Great Lakes – Union Bank of India Finance Conference
Great Lakes hosted its annual Union Bank of India Finance Conference. Mr. Abheek Barua, Chief Economist & Executive Vice President of HDFC was the Chief Guest of the event and Mr. Arjun Shetty, COO & Founder of BankBazaar.com was the keynote speaker.
In an interesting rapid-fire Q&A, Chief Guest Mr. Abheek Barua stated that Cashless Economy, UIDAI is still underrated in our country and that these have only enabled financial institutions to deduct Black money, tax evasion, and other online frauds, making transactions easier.
Agreeing to Mr. Barua, Key note speaker- Mr. Arjun Shetty added that the apps that we use in our mobile phones knows our location, has access to photos and contacts, all making privacy a big concern. He also went on to add that with the UIDAI all data privacy frauds have slowed down.
Further, highlighting the impact of the 2007-2008 financial crises, Mr. Abheek Barua, spoke 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 maximize the impact on the sector and control inflation” he added.
Delivering the keynote address, Mr. Arjun Shetty expressed India is in a very exciting phase, how the online stream is progressing and customers prefer paperless applications. He also discussed on the changes happening in FinTech and Banking sector. “Paperless finance has been the forefront for customers and the organizations currently as it helps in making the process more secure and foolproof. The emergence of analytics, AI in banking is helping in reducing the cost and delivering valuable outputs. However, still, a lot of changes are expected. More and more banks should come forward and adapt paperless transformation, it not only helps in overcoming the challenge but also documents the history of all the information that has been communicated” Mr. Shetty said.
Post the Chief Guest and Keynote address, the session concluded with a prize distribution to the students who won various Finance based competitions conducted in the last few days leading to the conference. The conference witnessed delegates from banking sector, FinTech enthusiasts and students and faculty of Great Lakes participate.