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IIM Bangalore concludes International Symposium, highlights digital innovation and sustainability as pillars of financial inclusion

Hosted global business leaders, fintech experts, policymakers and international academics at a two-day conference

Bengaluru, 19th November 2024: Post the success of last year’s International Symposium, IIM Bangalore hosted the second edition of its flagship event, the International Symposium on Financial Inclusion, Digital Innovation, and Sustainability at the IIMB campus. The two-day gathering which concluded today,  brought together eminent industry leaders, policymakers, and academics to deliberate on the critical issues surrounding inclusivity, digitalization, and sustainability in financial innovation.

Prof. G. Shainesh, Marketing area, serving as Symposium Chair, outlined the agenda for the day, and introduced the diverse panels of expert speakers that were part of the event. Prof. Shainesh moderated key sessions, including a fireside chat on ‘Financial Inclusion, Empowerment, and Sustainable Livelihoods’, and a panel on ‘Innovations and Business Models for Sustainability’. 

The event was inaugurated by Prof. G. Shainesh, IIMB Director Prof. Rishikesha Krishnan, and Rajesh Bansal, CEO of RBI Innovation Hub. 

The symposium served as a platform for meaningful dialogue, offering fresh insights into the evolving landscape of fintech, governance, and sustainability in India. With a focus on the intersections of digital innovation, financial inclusion, and sustainability, the event featured an engaging lineup of plenary lectures, fireside chats, and panel discussions, delving into critical issues such as fostering inclusivity, driving digitalization, and shaping the future of financial innovation.

In the inaugural address, Dr. Rishikesha T Krishnan, Director, IIM Bangalore emphasised on  the evolving digital landscape. He said,  "Digital technology has significantly transformed the finance industry in India, enhancing access for both consumers and financial institutions. While India has made strides in creating digital public infrastructure, there is still a need for a more distributed set of service providers. Despite this progress, a few key players continue to dominate the market. The potential of digital technology to revolutionise industries like finance is vast, but it also brings unanticipated challenges that need addressing. From a talent perspective, the evolving nature of technology in financial services demands new skill sets. Although there is broad recognition of this need, much work remains to ensure these skills are widely available."

Mr. Rajesh Bansal, CEO, RBI Innovation Hub, delivered the keynote address, highlighting the importance of digital innovations in revolutionising financial inclusion in India, particularly through initiatives like Aadhaar and AEPS. He further discussed the role of digital innovation in enabling secure access to banking for millions, even in remote areas and emphasised on how the trinity of  JAM (Jan Dhan-Aadhaar-Mobile), UPI (Unified Payments Interface), and ULI (Unified Logistics Interface) is playing a major role in shaping India’s fintech ecosystem.

Mr. Rajesh Bansal said, "Financial inclusion in India has been revolutionised by digital innovation, enabling millions to access services that were once out of reach. From the introduction of Aadhaar, which gave 1.3 billion people a digital identity, to the widespread use of AEPS, which allows secure transactions in even the most remote villages, India has set a global example. These advancements have broken down barriers, making banking accessible and empowering underserved populations to participate in the financial system like never before.

Day 2

The second day of the symposium began with a panel discussion on "Enabling Sustainable Development: Institutions, Governance & Regulations," featuring esteemed experts such as Prof. N S Vishwanathan (Chairperson, Axis Bank & Former Deputy Governor, RBI), Dr. Manoj Anand (Whole-Time Member, PFRDA), Dr. Prabhas Rath (Chief General Manager, SEBI), and Dr. Eduardo Correia (CEO, Taguspark Knowledge City, Lisbon, Portugal). The speakers delved into the critical role of frameworks, policies, and institutions in achieving sustainable development. They highlighted how banks can provide access to credit and drive development in rural areas. Discussions also explored the potential of green financing, the significance of public goods, and the introduction of a social stock exchange to encourage Corporate Social Responsibility and individual investments in social impact initiatives.

Prof. N S Vishwanathan remarked, Sustainable development is not just an economic goal but a holistic principle that intertwines climate action, international peace, and inclusive growth. By leveraging banking systems to serve public policy objectives, we can enhance credit access, foster industrial development, and make sustainability a shared responsibility across all levels of society.

Dr. Prabhas Rath emphasised the importance of green financing, ESG goals, and CSR-based investments in promoting sustainable and inclusive financial development. He highlighted the need for increased market awareness, investment trends, and mobilising savings to finance different stages of a company's growth. Dr. Rath sp the concept of a social stock exchange to facilitate CSR funds and individual investments, promoting inclusive investment and social goals.

This was followed by a panel on “Leveraging Digital for Scaling Up Financial Inclusion” featuring Prof. R Srinivasan (Chairperson-Center for Digital Public Goods, IIMB), Dr. Santosh Kumar Reddy Dinne (Founder-SVATAH: Education Foundation), Mr. V.R.Govindarajan (Chairman & Co-Founder - Perfios), Mr. Harishankar Krishnan (Chief Transformation Officer-ONDC).  The discussion highlighted the transformative impact of India's digital infrastructure on financial inclusion, emphasising non-exclusionary nature and innovations like cash flow-based credit assessments for MSMEs. The speakers also addressed concerns regarding cybercrime, data privacy, and the need for responsible financial education amid potential inflation risks from increased money circulation.

The last session featured group discussions on Sustainability Research, led by a panel of distinguished academicians. The panel included Dr. Shobhana Madhavan (Emeritus Professor, Westminster Business School, London), Dr. Frank Brueck (Co-Founder and CEO, GOLDEN for Impact Foundation, Imperial College, UK), Prof. Alnoor Bhimani (Director, South Asia Centre, London School of Economics), and Dr. Robert Barass (Environment & Development Consultant, UK & European Commission).

The discussions emphasised the value of collaborative research, highlighting the importance of partnerships with universities, government agencies, and NGOs. The speakers stressed the role of transdisciplinary teams and societal relevance in research, noting that such collaboration facilitates data collection and informs policy decisions. They also delved into the ethical and moral challenges in sustainability research, the transformative potential of AI, and the critical need for integrity and transparency in research practices.

Day 1

The morning session featured a panel discussion on” Digitalization and Financial Inclusion”, highlighting the experiences and learnings of industry experts from fintech and academia. The panelists included Prof. Alnoor Bhimani (Director, South Asia Centre, London School of Economics), Dr. Rajeev Gowda (Former Member of Parliament and Vice Chairman of the Karnataka Planning Commission), Gaurav Malhotra (Director and Head of Financial Services Equity at British International Investment), and Mr. Natsuki Sugai (Founder & Managing Partner at UNLEASH Capital Partners). They delved deeper into India's evolving digital infrastructure footprint and addressed the path forward to achieving rapid financial inclusion.

The symposium continued with an insightful discussion on "Innovations & Business Models for Sustainability," featuring Mr. Debajyoti Ray Chaudhuri (MD & CEO, NESL), Mr. Prateep Basu (Co-Founder and CEO, Satsure), and Mr. Sreejit Roy (Global Offering Leader - Sustainability, IBM). The discussion focused on  scalable, paperless solutions that integrate sustainability through technologies like green energy and digital mobility. The experts highlighted the role of digital platforms in advancing financial inclusion for underserved communities and emphasised the need for collaborative research between academia and industry to amplify sustainability efforts.

The second day of the event hosted Amit Nanda, Director Selling Partner Services, Amazon, for a ‘Leadersspeak’ on ‘Inclusive Growth through Digital Transformation. He remarked, "With ever-evolving internet speed and internet penetration, India is driving its transition towards a digital economy. Through e-commerce, millions of Indian businesses are advancing rapidly, fueled by digital transformation. E-commerce enables sellers to reach a vast audience and serves as a solution provider for many of their challenges. It simplifies the process for a wide range of sellers, traders, and entrepreneurs to expand their reach and customer base."

The afternoon session featured a panel discussion on the topic “Partnerships, Networks and Ecosystems for Sustainability” with insights from Dr. Shirish Srivastava, GS1 France Chair Professor, HEC Paris, Dr . Robert Barass, Environment & Development Consultant, UK & European Commission and Dr Frank Brueck, Co-Founder and CEO-GOLDEN for Impact Foundation, Imperial College, UK. They shared strategies for organisations to adopt sustainable practices and discussed how policies can shape a sustainable revolution while fostering an action-oriented mindset among individuals.

The first day of the conference concluded with a fireside chat by Mr. Amit Nanda, Director Selling Partner Services - Amazon and a keynote address from Dr Frank Brueck.

Click here for photo gallery Day 1

Click here for photo gallery Day 2