The future of FinServ is likely to be driven by the integration of technology and data, with an increased focus on personalization, efficiency, and convenience.
The five areas focus Basic Banking, Investment, Financing, Wholesale should now be encapsulated in BAAS - offer opportunities for banks to transform and stay competitive in the ever-evolving financial landscape. However, it is important to note that the future of financial institutions is uncertain, and regulatory, technological, geopolitical, and other factors could greatly displace its development.
Banking as a Service (BaaS) refers to the provision of banking services and technology solutions to financial institutions, businesses, and other organizations. The aim of BaaS is to allow these entities to offer their customers a full range of financial services, such as payments, savings, loans, and investments, without having to invest. A platform that includes APIs and other tools that allow their clients to integrate functionality into their existing systems and processes. Reduced costs, increased speed and efficiency, and the ability to offer a more comprehensive range of financial services.
By Shalil Gupta, Business Head, Mosaic Digital
The banking industry is facing a pivotal moment, with uncertainty surrounding future profit growth. Regulations and growing competition remain a concern, however, the biggest challenge comes from a global trend: disruptive new players from diverse industries that have adopted innovative cross-industry platform models, much like the success seen in companies such as Amazon, Google, Microsoft, PayPal, and Spotify. These new entrants bring with them a more efficient economic model, posing a significant threat to the traditional banking sector.
The era of the universal bank model is coming to an end and investors are increasingly recognizing the value of specialization over the traditional one-size-fits-all approach. The future of banking lies in specialized platforms.
By Padmaja Chunduru, MD & CEO, National Securities Depository Limited (NSDL)
Financial services in the current form haven’t evolved their products in a way that matches the tech-driven pace of change in other industries. Products such as checking accounts, loans, and even corporate advisory can seem undifferentiated.
To compete, most banks will have to embrace cross-industrial platforms. These new platforms dismantle the barriers between traditional industries, reshaping customer behavior and turning formerly linear value chains into ecosystems that fulfill customer needs in new ways.
Ashwin Moduga, Head Research, Mosaic Digital in conversation with Anubrata Biswas, MD & CEO, Airtel Payments Bank
Tech advances have eliminated size as an advantage in providing excellent services, winning customer loyalty, aggregating and analyzing data, and building networks of capital. Alternate investment banking paths such as special-purpose acquisition companies, payment platforms, and start-up capital platforms have emerged- offering high levels of personalization, zero friction, agility, interoperability and secure storage, among others. If we look at the stats, we will see that India’s digital banking platform market was worth $ 776.7 million in 2021 and is further expected to reach $1,485.5 million by 2028, growing at a CAGR of 9.8%.
Having said that, the financial sector handles voluminous amounts of data for a potent banking experience. Fast technological advancement and digitization are driving banks to invest massively in cloud environments to make banking processes simpler. One of the aspects of it is data analytics- to give them an edge against the competition, to predict emerging trends, and keep up with customers' expectations. Now the ask is- What are the arising patterns of data and analytics in future? How will they unleash the power of it together with cloud innovations?
Speakers:
Balaji Narayanamurthy, President & Head BIU, Axis Bank Limited
Anil Kuril, CTO, Union Bank of India
Abhijeet Bhattacharjee, CIO, Utkarsh Small Finance Bank
Moderator: Jaspreet Singh, Partner, Grant Thornton Bharat
As per World Bank’s Findex 2021, 22% of Indians lack an account in any financial institution, meaning they do not participate in any basic financial products or services. Additionally, India also has the highest share of inactive bank accounts globally at 35%. These figures have highlighted the need for organizations to commit to advancing financial inclusion and providing access to affordable and useful financial products and services to meet the needs of the underserved segment. To achieve this, the institutions should collaborate with governments and other stakeholders to enable an environment toward achieving a higher bottom line. This can involve advocating for policies, such as the establishment of credit bureaus, launching new lines of pro-poor products, and unlocking efficiencies in the distribution of financial services through capacity-building initiatives.
By Rajesh Bansal, CEO, RBI Innovation Hub
By A Balakrishnan, Director, Google Cloud India
From Everyday banking to create a banking experience that is not a burden or a necessary obligation, but instead is easy and even enjoyable Financial services now should encompasses a variety of e-commerce services, such as loyalty programs, discounts, advertising, and peer-to-peer marketplaces. A single access point for a wide range of consumer goods, electronics, home-cleaning services, movie tickets, and more, all connected to bank accounts or specialized solutions embedded into specific customer journeys.
Integrating payments, cash flow financing, accounting, taxes, and more, allowing businesses to focus on their core activities by automating many of the basic operations.
By Rishi Gupta, MD & CEO, Fino Payments Bank
As of September 2022, there were at least 274 fintech companies with a unicorn valuation of more than $1 billion, up from just 25 in 2017. Collectively, they have a market value of more than $1 trillion.
Adopting cross-industry platforms that break down the barriers between traditional industries, altering customer behavior and transforming linear value chains into ecosystems that meet customer needs in innovative ways. This process has already reached a tipping point in industries like healthcare, media, music, and retail, where a diverse range of players are connected through platforms. The rise of cross-industry platformization means that FIs must now compete with any organization that has the ability and desire to offer financial services.
Speakers:
Vaibhav S J., Co-Founder & CEO, Easy Pay
Nalini Venkat, President, Digit Insurance
Shrini Viswanath, Co-Founder, Upstox
Moderator: Vivek Iyer, Partner, Grant Thorton
Branch as a Service (BaaS) is an innovative and relatively new concept in the banking industry that allows financial institutions to offer their services to third-party companies through an API. This saves businesses from having to build a banking infrastructure and enables them to provide services such as account opening, payment processing, and loan processing to their customers, thus fitting into the broader concept of open banking. However, it also raises various pertinent questions: What are the potential risks associated with using BaaS? What are the regulatory requirements for financial institutions using a BaaS platform?
Ashwin Moduga, Head Research, Mosaic Digital in conversation with Vijay Vasudevan, Head of Business Solutions Group (BSG), Suryoday Bank, and Prateek Pashine, President-Enterprise Business, Reliance Jio
The customer experience (CX) is core to how banks thrive—and it pays off with interest. Financial institutions that excel in CX are ahead of their competitors in areas such as brand reputation, increase in new and existing customer segments, employee retention, and financial performance, ultimately driving business success.
With today's digital explosion, what are firms doing differently to transform their digital experience that is both seamless and personalized for customers? How can they further enhance their engagement in this highly competitive, regulated, and complex industry? How do innovations such as AI and automation contribute to this role?
Shalil Gupta, Business Head, Mosaic Digital in conversation with Prashanth Kancherla, VP-Products, Ozonetel Communications
Micro, Small and Medium Enterprises (MSMEs) are the backbone of India’s economy, contributing nearly 27 % of India's GDP in the financial year 2021 (Statista). Access to finance is a major challenge for MSMEs due to the lack of required CIBIL, collateral, and credit history, resulting in a significant portion of the sector being left unbanked. However, the rise of India’s robust financial service technology ecosystem has the potential to revolutionize the MSME financing landscape.
The ask is- How can financial service technology contribute to the development of MSMEs, and what impact could this have on the overall growth of the Indian economy?
By Shri Sivasubramanian Ramann, CMD, SIDBI
This could include options such as online payments, mobile payments, and point-of-sale systems, as well as other value-added services such as fraud protection, data analytics, and customer insights. In this arena, success will depend on the ability to create innovative solutions, streamline processes, and offer excellent customer experiences, while also navigating the complex regulatory landscape of financial services. Wide range of financial services for corporations and institutions.
Speakers:
Neeraj Chauhan, CIO, PayU
Manoj Paul, MD, Equinix India
Murali Mohan Rao Manduva, CTO, DCB Bank
Rajesh Choudhary, CIO, CSB Bank
Praveena Rai, COO, NPCI
Jyotsna Jayaram, Partner, Trilegal
Moderator: Ramganesh Iyer, Partner, Bain & Company
Shri S. Ramann, belongs to 1991 batch of Indian Audit & Accounts Service (IA&AS). He joined as Chairman & Managing Director, Small Industries Development Bank of India (SIDBI) from 19th April 2021. Before joining SIDBI, he was MD & CEO of National E-Governance Services Limited (NeSL) from December 2016. Prior to joining NeSL, Mr Ramann was the Principal Accountant General (Audit), Jharkhand, Ranchi during 2015-2016. He worked with SEBI as CGM and later Executive Director between 2007 & 2013.
He held various positions in the offices under the C&AG of India in various States and also worked as Executive Secretary to the C&AG of India. He worked as First Secretary, at Indian High Commission, London for auditing the accounts of various Indian Embassies in Europe. He is BA (Hons) Economics from St Stephens College and MBA from FMS, Delhi University. He has done M. Sc. in Regulations from London School of Economics and Certified Internal Auditor from IIA Florida. He completed LLB from Mumbai University and Post Graduate Diploma in Securities Law.
As the Managing Director and Chief Executive Officer of Fino Payments Bank Rishi Gupta led the bank to profitability in FY19-20 within 3 years of starting operations. By the end of Q3FY23, the bank registered twelve consecutive quarters of profit, reiterating the robustness of the business model.
In November 2021, under his stewardship, Fino became the first payments bank to get listed on the Indian stock exchanges.
Rishi’s vision to make the bank a preferred choice of customers enables Fino to continue making invaluable contribution to the national agenda of financial inclusion and universal banking access.
Rishi is currently associated with one of the premier industry associations in the country, ASSOCHAM as the Co-Chairman of the National Council on Banking and Financial Services.
Mr. Rajesh Choudhary is the Chief Information Officer of CSB Bank. He’s spearheading the company’s technology transformation and is tasked with enhancing the digital capabilities of the Bank.
Mr. Choudhary has almost three decades of experience in technology leadership roles. He possesses global work exposure that spans across Europe, UK, UAE, Singapore and India.
His work experience lies majorly in Strategy, IT Infrastructure, Applications, Technology Risks, Finance, People, Vendors, Outsourcing, Off-shoring and Governance in various roles as IT Head and Regional/Country Head.
Prior to joining CSB Bank, he was associated with Barclays Bank, RBS, ICICI Bank and Bank of America, amongst others.
Ramganesh Iyer is a partner in Bain & Company’s Mumbai office. He is a member of the firm’s Financial Services, Digital, Strategy and Performance Improvement practices.
With more than 15 years of management consulting experience, Ramganesh has advised and led multiple engagements with banks, insurers, NBFCs and micro-finance institutions in India across strategy, operating model and value creation levers, example- credit scoring, credit operating model, product profitability, due diligence etc.
He has an extensive experience in customer experience and customer journey redesign. He is also a co-founder of a Fintech company specializing in digital wealth management and life/health insurance. Ramganesh hold an MBA from the Indian Institute of Management, Ahmedabad, where he earned the Gold Medalist award. He also received a B.Tech. from the Indian Institute of Technology (Mumbai), India.
Vivek has close to two decades of experience across financial services in the GRC space. He has worked with some of the leading Banks across the globe.
He has led multiple engagements for internal audit quality assurance reviews for banks such as RBL bank,CitiBank and also other non-banking entities. He has also led internal audit transformation engagements for large banks in India, Bangladesh and Middle East. Given his extensive experience on similar engagements, Vivek brings in key benchmarking inputs to assist in strengthening governance, process and control from an internal audit framework standpoint.
He has also authored multiple research papers and additionally works back with the regulators on various matters of industry importance.
Balaji Narayanamurthy is President and Head of Business Intelligence Unit at Axis Bank. He has two decades of experience in banking, analytics and using data to drive business decisions. He joined Axis Bank in 2010 and over the last 12 plus years has played a key role in establishing a strong analytics practice across the bank.
Prior to Axis Bank, Mr. Balaji spent close 1o years in the U.S. credit card business. He worked with Barclaycard, in US as a Group Director of Analytics before Barclarycard, Mr. Balaji worked at various roles in the U.S. credit card business of Capital One.
He started his career as a management associate at Citibank India in their transaction banking group Mr. Balaji holds a Bachelor’s degree in Electronics and Communication Engineering from IIT Chennai and has a Post Graduate Diploma in Management from IIM Lucknow.
Jaspreet has over 20 years consulting experience focusing on Digital Technologies, Technology Risk, Enterprise Risk and Emerging Technologies. He is supporting a variety of industries such as GCCs, Financial Services, Telecom, IT/ITES, Ecommerce, Fintech, Professional Services, Consumer and Industrial markets, Pharma, Hospitality, Infrastructure sector, etc.
Jaspreet has broad?based business perspective with experience advising enterprise? wide Cyber security & IT strategies at Fortune 500 companies across the globe including USA, Europe, Africa, South?East Asia and Australia, etc.
He is seen as a trusted advisor to many boards and enjoys trust based relationship with CXOs across many organizations. Adept at building relationships with clients, strategic partners, media, and divisions within the corporation. Jaspreet also runs the Virtual CISO office for many of the Firms clients and is a trusted advisor to client on Digital and Cyber Security Strategic initiatives.
He was one of the starting team members of Cyber Security practice at EY and built a 250+ member team with 20m USD of annual revenue including 5 partners. He was one of the primary team members to setup Managed Services and Centre of Excellence.
CIO Certified professional having 22+ years of experience across banking and driving transformations at various Banks and non-Banking financial firms in India Has strong experience in defining business & IT strategy, executing digital transformations and delivering value at several process areas across lending value chain and delivered core applications like CRM, LOS and Portfolio Management Platforms. Has expertise in various functional areas in Banking like sales & origination, fulfilment, operations, product management, customer experience, credit underwriting, risk management, collections & recoveries, analytics, business intelligence and regulatory compliance. Has proficiency in managing current state assessment, target state design, gap analysis, requirement gathering, project management and implementation of multiple Banking applications.
Mr. Pashine joined the Reliance family in 2018 and has been working on building the new-age Enterprise business. Prior to Jio, he has spent over two decades with the Tata Group in the Tata Administrative Service starting in 1995 and managed roles in diverse industries which includes hospitality, software, real estate and telecom equipment & services. Mr. Pashine has been recipient of the prestigious Fulbright Scholarship and attended Fulbright-CII Fellowship programme for Leadership in Management at the Carnegie Mellon University, Pittsburgh, USA, in 2006. He has been the Chairman and Board Member on the board of WBA (Wireless Broadband Alliance), a global organization having leading telecom operators from across the world as its members. He has served on the Board of WiMAX Forum, an industry-led, not-for-profit organization formed to certify and promote the compatibility and interoperability of broadband wireless products. He has been on the Board of Tata Communications Sri Lanka business, and part of the several joint CII-government initiatives. He was also a member of Intel’s global communication industry board of advisors. Mr. Pashine has an MBA from IIM, Bangalore in Corporate Strategy and Marketing with an Engineering degree in Electronics. He loves to spend time on adventure sports and playing squash, table tennis and cricket. He is a recipient of many sporting awards at Club level and inter-corporate level.
Equinix is the world’s digital infrastructure company™. Digital leaders harness our trusted platform to bring together and interconnect the foundational infrastructure that powers their success. We enable our customers to access all the right places, partners and possibilities they need to accelerate advantage. With Equinix, they can scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value.
Ozonetel is an industry leader within the Customer Experience (CX) space, offering businesses a robust, omnichannel platform to manage end-to-end communication flows. Its AI-powered, full-stack platform has enabled over 2,500+ businesses to simplify, manage, and analyze interactions at every step of their customer communication and engagement journey.
The platform helps enterprises to engage with customers at every touchpoint across voice, chat, SMS, WhatsApp, and other digital channels. It fully integrates with CRM and other business applications and offers a truly omnichannel experience for customers.
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