The National Finance Summit with the theme ‘How will Technology shape the future of the Financial Services Industry?’ was the last session of the second day of Trade Winds 2018. The esteemed panel consisted of Mr. Sriram Iyer, Chief Executive Officer, AR Wealth Management, Mr. Kaleeswaran Arunachalam, CFO, Future Lifestyle – Future Group, Mr. Samrat Jha, Director, KPMG India, and Mr. Rahul Bothra, CFO, Swiggy.
The discussion was moderated by Dr. Sheeba Kapil, Professor at IIFT who specializes in Corporate Finance and Mergers & Acquisitions.
Mr. Sriram Iyer, CEO, AR Wealth Management Group spoke about the power of change. In his opinion, digital disruption has already happened with game changers for BFSI in India being Aadhar UID, DigiLocker, UPI, e-Sign, e-KYC combined with the ubiquity of smart phones. He strongly feels that lending will move from uniform rates to bespoke plans customised to the individual with data gathered from digital credit footprint, social media behaviour, mobile and web data usage.
Mr. Samrat Jha, Director, KPMG Financial Advisory believes that entire definition of penetration of financial services through the brick and mortal model has completely changed because of online banking. Also, with the advent of technology, jobs will shift towards more analytical and efficient roles. He stressed that we need to think of Technology as an enabler rather than a threat.
Mr. Rahul Bothra, CFO, Swiggy started off by talking about the evolution of technology. According to him, for us to know where technology is headed, we need to know where it came from. He then led the audience on a journey of how AI evolved since the 1950s. Later, he spoke about the application of technology in financial services – compliance surveillance, fraud detection, document processing, pricing recommendation, trading and customer management.
Last to speak was Mr. Kaaleshwaran Arunachalam, CFO, Future Lifestyle – Future Group who held an interactive session with the students and discussed about how food and fashion are largest consumption avenues and generates a huge data footprint. Allaying fears over AI, he responded that emotional connect, empathy, ethics will become valuable traits in the future as they cannot be replicated by machines.
The session ended with the unveiling of “Infinity”, the annual magazine of The Equity Research Cell, which contains well researched articles on various international issues related to International Business such as Trade War, RCEP, Iran Nuclear Deal and NAFTA renegotiation. The students benefited immensely from the rich discourse that unfolded during the summit.
At the end of the invigorating session, The Natonal Finance Summit – Trade Winds 2018 panel unveiled ‘INFINEETI 2018’ compiled by the Equity Research Cell of IIFT. It comprises of analysis of the Indian economy; various sectors such as Chemical, Automobile, Telecom, Banking to name a few, and their impact on the Indian economy over the last year. The session was extremely engaging and helped students add more perspective to the role technology will play in Finance in future.