Blog Credit : Trupti Thakur

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The Global FinTech Fest 2024

Where the Fintech World Converges

The Global Fintech Fest (GFF) is one of the largest fintech conferences, organized annually by the  Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). GFF has evolved over the past four years to become a preeminent platform for global policymakers, regulators, central bankers, industry captains, thought leaders, academics, and senior industry professionals to discuss and debate issues related to the fintech ecosystem 360 degrees. GFF 2024, the fifth edition of the conference, has been scaled up manifold from its previous editions, and has been designed around the theme ‘Blueprint for the next decade of finance: Responsible AI| Inclusive| Resilient.’

GFF is not just another big-scale conference but a catalyst for change in the fintech ecosystem. With hundreds of sessions comprising keynotes, panel discussions, fireside chats, roundtables, and networking rendezvous, GFF fosters collaboration, innovation, and knowledge exchange. From showcasing cutting-edge fintech innovations at an expansive expo to facilitating investment pitches, workshops, and hackathons, GFF drives meaningful dialogues and actions in the fintech space.

Central to the ethos of GFF is the Global Fintech Awards (GFA), an esteemed recognition of exceptional initiatives and contributions in the fintech domain by individuals and enterprises from across the globe. The GFA serves as a testament to the transformative power of fintech and celebrates those who are pushing the boundaries of innovation and excellence.

Preview of GFF ’24

The fifth edition of the Global Fintech Fest (GFF), scheduled for August 28-30, 2024, promises to be a stellar gathering of the financial technology leadership. Our mission is to establish GFF as the quintessential conference for the global fintech ecosystem, fostering collaboration and shaping the future of the industry.

This year’s theme, “Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient,” underscores our commitment to addressing the most pressing challenges and opportunities in finance. We are excited to host over 800 distinguished speakers, including policymakers, regulators, and fintech founders from around the world, in more than 300 sessions. These will range from insightful keynotes to engaging garage sessions, alongside the GFF Expo and the Global Fintech Awards.
Agenda

Embracing the spirit of the GFF 2024, the upcoming conference is dedicated to fostering global collaborations among stakeholders. The thoughtfully curated agenda is all about exploring key issues, and devising business models that contribute to building an inclusive, resilient, and sustainable world. At GFF ’24, attendees will have the opportunity to witness the showcase of innovative technologies that hold the potential to transform industries. In addition, globally renowned academicians will lead masterclasses, providing valuable insights and knowledge-sharing.

Transforming Financial Services in India: The Role of Fintech and AI

Technological advancements have rapidly transformed financial services in India. In her inaugural address at the Global Fintech Fest 2023, Union Finance Minister Smt. Nirmala Sitharaman emphasized how technology shapes successful global strategies, highlighting its impact on the future of financial services.

Driving inclusivity through innovation 

“Fintech has become a dynamic financial inclusion tool. Indian fintech startups have the ability to drive innovation in sustainability and ensure it doesn’t just remain a buzzword.” 

Union Finance Minister Smt. Nirmala Sitharaman

 

One of the most significant impacts of technology has been on financial inclusion. Demat accounts and mutual fund SIPs have seen a significant rise in recent years, indicating that technology is making several types of financial services and products more accessible to a wider population.

 

“The share of cities beyond the top 30 cities in the total mutual fund assets has grown from 15% to 26%. Instruments like SIP are democratizing wealth creation. And now, the open network for digital commerce or the ONDC is poised to do so for e-commerce as well.” 

Union Finance Minister Smt. Nirmala Sitharaman

The government’s push towards a digital economy has been a game-changer. Initiatives like Digital India and support for fintech startups have expanded the reach and boosted the growth of financial services in India:

• UPI has revolutionized digital transactions, making payments seamless and instant.
• Fintech firms now capture 36% of new-to-credit customers, compared to traditional banks’ 22%, reshaping credit accessibility.
• In digital payments, fintech dominates with a 93% share of UPI transaction values, and fintech broking services account for 80% of active clients, overshadowing traditional brokers.

The role of AI in transforming financial services in India 

Artificial Intelligence in India has been a silent yet powerful ally in this transformation. AI can analyze vast amounts of data to identify trends, assess risks, and enhance customer service. AI-driven chatbots and virtual assistants are revolutionizing customer interactions, providing instant support and personalized experiences.

Moreover, AI algorithms are crucial in fraud detection and prevention, analyzing transaction patterns to flag suspicious activities in real-time. This not only protects consumers but also builds trust in the financial system.

Challenges and opportunities 

Fintech adoption in India faces challenges like low digital literacy, especially in rural areas, and data privacy concerns that hinder AI’s broader use in financial services. However, with over 500 million internet users, there’s a vast growth opportunity. Leveraging AI can help financial institutions tap into this market with tailored solutions.

The future of financial services in India

AI is set to fuel the growth of fintech companies in India, with increased adoption of innovations like robo-advisors and blockchain transactions. However, this growth must be balanced with strong regulations to ensure data security and consumer protection.

Financial institutions must proactively address these challenges to fully realize AI’s potential. As fintech solutions and AI evolve, global collaboration will be key to overcoming challenges and seizing opportunities for a secure, sustainable financial future.

 

 

Blog By : Trupti Thakur