The 2nd Annual NBFC & FinTech Excellence Awards 2023, was organized and hosted by Quantic India, on 3th of March at Holiday Inn, Mumbai.
The Second Edition of NBFC & FinTech Excellence awards provided a platform to all the experts from the finance sector to share their expertise fraud prevention, digital lending, data protection, and risk analytics.
Key Highlights of the Panel Discussion:
- Firstly the experts of the round table session shared their thoughts regarding risk, stating that the Risk and Return are, effectively, two sides of the same coin.
- The Experts had a discussion that considering them as a product head, what are the key area’s they mainly focus when it comes to the customer experience?
- With the help of new technology, companies can now detect and prevent fraud much more effectively than with traditional methods. From machine learning algorithms to sophisticated data analytics, digital leaders are creating innovative solutions that are helping to protect businesses from fraudulent activities while also improving their bottom lines.
- Operational risk management is becoming increasingly important in the evolving landscapes as businesses need to identify and mitigate risks. Operational risk management frameworks can help organizations develop strategies for anticipating, responding to, and recovering from risks in a timely and efficient manner.
- The Experts shared their thoughts on real time customer data stating, Real time data can be incredibly helpful in improving reaction time. By providing access to up-to-date information on any given situation, real time data can give people the information they need to make decisions quickly and efficiently. This increases the likelihood of making the right decision in the moment, as well as allows for more accurate predictions about future scenarios.
- The Panel members highlighted that the Identity theft is an ever-growing issue with the shift to a paperless process, it can be difficult for consumers to protect their personal information online and ensure that it does not fall into the wrong hands. As businesses are moving towards a more digital approach, it is important to ensure that robust security measures are in place to protect consumer data from being stolen or misused by criminals. They advised the implementation of the encryption techniques and two-factor authentication can help to reduce the risk of identity theft and safeguard consumer data from malicious actors.
- Video KYC is an emerging technology that can help reduce fraud by allowing organizations to quickly and securely verify a customer’s identity. To prevent KYC frauds the experts advised using advanced biometric capabilities such as facial recognition, video KYC can help detect any discrepancies in ID documents, this helps reduce fraudulent activity by making it much harder for someone to impersonate another individual or use stolen identity documents.
- The new regulations that are being imposed on Non-Banking Financial Companies (NBFCs) and Fintech companies are drastically reshaping the landscape of the industry. These regulations are aimed at creating a safer and more secure regulatory environment, while also providing more consumer protection and increasing transparency.
- Proactive risk mitigation for real time analysis is an essential element of successful business operations. By proactively monitoring key performance indicators, organizations can quickly detect and address any potential risks before they have a chance to negatively impact the organization. This helps to reduce operational costs and ensures that operations are running smoothly at all times. Overall, proactive risk mitigation enables organizations to remain competitive and profitable in an ever-changing business environment.
Our Eminent Panellists are as follows:
- Our Expert Moderator Nirav Shah – Chief Risk Officer, Aadhar Housing Finance Ltd
- J Sydney D’Souza – Head Operational Risk, RBL Bank
- Chandan Mohapatra- Chief Risk Officer, FlexiLoans
- Praful Rajpopat- Chief Credit Officer, Capital India Home Loans Limited
- Ajay Singh Jadaun- Senior Director Risk, Uni Cards
- Prabhat Bhardwaj- Chief Risk Officer, IDBI Asset Management Ltd
- Akhil Modi- Associate Director, Product Head, blinkX by JM Financial
The Round Table session was extremely valuable, as we gained insights from industry experts. The panel provided an excellent chance to experience their inspiring stories and learn from their own successes.
