The 3rd Annual BFSI Technology Awards 2022, was organized and hosted by Quantic India. The Event was scheduled on 8th of April 2022 at Holiday Inn, Mumbai.
The Annual Tech Excellence Awards was the most prestigious program dedicated entirely to tech projects and innovations in the BFSI Sector. The goal was to recognize exceptional companies that are riding the digital disruption wave and leading the technology revolution in the sectors they oversee. The BFSI Technology Excellence Award Program provides a platform for people and companies to recognize achievement in the area of tech innovation and financial firms.
An overview of the major topics discussed in this panel session:
- AI and ML can be incredibly powerful tools to mitigate risk and fraud. However, I’m also aware of the significant costs associated with adapting to these new techniques – both in terms of financial resources and time taken to implement them. It is essential to carefully consider the cost-benefit analysis before making a decision on investment in these technologies, as it could be a lengthy process requiring significant technological capability. Ultimately, the benefits of AI and ML may far outweigh the costs, but careful consideration should be taken into account.
- Risk management is an important part of any project, and adapting it to agile methodologies is key to achieving success. One way to do this is to create risk registers and automated alert systems that are both timely and transparent. Additionally, it’s important to have regular meetings with stakeholders, such as scrum masters, to ensure that risks are being tracked and managed effectively throughout the project. Finally, incorporating feedback from agile teams can help identify potential areas of risk before they become a problem.
- BFSI (banking, financial services, and insurance) leaders face a number of major challenges when it comes to mitigating risk. One of the most pressing is the need to develop a comprehensive risk management strategy that considers both short-term issues like liquidity and solvency, as well as long-term structural risks such as cyber threats and global economic instability. Additionally, BFSI leaders must be proactive in their approach to risk mitigation by staying abreast of new regulations and compliance issues, leveraging data analytics to identify potential areas of vulnerability, and developing effective strategies for responding quickly to changing market conditions. By taking these steps, BFSI leaders can ensure they are better prepared to mitigate risk and protect their organizations from potential losses.
- Business resilience is the ability to recover quickly from disruption and maintain operations. Establishing effective business resilience is essential for successful businesses. There are a few key steps to building business resilience, such as understanding potential risks, creating a good contingency plan, investing in reliable technology, and having a strong team of employees who are willing to adapt to different situations. All of these elements come together to create an infrastructure that allows businesses to remain strong and resilient when faced with unexpected challenges.
- Mobile and internet banking have become increasingly popular in recent years, offering customers convenience, flexibility and access to their financial accounts. However, this convenience comes with a downside; namely, the increased risk of cyber-attacks. Emerging threats such as spyware, phishing scams and unauthorized access to customer accounts can leave customers vulnerable to significant financial losses. To combat such threats, counter-measures should be taken to ensure that appropriate security measures are in place using things like multi-factor authentication, encryption technologies and robust data security protocols. With these measures in place, customers can feel safer when engaging in online banking activities.
- The way forward for businesses is to adopt best practices that are aligned with their goals and objectives. This means taking the time to identify key areas of potential improvement, researching industry standards and trends, and implementing strategies that are achievable and practical. By taking a proactive approach to managing operations and developing consistent processes, businesses will be well positioned to achieve sustainable success in the future.
Our Expert Moderator: Karthikeyan V Shanmuhaiah – Director & Head India Business, Expleo India
Our Eminent Panelists:
- Shailendra Kothavale – Chief Compliance & Risk Officer, Aditya Birla Sun Life Insurance
- Alok Pathak – CRO, Utkarsh Small Finance Bank
- Jasmeet Singh – CRO, Reliance General Insurance
- Nirav Shah – CRO, Aadhar Housing Finance
- Sunil Kapoor – SVP & Group Chief Risk Officer, SBI Capital Markets Ltd
- Sujay Das – Chief Risk Officer, Freo
- Preekshit Gupta – VP Lead GTM Fraud, TransUnion CIBIL
The information presented by the round table in this session was really informative. The experts on the panel shared a diverse range of insights & provided an outstanding opportunity to access the experiences of industry leaders and get inspired by them. You will join us soon for the 4th Annual BFSI Technology Awards in October 2023 in Mumbai
