The second Outlook Money Digital Dialogues held on December 16, 2015 at the India Habitat Centre, New Delhi, was attended by over 100 professionals from the financial services industry. The focus of the second edition in the series was on Digital transformation-Driving business innovation with inclusive growth.
Transforming financial services
Digital transformation is perhaps the greatest disruptor to be encountered by the financial services industry
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With the proliferation of smart devices, digital transformation is perhaps the greatest disruptor to have been encountered by the financial services industry. At Outlook Money we have witnessed this transition from close quarters, not just by way of writing about it but also by experiencing this shift. We are lucky to be part of these exciting times as the financial services industry faces significant challenges, along with exceptional opportunities as new players, not burdened by legacy systems, enter the markets.
The event started with the welcome address by Narayan Krishnamurthy, editor, Outlook Money, who stressed on the vital role played by technology in the financial services sector in terms of infusing. More efficiency in the business processes, thereby optimising costs for the businesses and enhancing convenience for the consumers. That set the tone for what was to follow with two keynote speakers, A.K. Ralhan, Registrar, MD and CEO, Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) and Hemant G. Contractor, Chairman, PFRDA, setting the agenda for the subsequent two panel discussions.
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1. Pre-event registrations 2. Narayan Krishnamurthy, Editor, Outlook Money, delivers the welcoming address 3. Indranil Roy, President, Outlook Group, speaks to the audience 4. Welcoming Hemant G. Contractor, Chairman, PFRDA, and speaker at the conference 5. Johnson D’silva, Associate Publisher, Outlook Money, gives the vote of thanks 6. A full-house in attendance at the Outlook Money Digital Dialogues, New Delhi
The audience was engrossed and participated actively in both the panel discussions by posing questions to the panellists. The outcome of this edition of Digital Dialogues included the panellists agreeing on digital channels being a must, and something that was changing the industry’s functionality, alongside changing pace of technology as well as regulations. No longer can a financial services provider be without an active digital channel. Likewise, the session on transforming distribution debated on the pros and cons of the digital channels, stressing on the sales conversion being the biggest hurdle.
The Outlook Money Digital Dialogues aim to further the momentum and advance comprehensive discussions regarding holistic integration of technology across all domains in the financial services sector for driving business leadership through inclusive growth. We will be holding our next edition of the Dialogues in Bengaluru in February 2016, followed by another session in Mumbai in March 2016.
A recurring message that emerged from the Delhi edition was that the financial products and services industry is working towards making the customers the centre of their focus. This is a wonderful news for the customers, as not only does it ease the way they consume financial products and services, but also allows them to have access and control of their finances at the tap of a key on their smartphones. On the other hand, businesses are constantly under pressure to meet consumer needs and expectations, which is pushing them to innovate and deliver.
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