The Reserve Bank of India is now making efforts to further improve the data analytics system adopted by the banking industry. 

Goutam Chatterjee, Principal adviser, Department of  of Statistics & Information Management, RBI said, “In banking, the analytical data is centrally stored.We are working towards a system that will allow users to bring their own data, collectively analyse it and hence be able to find the solutions and realise the value of analytics.”

Chatterjee along with other senior professionals drawn across the BFSI sector have addressed the recent inaugural edition of  the Economic Times BFSI Innovation Tribe Awards & Summit held last week with the theme of “Disrupt, Develop, Demonstrate”.

Deepak Vasant Kesarkar, Maharashtra’s minister of state, Finance and Rural Development, said,“Technology must always be used for the betterment of society. We are looking to use technology to improve the lives of Indians across rural and urban India.”

Speaking on the occasion, Suniti Nanda, Fintech officer, Maharashtra Government said,“When people are creating FinTech solutions, but we’re not adopting them, there is a problem to be addressed. It’s very easy to say that this is an issue with the startups, but these are excuses and we need to see what the issue is and fix it.If you look at the number of startups shutting shop on a daily basis, it’s not a good sign. If we want to see India as a global innovator, we need to do more. That’s why the government of Maharashtra has created a FinTech policy earlier this year.”

Mrutyunjay Mahapatra, DMD, SBI offered his thoughts, saying, “When you reimagine digital,you reimagine with quick wins.Innovation happens in four ways, namely incremental,survival,catch-up and platform innovation.Reimagining digital with the Plug & Play approach is really important.Be passionate, process oriented and force the right partnerships.”

Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank said, “We all are increasingly realising that we are in a consumer business.We cannot be in business if we do not keep consumer choices first.Equal importance is how financial service embraces empathy, and how we relocate consumer behaviour.”

The evening also saw a host of companies receiving Innotribe awards in categories of Tech, BFSI &Startup.Companies receiving these awards included BankBazaar in Tech, State Bank Of India in BFSI ,Instoried in Startup to name a few.