Chennai witnesses 17th edition of NBFC and FinTech Conclave and Awards 2024

The 17th NBFC & FinTech Conclave & Awards 2024, organised by B2B Market Media | The Founder Media, took place on 16^th July in Chennai. The conclave, themed “NBFCs in India: Growth and Stability,” saw participation from nearly 150 industry leaders, innovators and professionals from the Non-Banking Financial Companies (NBFC) and FinTech sectors.

The inaugural session, titled “NBFCs In India – Growth & Stability,” saw an address from R Anand, Chief General Manager (CGM), National Bank For Agriculture And Rural Development (NABARD). He informed that NABARD is partnering with NBFCS to identify customisable technologies to make functioning easier for customers.

“Interest rates are usually not transparent for the customers. It is much needed to have transparency in interest rates while designing a product for the customer. In addition, financial institutions from across the sectors have to collectively address how the products can be rural-friendly, along with having a reasonable transparency,” he recommended.

The conclave also witnessed four panel discussions namely Co-Lending: An Emerging Trend in Finance; Beyond Lending: Exploring Diversification Opportunities through NBFC-FinTech Partnerships; Digital Transformation in NBFCs: Infusing Intelligence across Lending Processes and Cultivating a Redefined Cybersecurity Landscape.

The panel discussions focussed on the rising trend of co-lending, where NBFCs and traditional banks collaborate to provide loans, examined how NBFCs can expand their services beyond traditional lending by partnering with FinTech companies. The panelists delved into diversification opportunities such as digital payments, wealth management and insurance products.

The panellists also deliberated upon the impact of digital transformation on NBFCs, focusing on how intelligent technologies can enhance lending processes. They also discussed the importance of cybersecurity in the NBFC sector. They discussed strategies for strengthening customer loyalty, safeguarding data, and protecting financial institutions from reputational damage and regulatory costs.

There was a fireside chat on the topic “NBFCs and Tech Adoption: Paving the Way for Frictionless Customer Communication” that highlighted that satisfying the customers the way they want is the key to better functioning. Further, technologies like Artificial Intelligence (AI) and generative AI are in an evolving phase. As long as these have emotions, these will work better, for everyone’s good.

There were also some technical presentations from the representatives of Nucleus Software, CyberNX Technologies and SignDesk that provided insights into emerging trends, technological advancements and the best practices for improved working of NBFCs.

The winners of the NBFC & FinTech Awards were felicitated by Ajith T S, Deputy General Manager (DGM), Small Industries Development Bank of India (SIDBI). Before presenting the awards, he addressed the audience and said that India looks forward to be the third-largest economy and $10 trillion economy by 2030 and the FinTechs and new lending platforms will play a pivotal role in this.

The 17th NBFC and FinTech Conclave and Awards 2024 provided a platform for industry leaders to share knowledge, explore innovative solutions, and celebrate achievements. The discussions and presentations underscored the dynamic nature of the NBFC and FinTech sectors and highlighted the significance of collaboration and innovation in driving growth and stability.

The winners of the NBFC and FinTech Awards are as follows: