Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), the Ministry of External Affairs, the Department of Financial Services (DFS), the Reserve Bank of India (RBI) and the International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

Speaking at a session with Ms. Praveena Rai, Chief Operating Officer, National Payments Corporation of India (NPCI) on ‘Deposit Mobilization in a Digital-First Banking Economy’, Mr. Chaudhry said, “You need to communicate to the market that you are tech-savvy and innovative, and your digital prowess is better than other institutions. Banking is a well-thought, calibrated decision, so you must ensure that when a customer is moving towards a decision, your name crops up, and when they do the analysis, you are the one chosen. We need to add a bouquet of services to the customers to cross-sell more. The more a customer is engaged, the more they will transact with you and more deposits they will keep with you.”

Speaking on consumer behavior change and trends in banking, Mr. Chaudhry added, “When people come into a digital world, they expect everything to be instant and know what is happening at every part of their banking journey, they also expect security. They believe that they deserve benefits because they are transacting. There is an expectation from the platform for the service provider. Also, people are getting wary of using these platforms because frauds are increasing. People of all ages today expect benefits, including the young and the older generation. They want to get the maximum done in the least amount of time. You have their attention span for a very limited time.”

He also remarked, “People underestimate that you need a technology stack and that requires a huge amount of investment. Digital banking requires various pieces of technology like APIs to speak with each other for business.”

Talking about Axis Bank’s vision, he added, “We would like the customer to be seen as the only customer the bank is serving and every customer to have a personalised experience with the bank. Every customer should have a unique page that opens up on the mobile app where he gets all the features. To get to that vision, we are running about 15 experiments on AI and ML.”

GFF 2024 Highlights

3 Days | 7 Tracks | 11 Stages |300+ Exhibitors| 350+ Sessions | 900+ Speakers |

Bengaluru, September 02, 2024 – “Your innovation, your engagement with every section of society, your imagination with newer ideas and the passion that the fintech sector brings to the table is truly envious. Almost reminds me of that old Onida ad: ‘Owner’s pride, neighbour’s envy’ – and I think that’s India’s fintech story,” said Shri Piyush Goyal, Union Minister of Commerce and Industry, addressing a gathering of fintech leaders and professionals at the Global Fintech Fest 2024. 

Recognizing the contributions of the fintech sector to the India-story, he said, “India is a country which is growing at 7-8%. In fact, in USD terms, we are growing at about 10% that means we are doubling our GDP every 7 years. The fifth largest economy, poised to become third largest as per IMF estimates in the next 3 years. A country on the move. And friends, I must acknowledge, a lot of that forward movement, a lot of this success story rests on the wonderful work that the Fintech sector has done. Your contributions particularly during the Covid pandemic kept the wheels of the economy moving rapidly.”

“The last decade has been transformational for India. The Jan-Dhan Yojna which was launched 10 years and two days ago in 2014 with the idea of taking financial inclusion across the country to every single family has reached over 530 million accounts. Every willing adult in the country today proudly has a bank account of his own. The poor and less privileged sections of the society who are beneficiaries of the government’s affirmative actions are able to receive the money in their bank account without any middle man or any corruption through a completely honest mechanism and the direct benefit transfer which rests on the JAM trinity – the Jan-Dhan, Aadhar and mobile phone have been saturated throughout the country so that every person has his own identity,” Shri Goyal remarked.

Global Fintech Fest (GFF) 2024, is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA) and jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC)

Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

Talking about SBI’s YONO app, Shri Khara, said, “YONO has 80 million registered users today. Almost, 10 million users login each day. So, in many respects it would be a record of sorts across the globe. We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that. It serves all banking and financial needs today. Last year YONO generated 1.7 billion worth of loans. It has gone beyond the boundaries to various global destinations. We’re working on YONO 2.0 where it should be made more modular and faster in terms of processing.”

“SBI serves 50 crore customers today, which is almost 1/3^rd of the country’s population and when we serve them, we have to take care of all kinds of customers and their preferences,” He added.

Talking about the risks in banking today, he said, “Mistakes are committed in the good times. Risk is always to be kept in mind for a banker. People tend to ignore the risk but it shouldn’t happen. The system has strengthened in terms of infrastructure. Adequate assessment of the income flows can avoid unsecured lending.”

Speaking about significant banking reforms that had a profound impact on innovation, Shri Khara shared a timeline of the evolution of banking, which began in the first decade of the 19^th century with The Imperial Bank of India to SBI later.

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries are addressing more than 350 sessions over three days of the conference. Delegates are participating from over 70 countries, besides India.

CredCollect.ai is a next-generation AI-powered debt management solution designed to streamline debt recovery processes for banks, NBFCs, and collection agencies. The platform offers digital-first collection methods, integrating AI with personalized outreach to improve efficiency and optimize recovery rates. Available in freemium and premium models, the platform includes advanced features such as SmartCollect for enhanced collection performance.

• Smart Allocation: Optimizes customer and agent pairing for better conversion.
• Smart Campaign: Identifies customers with a higher likelihood of conversion based on their salary credits and bank statements.
• Smart Dialer: Enhances predictive and progressive calling strategies for improved results.
• Propensity Score: Assesses customer risk levels based on bureau data or behavior.
• Smart Call Analytics: Provides agent-level profanity metrics and customer-level sentiment analysis.

CredCollect.ai’s advanced features enable financial institutions to achieve measurable performance improvements in debt collection, offering on-premise and cloud deployment options to suit organizational needs.

CreditQuotient.ai is a Gen AI-powered underwriting platform that enhances financial institutions’ underwriting capabilities. Trained on 45 million customer profiles, this intelligent underwriting assistant leverages AI and advanced analytics to deliver comprehensive risk modeling, faster credit decision-making, and improved customer experiences.

The platform’s 360-degree analytics combine credit bureau data, banking transactions, and mobile metadata to provide deep insights into creditworthiness. This enables financial institutions to make informed lending decisions, reduce approval times, and mitigate risks through predictive analytics and real-time decisioning.

Mr. Yashoraj Tyagi, CEO of CASHe, said, “As the digital lending ecosystem rapidly evolves, the financial sector must embrace smarter, more efficient technologies to stay competitive. With CredCollect.ai and CreditQuotient.ai, we are pushing the boundaries of fintech innovation to empower banks and financial institutions with next-generation tools. Research shows that AI-powered solutions can improve debt collection efficiency by up to 25% and reduce loan processing times by 40%. These platforms combine the power of AI with real-time analytics to optimize debt management and underwriting, ensuring more accurate, data-driven decisions. Our goal is to enable financial institutions to streamline operations, reduce risk, and ultimately, provide a superior customer experience. We are excited to introduce these transformative solutions at Global Fintech Fest 2024 as we continue to lead the charge in reshaping the future of finance.”