Bureau at GFF’24: What Does the Tomorrow of Fintech Look Like?
It’s been 10 days since the largest fintech festival wrapped up. If we had to sum up our entire experience in one word? We’d go with hopeful. With more than 90,000 attendees at what our founders affectionately call the “Fintech Kumbh Mela,” the energy and enthusiasm were palpable.
With an abundance of industry veterans and newcomers alike, there was a constant stream of insights, news, gossip, and thought-provoking discussions flowing through the 18-acre colossus that is the Jio World Centre in Bandra Kurla Complex.
But let’s go back to Hopeful. Why did our entire team return buzzing with positive energy and a clear determination to face the second half of 2024 with optimism? Was it simply the adrenaline telling us this is the best time ever to be in #fraud prevention? Or was it a genuine reflection of the curiosities and concerns that dominated the conversations?
Let’s take a moment to explore why Global Fintech Fest 2024 felt like a crystal ball for Bureau, revealing the central and dynamic trends that the BFSI and RegTech industries are gearing up for next.
We know for a fact #1: Mule Fraud is not a passing-by fad
Fraud is not a buzzword. It’s not a passing fad stirred up by a few isolated incidents. With Indian banking growing at a robust 6.3%, and private credit expanding to $6 billion (according to EY), our financial infrastructure is rightly being recognized for its strength and resilience.
Time and time again, in multiple sessions held by the Ministry Of Home Affairs (mha), GOI , Indian Cybercrime Coordination Centre ( CyberDost I4C ), National Payments Corporation Of India (NPCI) , Reserve Bank Innovation Hub (RBIH) and others, mule fraud prevention was never portrayed as a temporary fix.
Instead, every corner of the festival acknowledged that fraud prevention must go hand in hand with growth.
New fintech payment products? Great—how are we also going to prevent misuse?
More access to financial instruments like bank accounts and credit cards? Amazing—but how will you stop mule accounts from wreaking havoc on this growth?
Our t-shirt slogan at Bureau #DontBeAMule, was (no surprise) a major hit.
Not just our t-shirts—our Mule Score Solution was also a massive success. With adoption from 3 out of the 10 leading banks in India, along with multiple NBFCs, Bureau set a new standard for preventing mule fraud with enhanced detection capabilities at GFF 2024.
We know we should #2: Financial Inclusion, but responsibly?
Even though there were at least ten sessions emphasizing digitization as the cornerstone of financial inclusion (including an address from our Prime Minister!), one session stood out.
In a discussion featuring Mr. Fares Alsaleh Fintech Development Division Manager, Saudi Central Bank – SAMA , Mr. Lito Villanueva , Executive Vice President and Chief Innovation Officer of RCBC in the Philippines, and Mr. Nasir Zubairi , CEO of the The LHoFT - Luxembourg House of Financial Technology Foundation, the focus was on the role of digital financial services in driving financial inclusion.
This conversation, blending leadership, entrepreneurship, and compliance perspectives, revealed a shared global goal: wider access to financial services, particularly for underserved populations. The consensus was clear—fintech must ensure that its benefits reach every corner of society. For consumers and businesses alike, the initiatives discussed promise a more inclusive financial ecosystem, where access to digital financial services is no longer a luxury but the norm.
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One key line stood out: “The integrity of the entire ecosystem is at stake.”
For the "new to bank" (NTB) population, especially those entering the financial system for the first time through fintech platforms, additional security measures are essential. It's not enough to offer access; that access must be safeguarded by ensuring that only genuine users are allowed to pass the onboarding stage. This requires implementing rigorous checks at account creation, leveraging technologies like Bureau ’s identity decisioning platform, to filter out fraudsters and ensure that the users accessing financial services are legitimate.
The consensus was clear—without security measures in place from the start, financial inclusion efforts will falter.
Trust must be built and maintained by preventing fraud at the entry point, ensuring that access to financial services remains a right for genuine users, not a tool for exploitation by bad actors.
We know and anticipate #3: Wholesale lending is on the rise?
At GFF 2024, the buzz around wholesale lending wasn’t just a trend—it was a focal point. In the "Leveraging Alternate Data" session, experts like Presha P , CEO - Credit Saison India and Sangram Singh , CEO - Indifi , emphasized how alternative data is revolutionizing access to credit.?
According to a report by BaaS by CredAble , there’s a massive $530 billion credit gap for #MSMEs globally. This gap underscores the need for innovative credit solutions that go beyond conventional metrics.
Bureau’s solutions are at the forefront of this transformation, providing the tools needed to address this credit gap effectively and responsibly. Traditional financial markers are no longer the sole standard for determining who gets credit.
With the use of alternative data—such as telecom data, device history, digital behaviour and other trust signals like regular utility bill payments—fintechs are creating risk profiles that allow for more tailored lending.
This approach is particularly valuable for MSMEs needing smaller, wholesale loans to drive their businesses. By embracing these models, fintechs can help stimulate the economy, expand financial services, and offer credit to previously underserved sectors.?
We know it as the need of the hour #4: Instant Gig economy profiling?
At GFF 2024, one thing became crystal clear: the gig economy is thriving, and fintech innovations are its lifeblood. With gig workers entering sectors like quick commerce, ride-hailing, and last-mile deliveries at an accelerating pace, the need for seamless, instant financial services is more important than ever. Key trends we spotted—like the use of alternative data and rapid onboarding through KYC/KYB solutions—are directly shaping how these workers access banking, insurance, and credit.
And let’s be honest, in a world where time is money, instant background verification (BGV) is the backbone of the gig economy. Whether it’s onboarding a delivery driver or a ride-hailing courier, companies need lightning-fast, reliable checks to ensure trust and compliance. That’s where Bureau shines—our KYC and KYB solutions are built for speed and accuracy at scale. By reducing friction and delivering quick turnarounds, we’re helping businesses onboard gig workers quickly without compromising on security.
---- Concluding note ----
Though it was just a three-day event, the ripple effect of GFF 2024 is still going strong. Bureau had a front-row seat to the whirlwind of fintech growth and innovation, witnessing firsthand how exciting this space has become. But this growth is like a delicate balancing act—strong, yet fragile.
For it to thrive, it needs to be nurtured with the right mix of resilience, compliance, and collaboration. The future of fintech can only be secure when financial service providers, technology partners like Bureau, and regulators all come together to build a safer, smarter ecosystem. Curious to learn more?
Let’s connect for a free consultation and keep this momentum going.