The race of the digital revolution is on. People in the business of money are putting their best foot forward. Digital innovations in Fintech are competing head on. Strap on your latest technological boots to get, set, go digital at FintegrateZone.
A digital transformation is on the rise and the lines between our virtual and real world is soon turning blurred. FintegrateZone 2017 will bring digital leaders in the Fintech league on one platform at BSE, Mumbai from 1st to 3rd March 2017. Here’s a glimpse of what’s going on in fintech space and what you can expect at FintegrateZone:
Technology like Analytics, Big Data and Artificial Intelligence are refashioning our daily lives. Astonishingly, India is not far behind and is home to the third largest number of technology driven start-ups in the world. As a country, we are one of the five largest hosts in the world with an approximate 10,000 start-ups both in tech and non-tech fields, at par with China. Here are some technological advancements and a few unique start-ups that are paving the way for BFSI brands in India into the digital ecosphere.
A large number of BFSI businesses are now turning to Artificial Intelligence to enhance customer experience. Advanced machine learning algorithms and enormous amount of data collected are key to these intelligent machines. Though India is still at a nascent stage in terms of application of AI in businesses, Financial institutions seem to have taken the lead here, like Niki.ai an artificial intelligence firm that has now tied up with HDFC bank to introduce Chatbots. This has introduced the method of conversational banking. Through a bank on-chat app a user can simplify the intricate commerce and banking transactions within a chat window. Chatbots natural language processing and machine learning technologies are put to use for an interactive conversation with customers via this chat interface.
Moving one step ahead the financial market will soon see a rise in digital advisory. Financial firms have been aware of the new wave of change in the way financial advisory business is taking a turn. They have been investing in building or buying their own Robo Advisory platforms, trying to successfully surf this big wave of young digital investors. The firm Robo Adviso, an online portfolio management application, provides investment recommendations based on advanced algorithms. Input your demographic details and Robo Adviso will determine the best investments for you. No more miss-selling caused by individual targets, human frailties and stress or pressure. Traditional financial advisors giving biased advice will soon be replaced with Robo-Advisors.
A captivating start-up, Fluid AI is on the verge of converting any screen into a gesture controlled AI powered assistant. So next time you walk into a mall or even a bank and are considering buying a specific product, these screens will interact with you in a similar way as a human staff would. Intriguing, isn’t it?
Blockchain, a new frontier in money exchange
The next big topic of conversations in the digital world is Blockchain technology. A digital ledger fully distributed across the network, where every transaction is stamped with time, date, amount and list of every single participant. Each node in the Blockchain network owns a full copy of the ledger, making it impossible to tamper or hack stored information. The combination of cryptography and Blockchain technology together ensures there is never a duplicate recording of the same transaction.
We depend on intermediaries like banks, government, credit card companies, social media, etc. to establish trust in our economies. From authentication to identification, from record keeping to clearing and settling, these intermediaries play a vital role. They are centralised and are easily hackable, they are expensive, money can take days to move from a bank in one state to another and privacy of our data is not secure. For the financial sector Blockchain can be a boon. Cross border remittance transactions could be carried out in minutes at a fraction of the current costs. Authentication and identification processes for holding assets could be seamless and irrefutable. Real time availability and shareable information can make records auditable in real time too. Above all, our privacy and data is secured over this encrypted peer to peer network.
In India we are yet to explore Blockchain to its fullest potential but the signs are positive. EzyRemit, a next gen technology platform empowered by Blockchain focuses on cross border remittance. It goes forward to expand its portfolio to digital ID’s, gift cards wallet and Digital certificates. Auxesis is a technical innovation company proficient in cutting-edge FinTech and Blockchain Technology and are constantly experimenting to find uses for Blockchain in Banking, Remittance, Insurance, Event and Ticketing industry. Pharmaceuticals and luxury goods are still a work-in-progress. There are many opportunities to delve into when it comes to the Blockchain, as its implications extend far beyond the financial services ecosystem. It is time we critically and constructively debate the opportunities in the application of this new technology.
Join a revolution in making
The landscape of digital revolution in India’s BFSI sector is at an interesting crossroad. The first movers in the race of this digital revolution could bring about a paradigm shift and influence this ecosystem. Smart investors, , accelerators & incubators, and technology integrators will propel startups in fintech space to launch and take off on this northward journey. FintegrateZone 2017 is constructing this launchpad through convergence of thought leaders, investor, industry experts, digital champions and disruptive thinkers.
At #FintegrateZone you will rub shoulders with the best minds in the industry, network and share ideas to get, set, go digital. It is a three day conclave to be held at iconic Bombay Stock Exchange building during 1st to 3rd of March. Registration open for startups http://bit.ly/f50signup and passes for attending workshops bit.ly/FZ17-AllDays. For agenda and general information visit http://fintegrate.zone