IIM Amritsar has successfully concluded the 7th edition of its Annual Finance & Marketing Conclave: Pariprekshya on 4th November 2023

IIM Amritsar has successfully concluded the 7th edition of its annual finance and marketing conclave, Pariprekshya, on 4th November 2023. The event occurred at the Taj Swarna and was live-streamed on IIM Amritsar’s LinkedIn for those who couldn’t participate. Pariprekshya’s mission goes beyond spreading knowledge and information regarding the finance and marketing industries. It aspires to serve as a platform for diverse perspectives, enlightening students and highlighting the necessity for managers to broaden their approaches.

The event was inaugurated with a lamp-lighting ceremony with the director Dr Nagarajan Ramamoorthy, Dr Divya Tripathi, Dr Ravi Khadotra, the esteemed keynote speaker for the finance panel, Mr Rajneesh Jain, and the illustrious panelist members. The ceremony was followed by a speech by Dr Nagarajan Ramamoorthy. He spoke of the fast-paced advancements in technology and the benefits as well as cons associated with it. And how both innovation and how we utilize it are in the hands of society, especially those at the highest rungs of society. He ended his speech by reminding us that the human mind will always be more potent than AI and ML.

The theme for the finance panel was “Digital Transformation in Finance: Exploring the Intersection of Finance and Technology.” It was introduced to the audience with a presentation by the students of IIM Amritsar, Ms Apoorva Chaudhari, and Ms Shweta Vijay. They spoke of the evolution of digitization, how it has impacted financial institutions, and the prospects they hold for financial firms.

The dias was then taken over by the keynote speaker for the session, Mr Rajneesh Jain, Chief Financial Officer, Reliance Jio Infocomm Ltd, as he introduced the topic of discussion to the panel. Mr Jain spoke of the transiency and progress of technology and how India is primed to take advantage of this revolution. He also emphasizes the significance of initiatives like the JAM trinity that would only be possible with the ongoing digital transformation.

Following Mr Jain, the moderator of the session, Mr Sanjiv Bhasin, Director, IIFL Securities Ltd, kick-started the panel discussion with the question, “What drives the digital transformation of financial institutions?”. Mr Bhasin spoke about how India is at the cusp of a tremendous technological revolution and how aspirations drive growth. He mentioned the double-edged blade of technology and how it has the potential to be exploited as well as protect consumers against exploitation.

Mr Gobind Jain, Chief Financial Officer, IndusInd Bank, delved further into the potential for exploitation and its importance to have effective regulation. Digitisation makes regulation extremely challenging as regulators need to be very agile. Mr Jain also spoke about inclusivity and how digitization can help bridge gaps between the educated and uneducated.

Mr Krishna Rao, Managing Director, JM Financial, brought up valid points about trust and its role in the public adoption of digital technology. And how people may still cling to traditional systems if businesses fail to earn their trust.

CA Chetan Borkar, Chief Financial Officer, Madison World, shared insights on how digitization is transforming the workforce. Businesses can now work four times the productivity with 1/5th of the team strength.

The finance session ended with an apt summary of all that was discussed by the panelists by Mr Yatharth Shah, a student at IIM Amritsar.

Then, after a short lunch break, the marketing session began on the theme “Demystifying the Digital Maze: From Media Attribution to Customer Journey.” The theme was introduced to the audience by Mr Sanskar Shribatho & Mr Shyamansh Agarwal, who spoke of the present marketing landscape and its confusing nature. They also discussed the practice of media attribution and how it’s vital in ensuring an impeccable customer journey.

The keynote speaker for the session, Dr Jai Shankar Kumar, VP- Sales & Marketing, MP Birla Cement, then continued the topic by describing the various steps to accurately attribute the impact of multiple channels in a consumer’s purchase decision. He also noted the difficulty in sifting through the wealth of information businesses are inundated with. And how the key to determining an exemplary customer journey is deriving helpful information from all this data.

The moderator for this session, Mr Manu Kumar, Head Of Marketing & Corporate Communication, Hero Electric, opened with an anecdote from the pandemic days when people were shifting to online platforms due to the mandated lockdowns. However, consumer habits aren’t easy to change and they wanted to be able to feel the products before purchasing them. Through this anecdote, Mr Kumar emphasized the significance of creative solutions.

Ms Sumeet Singh, Group Chief Marketing Officer, Info Edge India Ltd, offered interesting insights into how marketers need to scrutinize new platforms and whether or not they’re suitable for consumers. She opined that it is more important to know where consumers are and what platforms they visit rather than simply identifying who they are.

Mr Nilendu, Vice President of Marketing & Strategy, Ajmal Perfumes India, spoke about the challenges of targeting Gen Z consumers who aren’t particularly loyal to brands. And the challenge of converting occasional users into habitual customers.

Ms Samyukta Ganesh Iyer, VP & Head of Marketing, Kaya Limited, elaborated on challenges associated with consumer perception. She spoke of how women feel the expectation of being beautiful but without spending large amounts of money and how beauty brands, especially those associated with cosmetic procedures, suffer from this stigma. She emphasized the importance for marketers to recognize these kinds of consumer pain points and tackle them creatively.

Mr Harkawal Singh, Head Marketing Services & Excellence, Dabur India, posed some of the challenges associated with digital marketing like ensuring the right consumers view advertisements. Unlike traditional media, digital media has a smaller net to cast.

The conclave was concluded by Ms Atulya Paul, a student of IIM Amritsar who summarized the discussions of the panel. This was followed by a lively Q&A session, showcasing the eager participation and enthusiasm of the students from IIM Amritsar.