Dun & Bradstreet BFSI Summit & Awards 2020

Dun & Bradstreet India hosts 2020 BFSI Summit and Awards for the Banking, Financial Services and Insurance sector

Mumbai, 27 February 2020: Dun & Bradstreet (D&B), a leading provider of business decisioning data & analytics, hosted its annual BFSI Summit and Awards for the Indian Banking, Financial Services and Insurance sector today. This year’s summit focused on the critical role of the sector in driving the growth of the Indian economy and the impact of disruptive technologies such as Artificial Intelligence, Cloud Computing, Mobile Money, on achieving financial inclusion. Under the theme of ‘Technology Disruptions: Spearheading Financial Inclusion for Inclusive Growth’, 25 businesses from across the BFSI sector were recognised in two overarching categories – Company Performance Awards and Banking Technology Awards. The Company Performance awards are a tribute to the achievements of the BFSI companies for business excellence and the BankTech Awards acknowledge the technology initiatives taken by banks to reach to the next level in a digital economy.

The Company Performance Awards recognized 13 organizations based on financial model analysis developed in-house by Dun & Bradstreet’s team of analysts who produced a composite score designed to evaluate the best performing companies. The State Bank of India was named as India’s Leading Public Sector Bank and HDFC Bank Limited as India’s Leading Private Sector Bank. Citibank clinched the laurel of India’s Leading Foreign Bank. In the insurance sector, Life Insurance Corporation of India was awarded India's Leading Life Insurance Company in the public sector, and SBI Life Insurance Company Limited was announced as India's Leading Life Insurance Company in the Private Sector. Further, a panel of esteemed jury members identified 12 winners for the Banking Technology Awards category. The winners included Kotak Mahindra Bank Limited, which won the Best use of Banking Technology Award for AI/ML, and IndusInd Bank Limited, which won in the Best Use of IT in Customer Experience category.

Additionally, some of India’s most valued thought leaders, such as Mr. N. S. Venkatesh, Chief Executive, Association of Mutual Funds in India (AMFI) and Mr. Ashish Kumar Chauhan, MD & CEO, BSE Ltd., shared their insights on the evolving role of the BFSI sector, the impact of technological developments, challenges faced, and the way forward

Speaking at the event, Dr. Arun Singh, Chief Economist, Dun & Bradstreet India commented, “Almost a decade ago, only 35% of Indian adults had a bank account. Today, that number stands at more than 80% This growth has been driven by a series of measures taken by the government to improve financial inclusion – AADHAAR  and Jan Dhan Yojana.  However, these initiatives have just laid the foundations of financial inclusion and more needs to be done to achieve a meaningful financial inclusion. Of this 80%, only 41% have an active account i.e. made a deposit or withdrawal at least once in a year. With low levels of income, no collateral and no credit history, a vast majority of the population is struck in a low-level equilibrium trap. Improving financial literacy and extending the reach of micro credit can help them in escaping this trap and Fintech can play a major part here.”

The 12^th edition of Dun & Bradstreet’s ‘India’s Leading BFSI Companies 2020’ was also unveiled at the event. This publication lists the leading companies across the sector, highlighting areas of growth, key trends and providing an overview of India’s financial sector based on Dun & Bradstreet’s commercial data and analytics. The publication includes information on banks (scheduled commercial banks, small finance banks and payment banks), non-banking financial companies, financial services companies, insurance companies, asset management companies, and broking houses. A copy of the publication will available https://www.dnb.co.in/file/bfsi-2020-publication.html

The full list of winners of Dun & Bradstreet BFSI Summit and Awards 2020: