G.L. Bajaj Institute of Management & Research. PGDM Institute, Greater Noida conducted Business Summit 4.0 - “The Future of Fintech: The New Normal after the Covid-19” on Saturday, August 08, 2020 for the students of PGDM Batch 2019-21 & 2020-22 under the patronage of Mr. Pankaj Agarwal, Vice Chairman, GL Bajaj Educational Institutions and in the insightful headship of Dr. Ajay Kumar, Director, GLBIMR.
The panel of the summit was graced by the esteemed presence of renowned industry leaders like Mr. Ajay Deep Khurana, Founder, Mckinley Global Advisor, Ms. Rachna Mishra, Assistant General Manager & Learning Head, Baroda Academy, Bank of Baroda, Mr. Manoj Duggal, Sr. Vice President, Finance, Bajaj Allianz General Insurance Co. Ltd., Mr. R Gopikrishnan, Co-Founder and CTO, Xpedize Ventures Pvt. Ltd. & Mr. Atul Singh, Founder and Managing Partner, Wealth Asia Advisory Solutions LLP.
The event started with invocation of Goddess Saraswati. Dr. Ajay Kumar, Director, GLBIMR stated that as the Covid-19 pandemic continues, the immediate concern is to manage the current uncertainty. He said that as the economy is shifting from “respond” to “recover”, new opportunities can be created for Fintechs which will leverage their unique assets and skills to seize new opportunities in the future and also help them to respond to this crisis situation.
During the session, the expert speakers shared their viewpoints:
1. Mr. Ajay Deep Khurana defined Fintech as organizations that combine innovative business models and technologies to enhance financial services. He also shared that 53 billion dollar has been invested on the startups of Fintech. He also discussed major services segments - lending, payments, insurance, personal banking and investments. He emphasized on expanding the scope of financial services, improving collaboration between government and corporates and building efficiency in existing structure.
2. Ms. Rachna Mishra explained that Fintech = Finace + Technology and how it is ready to overcome any emergency situation. She also shared the mobile facilities of Bank of Baroda i.e. Financial/non-financial transactions, Baroda MInvest, Baroda Mpassbook and BHIM Baroda Pay. She also said that learning programmes under Bank of Baroda are 70% done through virtual learning and only advanced learning is given through classrooms. She stated that nowadays banks are trying to become Phygital i.e. Physical + Digital as technology is playing a crucial role in this pandemic.
3. Mr. Manoj Duggal shared that when his company thought of expanding, they couldn’t open offices in all places so they decided to develop virtual offices where employees can work from home. Initially it was difficult for sometime but now in Covid-19 situation his company is doing great due to virtual presence. He suggested that we need to provide multiple modes of payment to our customers otherwise they will move to our competitors. He added that due to increase in the virtual payment mode, there is a need for cyber law also.
4. Mr. R Gopikrishnan discussed that Supply Chain Finance is the solution to improve working capital and cash flow of the ecosystem. He explained how Artificial Intelligence has changed the overall scenario of industries. He also said that nowadays technology is playing a vital role between the buyers and suppliers. He also discussed about Indian market disruptors such as GST, Demonetization in November 2016 and Lockdown in March 2020.
5. Mr. Atul Singh shared the technological innovations in financial services. He also discussed Fintech Revolution Phase 1 where he talked about net banking, stock exchange, online tax portal, etc. Then he discussed about Fintech Revolution Phase 2 which started with mobile trading and now includes mobile banking, digital payment, UPI, etc.
More than 250 participants from across the globe participated in the event. It was a thought provoking session which gave a new perspective to understand various aspects and also enhanced the knowledge of the participants. Finally the session concluded with Vote of Thanks.