Amity School of Insurance Banking and Actuarial Science, organised National Seminar on Innovations in Banking, Financial Services and Insurance

Amity School of Insurance Banking and Actuarial Science (ASIBAS), Amity University Uttar Pradesh, organised a two-day National Seminar on “Innovations in Banking, Financial Services and Insurance (BFSI) Challenges & Opportunities” from 3and 4 November, 2022.

Addressing the gathering during the Inaugural Session, Chief Guest, Mr. P.R. Jaishankar, MD, India Infrastructure Finance Company Limited, said, “Innovation needs to be imbibed in every sector including banking and finance, which is one of the most important sectors in the country. One must have the aspiration, vision and enthusiasm to think creatively and innovatively and come up with simple solutions. Artificial Intelligence, Machine Learning, Blockchain and Robotics have brought about a huge revolution in the Banking Sector and today financial transactions are done digitally, at the click of a button. Changes in the customer profile are pushing the banks to have an omni digital presence, as 97% of the millennials today, use mobile banking. A major obstacle and challenge is the formulation and implementation of a clear strategy, where customer engagement can be increased, and personalised products and services are made available.”

Highlighting the significant role of technology in the Banking and Financial Sector, Guest of Honour, Mr.Vikas Newatia, CEO, RSA India, averred, “In the last 20 years, Banking and Actuarial Sector has changed drastically and the use of technology has opened up new opportunities with the development of this sector. Today industries need to adopt technological solutions to the existing problems using innovation. There are huge opportunities for talented people, including the youth, in global markets and they must make the best use of every opportunity provided to them.”

Emphasising upon the challenges and opportunities in the Banking and Financial Sector, Dr. Gurinder Singh, Group Vice Chancellor, Amity University, asserted, “The Financial Sector is evolving and therefore, there is a dire need to invest in and develop the technologies including Data Science, Artificial Intelligence, etc., rather than investing in infrastructure. There is a challenge of non-performing assets, along with other challenges including inflation and reduction of GDP growth rate. However, challenges come with opportunities and every challenge needs to be addressed through innovative solutions.”

During the two-day Seminar, Technical Sessions on topics including “Technological Disruptions: Transforming the Insurance Industry”, “Actuarial Profession: New Vistas” and “Sustainable Finance: Accelerator for Economic Growth”, were also conducted where experts and students participated in insightful Panel Discussions.