI (Gen AI) is poised to be even more transformative, potentially impacting every aspect of the industry’s function.
This dynamic environment presents both immense opportunities and significant challenges. The 5th Elets BFSI Gamechanger Summit is designed to address this head-on, providing a platform for industry leaders to explore future-ready strategies and forge crucial alliances.
Looking Ahead: The Future of BFSI and Our Role
As we celebrate the 50th edition of The Banking & Finance Post and look back on the journey of the Elets BFSI Gamechanger Summit, we also cast our eyes on the future. The BFSI sector stands at the cusp of a new era, driven by technological advancements, changing customer expectations, and evolving regulatory landscapes.
AI & ML are set to revolutionize risk assessment and customer service. The blockchain technology promises to transform transaction processing and security. The rise of digital banking is challenging traditional business models while focusing on financial inclusion is opening up new markets and opportunities.
Conclusion: A Golden Legacy, A Bright Future
As we mark this golden jubilee of The Banking & Finance Post Magazine, we are filled with pride in our journey and excitement for the future. For the past decade, we have been more than just observers of the BFSI sector; we have been active participants in its growth story.
The Elets BFSI Gamechanger Summit, in its relatively shorter but equally impactful journey, has established itself as a catalyst for change and innovation in the industry. The magazine and the summit represent a powerful force for progress in the BFSI sector.
As we step into the next chapter, we renew our commitment to excellence in journalism and event organization. We pledge to continue providing the BFSI community with the insights, analysis, and networking opportunities needed to navigate the challenges and seize tomorrow’s opportunities.
The Banking & Finance Post’s golden jubilee is not just a celebration of our past; it’s a launching pad for our future. With the Elets BFSI Gamechanger Summit, we look forward to continuing our role as the chronicler, facilitator, and catalyst of change in the BFSI sector for many more decades.
Here’s to many more years of innovation, growth, and banking, finance, and insurance success!
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