India’s financial ecosystem is on a roll, and focused technological innovations have given a fillip to this upwards curve. Technology has been disrupting the way businesses function across the globe, and online transactions, mobile payments, wire transfers and e-wallets have already reshaped the entire banking sector, with newer technologies being introduced at a rapid pace. Information Technology is one of the most important facilitators for the transformation of the Indian banking industry, and if banking today is a flourishing industry, it is because of the underlying technological innovation it has so readily embraced. Over the last three years, there have been countless numbers of innovative applications and systems used by the financial services industry to offer world-class products and services to the Indian market.
The Economic Times yet again presents an innovative concept for BFSI sector at a time when the digital revolution is peaking; The Economic Times BFSI Innovation Tribe 2018 Awards & Summit. Centred on the theme of ‘Disrupt | Develop | Demonstrate', the Summit not only provides a robust platform to the industry leaders, innovators and aspirants to discuss their course of action towards the disruption in the industry but will also recognize the most innovative technologies that Fin-tech brands put into the BFSI industry and the brands that have used it in the most efficient manner.
This day-long event aims to bring the innovation and banking leaders on one platform to discuss and deliberate the future amidst current challenges and pressing issues of the time. The event will be graced by Honorary Chief Guest, Deepak Vasant Kesarkar, Minister of Maharashtra State for Finance, Rural Development, Government of India.
The panel discussions will bring forth issues on the need to improve business strategies to retain their competitive advantage and analyse the dynamic impact of technological advancements, besides the role of the CIO in driving competitive advantage through innovation, the importance of robotics and Artificial Intelligence in the banking system as well as reaffirming the trustworthiness of retail banks in the eyes of customers, among myriad other topics that will be discussed.
Mr. Balsingh Rajput, Superintendent of Police, Cyber Cell, Maharashtra Police believes that, “Disruptive technology is now becoming the new normal. Digital platforms provide faster and transparent service to customers in the BFSI sector. There is risk everywhere, and same way Digital technology also brings the risk of cybercrimes but with robust technology, well-thought process and practices along with an emphasis on training of human resource for safe cyber practices will make Digital assets more secure.”
With so many emerging agile players in the market, a fireside chat on the ‘Survival of the fittest -Traditional Banks v/s Fintech disruptors’ will speak about the obvious differentiator between banks and fintech disruptors, the long-term survival plan and technology adoption patterns
Vivek Gupta, Country Head, R3 is of the opinion that Such initiatives are very important and serve multiple purposes. First, it allows for exchange of ideas, information and allows people to learn from experts in their fields. Second, it allows many of us caught in the micro details of our day to day work, the opportunity to look at the bigger picture and trends that will affect them, maybe not today, but in the near future.”
With an eclectic mix of panel discussions, keynotes, fireside chats, case studies, inclusive sessions and felicitations, this conference is just what the sector currently needs. Speaking ahead of the Summit, Deepak Lamba, President - Times Strategic Solutions, voices that, “The BFSI Innovative Tribe is an important initiative to all of us at The Economic Times. It’s a platform where global leaders can converge on common grounds of multiplying digital opportunities in the BFSI sector. The jury that comprises of top notch and seasoned leaders from the BFSI sector helped us shortlisting the shining experts of BFSI sector. We are also very grateful to the BFSI stalwarts who have agreed to share their experiences and insights on latest technology products, innovative and revolutionary solutions identified to impact and change the industry today and in the future.”
Collaboration, cooperation, deliberation, and innovation is a must for sustaining the disruptive discourse of technology in BFSI Sector. The Economic Times BFSI Innovation Tribe provides a unique opportunity and platform for the industry ecosystem to converge and chart the path of future growth. Leading consultant Deloitte Touche Tohmatsu India LLP is the knowledge and process partner for the Summit.