7th September, Mumbai: Technology has a sole purpose in today’s world to deliver value across the banks and financial institution sector’s need for core technology that is scalable, resilient, and adaptable. Distinguished industry experts came together at the recent BFSI Tech Leader’s Summit to discuss the impact of technology and how it relates to customer experience. As the demands on the technology function frequently and increasingly exceed what financial institutions can deliver, there emerges a whole gamut of technology-linked products and services. The BFSI industry has gradually enhanced the customer experience across all its products and services by making significant technological and data infrastructure and technical developments and services to align with improved customer experiences.
BFSI is utilising the most recent innovations, like AI, RPA, and Blockchain, to respond to consumer inquiries quickly. In the future, the category will be distinguished by the effective fusion of technology to produce a superior user experience. Customers can communicate with one another using digital KYCs, connect with one another via WhatsApp to resolve issues, communicate with chatbots that can answer a variety of pre-set questions, submit claims that are quickly resolved thanks to intelligent techniques, and take loans that is highly tailored using AI.
The second edition of “Lenovo presents, AWS presents The Economic Times BFSI Tech Leader’s Summit” held in Mumbai highlighted the technological leaps in the BFSI segment, taking note of the newer investment products or innovative ways to solve customer queries.
As a part of the keynote address, Shri Alok Kumar Choudhary, Managing Director (Retail Business & Operations) from SBI gave his insights on Next Gen Banking and leveraging technology for the customer-first experience. “The entire landscape of banking has changed in terms of new laws, transparency, and prices and all this has led to tech-savvy consumers who are ready for experiences. This requires banks to adopt and integrate technology to provide experiences to tech-savvy consumers.”
Adhipranesh V, FSI Lead – South, Amazon Internet Services gave his take exploring technological avenues in the sector. “The Buy Now, Pay Later (BNPL) ticket size is small and the platform available is huge. We should have an integrated technological approach to explore multiple ways.”
In a segment on digital lending innovations in the Next Frontier such as LAAS – Lending as a service – the discussions resolved around reinventing digital platforms. Amit More, Founder & CEO, Finzy stated, “You don’t need to rely on traditional banks or fintech, you can leverage money through digital lending. When we talk about digital lending, we have a responsibility to protect their data and information because many people are still unaware of its security.”
Rohit Midha, Director – Services Sales, Lenovo India shared his views on the highly regulated BFSI sector. “In the highly regulated BFSI sector, disruptions are prevalent. Here are a few trends and products that Lenovo is supporting viz: utilizing the cloud, customer experience using AI/ML, a combination of productivity and piracy, and collaborations that increase output.”
To give an increased perspective into the insurance sector, we gained insights into using technological innovations apt of the industry. Hitesh Sahijwaala, Regional Vice President, Financial Services, Salesforce India explained, “The market has evolved because of the insurance market plan transitioning to user-based insurance. It is playing a pivotal role in the industry. Lots of insurances are looking at low code or no code type of platforms so we can work around that.” While Ajith Vellat, Chief Information Officer, SBI Life Insurance stated, “Risk management is the foundation of the insurance industry, and the more knowledge we have about a customer, the easier it is to control risks. There must be continuous learning and awareness to drive agility and speed.”
Banking firms shared similar opinions on accelerating the customer experience. Bhavnish Lathia, Chief – Customer Experience, Kotak Mahindra Bank explained, “There is a great deal of attention paid to outputs, but inputs must also be continuously improved for outputs to be produced. It will eventually help us in delivering a great customer experience.” Charu Mathur, Head- Digital Banking & Strategy (Existing Business), IndusInd Bank added, “We should move from a product-centric to a customer-centric approach. As we look to the future, we should aim to develop the omnichannel consumer experience.”
The one-day summit ended in bring thought leaders, technology evangelists, and others together on a common stage to talk about the most recent advancements in the BFSI-Tech area and to share motivational tales.
