The banking, financial services and insurance (BFSI) sector has been seeing a rapid uptake of key digital technologies. Enterprises in this space are fast adopting new-age solutions such as blockchain, artificial intelligence (AI), internet of things (IoT) and cloud in an effort to serve their customers better and improve business operations. The onset of the pandemic has further fuelled the digitalisation trend. While the adoption of new-age technologies has brought forth a host of benefits and opportunities for the BFSI sector, the process of deployment has been full of challenges. Shashank Bajpai, Chief Information Security Officer, ECGC Limited, share his views on key tech trends dominating the BFSI space, the challenges in deployment and the way forward…
What is your view on the adoption of digital solutions in the BFSI sector? How have these solutions helped the sector in dealing with the Covid crisis?
Technology innovation has always been the foremost business enabler for the financial services sector. The next generation of consumers is heavily reliant on technology to get any financial product, be it lending, saving, trading or insurance. The Covid crisis has further increased this digital consumption of services by end users. Hence, digitalisation has been of immense support to the BFSI sector in the times of the pandemic.
What are some of the key digital solutions currently deployed by your company? What have been the major benefits?
We are embarking on the digital journey and are investing in new-age application architecture to provide a secure digital platform for our existing customers. Being a security professional, it is difficult for me to publicly disclose any specific products that are in use. However, I would like to add a point here that technology has become a business driver and is no longer just a support function.
How are new-age technologies such as AI, blockchain, IoT and cloud transforming the BFSI space? What are some of the key use cases?
Cloud adoption has increased across the financial services sector during the pandemic. Many of my technical peers are now managing hybrid, multicloud set-ups. AI and ML are gaining adoption across the financial sector. Data has become the most essential component in delivering various strategic business decisions. IoT is gaining traction in the field operations and operational technology space.
What are some of the challenges faced while deploying these solutions?
The adoption of new-age technology has its own inherent risks and challenges. BFSI in India is now experiencing this digital transformation in all three areas – people, process and technology. The challenges are resolvable only through judicious deployment of resources to handle these tasks. Niche technologies such as blockchain have specific use cases and/or require heavy technical know-how of that platform. According to me, the Indian BFSI sector is on the right path to harness the true potential of these new-age technologies.
What will be the key digital trends that will shape the BFSI sector in future?
The next generation of digital consumers will demand complete inclusiveness of various digital financial products. Primarily, this would be driven by fintechs, insurtechs and the new-age BFSI organisations. We can already witness a complete digital space that caters to every financial product end-to-end digitally.