*Key takeaways from GFF Day 2/3*
GFF does make me feel 10 years younger and all charged up. The openness with which the RBI top brass was interacting with everyone here is unique to this event . Top management of several large Banks were seen at this event.
*From PM Modiji’s speech*
India Holds 50 percent world market share in digital transaction..53 cr jandhan accounts; 29cr are women...Mudra loan based on Jandhan. Rs 27trn loan given through this ,with 70% beneficiary being women. SHG benefits 10cr rural women.
*$31 bn flew in India in fintech startups. Fintech has reduced parallel economy.
*Street vendors credit through PM swanidhi is next focus area. RBI pushing fintechs hard to make 24 hours loans possible.
*Interesting Fireside chat on Technology*
*Google on deep tech* – AI will be used by 80%+ entities by FY26. Google already has got a grip on more than 26 langauages of India and aims to encapsulate the rest.
Deep learning was dominant paradigm in ML. *Foundation models(using self supervisions) are the new paradigm* with DL Face of AI has changed compared and the results are now much more incredible. Huge implications for several industries as a lot of repetitive tasks can be phased out (Let me know if you want to know more here).
*NVIDIA* India in terms of chip manufacturing end to end is more than 4-5 years away. However in terms of the current strategy of value addition in India, it is already in advanced stages. NVIDIA is quite aware of the increased power requirements for higher processing power and hence their internal mandate is how to keep same power requirement for faster chips.
ON BFSI sector
*SBI – YONO is the biggest fintech* 8-10% deposit growth will suffice for 13-15% credit growth. Will not compete on interest rate but on services. Huge sanctions of Rs 4trillion for capex , confident of disbursements picking up. YONO Is the largest fintech and looking at improving customer journey on YONO. Have started to use SAAS.
*Axis Bank - DO MORE IN LESS TIME* No numbers given.They have taken several internal journeys for employees which are similar to fintech, like Kaleidoscope, ADI (let me know if you want to know more) . There are 15 AI/ML experiments going on within the bank and 8-10 new ways to garner deposits like gamification, micro deposits, zero balance acnts etc.
*On opportunity on UPI CC* - Huge opportunity according to ICICI and Axis bank representatives. P2M is 6trillion and will grow rapidly. Of this 20-25% is from credit card holders, hence it’s a low hanging fruit *My take is that UPI data is now underwritable and can lead to increase in CC user base*
*JIO financial services was conspicuous by its absence either in terms of representation at the panel discussions or in terms of having stalls.*
*Interesting Fintechs;*
B2B is now the buzzword. Saw card issuing companies, chat /prompt driven companies which have become large. Reg tech is a space to watch out for. Like this space(can connect on the specific names)
Saw an excess of companies providing LOS/LMS etc and also in the payments space. Word AI was being overused .
*Takeaways for Fintechs*
*Global framework on AI is being worked upon
*Global depository framework is being worked upon.
*Think local build global.
*Data protection act and cyber fraud..
By: ۞ A X i T D S H A H ۞ via AlliesFinServe #StockMarket #Bharat Telegram.me/AlliesFin
