Disruptions in the Fintech ecosystem reveal the future of Finance sector in India at the roundtable

by Yashodhara Katkar on Wednesday 8 November 2017, 1:25 PM | Category: Modern Banking| View: 78 views
 
 
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 Disruptions in the Fintech ecosystem reveal the future of Finance sector in India

 

Technology is bringing new changes across sectors such as Telecom, Retail and Finance. With emerging technology, Finance technology firms popularly known as FinTech is a new extension for BFSI sector in India.  Undoubtedly, the Fintech landscape is charting new waters with introduction of digitized formats such as e wallets, Blockchain for settlement of contracts and mobile payments. Deliberating a dialogue on the new challenges, opportunities and potential growth in the BFSI  sector in relation to FinTech were esteemed panelists:   Rambhushan Kannumuri,  Ex- MD Barclays;  Bharat Panchal, Senior VP, NPCI; R Balaji, Senior VP, Mahindra Finance; Joseph Joshy, Senior VP, Reserve Bank Information Technology (ReBIT); Anurag Nigam, COO Tata Payments Solution and  Shailesh Dhuri, Executive Director Decimal Point Analytics at a roundtable organized by S.P. Mandali's Prin. L. N. Welingkar Institute of Management Development & Research (WeSchool). The theme of the roundtable was ‘Emerging trends in Fintech ecosystem'.

Prof Dr Uday Salunkhe, Group Director, WeSchool shared his thoughts on the inititative, “WeSchool has pioneered art of knowledge creation and dissemination by collaborating with Industry. Fintech Round Table Conference 2017, apart from enlightening students via thought provoking panel discussion is  an endeavor to bridge the Industry Academia gap. BFSI sector is highly regulated sector and maximum disruptions are witnessed in this sector. A landmark change witnessed by this sector is the JAM Trinity : Jan Dhan -Adhar-Mobile  linkage , which has unlocked access to financial services to begin with to a billion plus population. Chatbots & Robo advisors have disrupted the wealth management segment. A tectonic shift in BFSI  which has changed the paradigms of the sector is India Stacks that  has empowered cashless, paperless, non-brick mortar business and services to grow. The BFSI sector is at a cusp of revolution and while the eminent industry panel would touch base upon this area; we direct our students to take a lead in understanding these new age concepts and become industry ready”.

The opening session defined the introduction of Fintech as a concept that is enabling new age initiatives for existing and new markets in finance. A further discussion on Artificial Intelligence and    Machine Learning highlighted the future impact on investment banking industry with large  firms shrinking the desk size by Ninety percent post implementation of Smart Contracts, Robo Advisors and other emerging technologies. Artificial Intelligence has a power to solve many complex problems that individuals are facing. While technology is reducing time and addressing predictable changes through algorithms, it certainly needs human intervention. There are many jobs which would seize to exist but then there will be new jobs created. Academicians took note that with evolving pace of technology, B-School students should be trained more on Ability to Learn-Unlearn-Relearn rather than focusing on specializing a single technology.  Adaptability is the key trait to be developed for future CEOs.

Another topic that was elaborately discussed was Blockchain. This new technology has many applications and companies are taking a lead through Smart Contracts using Blockchain. Select Indian companies are working extensively on new technologies to bring customer delight.

The existing trend of cash and online transactions in other countries was also analyzed. Sweden has more than 90% digital transaction in comparison to Germany which has 80% cash based transactions. The concluding remarks defined digital and cash holding a unique significance.

An elated WeSchool Student, Priya Desai, PGDM 2016-18, (Finance) said, “It was an enriching experience to interact with noted finance gurus about the developments in Fintech. It gave me insights into the practicalities of the various technologies, which otherwise would be knowledge in text.”

Another WeSchool student, Sanat Paralkar, PGDM Ebiz (2016 18), said that “The Fintech roundtable conference gave me a great opportunity to get acquainted with disruptive changes that the BFSI vertical will witness in near future. It briefly discussed technologies such as Blockchain, Artificial Intelligence, Robo Advisory etc. and also threw light on transformation of roles and skill sets one needs to possess to have a flourishing career in Fintech.”

The conference concluded on a note that BSFI has a potential growth with technology playing a key role. However, trust and transparency which form the crux of the BSFI sectors needs to be consistent even with launch of new technology enabled products and processes. 

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