Global banking leaders, financial experts converge to explore AI, ML, Generative AI, and skill synergy in a dynamic roundtable setting
ET Edge, a Times Group initiative, in association with Altair and Indo-American Chamber of Commerce (IACC) organised an evening closed door round-table discussion on the theme- Innovation HQ: Where AI & ML converge to scale-up Profit Margins in Bangalore on 7th December 2023. The round table discussion was graced by industry’s best minds, experts and trend-setters from global banking and financial institutions, skilfully outlined on the industry trends for leveraging technology tools as AI, ML, generative AI for scaling profit margins, besides driving on high-octane discussions on setting the importance of skill to level -up delivery of solution with technology tools.
Raj C Mruthyunjayappa, Chairman, IACC Karnataka, and Sreejay Sreedharan, Director of Data Science at Altair, moderated the dynamic discussion featuring top industry experts from Wells Fargo, Deloitte, Citi Bank, HSBC Asset Management, and other organisations.
Excerpts as below.
Raj initiated the discussion, aligning it with the evolving dynamics of contemporary professional culture, emphasizing the three foundational pillars of Work, Workforce, and Workplace, which translate into People, Process, and Culture in the modern context. Sreejay Sreedharan from Altair echoed this theme, asserting that the prevailing trend revolves around People, Process, and Technology. While technology plays a crucial role, he emphasised the equally vital role of the people within organisations, as they are the driving force behind technology, enabling the creation of effective solutions.
Nitin Sareen, a senior industry expert representing Wells Fargo, highlighted that the most significant Digital Transformation has been catalysed not by CTOs, CDOs, or domain experts but by the impact of Covid. This global event stands as one of the most significant shifts in the technology landscape. Sareen emphasized the need to focus on the people steering technology and building the necessary skills while positioning Data and AI as enablers and change-makers in the segment.
During the discussion, consensus emerged among eminent experts that while technology is pivotal in breaking down critical use-cases and providing solutions, it is equally crucial to elevate the skill perspective of the workforce utilising it to ensure effective solutions.
Expanding on this point, Vivek Mohan, Director of Data and Analytics at Deloitte Consulting, underscored the critical nature of adapting to the changing eco-world of business, its environment, and dynamic shifts. He emphasized that there is no one-size-fits-all model for scaling up enterprise profitability with technology; the key lies in adaptability, finding utility, and delivering results.
Bringing a diverse perspective to the discussion, Niraj Kumar, Executive Director of Data Engineering and Analytics, emphasized the importance of a changing mindset and adaptability in the tech domain. He asserted that deploying tech-enabled tools is about invigorating the right thought-process and staying attuned to the constantly evolving market trends and dynamics. Kumar highlighted that, in addition to the skills of personnel driving tech-enablement, embracing a constantly evolving research and development (R&D) approach is critical. This approach ensures that experts implement practical setups, bringing forth the spark of evolution and upgrading the trends in the tech landscape.
Adding further to this and delving deeper into striking the balance between organisational expectation and reality for young professionals, Hemanth Santhanam, Vice-President, Strategy and Data Analytics, Citi Bank emphasized the critical need for top-tier organizations, both nationally and globally, to clearly define the expectations for the young professionals they hire. The observation is that many young professionals aspire to join prestigious organisations and engage in high-profile projects to enhance their professional portfolios. However, there is often insufficient emphasis on the necessary skills and learnability required for long-term skill development and expertise. Santhanam further emphasized that universities and educational institutions bear a responsibility to establish appropriate expectations for young professionals, guiding them to be prepared to adapt, unlearn, and constantly relearn in response to the ever-changing market dynamics.
Expanding on Santhanam’s viewpoint, Mehul Bhagadiya, Head of Analytics in Wholesale Banking at Wells Fargo, emphasized the importance of being adaptable to navigate the continuous cycle of learning and unlearning. He underscored the significance of cultivating a vision for excellence and setting short-term career goals, driven by a passionate pursuit. Bhagadiya highlighted the crucial role of coaching in shaping the success of emerging professionals, emphasizing that an individual’s learnability is a key skill sought by organizations in the recruitment process.
Conclusion:
The conversation proved to be not only informative but also comprehensive, covering trends, perspectives, and the future trajectory of how enterprises are utilizing AI and ML to enhance profit margins. It went beyond traditional tech-focused discussions to encompass a diverse range of themes, exploring the broader implications. Furthermore, the discussion delved into the evolving psychology within the domain, highlighting the changing dynamics and requirements.
