Mumbai, January 02: Data analytics in the banking industry refers to the process of examining and interpreting vast sets of data to extract valuable insights and support strategic decision-making. In an era marked by digital transformation, banks accumulate immense amounts of data from various sources, including customer transactions, online activities, and market trends. By leveraging advanced analytics tools and techniques, banks can identify patterns, detect anomalies, and gain a deeper understanding of customer behavior. This enables personalized services, targeted marketing, and the development of innovative products.
Join Mr. Abhijit Dey who is the Vice President – Product Head API Banking at Axis Bank in conversation with Mr. Marquis Fernandes, who spearheads the India Business at Quantic India, as they delve into importance of staying abreast of emerging trends and technologies in the ever-evolving business landscape. The focus has shifted from being product-centric to customer-centric, with technology adoption being contextual and aligned with regulatory frameworks.
Mr. Abhijit Dey is an accomplished Product Head with a proven track record in the Banking, Financial Services, and Insurance (BFSI) industry. With a wealth of experience, he has demonstrated his expertise in API management and monetization strategies. Mr. Dey stands out for his pivotal role in creating an innovative Open API framework tailored specifically for banks, showcasing his forward-thinking approach to product development.
How do you stay abreast of emerging trends and technologies, and how do you incorporate them into your product development strategies?
Technology is ever evolving and in every phase of evolvement it comes out with some new innovation that helps transform your business. On the other hand products also demand enhancements and deepening of new features. This supply and demand chain between products and technology help organizations to stay afloat with their product development strategy. Gone are those days when everything used to be product centric, now the complete focus is customer centric and technology adoption is also becoming contextual as well as in tandem with regulatory framework.
How do you navigate the challenges and opportunities presented by conversational AI, and how has it been integrated into the products you’ve led?
IMHO, conversational AI is not a newly evolved tech. AI powered chatbot are helping banks to instantly gratify customer queries for last couple of years. The major challenge in conversation AI is to judge the context and sentiment behind the chat utterances. The latest innovation on conversational AI is helping to budge this gap by training the bots with more contextual way. Also another challenge is to measure the level of training you need to provide to yours bots, sometimes leveraging too much of training to your bots make the whole game spoiled.
Can you share a specific experience where you had to navigate challenges related to regulatory changes or compliance issues?
Regulatory changes are for the betterment of the service and security customers. Any challenges to implement that have to be solutionised, and all banks are doing that.
Can you discuss a specific instance where you successfully monetized APIs and the impact it had on revenue generation and overall product strategy?
Gone are those days when we used considered apis as an endpoint url, nowadays it has graduated as a full grown product. It has growth, maturity and retirement model akin to any products. Our cash and payment apis, connected banking apis are those products where we see ideation, growth, maturity stages and it’s very well accepted in the ecosystem.
What advice would you give to emerging professionals looking to build a successful career in product management within the BFSI industry?
Stay put and own up the entire product life cycle. Product thinking is very important and managing every phases of product life cycle will help you to gain the control over your product strategy. And most importantly build product once you have a genuine use cases, without use cases or monetization policies no product can be scaled up.
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