Be To Be Infomedia organised the 4th edition of the BFSI and Fintech Conclave and Awards in Mumbai on 11th October, 2023. The event saw participation from more than 200 BFSI and fintech experts who held discussions on various topics that require urgent attention in the current times.
People working in the BFSI and fintech sector came together and dived down into various aspects of digital payments, cyber resilience, cross-border payments, transactions via wearables, digital banking, open banking and automation and analytics, among others.
The conclave began with a panel discussion on the topic “Digital Payments: The Vivid Landscape of Digital Transactions of Future,” wherein the panellists pointed out that two out of every transaction in India are digital and 50 per cent of transactions will be through voice by 2030.
Apart from it, they revealed that 80 per cent population is still unbanked in terms of UPI use. That apart, business, IT and risk have to be aligned with each other.
The event also saw a panel discussion on “Envisaging Innovations for Future Growth and Development” in which the panellists stressed that every customer wants a personalised approach today that requires a lot of data. Besides, the use of Artificial Intelligence (AI) and Machine Learning (ML) depends upon the geography where one is working, the product that is being offered and the customers who want that product. They also mentioned that organisations always need to understand what their customers want and build their products and services around that.
In another panel discussion titled “How Cloud Technology is Shaping the BFSI Industry – Current Scenario and Way Forward,” the panellists said that the future is going to be multi-cloud. However, while opting for cloud, it’s important to analyse each application with the delivery output.
Regarding cyber resilience, the conclave saw a panel discussion titled “Cyber Resilience: How much and how far and what new?,” the experts opined that right policies, standards and processes are needed to sustain in the long run and cybersecurity has been among the top three priorities for board members of any organisation. Apart from it, cyberimmunity is also a factor that needs to be looked upon.
Lastly, the event witnessed a panel discussion “Knowing the Customers and their Expectations: Technological Efficacy in Customer-Centric Approach,” wherein panellists highlighted that it is necessary for customers to feel confident, comfortable and convenient while choosing a service. In addition, AI, along with the support of human intelligence, can bring better results.
There were also technical presentations by the representatives of Zepto Mail, Stack Identity, Fortra and Sophos.
The event concluded with a Keynote Session by the Chief Guest Sumnesh Joshi, Deputy Director General (Joint Secretary level) Ministry of Communications and IT. “The number of broadband internet connections was 60 million in 2014, and now, we have more than 850 million internet connections. Besides, we have to make people aware that Aadhaar is available in digital form: m-Aadhaar (that also includes a QR code) and makes it easy for people to use it,” he emphasised.
Joshi also honoured the award winners whose list is as follows:
| SECTION | CATEGORY NAME | WINNER NAME |
| COOPERATIVE BANK | COOPERATIVE BANK OF THE YEAR | JANATA CO OPERATIVE BANK LTD. MALEGAON |
| COOPERATIVE BANK | BEST IT IMPLEMENTATION OF THE YEAR | ALAVI CO OPERATIVE BANK LIMITED |
| FINTECH | CYBER SECURITY IMPACT PRODUCT OF THE YEAR AWARD | AUTHARC ZERO TRUST IDAM, PRODUCT OF AUTHARC TECHNOLOGIES PVT LTD |
| FINTECH | CYBER SECURITY SERVICES EXCELLENCE AWARD OF THE YEAR | AUDIX TECHNO CONSULTING SOLUTIONS PVT LTD |
| FINTECH | BEST INNOVATION IN PAYMENTS | PLURAL BY PINE LABS |
| FINTECH | MOST INFLUENTIAL FINTECH OF THE YEAR | FINNUP SOLUTION PRIVATE LIMITED |
| GENERAL INSURANCE COMPANY | OPERATIONS EXCELLENCE INITIATIVE OF THE YEAR | BAJAJ ALLIANZ GENERAL INSURANCE |
| LIFE INSURANCE COMPANY | INNOVATIVE INITIATIVE IN DIGITAL CUSTOMER EXPERIENCE & ENGAGEMENT | HDFC LIFE INSURANCE |
| MICROFINANCE | MICROFINANCE INSTITUTION OF THE YEAR | SAMPADA ENTREPRENEURSHIP AND LIVELIHOODS FOUNDATION |
| MICROFINANCE | BEST UPCOMING MFI OF THE YEAR | GRAMALAYA MICROFIN FOUNDATION |
| NBFC | NBFC OF THE YEAR | HIRANANDANI FINANCIAL SERVICES PVT LTD |
| NBFC | BEST UPCOMING NBFC OF THE YEAR | RIKALP CAPITAL PRIVATE LIMITED |
| NBFC | SMART NBFC OF THE YEAR | UNNATTI FINSERV PRIVATE LIMITED |
| NBFC | MOST INFLUENTIAL NBFC OF THE YEAR | UNNATTI FINSERV PRIVATE LIMITED |
| NBFC | BEST INNOVATIVE IT IMPLEMENTATION OF THE YEAR | ECL FINANCE LTD |
| OTHER | PROMOTING INSURANCE AWARENESS IN THE COUNTRY | INSURANCE FOUNDATION OF INDIA |
| PRIVATE SECTOR BANK | INNOVATIVE INITIATIVE IN DIGITAL CUSTOMER EXPERIENCE & ENGAGEMENT | HDFC BANK LTD |
| PRIVATE SECTOR BANK | SUPPLY CHAIN FINANCE BANK OF THE YEAR | YES BANK |
| PRIVATE SECTOR BANK | MOST INNOVATIVE USE OF MOBILE TECHNOLOGY IN FINANCIAL SERVICES | YES BANK |
| PUBLIC SECTOR BANK | INNOVATIVE INITIATIVE IN DIGITAL CUSTOMER EXPERIENCE & ENGAGEMENT | IDBI BANK LTD. |
| SMALL FINANCE BANK | MOST ADMIRED CYBER SECURITY INITIATIVE OF THE YEAR | UJJIVAN SMALL FINANCE BANK |
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