The banking, financial services and insurance (BFSI) industry has been among the first to leverage information and communications technology (ICT) solutions to digitise operations and streamline processes. Owing to the sensitive and confidential nature of consumer data, data privacy and cybersecurity have become crucial for the efficient functioning of enterprises in the industry. BFSI organisations are stepping up investments to bolster the security of their networks and plug loopholes. Going forward, several emerging technologies such as big data, internet of things (IoT), blockchain and artificial intelligence (AI) are expected to find widespread application in the industry. IT heads of leading BFSI enterprises discuss their strategies, technology trends and the level of cybersecurity readiness in the industry…
What are the key IT and telecom solutions being deployed by your organisation? How has the development of a cashless ecosystem altered your IT requirements?
We have been using enterprise resource management and unified communication across our national and international locations.
What are your views on the cybersecurity readiness of BFSI companies? What solutions have you deployed to ensure customer data security?
It is difficult to comment on the cybersecurity readiness of BFSI companies. However, at large, all companies in BFSI need to focus on cybersecurity in alignment with customer data privacy needs and statutory requirements. It has become increasingly important with the coming into effect of the General Data Protection Regulation (GDPR). More than the solutions, the culture of information security needs to be developed amongst all members of the organisation. Solutions for data security such as antivirus, antimalware and data leakage prevention have been put in place.
How has the emergence of big data analytics, cloud, IoT and blockchain technology impacted the BFSI industry? Do you use/plan to deploy these technologies?
We are clearly focused on the rational use of technology rather than on doing it for the sake of doing something new. We are evaluating cloud and AI for some use cases.
What are the key challenges faced while implementing new technologies?
Technically skilled manpower and lower shelf life of new technology solutions are the key challenges.
“BFSI companies need to focus on cybersecurity in order to align with customer data privacy needs and statutory requirements.” Sharad Jambukar
What are the key technology trends that will shape the industry in the next few years?
Big data analytics-driven insights have formed the cornerstone of client experience and new value-added service opportunities to generate more revenue. However, recent social media data leakage and privacy issues may hamper the real commercial benefits. The traditional CRM approach of segment-based offers must move towards offers based on an individual customer’s tastes and preferences. With increasing regulations and compliance requirements along with pressure on reducing costs, robotic process automation (RPA) is being adopted by the BFSI industry. RPA necessarily involves full digitisation of the traditional processes and enables the company to reap the benefits of advanced technology such as AI, machine learning and NLP. Blockchain technology has shown promise in trade finance and manufacturing of special goods, but needs a robust ecosystem.