Introduction
Google Cloud India, in collaboration with YourStory, organized the Future of Finnovation 2023, a groundbreaking event that gathered leading fintechs from across India.
The event aimed to discuss innovative ideas and explore the future of the banking and fintech industry. With a focus on technology-driven solutions, the event showcased thought leadership and provided insights into the growth opportunities for fintechs.
The discussions revolved around topics such as fintech growth prospects, cloud security best practices, driving financial inclusion, AI integration, and data-driven innovation.
Decoding the Growth Opportunity for Fintechs in India
Kiran Kumar Kesavarapu, Head of Customer Engineering (Industry Solutions & Architecture) at Google Cloud India, delivered the opening keynote address.
He highlighted the transformative impact of fintech in India and how Google has been supporting the sector in building products and solutions for the next billion users. Kesavarapu emphasized that the pandemic accelerated the adoption of fintech services in India, creating immense growth opportunities.
He projected that the fintech industry, driven by customer-centric innovation and open networks, could reach a valuation of $50 billion, with the potential to exceed $150-160 billion by 2025.
Cloud Security Best Practices and Risk Management for Fintechs
A panel discussion on cloud security best practices and risk management for fintech digital native businesses was led by Deepak Dimri, Customer Engineering Manager, Networking and Security at Google Cloud India.
The panelists, representing prominent fintech companies, shared their insights on maintaining robust security frameworks and mitigating risks. They emphasized the importance of cybersecurity frameworks, data governance, encryption, and access controls to ensure resilience and protect against internal and external threats.
Driving Financial Inclusion Through Technology
Rohit Verma, Head of Industry, Financial Services at Google Cloud India, moderated a round table discussion on driving financial inclusion.
The panelists discussed how technology can enable affordable and appropriate financial products, promote digital financial services, and establish trust between underserved populations and formal financial institutions.
The importance of leveraging AI for tasks like alternate scoring and vernacular interaction was highlighted. The panelists also emphasized the need to connect ecosystems to reach the remotest corners of the country and the significance of investing in security to ensure trust and confidence.
AI Across the Value Chain and Data-Driven Innovation
Another engaging conversation focused on the application of AI across the value chain in financial services.
The panelists shared insights into how AI is driving new business segments, enhancing customer journeys, and enabling profitable growth.
The event also featured a fireside chat on open application development and a discussion on data collection and analysis for future leveraging.
Conclusion
The Future of Finnovation 2023 brought together key players in the Indian fintech industry to discuss and shape the future of financial services.
The event highlighted the immense growth opportunities for fintechs in India, driven by technological advancements and a focus on customer-centric solutions.
The discussions on cloud security, financial inclusion, AI integration, and data-driven innovation showcased the potential for transforming the industry.
By leveraging technology, embracing best practices, and fostering innovation, fintechs can drive financial inclusion, enhance customer experiences, and unlock new possibilities in the ever-evolving fintech landscape.
