Digital distribution is going to be a challenging time, said Ramesh Laxminarayan, CIO of HDFC Bank.
There are tech challenges across the board for the banking industry and banks need to prioritise strategies to make a change to their growth cycle, according to private bankers. “There are challenges across the banking industry of digital distribution, and harnessing future technology. The banks face a challenge in understanding how to make assets in each of the segments rather than having separate approaches,” Ramesh Laxminarayan, chief information officer at HDFC Bank Ltd., said at the BQ Banking Unlimited event in Mumbai on Friday.
Mahesh Ramamoorthy, CIO of Yes Bank Ltd. said there are challenges for banks to enable and prioritise what needs to be done and will make a change to their growth cycle. The focus needs to be on better service, availability of data, the right levels of security, and ensuring the right levels of risk coverage while ensuring compliance, he said.
The equilibrium between banks and fintechs is far more balanced now as banks are learning to be technologically agile and fintechs are moving towards regulatory purview, according to Laxminarayan. Technology is key to accelerating the potential of the Indian banking sector—in terms of digital, AI, and innovative customer experiences—and banks need to strategise for future growth while keeping in mind the present challenges.
“Bringing the entire ecosystem of product specialists and techies is important to empower them to generate and execute the tech framework in order to drive an outcome,” said Ramamoorthy. Data needs to be brought to the center of discussions for technology construction, Laxminarayan said. “Certain shifts in design is also a critical part. Banks who can think and execute in this direction will be able to build up on the opportunity.”
Source : BQ Prime
