In an interesting rapid-fire Q&A at the 8th Annual Great Lakes Union Bank of India Finance Conference, chief guest Abheek Barua, Chief Economist & Executive Vice President, HDFC, stated that a cashless economy and UIDAI are still underrated in the country. These have only enabled financial institutions to detect black money, tax evasion, and other online frauds, making transactions easier and safer.
Agreeing to this, key note speaker Arjun Shetty, COO & Founder, BankBazaar.com, added, “The apps that you use on your smartphones, know your location, have access to photos and contacts. Data privacy is, of course, a big concern. But, think about this: you have a ration card, and whether you use it or not, someone else has been selling your items in black. With the help of UIDAI these frauds have slowed.”
Further, highlighting the impact of the 2007-2008 financial crisis, Barua spoke about how the crisis is still hanging over the landscape of Indian banking sector and it will take few more years to get over it. “Banking is one of the most regulated sectors in the country. At present, with technologies and disruptive technologies, BFSI is the most affected. The transition must happen from top to the bottom. The recent monetary policy has been far less hawkish than expected. This will maximise the impact on the sector and control inflation,” he said.
Barua also said, “Some of the major challenges faced by banks, today, are because of NPAs. For a growth in the highly competitive market, inflation must be addressed and the target must be set. And to make this happen, banks, must involve more people in the financial network.”
Delivering the key note address, Shetty said that India is in a very exciting phase, talking about how the online stream is progressing and customers prefer paperless applications. He also discussed the changes taking place in fintech and the banking sector. “Paperless finance has been the forefront for customers and organisations as it helps in making the process more secure and foolproof. The emergence of AI in banking also helps reduce the cost and delivering valuable outputs. More banks should come forward and adopt paperless transformation.”
Associate Dean of Great Lakes, Vaidy Jayaraman, and Vidya Mahambare, Chair Professor – Union Bank Center for Banking Excellence at Great Lakes, were also present. The conference witnessed delegates from the banking sector, fintech enthusiasts and students and faculty of Great Lakes.