Shri T Rabi Sankar, RBI Deputy Governor, at the 18th Annual Banking Technology Conference, Expo and Awards 2022
Conference Theme: “Future of Digital & Analytics in Banking”
Bengaluru, 5th December 2022: Indian Banks Association (IBA) hosted their 18th Annual Banking Technology Conference, Expo and Awards on the theme of “Future of Digital & Analytics in Banking”. The conference was presided over by Chief Guest Shri Ajay Kumar Choudhary (Executive Director, RBI), Shri Atul Kumar Goel (Chairman, IBA, and MD & CEO, Punjab National Bank), Shri Sunil Mehta (Chief Executive, IBA), and Shri Gopal Murli Bhagat (Dy. Chief Executive, IBA), in the presence of senior dignitaries and officials from public and private sector banks, fintech and technology experts, panelists, knowledge partners, and media.
Welcoming the participants in his inaugural address, Shri Sunil Mehta, Chief Executive, Indian Banks Association, said: “Banking Technology has evolved during the course of the year. There has been a traditional shift from brick-and-mortar to digital banking. It would not be a surprise to see the lending business move towards the digital sphere in the next three-four years. We thank the regulators and the government towards our sector with initiatives such as RBI Innovation Hub, Sandbox, UPI, among others, that have helped both the bankers and customers in reaching cost-effective solutions for financial services.”
Emphasizing on the three pillars of banking, Shri Atul Kumar Goel, Chairman, Indian Banks Association, and MD & CEO, Punjab National Bank, said: “The spectrum of banking industry is massive and with the integration of technology, it is imperative we adopt the new digital banking culture in this multi-functional collaborative environment. Digitalization has not only helped increase operational efficiency but has also helped increase customer delight. Going forward, we need to focus on innovation in technology and co-create net solutions through simplification and integration in the banking sphere. We also need to reskill and upskill employees, and bring innovative HR policies to retain talent in our industry.”
Chief Guest Shri Ajay Kumar Choudhary, Executive Director, RBI, in his keynote address said: “The best way to predict the future is to create it. As we move towards AI, ML, and cloud computing, the future of digitalization and digitization with analytics is going to be phenomenal. The definition of banking is changing as it is happening in silos across products and services. We need to foster innovation through upskilling our skills in this conducive environment and industry participants should focus on collaboration for enhanced customer experience. The adoption of new-age technology – REGTECH – will immensely help financial institutions with regulatory governance and risk management. Having said that, prime importance to customer redressal should also be given and protect customers against monetary loss through cyber incidents. Sustainability and inclusion are core factors for the growth of a nation and innovative products from new fintech players act as a bridge to reach out to the financially excluded. In fact, the advent of fintech players and smartphones has led to immense growth in customer acquisition. It is important that core banking is integrated with technology and adequate safeguards are implemented when outsourcing so that the banking industry is not at risk. RBI emphasizes on digitalization and is looking at ways towards faster and cost-effective tools for industry to adopt.”
Thanking the participants and giving an overview of the panel discussions, Shri Gopal Murli Bhagat, Dy. Chief Executive, Indian Banks Association said: “We are in an advanced stage of banking when compared to other developed countries.”
The conference was followed by panel discussions on the topics of “Leveraging full potential of cloud and core infrastructure for a modern digital bank”, “Fintechs – collaborate, partner, or compete with disruptors”, “Building next-gen open banking leveraging India stack – AAS, ONDC, OCEN; reflections from innovators & early adopters”, “Driving growth in credit penetration through digital lending”, and “Driving next s-curve of growth by transitioning to tech-enabled banking”.
Felicitating the winners of IBA Banking Technology Awards 2022, Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India, said: “India is the third largest fintech ecosystem after US and China. The innovation index of India has jumped substantially from 81 to 40. By 2030, it is expected that India will have 1.3billion internet users and that could be possible due to the high mobile penetration and basic infrastructure being built by the government. The evolution of Banking & IT is a historical process where banks have always risen to challenges. Banking is essentially about the services related to deposits, lending, and payments, and it will continue in the future. Banks should not consider fintechs as competitors; instead they must rethink how the business of banking is performed, how traditional and digital methods of financial services are being carried out, and how the business will exist in future. Banks must adapt to digital technology. UPI is a good example to understand how alert banks ought to be. When disruptive or revolutionary technology comes, it should be incorporated from either collaboration, adoption, or integration aspect. We have to adapt at this stage of financial history and see how technology is evolving and changing our system. The future is digital and analytics in banking.”
The deputy governor of RBI also briefly spoke about cryptocurrencies and the launch of the first pilot of retail digital rupee. He said, “Private currencies showed digitalizing currencies can have benefits. If someone says digitizing currencies is beneficial for a payment ecosystem, we will facilitate it, prepare the infrastructure, and wait for it to grow. The motto of banks should be private money in the modern age should be only bank money.”
Awards were given in various segments of banks viz, Public Sector, Private Sector, Foreign Banks, Co-operative Banks, RRBs, SFB/Payment Banks in seven categories – Best Technology Bank, Best Technology Talent, Best IT & Risk Management, Best AI/ML Adoption, Best Fintech Collaboration, Best Financial Inclusion, and Best Digital Engagement
The IBA Banking Technology Conference and Expo offer Banks a platform where they meet technology vendors and understand the latest trends in Banking Technology. On the other hand, it also helps vendors to understand the specific needs of the Indian Banks and develop products for the Indian Market.
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Enclosed below:
- List of Winners
- Details of Panel Discussions & Presentations at the IBA’s 18th Annual Banking Technology Conference, Expo and Awards-2022
LIST OF WINNERS
(I) CATEGORY: CO-OPERATIVE SECTOR BANKS
Thane Janata Sahakari Bank
Special Prize: Best Digital Engagement
Kalupur Commercial Co-op Bank
Special prize: Best IT & Risk Management
Cosmos Co-operative Bank
Winner: Best IT & Risk Management
Special Prize: Best Technology Bank
Special Prize: Best Technology Talent
(II) CATEGORY: PAYMENTS & SMALL FINANCE BANK
Jana Small Finance Bank
Special Prize: Best IT & Risk Management
Utkarsh Small Finance Bank
Special Prize: Best IT & Risk Management
Fincare Small Finance Bank
Runner-up: Best IT & Risk Management
Ujjivan Small Finance Bank
Winner: Best IT & Risk Management
Special Prize: Best Fintech Collaboration
Special Prize: Best AI/ML Adoption
AU Small Finance Bank
Winner: Best Technology Bank
Winner: Best Digital Engagement
Special Prize: Best Financial Inclusion
(III) CATEGORY: REGIONAL RURAL BANKS
Runner-up: Best Financial Inclusion
Special Prize: Best Digital Engagement
Special Prize: Best IT & Risk Management
Special Prize: Best Technology Bank
Baroda Gujarat Gramin Bank
Runner-up: Best Technology Talent
Special Prize: Best IT & Risk Management
Special Prize: Best Financial Inclusion
Rajasthan Marudhara Gramin Bank
Winner: Best Fintech Collaboration
Special Prize: Best Technology Bank
Kerala Gramin Bank
Winner: Best Fintech Collaboration
Winner: Best Technology Talent
Runner-up: Best Technology Bank
Runner-up: Best IT & Risk Management
Special Prize: Best Digital Engagement
Baroda Rajasthan Kshetriya Gramin Bank
Winner: Best Technology Bank
Winner: Best Digital Engagement
Winner: Best IT & Risk Management
Winner: Best AI/ML Adoption
Winner: Best Financial Inclusion
Runner-up: Best Technology Talent
Runner-up: Best Fintech Collaboration
(IV) CATEGORY: FOREIGN SECTOR BANKS
HSBC
Special Prize: Best Technology Talent
Citibank N.A
Runner-up: Best Technology Bank
Special Prize: Best AI/ML Adoption
Standard Chartered Bank
Winner: Best Technology Bank
Special Prize: Best IT & Risk Management
(V) CATEGORY: PUBLIC PRIVATE SMALL BANKS
RBL Bank
Special Prize: Best Technology Bank
UCO Bank
Special Prize: Best IT & Risk Management
Federal Bank
Special Prize: Best Digital Engagement
Central Bank of India
Runner-up: Best IT & Risk Management
Karnataka Bank
Runner-up: Best Technology Talent
Bank of Maharashtra
Winner: Best Technology Talent
Runner-up: Best Financial Inclusion
Yes Bank
Winner: Best AI/ML Adoption
Runner-up: Best Technology Bank
City Union Bank
Winner: Best Digital Engagement
Winner: Best Fintech Collaboration
Winner: Best Financial Inclusion
Runner-up: Best Technology Talent
South Indian Bank
Winner: Best IT & Risk Management
Runner-up: Best Digital Engagement
Runner-up: Best Technology Talent
Runner-up: Best Technology Bank
Runner-up: Best AI/ML Adoption
Special Prize: Best Fintech Collaboration
Karur Vysya Bank
Winner: Best Technology Bank
Runner-up: Best Fintech Collaboration
Special Prize: Best AI/ML Adoption
Special Prize: Best Financial Inclusion
(VI) CATEGORY: PUBLIC PRIVATE MEDIUM BANKS
Bank of India
Runner-up: Best IT & Risk Management
Runner-up: Best Fintech Collaboration
Indian Bank
Winner: Best Technology Talent
Kotak Mahindra Bank
Winner: Best Fintech Collaboration
Runner-up: Best Technology Bank
Special Prize: Best AI/ML Adoption
IndusInd Bank
Winner: Best Technology Bank
Winner: Best Digital Engagement
Winner: Best IT & Risk Management
Runner-up: Best Technology Talent
Special Prize: Best Financial Inclusion
(VII) CATEGORY: PUBLIC PRIVATE LARGE BANKS
Axis Bank
Special Prize: Best Technology Talent
Special Prize: Best Technology Bank
Special Prize: Best Fintech Collaboration
Punjab National Bank
Runner-up: Best Fintech Collaboration
Special Prize: Best AI/ML Adoption
HDFC Bank
Runner-up: Best Digital Engagement
Runner-up: Best Technology Bank
ICICI Bank
Winner: Best Digital Engagement
Special Prize: Best IT & Risk Management
Canara Bank
Winner: Best Technology Talent
Special Prize: Best Technology Bank
Special Prize: Best Digital Engagement
Special Prize: Best Financial Inclusion
Bank of Baroda
Winner: Best AI/ML Adoption
Runner-up: Best Technology Talent
Runner-up: Best IT & Risk Management
State Bank of India
Winner: Best Fintech Collaboration
Winner: Best Financial Inclusion
Special Prize: Best AI/ML Adoption
Special Prize: Best IT & Risk Management
Special Prize: Best Digital Engagement
Union Bank of India
Winner: Best Technology Bank
Winner: Best IT & Risk Management
Winner: Best Technology Talent
Runner-Up: Best AI/ML Adoption
Runner-Up: Best Financial Inclusion
Special Prize: Best Fintech Collaboration
DETAILS OF PANEL DISCUSSIONS & PRESENTATIONS
| PANEL DISCUSSION #1 | Topic: Leveraging full potential of Cloud and Core infrastructure for a modern digital bank Synopsis: Banks today are competing and collaborating with digital-native technology players, which have redefined the paradigm on customer engagement, personalization, as well as cost structures required to serve customers at scale. With the rapidly changing market dynamics and increasing customer expectations, banks need to modernize their core banking systems and infrastructures to stay relevant. Core system and infrastructure modernization can help financial institutions experiment, respond, and adapt quickly. It is also a pre-requisite to unlock value from data and implement AI/ML at scale. Lastly, it can help banks significantly improve their IT scalability, resilience, and cybersecurity. However, efforts to modernize the core aren’t always successful. They require significant investments, and often suffer from over-runs, or have limited success in demonstrating real business impact. Efforts to modernize core systems and infrastructure require banks to re-examine their technology strategy & planning, as well as their operating model. As a result, the transition from legacy core and infrastructure is a major challenge, as well as an opportunity for most banks in India today. Moderator: Milan Mitra, Partner, McKinsey & Company Panel of Speakers: Mr. Akshath Balachandra, Head, Enterprise Business, AWS Mr. Sameer Shetty, Digital Head, Axis Bank Dr. Sourav Dutta, Executive Director, IDBI Bank Mr. Nitesh Ranjan, Executive Director, Union Bank of India Mr. Asheesh Pandey, Executive Director, Bank of Maharashtra Mr Puneet Chhahira, Head Product Management and Marketing, Infosys Finacle |
| PANEL DISCUSSION #2 | Topic: FinTechs – Collaborate, Partner, or Compete with disruptors Synopsis: Fintechs in India have grown exponentially in the past 5 years, with 20+ Indian fintech unicorns out of 180+ globally, making India one of the largest fintech markets. While the first wave of fintechs in India were focused primarily on payments, fintech franchises are now present across a broad range of segments and financial services products (e.g., SME/ Retail lending, Insurance, Wealth & Asset management). Their ability to create consumer- centric, reliable, cost-effective, faster, and secure solutions are redefining the paradigm for new age banking. While some fintechs are competing with banks for customer wallets and mindshare, others offer unique partnership, talent & capability building, or inorganic growth opportunities for incumbents. The future of financial services ecosystem in India will be shaped by how leading banks collaborate and compete with these innovators. Moderator: Peeyush Dalmia, Senior Partner, McKinsey & Company Panel of Speakers: Mr. Nitin Chugh, Deputy Managing Director, SBI Mr. Rajeev Ahuja, Executive Director, RBL Bank Mr. Sumeet Srivastava – Founder and CEO of Spocto Solutions Pvt. Ltd Mr. Siddhesh Naik, Country Leader, Data, AI and Automation, IBM India & South Asia Mr. Suvendu Pati, Chief General Manager, Reserve Bank of India Mr. Mahesh Ramamurthy, CIO, Yes Bank |
| PANEL DISCUSSION #3 | Topic: Building next-gen open banking leveraging India stack – AAs, ONDC, OCEN; Reflections from innovators & early adopters Synopsis: Globally, banking is becoming more ‘Open’ facilitated by the availability of newer technologies and application programming interfaces (APIs). Following the trend, Open Banking in India has also moved quickly in the last few years, led by collaborative efforts from both regulator and market. With UPI proving to be a watershed moment for open banking, the launch of Account Aggregators, the Open Network for Digital Commerce (ONDC) and the Open Credit Enablement Network (OCEN) could prove to be a gamechanger for banks to collaborate and create a unique business model suited to the customer. Indian market presents huge untapped opportunity for OCEN and ONDC to democratize credit and e-commerce. OCEN/ ONDC has initiated pilot projects by onboarding several top banks and plans to scale it across to billion people. The next 2-3 years could mark the beginning of a new age for financial inclusion in India. Moderator: Alok Kshirsagar, Senior Partner, McKinsey & Company Panel of Speakers: Mr. Deepak Sharma, President, Kotak Mahindra Bank Mr. Akhil Handa, Chief Digital Officer, Bank of Baroda Mr. Sandeep Ubale, CGM, Digital Transformation & E-commerce, SBI Mr. B.G. Mahesh, Co-founder & CEO, Sahamati Mr. Hitesh Sahijwaala, Regional Vice President, Financial Services, Salesforce India Mr Hrushikesh Mehta, Co-Founder CredAll |
| PANEL DISCUSSION #4 | Topic: Driving growth in credit penetration through digital lending Synopsis: The Indian credit market presents a huge opportunity, and a critical area for improving financial inclusion and strengthening the Indian economy. Over 300 million Indians have remained outside the formal credit market. While progress has been made in improving credit penetration, there’s still an opportunity to improve easy access to tailored loans at the right cost of capital enabled by modern technology and analytics. Many Fintechs and banks have started using digital channels, especially to serve thin-file customers who have limited formal credit history. These digital lenders are using new technologies to streamline and digitize the entire value chain. Successfully innovating and scaling these digital lending business models could be instrumental in realizing the real value and human development impact of financial inclusion for the masses. Moderator: Akash Lal, Senior Partner, McKinsey & Company Panel of Speakers: Mr. C Srinivasulu Setty, Managing Director, SBI Mr. Ajay Khurana, Executive Director, Bank of Baroda Mr. K V Shaji, Deputy Managing Director, NABARD Mr. Ashok Chandra, Executive Director, Canara Bank Mr. Debajyoti Ray Chaudhuri, MD & CEO, NeSL Mr. Kiran Surve, CEO, CARE Risk Solutions Mr. Amol Nigam, Country Sales Head – BFSI & Enterprise Business, Coforge |
| CEO PANEL DISCUSSION | Topic: Driving next s-curve of growth by transitioning to tech- enabled banking Synopsis: Banking is at a pivotal moment. Technology disruptions and consumer behavior shifts, which have accelerated since the Covid-19 pandemic, are laying the basis for a new s-curve for banking business models. The advancement of technologies within financial services offers banks the potential to increase revenues and improve customer experience, at lower costs, by engaging and serving customers in radically new ways. As customers conduct a growing share of their daily transactions through digital channels, they are becoming accustomed to the ease, speed, and personalized service offered by digital natives, and their |
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