Jos Babu, Chief Information Officer and National Head (Digital),UAE Exchange, India
Enterprises in the banking, financial services and insurance (BFSI) industry have been early adopters of information and communication technology (ICT) solutions, which have enabled them to digitise their operations and make them more efficient. The government’s demonetisation move has provided a further impetus to the digitisation initiatives. However, since enterprises in the BFSI space deal with confidential consumer data, ensuring data security while using ICT solutions is of paramount importance. IT heads of leading BFSI enterprises discuss their IT strategies, technology trends, the impact of demonetisation on everyday operations and the level of cybersecurity readiness in the industry…
What are the key IT and telecom solutions deployed by your organisation? How have these helped in improving business performance?
Our organisation has deployed solutions for voice and SMS services, videoconferencing, electronic KYC services and e-mail services. Further, we use switching solutions for conducting online transfers under the National Payments Corporation of India. We also use cloud solutions of Amazon Web Services, data analytics tools, management information systems and customer relationship management (CRM) solutions.
What has been the impact of demonetisation and the push towards a cashless economy on your IT needs?
Demonetisation has had a huge impact on organisations in the BFSI sector. Since our business has grown manyfold, it has compelled us to move ahead technologically by developing solutions that help customers adopt the digital medium for transactions. Our IT needs and procurements have become streamlined now and we have more control over expenditure.
“Demonetisation has had a huge impact on organisations in the BFSI sector.” Jos Babu
What is the scope of big data analytics, cloud and internet of things (IoT) in the BFSI industry? What are your plans for deploying these technologies?
Big data, cloud and IoT are technologies not of the future but of the present. Organisations that accept this fact will survive in the long run. Our organisation is already using cloud technologies, and we have tested and implemented big data analytics in our research and development lab. We are also in the process of implementing IoT solutions for improving the efficiency of our business-to-business division.
What are the key challenges faced while implementing new technologies?
Some of the key challenges faced by organisations are the need for a competent workforce, and high turnaround time for implementing new technologies and high costs. Since a technologically sound workforce is often available in the country, the first issue is gradually getting resolved. However, the high total project cost remains a challenge.
What are your views on the cybersecurity readiness amongst BFSI companies in India? How do you ensure the security of your customers’ data?
Many reports have recently emerged on the security issues associated with digital transactions in the BFSI sector. To this end, organisations need to take a strong stand to ensure that there is no breach of data. Our organisation has its own methods of tracking down a data breach in advance to protect our customers’ data. More than the companies, customers should be vigilant about cyberfrauds. Therefore, there is a need to educate customers about maintaining the security of their personal data.
Going forward, what are the key IT and telecom trends that the BFSI industry is likely to witness?
Artificial intelligence (AI) is an emerging trend that the BFSI industry would soon witness. Therefore, we may see AI-integrated transactions taking place in the near future. This will enable us to analyse the spending and saving pattern of customers. AI would also help customers to analyse their spending and saving pattern to better manage their expenditure.
