Sapphire Connect hosts successful BFSI Connect Summit 2023 in Mumbai - An in-depth insight into today's BFSI industry

The financial services industry, particularly the banking industry, by its far-reaching and widespread operations in the country, has been pivotal for the improvement of the nation's economy. The country's economy is judged by how far the banking industry is fairing at a particular point in time. Also, every other establishment in the country requires a safe and reliable financial service as a facilitator to perform their (business) activities smoothly. The importance of banking services being a critical, infrastructure in the value chain makes it vital for banks to ensure the security and integrity of their financial services. In the next few years, financial services and, indeed all sectors of the economy, will be dramatically disrupted, primarily by greater customer empowerment and technology-driven innovation. With the increase in digitization in all banking aspects, including customer onboarding, transfers, and payments, collections, remittances, contactless payments, digital wallets, etc., the threats and attacks have also become sophisticated and prevalent.

In recent years, BFSI companies have been leveraging technology to transform their operations, and this has led to significant improvements in efficiency, security, and customer experience. We have transitioned from using traditional payment methods like cash and checks to using digital payment methods. People can now make payments anytime, anywhere, and in any currency thanks to the development of payment systems like UPI, PayPal, and Apple Pay, which makes transactions quicker, more secure, and more practical. These new payment options do, however, bring with them new difficulties. Cybercriminals are continuously trying to find loopholes in payment systems to access sensitive data like credit card numbers and bank account information. As a result, it is crucial that financial institutions make investments in strong payment security systems that can shield their clients from online threats.

During the summit, while talking about the payments industry, Cyril Mohapatra, Senior VP & Head of Digital Solutions, Delivery Group, IndusInd Bank said, "Payments are no longer looked at as a capital mechanism. It has now become an integral part of mechanism". Talking about how these real-time payments have evolved, K V Dipu, Senior President- Head Operations & Customer Service, Bajaj Allianz General Insurance said, "Realtime payments play a significant role in customer experience. Insurance companies have improved and changed the process of car insurance for better customer experience." Furthermore, during the panel discussion when asked about the role of technology in BFSI, Abhishek Sharma, Chief Digital Officer, L&T Financial Services said, "The BFSI Sector is focusing on using technology in solving problems related to its own business platform be it sourcing, be it underwriting, be it servicing, in all aspects technology is being increasingly used."

On this Platform, Sapphire Connect felicitated and honored the accomplishments and achievements of forward-thinking leaders for encouraging them to keep contributing their valuable efforts for a safe and secured BFSI domain. Sapphire Connect unveiled the Coffee Table Book titled "India's Most Agile CIO's/CISO's/CDO's 2023", which aimed not just to celebrate but also to recognize the unending and meticulous determination of leaders to win every challenge like a true soldier.

The partners for the first edition of BFSI Connect Summit were Associate Partners: ST Telemedia Global Data Centres, NI Network Intelligence, XM Cyber, Cynet | Vinca Cyber; Knowledge Partner - PwC India; Television Partner - ET Now; People Partner - Sapphire Human Solutions and Supporting Association - India Diversity Forum.

Talking about the BFSI Connect Summit, Rishi Kapoor, Partner & Business Head, Sapphire Connect, said, "We know how the pandemic fast-tracked the BFSI sector in their digital endeavors and by redefining how customers want to engage with their banks. Digitization, on one hand, enables new value creation for customers by delivering on expectations across the value chain, on the other hand, it enables agility, security, and enhanced productivity. BFSI Connect Summit was one such event that bought leaders from the BFSI industry such as IT leaders, Security Leaders, and Payment Heads together who have a shared-success mindset and are constantly collaborating with customers, employees, ecosystem partners, governments, and the public by creating new opportunities for growth in a way that benefits all."

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