The 14th Skoch Summit BFSI, 5th-6th June 2007, Mumbai, brought together the most popular conference trilogy built around “Looking at Core and Beyond” facilitated by Dr. D. B. Phatak of IIT Mumbai, top CEOs and domain experts from banking and insurance sector shared their vision;“e-Security and Disaster Management” facilitated by Prof. H. Krishnamurthy, Principal Research Scientist, Indian Institute of Science. Domain experts from KPMG, Ernst & Young, HP, Oracle and Sun deliverd rich content and tutorials while CCA and CERT-In defined the regulatory and legal framework; and, “Need for Full Spectrum Implementation” brought together a never before galaxy of thinkers and practioners who deliberated on hurdles and solutions, strategy and sustainability issues.
Need for Full Spectrum Implementation
The key content of the two-day Summit included:
UNLOCKING VALUE - Looking at Core and Beyond
- Customer Relationship Management
- Human Resource Management
- Brand Management
- Core Insurance
Past several years have seen heightened technology spending, induction of technology at the core as well at the retail/branch level. The competition is fierce, while technology is supposed to be a key differentiator; practically every one is on platforms delivering similar functionalities and availability of facilities is increasingly a tick marking issue. No wonder the ‘R’ word from the Returns on Investments phrase is being uttered with an increased regularity.
Senior bankers are realized the importance of leveraging technology investments in conjunction with other equally important initiatives to respond to the changing business environment better.
GEARING FOR IT - E-Security & Disaster Management
There are never before kind of security threats being faced by the Financial Sector. The conference helped understanding these, what they stand for and detail mechanisms to counter them.
India too is gearing up to face these problems and institutional, legislative as well as regulatory frameworks have been put in place. The conference helped understanding their role, technology development and investigation.
Disasters can strike anytime. There have been significant learning’s from the Mumbai flooding of July 2005 and how helpless the financial hub of India became. Even some of the biggest and best players lost valuable customer data. While the recent Percy Mistry report envisions Mumbai emerging as a global financial hub, it raises questions on the infrastructural readiness of the city. Is the situation really very bleak or is the city working to a plan? The conference thrown light on how the city is gearing up to avoid avoidable disasters on one hand and keeping the city and its crucial services going in case of unavoidable ones on the other.
FINANCIAL INCLUSION - Need for a Full Spectrum Implementation
Skoch has been working in the area of digital and financial inclusion for the last five years. Our team is sensitized and has looked at issues from close quarters by traveling to and spending time in the remotest parts of the country. We have tried understand the pain points directly from the people and their representatives at the grassroots.
As a part of our 14th Skoch Summit BFSI, we brought together an ecosystem of stakeholders including the Self Help Groups and the civil society, besides senior bankers, financial services professionals, economists and policy makers to look at how to of a full spectrum implementation.
As always, the conference showcased some of the successful interventions, viz., Indian Bank’s work in Pondicherry; Micro-insurance of Life Insurance Corporation of India; and, the agri-business and micro-credit story of HDFC Bank.