KIIT School of Management (KSOM) organized its 15th National Finance Konclave, on the theme: Future of Finance: In the Age of Disruptive Technology on 5th October, 2024. Extending a warm welcome to all the guests and participants, Prof. K. K. Ray, Convener of the Konclave, emphasized how rapid technological advancements are fundamentally transforming the financial industry. He pointed out that these innovations are driving faster, more secure transactions and enabling more informed decision-making processes. Prof. Ray highlighted how innovations like blockchain, decentralized finance (DeFi), artificial intelligence, big data, and quantum computing are reshaping finance by offering enhanced personalization, efficiency, and security. He also stressed the importance of robust cybersecurity measures and regulatory frameworks in ensuring financial inclusion.
Prof. Suva Kanta Mohanty, Director, KIIT School of Management, in his welcome address, elaborated on the central theme of the Konclave, placing particular emphasis on blockchain technology, digital transformation, transparency, and decentralization in the financial industry. Prof. Mohanty highlighted the importance of understanding customer needs and actively exploring disruptive ideas and collaborative solutions to meet these evolving demands.
Prof. Kumar Mohanty, Director, Industry Engagement & Faculty Development, KIIT-DU, introduced the keynote speaker, Mr. Pratik Oswal, Head – ETFs and Index Funds, Motilal Oswal. Prof. Mohanty, commended Mr. Oswal’s contributions to the finance industry and highlighted the significant role his leadership has played in advancing financial products, particularly in the realm of exchange-traded funds (ETFs).
In his keynote address, Mr. Pratik Oswal provided a thought-provoking discussion on the growing impact of ETFs and index funds, focusing particularly on the U.S. wealth management industry. He noted that ETFs now account for 16% of the mutual fund industry and have experienced rapid growth over the past five years, leading to significant disruption within traditional fund management.
Mr. Oswal explained that traditional fund management, once highly manual, has now become largely automated, with 35-37 funds operating based on algorithm-driven systems. This technological shift has simplified decision-making, allowing technology to determine optimal investment timing and strategies with minimal human intervention. He stressed the importance of timing in disruption and evolving customer preferences, drawing parallels with Uber’s transformation of the taxi industry. Mr. Oswal posed a critical question: “Do customers truly need financial advice online?” He further emphasized the role of technology in meeting customer needs in today’s digital-first environment.
Reflecting on Motilal Oswal’s long-standing history since 1987, Mr. Oswal highlighted the company’s continuous innovation in equity research, online broking, and ETFs, which has enabled it to remain competitive as the third-largest company in profitability. He also noted that 70% of the company’s business now operates through mobile apps, driven by a deep understanding of customer trends. Furthermore, he discussed how companies like Zerodha and Angel One have disrupted the market, and attributed Motilal Oswal’s success to bold experimentation, self-education, and the founders’ willingness to take calculated risks.
The inaugural session concluded with felicitation of the guests and a vote of thanks by Prof. Sumita Mishra, Dean, KSOM. She expressed heartfelt gratitude to all the dignitaries, faculty members, students, and support staff for their tireless efforts in making the Konclave a success.
The inaugural session was followed by LSIP (Large Scale Interactive Processes) headed by top Finance professionals. The themes under discussion were Digital Currencies, Forensic Accounting, Algorithmic Trading and Robo-Advisors, Financial Inclusion in the Digital Age, Risk Analysis in Fintech, Green Finance/Sustainable Investing, Predictive Analytics and AI-Powered Insights in Financial Decision Making, Cybersecurity and Data Privacy in the Financial Industry, Leveraging technology in fundamental equity investing – enhancing analysis and decision-making and Financial Inclusion and Banking Services.
The conclave was preceded by a National Level Equity Empire Investment Competition. It saw participation from over 400 teams from across top B Schools of India. The Finance conclave provided students with an opportunity to interact with business leaders from the industry. The conclave created a platform to connect industry professionals, academia and students.