Redefining Distribution in the New Age Economy
Financial services are the backbone of economic growth and development of a nation. The Finance sector enables creation of new businesses and expansion of existing ones. Ultimately this facilitates more employment and job creation with the growth of other mainstream industries. The sector mainly comprises of commercial banks, insurance companies, non-banking financial companies (NBFC), co-operatives, pension funds, mutual funds and other smaller financial entities.
As financial institutions strive to become more experience-driven, they open the door to potential competition from global technology giants. As this competition increases, banks and insurers struggle to carry out more core functions through technology. While fintech disruptive innovation is achieving success in terms of changing the basis for competition, it has had less impact than expected in disrupting the competitive landscape.
Further, as the disruptive innovation model continues to develop and overtake financial services, new-age technologies such as cloud computing, customer-facing artificial intelligence, and big data will continue to evolve and not only drive more competition to the financial sector but also improve the way financial businesses provide customer satisfaction.
With reference to the theme: Redefining Distribution in the New Age Economy, this Summit will focus on blurring of boundaries between customer-facing businesses and network-driven ecosystems and the need to find the right ecosystems in order to acquire customers & deliver relevant and convenient financial solutions seamlessly.