Mumbai: Indian Financial Forum, a hub for BFSI industry members and enthusiasts, and Leegality, a document infrastructure platform, (founded by Shivam Singla) hosted a BFSI community meetup at WeWork, BKC. The event, which saw participation from over 180 BFSI industry professionals, focussed on unlocking value from the network effect and helping community members towards growth and excellence. It featured participation from top BFSI companies such as Axis Bank Ltd, Tata AIA Life Insurance, Standard Chartered Bank, HDFC Life Insurance, Kotak Mahindra Bank, HDFC Bank, Aditya Birla Capital, ICICI Bank Ltd, CRED, Paytm, along with many others.

The highlight of the event was the engaging panel discussion moderated by Hamsini Karthik (Deputy Editor of a leading business daily). The panel saw Atal Agarwal (Managing Director-Debt Advisory, Capwise Financial Services), Abhisheik Vishwakarma (President-Analytics, CareEdge Group), and Srikant Patil (CEO & Managing Director, DigiAlly) engage in discussing various insights on “How BFSI companies can differentiate themselves in a highly competitive space”.

The panel discussion focused on strategies for BFSI companies to navigate this rapidly growing industry. The dialogue addressed changes in the BFSI sector, the impact of technology, enhancing customer experience in the digital landscape, and the importance of uniform regulatory standards for all industry players.

Atal Agarwal shared “Over the past 15-20 years, the banking sector has undergone a remarkable transformation fueled by technology. Client onboarding processes have become more streamlined, and essential services are now delivered with greater efficiency. Notably, there is a strong emphasis on client education, empowering individuals to make informed financial decisions. However, a digitalization divide persists: while retail banks have embraced technological advancements, wholesale banks continue to rely on legacy systems, particularly in credit inventory management. Amidst these changes, a unified regulatory framework is essential to ensure fair competition and stability across the entire industry.”

Abhisheik Vishwakarma shared, “In the dynamic landscape of banking and corporate operations, technology investments play a pivotal role. Retail banking has harnessed digitalization, resulting in swift transactions with a remarkable 99% success rate. Simultaneously, corporate transactions are embracing automation, particularly in working capital processes and renewals. The integration of AI further streamlines data extraction, reducing paperwork burdens for companies. Overall, these strategic tech investments are reshaping the industry, enhancing efficiency, and propelling growth.”

Srikant Patil shared, “In the ever-evolving landscape of banking and technology, Indian banks and vendors face both challenges and opportunities. While countries globally focus on digital public infrastructure and witness the growth of digital consumer segments, India stands out. Unlike many developing nations that prioritize digital banks, Indian banks find themselves in need of substantial technology investments to compete effectively. In this context, enhancing customer experience becomes paramount, as it shapes success in the dynamic digital era.”

After the successful completion of the event, Shivam Singla, CEO and founder of Leegality said; “We decided to support IFF in their goal to create a community where BFSI professionals could convene, share insights, and establish meaningful connections. We are pleased to contribute to growth, learning, and collaboration, and to play a small part in connecting the finance community as they chart their shared future together.”

Legality also recognized Yes Bank, Federal Bank, and Axis Finance for their commitment to spearheading the digitization of the BFSI industry:

Digital Transformation Leader:
Dhairya Shah, COO, Axis Finance – leading several strategic digital initiatives at Axis Finance.

Innovation in Digital Banking:
Federal Bank – for their transition to paperless banking, which streamlined processes, enhanced customer experience, and contributed to environmental sustainability by reducing paper usage.

Digital Excellence in Corporate Banking:
Yes Bank – for switching to a 100% digital banking experience for their corporate customers.