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Leegality also recognized Yes Bank, Federal Bank, and Axis Finance for their commitment to spearheading the digitization of the BFSI industry.
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The event witnessed participation from over 180 professionals of the BFSI community networking and connecting.
A BFSI community meetup was held at WeWork, BKC, by the Indian Financial Forum, a hub for BFSI sector members and enthusiasts, and Leegality, a document infrastructure platform developed by Shivam Singla.
With more than 180 BFSI industry executives in attendance, the event’s main objectives were to help community members achieve growth and excellence and to unlock value from the network effect.
Several of the leading BFSI businesses, including Axis Bank Ltd., Standard Chartered Bank, Aditya Birla Capital, ICICI Bank Ltd., Kotak Mahindra Bank, HDFC Life Insurance, CRED, and Paytm, were among those that took part.
The lively panel discussion led by Hamsini Karthik, deputy editor of a major business daily, was the event’s high point. During the panel, Atal Agarwal (Capwise Financial Services, Managing Director-Debt Advisory), Abhisheik Vishwakarma (CareEdge Group, President-Analytics), and Srikant Patil (CEO & Managing Director, DigiAlly) shared their perspectives on “How BFSI companies can differentiate themselves in a highly competitive space.”
The panel discussion’s main topic was how BFSI businesses could handle this quickly expanding sector. The conversation covered topics such as how technology is changing the BFSI sector, how to improve customer experience in the digital world, and how important it is for all industry participants to adhere to the same regulatory requirements.
Atal Agarwal shared “Over the past 15-20 years, the banking sector has undergone a remarkable transformation fueled by technology. Client onboarding processes have become more streamlined, and essential services are now delivered with greater efficiency. Notably, there is a strong emphasis on client education, empowering individuals to make informed financial decisions. However, a digitalization divide persists: while retail banks have embraced technological advancements, wholesale banks continue to rely on legacy systems, particularly in credit inventory management. Amidst these changes, a unified regulatory framework is essential to ensure fair competition and stability across the entire industry.”
Abhisheik Vishwakarma shared, “In the dynamic landscape of banking and corporate operations, technology investments play a pivotal role. Retail banking has harnessed digitalization, resulting in swift transactions with a remarkable 99% success rate. Simultaneously, corporate transactions are embracing automation, particularly in working capital processes and renewals. The integration of AI further streamlines data extraction, reducing paperwork burdens for companies. Overall, these strategic tech investments are reshaping the industry, enhancing efficiency, and propelling growth.”
Srikant Patil shared, “In the ever-evolving landscape of banking and technology, Indian banks and vendors face both challenges and opportunities. While countries globally focus on digital public infrastructure and witness the growth of digital consumer segments, India stands out. Unlike many developing nations that prioritize digital banks, Indian banks find themselves in need of substantial technology investments to compete effectively. In this context, enhancing customer experience becomes paramount, as it shapes success in the dynamic digital era.”
After the successful completion of the event, Shivam Singla, CEO and founder of Leegality said; “We decided to support IFF in their goal to create a community where BFSI professionals could convene, share insights, and establish meaningful connections. We are pleased to contribute to growth, learning, and collaboration, and to play a small part in connecting the finance community as they chart their shared future together.”
Leegality also recognised Yes Bank, Federal Bank, and Axis Finance for their commitment to spearheading the digitization of the BFSI industry:
Digital Transformation Leader:
Dhairya Shah, COO, Axis Finance – leading several strategic digital initiatives at Axis Finance.
Innovation in Digital Banking:
Federal Bank – for their transition to paperless banking, which streamlined processes, enhanced customer experience, and contributed to environmental sustainability by reducing paper usage.
Digital Excellence in Corporate Banking:
Yes Bank – for switching to a 100% digital banking experience for their corporate customers.