The 2nd Annual NBFC & FinTech Excellence Awards 2023, was organized and hosted by Quantic India, on 3th of March at Holiday Inn, Mumbai. The Second Edition of NBFC & FinTech Excellence awards provided a platform to all the experts from the finance sector to share their expertise fraud prevention, digital lending, data protection, and risk analytics.
Key Highlights of the Panel Discussion:
- Business Intelligence (BI) provides companies with the power to make better decisions by collecting, analyzing and interpreting data. With real-time analytics, businesses can now unlock the full potential of BI and take advantage of new opportunities as soon as they arise. This allows them to respond quickly to changes in the market, allowing them to stay ahead of their competition and maximize their profits. Real-time analytics are becoming increasingly important for businesses who want to remain competitive in today’s ever-changing market conditions.
- Harnessing data and AI powered decisioning is revolutionizing the way organizations operate. By utilizing predictive analytics and sophisticated algorithms, businesses are able to make more informed decisions that result in increased efficiency and improved outcomes. These technologies also enable companies to gain better insights into customer behavior, allowing them to provide targeted services that deliver greater value for both customers and businesses alike.
- Tech leaders are facing some of the most complex risk mitigation challenges yet in today’s digital world. The rapid advancement of technology and the increasing reliance on digital systems has resulted in a heightened risk of data breaches, cyber-attacks and other damaging IT events. As such, tech leaders must stay ahead of potential threats by leveraging the most up-to-date security strategies, such as encryption, two-factor authentication, endpoint protection and more. In addition to technical solutions, tech leaders should also focus on educating their teams about best practices in order to promote safe and secure operations.
- The advancements of mobile and Internet banking has revolutionized the way we manage our finances. However, this technology is not without its risks. As mobile and Internet banking become increasingly popular, cyber criminals are exploiting emerging threats to steal user data and access bank accounts. To protect users from these risks, banks have implemented countermeasures such as two-factor authentication, encryption technology and strong password policies. In addition, users must remain vigilant in order to safeguard their accounts against potential vulnerabilities.
- Data analytics can be extremely useful in minimizing risks and enabling sound decision making. By tracking and analyzing data, companies can identify potential risks that may affect their operations, as well as any opportunities to capitalize on. This allows them to make more informed decisions that are tailored to their business objectives. Furthermore, data analysis can provide an understanding of the relationships between different variables, allowing for more accurate predictions about future events or trends that could have a significant impact on the company’s bottom line.
- The ultimate strategic steps to building a resilient risk culture and governance starts with creating governance structures that can effectively identify and manage risks. This should be done through the implementation of well-defined policies, procedures, and practices that are designed to ensure that risks are identified, monitored, and managed in a timely manner. Additionally, organizations should focus on developing an effective communication strategy that encourages collaboration between different departments in addressing identified risks. By combining these steps, organizations can create a culture of resilience to risks which is crucial for long-term success.
- The risk management function must be adapted to agile work methodologies in order to ensure that risks are managed effectively. This can be done by incorporating the principles of agile into risk management processes such as implementing rapid prototyping, iterative development and the ability to quickly pivot when needed. Additionally, shorter feedback loops should be utilized to ensure that any changes or decisions are made quickly and with minimal disruption. Finally, having a culture of continuous learning and improvement is essential for successfully managing risks in an agile environment.
- The NBFC industry is graceful for transformation, with new trends such as digital technologies, data analytics and automation set to accelerate change. These innovations are allowing companies to provide more efficient services, from faster loan processing to improved customer service. Furthermore, the emergence of alternative lenders and open banking models will offer customers more choice when selecting financial solutions. As a result, NBFCs need to be agile and adaptive in order to remain competitive in this ever-changing landscape.
Our Expert Moderator
- Our Expert Moderator, Subrata Das, Chief Innovation Officer, UGro Capital
Our Eminent Panelists:
- Nirav Kamdar, SVP, Edelweiss Retail Finance Ltd
- Kunal Kathpal, CRO, Hinduja Leyland Finance
- Phaneendra Durgam, Vice President & Head, Analytics- Cholamandalam Investment and Finance Company Limited
- Harshit Rathi, Director, Risk Analytics, Tata Motors Finanace
- Parag Lokhande, EVP Head analytics and strategy, Kotak Securities
- Suyog Kulkarni, head, Data Analytics’, Sharekhan
- Manoj Philip Mathen, Chief architect [ AI & Data Science ], JAPAC CE CoE Innovations Center, Oracle
The session was extremely valuable, as we gained insights from industry experts. The panel provided an excellent chance to experience their inspiring stories and learn from their own successes.
[blog_bottom_ad]
