Financial technology, or Fintech as it is better known, has truly come of age. It has evolved from start-ups disrupting incumbents with their innovative approaches, to building partnerships with incumbents and strengthening the financial servies ecosystem. Big mobile wallet companies, for instance, have now evolved into payment banks, proving to be an effective gateway for financial inclusion. Telcos have their own payment apps and payment banks. Some of the major FinTech products and services currently used in the market place are Peer to Peer (P2P) lending platforms, crowd funding, block chain technology, distributed ledgers technology, Big Data, smart contracts, Robo advisors, E-aggregators, etc.
All these developments have impacted banking in india. Banking, according to a 2017 RBI paper, will not be just about saving, spending or servicing transactions. It will be about banks acting as the alter ego of their customers, aiming to maximize their wealth and meet their financial needs seamlessly. Bankers and wealth managers are already using a combination of artificial intelligence (AI) and big data analytics to help their clients with financial decisions to compete with technology disruptors like robo advisors, chat bots, voice AI, etc. Financial advisory, Investment Management, facilitating commerce on both borrower and lender side will take center stage and, taking a futuristic view, the entire value chain will be about “Automation (Blockchain – Robotics Process Automation), Experience (Artificial Intelligence, NLP & Language support) and Assistance (Humanoids, Holographic Banking & Robo-advisory).
Meanwhile, initiatives like the United Payments Interface (UPI) from the National Payments Corporation of India (NPCI) have already provided impetus to the Fintech revolution in the country. Moreover, Fintech funding is moving from a venture capitalist-dominated field towards more mainstream investments. However, the role of the regulatory bodies in this journey is crucial. In this context, the Reserve Bank of India’s proposal to develop a framework for regulatory sandboxes, which it framed this April, is important. At the Fintech Summit on 27 June, we will discuss these critical issues with all these stakeholders.
|4.00 – 5.00 PM||Registration|
|5.00–5.05 PM||Opening Address|
|5.05-5.20 PM||Special address V. Vaidyanathan, MD & CEO, IDFC FIRST Bank|
|5.20-5.40 PM||Consultant: State of Fintech in India
|5.45–6.00 PM||How to build a successful Fintech company and scale it
|6:05–6:50 PM||Panel 1: Finnovate: Fintech five years hence|
|7:05–7:40 PM||Panel 2: Why VCs are betting on Fintechs|
8:30 PM–8:35 PM
8:35 PM Onwards
|* Praveen Hari, Fellow, iSpirt
Presentations by Fintech Startups