The BFSI sector has undergone some tectonic shifts over the past decade, which has fundamentally reconfigured the entire ecosystem. With the global disruption enabling players to emerge stronger and more resilient, firms are now adopting Digital Transformation and cutting-edge technologies with unprecedented speed. Data analytics, AI/ML, high-performance computing, cloud, etc are emerging as strategic priorities as enterprises shift their business focus to digital. CIOs and digital leaders are keen on improving the business insights of organizations, reducing operational costs, as well as streamlining the organizational processes to help grow their businesses.
At the recent edition of ‘Digital Leaders Club’ curated by CORE Media and powered by Google Cloud India, CIOs from BFSI businesses and Google Cloud India executives discussed the different aspects of how digitization is making rapid advancements in the sector and what are the new use cases that will be introduced in the near future.
Anoop Mathur, Founder - CORE Media, kicked off the conversation by talking about how manufacturing businesses are eager to adopt a digital-first approach to increase productivity, reduce costs, and eliminate redundancy. Joining Mr. Mathur as a co-host in this discussion was Mr. A. Bala from Google Cloud. The key points highlighted by the CXOs and digital leaders from the BFSI sector attending the discussion were as follows:-
- CIOs in the BFSI sector continue to leverage the Cloud in the digital economy for enhanced customer and user experiences & operational efficiencies. The key purpose of the digital economy is to provide all customers – business-to-business or business-to-consumer– a medium to interact with businesses when and where they want and in a manner that is most convenient for them. Moreover, customers are looking for seamless, omnichannel, direct, contextual, and personalized experiences.
- Over the years, several disasters that have the potential to wreak havoc on an IT organization have become more frequent. As a result, reliable and accessible cloud-enabled DR-as-a-Service (DRaaS) is gaining momentum in the banking and insurance industry. CIOs and digital leaders emphasized data security, addressing latency issues, and integration with the existing service providers.
In a report published by PwC-FICCI, 83% of the respondents stated that better customer service was the main goal for AI implementation in the business. As a result, at the Digital Leaders’ Club, the strategic implementation of AI with machine learning models, majorly for customer-centric processes, takes the spotlight in the digital transformation journey of BFSI enterprises.
