Innovation: A Critical Growth Catalyst for BFSI

Team Marksmen’s BFSI Transformation Leaders Conclave 2024 highlighted the critical role of innovation, agility, and customer satisfaction in driving change across the sector

Technological disruption has been the one constant across industries, and it is no different for the BFSI sector. While historically it can be said that the sector has been seen as conservative in embracing new ways of working, it has been anything but in the last decade or so. Be it leveraging cutting-edge innovations that enhance customer experiences and streamline operations, to the advent of mobile payments, or even deploying conversational analytics, the industry has consistently adapted to changing customer preferences and market dynamics.

In recent years, the pace of technological transformation has only accelerated, driven by advancements in areas such as artificial intelligence, blockchain, cloud computing, and data analytics. These technologies have revolutionized various aspects of the BFSI sector, including customer onboarding, risk management, fraud detection, personalized financial advice, and secure digital transactions.

Consequently, financial institutions have become more agile, efficient, and customer-centric, offering seamless and personalized experiences across multiple channels. The transformative power of technology has become a critical catalyst for the BFSI industry’s growth and competitiveness in an increasingly digital world.

As we navigate this transformative era, the role and importance of technology cannot be understated. It plays a critical role in charting out the present and future of the BFSI landscape, reinventing how services are delivered, upgrading the overall experience at every touch point, the very nature of transactions, and beefing up operational effectiveness. Indeed, the possibilities are limitless for tech applied intelligently.

With a view to deepening our understanding of this bulwark sector, Team Marksmen Network organised the inaugural edition of BFSI Transformation Leaders Conclave 2024 on 22^nd March in Mumbai. This industry-centric initiative was brought to life with the support of Aaseya, the platform’s Low Code Partner, and Evolving Systems and Macwise as the Supporting Partner.

This landmark event brought together technology leaders from banks, NBFCs, Fintech, and insurance to deliberate on new growth pathways and the trajectory of digital innovation in the BFSI sector. Together, they charted out a roadmap for a more connected, efficient, and customer-centric financial future.

Some of the key speakers that graced this event included:

Bhaskar Rao, Chief Information Security Officer, Bharat Co-operative Bank (Mumbai) Ltd.

Dr. Puneet Kaur Kohli, President-Information Technology & Data Office, Liberty General Insurance

Darshan Chavan, Chief Information Security Officer, Canara Robeco Asset Management Company Limited

Dipanshu Shekhar, Head, Low Code Practice(OutSystems), Aaseya

Fal Ghancha, Chief Information Security Officer, DSP Mutual Fund

Gaurav Khera, Partner, Risk Advisory, Deloitte India

Geetika Raheja, Executive Director – Financial Services, PwC India

Kapil Jaiswal, Chief Information Security Officer & Director research, Government of India Official

Keshav Rao Evani, President – Digital Banking, YES Bank

Kinjal Shah, Chief Technology Officer, YES Securities

Krishnakant Gaitonde, Director – Technology, KPMG India

Naved Hussain, Chief Technology Officer, Adani Capital

Prasad Pimple, EVP & Head of Digital Business, Kotak Life Insurance

Parag Kulkarni, Director, PwC India

Ram Jayaraman, Chief Technology Officer, Aditya Birla Finance Ltd.

Sriharsha Wudali, Chief Operating Officer, Aaseya

Swati Jain, Senior Director, Risk Advisory, Deloitte India

Vinay Sekhar Peethala, Head IT Applications, Cholamandalam MS General Insurance Co. Ltd.

Vishal Bhatia, Chief Digital Officer, Canara Bank

Zubin Tafti , Managing Director FS Advisory, PwC India

Proffering his perspectives on all things BFSI, Sharad Gupta, Co-Founder, Team Marksmen Network, stated, “Technology has been the catalyst that has propelled the BFSI Sector to new heights, enabling us to deliver innovative solutions that drive financial inclusion, economic progress, and nation-building. By harnessing the power of emerging technologies, we have streamlined operations, enhanced customer experiences, and expanded our reach to underserved communities. The BFSI sector’s commitment to technological advancement aligns with our nation’s vision of a digitally empowered society, where financial services are accessible, secure, and tailored to the diverse needs of our citizens. As we continue to embrace innovation, we are poised to unlock new frontiers of growth, fostering entrepreneurship, and fueling the engines of economic development. The BFSI Transformation Leaders Conclave 2024 brought together leaders and experts at its vanguard of this, chalking out a growth pathway that can be followed in the years to come.”

To know more about this unique initiative, write to us at contact@teammarksmen.com.

About Team Marksmen

Through an array of bespoke industry-centric knowledge platforms, using a variety of formats, such as Roundtables, Summits & Conferences, Workshops, and Recognition Ceremonies, Team Marksmen helps senior industry decision makers navigate through issues of critical importance and informs their world-view for better decision-making.

Team Marksmen has successfully executed more than 20 events with 300+ domestic and international B2B and B2C brands, helping businesses across industries create opportunities to engage audiences through on-ground and virtual experiences.

The organisation empowers industry leaders by providing them with insights, ideas, and opportunities that fits their unique industry and context. Through content shared via its flagship website, Marksmen Daily, and print magazine ‘in Focus’ focused on business, leadership, and lifestyle, they help advance the practice of management. Meanwhile, through strategic initiatives like Marksmen Media, it helps organisations achieve objective through a plethora of bespoke digital and content strategies.