Introduction
The banking, financial services and insurance (BFSI) industry in India is the backbone of the country’s monetary, industrial and economic ecosystems. The arrival of fintech organisations across this grouping has shaken things up, given the fintechs’ digital-native nature, and their speed of execution.
India can arguably be said to be one of the world leaders in fintech, with thousands of fintech players permeating the BFSI industry. They have proliferated all aspects of BFSI, from lending to insurance to mutual funds, and that too with innovative, cost-effective practices, products and business models. Consumers, too, have taken to fintech warmly, using their products and services across platforms and segments, especially in payments and borrowing. Interestingly, it is this very spread of the fintech that has put them in the crosshairs of the regulator. Which is actually not a bad thing, given some fintechs’ propensity to mis-sell and take risky bets under pressure from their investors to increase market share. How are fintechs coping with the pressure, and adapting their systems and processes to stay on the right side of the regulator, yet stay nimble, agile and receptive to market demands?
These burning issues will be taken up in-depth at the Mint BFSI Summit & Awards, with the active participation of industry leaders and independent experts. Mint also introduces the BFSI Awards this year, to recognise the efforts of outperformers in these industries, for which it has created robust data-driven processes for each industry. The outcome of Mint’s processes will be taken to an esteemed jury for selecting the final winners, who will then be felicitated on the night of the Summit.
