The Banking Summit 2022, held in June, aimed to bring the industry leaders under the same umbrella to discuss the challenges faced in the BFSI sector and the best ways to overcome them. The theme of the summit was “Paving the Way for India’s Digital Banking Future”. To stay relevant and resilient, the financial institutions of the present and more importantly the future need to have the utmost need to embrace emerging technology, remain flexible to adopt disruptive business models, and put customers at the center of every strategy.
The Indian Banking and Financial infrastructure have been one of the most stable systems in the world, irrespective of the various challenges the economy has faced. Currently, the financial markets across the world are transforming due to the adoption of fintech. It has taken a while for most of the public as well as corporations in the sector to adapt, but a few have managed to gain immense knowledge and experience in this evolving sector.
The notable speakers had several known CXOs from Public & Private Banks, Small Finance Banks, Payments banks, NBFC, Insurance providers & more.
The notable points of the discussion have been:
· Coming up with strategies for structural weaknesses that constrain the financial performance of several financial organizations.
· Embracing end-to-end extreme digitization
· Acting with urgency to improve resilience for better risk management
· Digital 2.0 strategy for Small Finance Banks
· Improving operational efficiency and resource utilization.
· Benefits of harnessing cognitive technology with Artificial Intelligence which is improving day by day
· Better ways to predict future outcomes and trends
· Providing an enhanced customer experience
· Ensuring effective decision making
· Using advanced data analytics to combat and reduce fraudulent transactions This BFSI Summit also focused on topics like workforce transformation post-pandemic, ways to emerge from the current crisis, focusing on what’s important in the current times, and simplification of AI and analytics in business operations.