Disruption in the FinTech ecosystem reveals the future of Finance in India
Mumbai: 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 BSFI sector in India. Undoubtedly, the Fintech landscape is charting new waters with introduction of digitised formats such as ewallets, blockchain for settlement of contracts and mobile payments. Deliberating a dialogue on the new challenges, opportunities and potential growth in the BSFI sector in relation to FinTech were esteemed panelists: Mr Rambhushan Kannumuri, Head Corporate Finance Investec & Ex- MD Barclays; Mr Bharat Panchal, Senior VP, NPCI; Mr R Balaji, Senior VP, Mahindra Finance; Mr Joseph Joshy, Senior VP, Reserve Bank Information Technology (ReBIT); Mr Anurag Nigam, COO Tata Payments Solution and Mr Shailesh Dhuri, Executive Director Decimal Point Analytics at a roundtable organised 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 has pioneered art knowledge creation by collaborating with Industry. Commentating about the event, Prof Dr Uday Salunkhe, Group Director, WeSchool said, “Fintech Round Table Conference 2017, apart from enlightening students via thought provoking panel discussion is an endeavour to bridge the Industry Academia gap. BFSI sector is a highly regulated sector and maximum disruption has been witnessed in this sector. A landmark change witnessed by this sector is the JAM Trinity (Jan Dhan-Aadhaar-Mobile) which has unlocked access to financial services to a billion plus population. Chatbots & Roboadvisors have disrupted the Wealth Management segment. A tectonic shift in BFSI sector which has changed the paradigm of BFSI sector is India Stacks. India Stacks has empowered cashless, paperless, non-brick mortar business and services to grow. The BFSI sector is at a cusp of revolution. 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. WeSchool in association with world-renowned Center for Creative Leadership (CCL®), a company that trains fortune 500 companies globally on innovation and leadership practices runs The Global Citizen Leadership (GCL). The Global Citizen Leadership programme is an excellent example of how industry and academia can work together to nurture students. The program nurtures innovative thinking and at the same time encourages empathy. We believe such an intervention can create solutions that are innovative, sustainable and have stakeholder involvement.”
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 AI & Machine Learning highlighted the future impact on Investment Banking industry with large size firms shrinking the desk size by Ninety percent post implementation of Smart Contracts, RoboAdvisors and other emerging technologies. AI 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 specialising a single technology. Adaptability is the key trait to be developed for future CEO’s.
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 analysed. 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, “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 Advisary 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.
The conference concluded on a note that BSFI has a potential growth with technology playing a key role followed by Thank you note by Prof Dr Suyash Bhatt, Associate Professor, Prin. L. N. Welingkar Institute of Management Development and Research (WeSchool).