Technology Disruption in Fintech - A Major Inclusion

Excerpts from an interaction with Surajit Roy, MD & CEO, IDBI Intech Ltd | Monday, 21 December 2020, 08:45 IST

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In a recent interaction with Emmanuel Christi Das, Editor, CIOReviewIndia, Surajit Roy, MD & CEO, IDBI Intech Ltd, explained how technology has created a hypergolic shift in the finance and banking sector, what it offers to the customers through solutions from banks and generalizes about how technology can be leveraged by the finance sector.

Tell us how technology evolved in the finance sector in recent few years regarding the previous century.

Technological intervention is considered as the prima trailblazers for the financial industry, which strides in connecting the consumer-end with the finance sector. It is the first-row connector, which started from the information revolution in the mid-halves of the 20th century (~ the early 1950s).

It has been the fortifier of the Mainframe Computers, Server-Based Computing, Production Improvement with Personal Desktops and Laptops, Digital Adoption and Innovation since then. In recent times, Artificial Intelligence has adapted it vehemently.

Silicon Valley, Redmond, and Boston are considered to the godfather of technology creation, which were widely adopted by the top-notch players in the Wall Street majors like JP Morgan, Morgan Stanley, Goldman Sachs, and Citi Bank.

How did India include technology in finance? What banking sector benefits from it?

In India, the progress was similar as banks have been at the forefront of the adoption of technology.

When the Reserve Bank of India mandated the adoption of core banking more than a decade ago, in 2005-2006, it introduced homogeneity in the functioning of reporting, data collection, analysis, and real-time status of the various banks and NBFCs for the regulator. 

The Digital Era of Customer Experience Real-Time Personalization, Time to Value, Agility, Innovation coupled with the evolution of Fintech, Digital Payments are driving the Transformation in the Industry.

With context to Mobility of Systematic Data in Core Banking, enlighten us on its optimum utility.

Data creation about customers is fast-paced in Core Banking and Compliance Reporting as Digitization and Digitalization took over.

Data, as the key block for Digital Transformation, is providing the impetus for a holistic perspective of customer’s touchpoints and journey with the bank, which is now getting seamlessly digitally enabled.

It is optimally utilized by Banks and Financial Institutions for the production of various segments of customers through Aadhar, Jan Dhan Accounts, and Credit Scores. This along with the necessary ecosystem has paved way for inclusive banking in the country, delivering financial services at an affordable cost to priority sectors.

Data and API Infrastructure has granted the flexibility to the Fintech Companies to orchestrate the complete needs of the customer to offer products across the spectrum from Savings Bank, Current Bank, Vehicle Insurance, Health Insurance, Term Life Insurance, Housing Loans, and Credit Scores in a true digital model harnessing and integrating disruptive Digital Technologies.

Shed some light on some of the latest Digital Products solutions.

In IDBI Intech, we are offering a complete suite of Digital Fintech solutions and services. We at IDBI Intech integrate disruptive technologies collaborate with Digital Ecosystem solutions to orchestrate seamless and efficient Business Technology Solution. This brings in meaningful real-time personalized experience and accelerated business outcomes for the customers. We are e embracing digital innovation using AI-ML through our flagship fintech products and Digital Ecosystem across the spectrum of BFSI landscape in the areas of Customer onboarding, Payments reconciliation, Social media banking, Real-time AML and Solution for Regulatory compliance.AI & ML, one of the key differentiators in the BFSI, is harnessed by IDBI Intech across its range of Fintech solutions.

How IDBI is playing a key role amidst the Data Generated Production culture?

IDBI has collaborated with cloud service providers, for helping banks in delivering solutions on a “Banking-A-Service-Model”. It empowers banks to utilize the As-A-Service Model with full advantage.

IDBI Intech’s prime objective of the As-A-Service model lies in the enablement of technology’s reach to banks by a subscription model with holistic data protection. This model enables products to be created, delivered, and changed as they offer immense resilience, scalability, and security.

IDBI Intech is harnessing AI&ML for the upliftment of banks for detection of frauds, money laundering, delivery of enhancing customer experience on As-A-Service Model, where there is zero CAPEX investment.

On the personalization front, IDBI Intech enables banks in using social media banking for the ultimate personalization of customer requisites (depending on factors like customer credit score).

AI&ML techniques track down customer sentiment based on the interactions of the customers on email or voice.

Customers’ sentiment opens the gate for a feedback mechanism for the betterment of customer service quality. 

IDBI Intech, with this Innovative Digital Mindset, Integrates Disruptive Technologies to make “The Customer WIN”. We harness AI&ML for cognitive breakthrough innovation, joining the dots in the entire lifecycle of Digital Customer Experience and Journey. Our Strong associations and collaborations with the Fintech ecosystem address and transform customer’s business outcomes with agility and speed.

Let us know your thoughts on the future of banking tech. How do you think the sector should pave its way for the future?

The future of Banking is going to evolve on a Bank as a service model. It will be a new business model integrated with various disruptive technologies AI&ML and Cloud Computing. This brings necessary agility, innovation, and time to value. Banking technology will continue to evolve with the renewed emphasis on Digital experience AI&ML-driven predictive personalization, cloud computing, and connected banking.

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