BW Businessworld organized the Festival of Fintech Conclave and Awards 2021. The event brought together all the facets of leadership in innovation, driven by FinTech that contribute to sustainable economic development at scale.
As a part of the event, a panel discussion titled “FinTech Creating Innovative Infrastructure For Banking Industry,” was hosted with various eminent panellists - Nitin Vyakaranam, Founder & CEO, Artha Yantra; Meghna Suryakumar, Founder & CEO, CrediWatch and Panagiotis Kriaris, Head – BD, Unzer Group. The session was moderated by Sachin Seth, Partner, E&Y.
Elaborating on the role of Fintech in financial services ecosystem, Mr Panagiotis said, “If you see the setup that we used to have in financial services, a few years ago, you would see that the traditional financial institutions were based on a very specific monolithic setup that was kind of bounded by national boundaries. So there were no international perspective. I think what has happened in times of infrastructure and which is quite revolutionizing the space and revolutionizing the financial services is that, you have digital platforms for example which are built from day one to serving the national customers across borders, across segments and with a technology that is modular.”
Talking about the the emergence of industries and the way in which FinTechs are going to play the role, Ms Meghna stressed, “When we started a few years ago using technologies like AI, ML was very nascent but today when we are in 2021, specially post the lockdown, a going digital and specially using Artificial Intelligence and Machine Learning as a strategy has become the top priority of almost all financial institutions and then FinTechs and financial services organizations in India today. So, we have seen clearly specially in the past 12 months, that there is a push towards lending completely digitally and banking completely digitally.”
The day progressed by various interesting fireside chats and panel discussions that kept the audiences stay tuned, the whole day.