With the BFSI sector preparing to embrace the next major phase of digital transformation, it faces concerns with respect to prioritizing technology while meet changing customer expectations and managing cost and ROI.
To discuss these and other related issues, including the changing regulatory environment and data privacy, Hewlett Packard Enterprise (HPE) and Intel hosted ‘Byte Talks’, a special series powered by CNBC TV18. The first episode of the series featured Vikram K, Sr. Director, Industry Vertical, HPE; Saumer Phukan, Director Vertical Sales, Intel and Mahesh Ramamoorthy, CIO, Yes Bank discussing technology trends in the BFSI sector.
With HPE being an industry leader and catalyst for change, Vikram K began by narrating his experience of how the first wave of modernisation in BFSI was currently giving way to a second wave, which was primarily a digital-first, data-first transformation. As a lot of data is being created at the edge and volumes are being generated, disarrays of data have made it difficult for many organisations to undertake its refinement. “Over the past two years, we have tried to give a clear sense of how this can be handled using unified fabric across data platforms,” he shared. “We have embarked on a vision, which we call Unified Data Operations. Towards this end, we offer our clients a comprehensive data portfolio of products and services, which covers data storage, lifecycle management, security and data governance.”
Agreeing that copious data is being generated, especially in the banking industry where there are multiple lines of business, Mahesh Ramamoorthy pointed out that a number of banks, including Yes Bank, have tried to bring together a complete data lake environment. Having data in a common repository enables businesses to apply analytics and intelligence on it before using it to enhance service capabilities. “On this journey, we learned that the better and faster we harvest this information, and the more analytics we apply to it, the better will be the customer experiences, going forward,” he said.
Bringing the issue of security into the discussion, Intel’s Saumer Phukan talked about the explosion in the number of end-point devices, which increased the exposure, vulnerability and risk. Concomitantly, this has increased the need for compliance and security. He also observed that while embracing changes in technology, organisations saw the need to monetise the data, which was now an asset that they could use to run their businesses in a differentiated way.
Summing up the current trends in technology, he stated, “We at Intel believe that this whole expansion in semi-conductor demand is driven by four key super powers – ubiquitous computing, pervasive connectivity, omnipresent AI and the cloud to edge infrastructure which supports all that.”
The stalwart stakeholders on the panel also shared their views and insights on a range of themes, including technology deployment priorities and trends in the use of AI and ML to deliver superior customer experiences and achieve business differentiators.
They elaborated on business architecture platforms and how security has become a top priority for organisations as the volumes of data and transactions have exploded, making the attack surface very wide. Advising on how organisations could balance their quest for data maturity and safeguarding assets from cyber threats, they also counselled on how to reduce capital expenditure related to data operations.
The discussion touched on regulations and compliance expectations in the banking landscape and how fintech was impacting the future of banking with the emergence of partnerships and collaborative models.
Lastly, they elaborated on various cutting-edge technologies that were launched with respect to the cloud and how organisations could meet ROI and manage costs while implementing new technology.
Watch the entire episode here:
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