NBFCs, together with fintechs

B2B Infomedia organised the 15^th edition of NBFC and Fintech Conclave and Awards in Chennai on 18^th August, 2023. The event saw participation from more than 200 NBFC and fintech leaders who deliberated upon various topics that need to be paid heed to in the current scenario.

Professionals from NBFCs and fintechs collaborated to discuss the future of seamless services, making customer experience better and smooth.

The conclave began with a keynote address by Ravindran AL, General Manager, Small Industries Development Bank of India (SIDBI), who stressed upon the need of interventions at multiple levels for better corporate governance. “Multiple-level interventions are being taken up by SIDBI for corporate governance,” he revealed, while speaking at the conclave.

Following his address, four panel discussions took place which highlighted how the core business of NBFCs can be strengthened for providing better loan management system to customers, affiliation between NBFCs and fintechs for rapid growth of financial inclusion, importance of low latency cloud and assurance of resilience to cybersecurity risks.

Some of the highlights that panellists came out with include identification of loan management systems by NBFCs with focus on customers, comprehensivity compatibility, customisability, security and scalability; need for stakeholders to be quick at adapting changes with fast-developing technologies as one solution cannot serve the needs of all NBFCs; need to lessen the trust deficit between companies and their customers in the lending system.

The speakers also suggested that NBFCs need to choose fintechs as per their needs, keeping their working model in mind as fintechs can teach how to do the same old business in a new way with novel skill sets and technology. They further suggested that in the next five years, there is a possibility of end-to-end systemised mortgage loans.

Regarding low latency, the experts were of the view that for any business that depends on data, low latency is the bare minimum they can have. Apart from it, architecture, topology and geology are the three crucial factors that need to be taken care of while planning a low-latency cloud.

The event also saw a special address from TT Srinivasaraghavan, Former Managing Director, Sundaram Finance Limited, and, Chairman, Emeritus, Finance Industry Development Council (FIDC).

Besides this, presentations were made by tech solution providers Oracle, Skylark, Mendix, Stack Identity, Riskcovry and ScoreMe to showcase their contemporary products and services.

The event concluded with an award ceremony felicitating 24 organisations in different categories for various innovations and discoveries. The winners are as follows:

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