Mumbai, March 15, 2024: Dun & Bradstreet, a leading global provider of business decisioning data and analytics, recognized the outstanding BFSI & Fintech companies of India on February 27, 2024 at the 16th edition of ‘Dun & Bradstreet BFSI & FinTech Summit 2024’. (List of award winners below)
India’s financial services industry is going through a drastic transformation. While digital disruption is taking over the industry, new business models are emerging, and customer dynamics are changing significantly. As the industry undergoes a remarkable shift, the summit focussed on the top five ‘Game Changers’ of the BFSI & FinTech industry namely, Inclusive BFSI Models, Tech Tsunami, Next-Gen Customer Experience, Regulatory Sandboxes, and Cybersecurity Revolution.
Speaking at the summit, Avinash Gupta, Managing Director & CEO – India, Dun & Bradstreet said, “The Indian financial services industry is at the cusp of drastic transformation, with evolving business models and shifting customer dynamics. Fintech companies are driving the evolution of BFSI by pioneering digitally accessible and low-cost banking, payments, and lending solutions. There is lot of banking happening without banks; FinTech NBFCs are gaining centre stage in retail lending, while InsureTechs are revolutionising the insurance industry. Clearly if the game is changing, it is important to know who the ‘Game Changers’ are.”
“In FY23, the BFSI and Fintech companies contributed to 6% to the GDP. The consolidated balance sheet of Scheduled Commercial Banks (SCBs) showed a double-digit expansion of 12.2%, which is the highest in nine years. All the 12 public sector banks together recorded a 57% jump in net profit, crossing the Rs 1 lakh crore mark. During the same period, NBFCs also witnessed double digit expansion, with 16% increase in loan advances. Aggregate income of NBFCs increased by 21.5% in FY23 as against 8.5% in FY22. Furthermore, India is now among the fastest growing FinTech markets, being the second most funded startup sector in the world,” added Gupta.
The summit also witnessed the launch of the 16th edition of the ‘India’s Leading BFSI & Fintech Companies 2024’ publication. The publication is a compendium of leading companies within the domestic BFSI industry, including scheduled commercial banks, small finance banks, life, non-life and reinsurance companies, AMCs, NBFCs, equity broking houses and select fintech companies.
Full List of Winners of “BFSI & FinTech Awards 2024”
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Sl No.
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Industry Award Categories
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Award Winner FY24
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1
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India's Leading Public Bank (Large)
(Assets greater than INR 4 lacs crores, FY23)
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Bank of Baroda
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2
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India's Leading Public Bank (Mid)
(Assets less than INR 4 lacs crores, FY23)
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Bank of Maharashtra
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3
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India's Leading Private Bank (Large)
(Assets greater than INR 4 lacs crores, FY23)
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HDFC Bank Limited
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4
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India's Leading Private Bank (Mid)
(Assets less than INR 4 lacs crores, FY23)
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IDFC First Bank Limited
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5
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India's Leading Small Finance Bank
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AU Small Finance Bank Limited
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6
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India's Leading Foreign Bank
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HSBC Limited
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7
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India's Leading Payment Bank
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Fino Payments Bank Limited
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8
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India's Leading Housing Finance Company (Large)
(Assets greater than INR 25 thsd crores, FY23)
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Bajaj Housing Finance Limited
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9
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India's Leading Housing Finance Company (Mid)
(Assets less than INR 25 thsd crores, FY23)
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IIFL Home Finance Limited
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10
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India's Leading Diversified NBFC (Large)
(Assets greater than INR 25 thsd crores, FY23)
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Bajaj Finance Limited
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11
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India's Leading Diversified NBFC (Mid)
(Assets less than INR 25 thsd crores, FY23)
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Axis Finance Limited
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12
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India's Leading Infrastructure Finance Company
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Power Finance Corporation Limited
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13
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India's Leading Life Insurance Company (Public)
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Life Insurance Corporation of India
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14
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India's Leading Life Insurance Company (Private)
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HDFC Life Insurance Company Limited
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15
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India's Leading Non-Life Insurance Company (Public)
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The New India Assurance Company Limited
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16
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India's Leading Non-Life Insurance Company (Private)
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ICICI Lombard GIC Limited
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17
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India's Leading Health Insurance Company
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Star Health and Allied Insurance Company Limited
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18
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India's Leading Asset Management Company
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SBI Funds Management Private Limited
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Special Awards
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1
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Use of AI/ML in Debt Collection
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Analog Legalhub Technology Solutions Private Limited (Credgenics)
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2
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Use of AI for Risk Evaluation
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CredAvenue Private Limited (Yubi)
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3
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Innovation in financing (revenue-based financing)
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GetVantage Tech Private Limited (GetVantage)
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4
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Product Innovation in Banking and Payments
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Network People Services Technologies Limited (NPST)
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5
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Excellence in Payment Solutions
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PhonePe Private Limited (PhonePe)
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6
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Product Innovation with use of blockchain technology
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New Street Technologies Private Limited (New Street Tech)
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