FinBox @ 6th NBFC100 Tech Summit
15th March 2019: FinBox participated as the AI & Alternative data partner for 6th NBFC100 Tech Summit in New Delhi.
We were extremely excited to be the sponsors and to use this opportunity to interact with a rich and wide audience.
And…. the event turned out to be much much more.
Over 100 enthusiastic delegates participated in the event representing more than 90 organizations. It was great interacting with such a wide audience and and get reaction on our products.
We showcased the following products at the event —
- Bank Statement Miner: Click here for demo.
- Alternative Credit Scoring: Click here for demo.
- Personal Finance Management SDK: Click here for demo.
Digitization of business and reimagination of customer experience emerged as the top priority for the participating NBFCs regardless of nature of their businesses and book size
NBFC’s determined push for digitization can be attributed to these three major reasons —
- Significant cut in costs
- Exponential reduction in fraud
- Customers’ demand to be served digitally
We got incredible response for our products, making our resolve to develop amazing products stronger with the valuable feedback.
I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better — Elon Musk
The event witnessed exciting yet balanced participation from the regulators (UIDAI, RBI, FIDC), thought leaders (FIDC, Sa-Dhan)and the industry alike. The Industry representation was extremely diverse and the included multitudes of visionaries from Micro-Finance, Housing Finance, MSME Lending, Digital Lending, Peer-to-Peer Lending etc.
The highlights of the summit were the Key Note Speeches by imminent regulators and thought leaders and 4 Panel Discussions by industry stalwarts.
EVENTS
The summit hosted 4 keynote speakers and 4 panel discussions.
Keynote Speeches
A speaker highlighted the rising importance of NBFCs addressing them as the “Iron Man of the Indian Financial Services industry”. Formulating and implementing compliance standards with urgency and developing an incentive framework for compliant NBFCs were top recommendations.
Speakers hailed the micro-finance NBFCs as the biggest financial inclusion drivers. A speaker also highlighted the socio-economic impact of the sector and credited micro-finance institutions with creating livelihood for the under-served segments like rural women.
Panel Discussions
The summit consisted of 4 panel discussions.
Panel 1: Modifying Credit & Liquidity Risk Framework of NBFCs, MFIs & Housing Finance Companies and The Role of Regulatory Bodies
The panel agreed on the importance of the upcoming general elections on the availability of liquidity while laying stress on the importance of regulatory bodies in mitigating the impact of the global slowdown.
Panel 2: New Enterprise Technologies that NBFCs, MFI & HFCs would Like to Embrace Next Year
Panel was enthusiastic about exploiting technology to streamline high-cost activities like Field Visits and Fraud Detection. Adopting Alternative Data & AI was stressed upon for optimizing Risk Assessment, Collections and Cross-Sell.
Panel 3: Technology and its Importance in Curbing Fraudster Attacks in Non Banking Sector
While increasing digitization was supporting in curbing of fraud, the panelists recognized the importance of artificial intelligence for fraud reduction. The panelists acknowledged the difficulties in curbing internal and employee-driven fraud and emphasized on the tightening their checks and balances
Panel 4: Rising Significance of Digital Lending: Challenges and Opportunities
Panel appreciated the operational efficiencies originating from a digital journey. Serving digitally allows lenders to profitably on-board the bottom of the pyramid consumers and the long tail of the MSME segment.
To Conclude…..
FinBox thanks every delegate for making this event a success with their presence and for providing us with your valuable feedback.
A special shout out to the wonderful Speakers and Panelists, who took out time to prepare and deliver such insightful speeches on the dias. They highlighted the challenges and also proposed extremely accurate and pin-pointed solutions.
Finally a ton of thanks to ELETS for superb organisation.
FinBox is an ISO27001 compliant leading risk and technology partner for lenders who want to achieve financial inclusion with reduced risk and maximum profitability.
If you are interested in boosting your lending operations with the power of Alternative Data & AI or are looking for a discussion around FinBox’s products, feel free to reach out at harsh@finbox.in
