Delving into the role of cloud and the need for security measures, Elets Technomedia organised 2nd BFSI Cloud & Security Summit today in Mumbai, where experts highlighted the need to offer customer first banking armored with secured systems.
Rama Vedashree, Chief Executive Officer, Data Security Council of India inaugurated the summit.
Several other dignitaries namely Brijesh Singh, Secretary and Director General, Directorate General of Information and Public Relation, Government of Maharashtra ,K Ramachandran, Senior Advisor-Banking Technology, Indian Banks’ Association and Haresh Krishna Kumar N, Country Manager-Vertica, Micro Focus were part of the inaugural session and deliberated their exquisite expertise pertaining to the banking and financial industry.
Speaking about the role of new technologies, Rama Vedashree, Chief Executive Officer, Data Security Council of India said, “Today, even banking sector institutions are opening up and showing their acceptance towards new technology up-gradations. They are now collaborating with external interfaces.
“In the banking sector, there has been a lot of discussions pertaining to the implementation of blockchain. We see a lot of startups leveraging new technologies in the banking sector,” she added.
Highlighting the significance of digitisation a bit more, K Ramachandran, Senior Advisor-Banking Technology, Indian Banks’ Association said, “In the last two-three years, banks have been focusing on digital transactions. Technology development in India only started after 2000. Before that, we only had stand-alone systems. We now see that most of our customers have mobile phones are banks are adapting to all the technologies to serve the need of the customer as per his/her requirement.”
In the summit, experts also talked about the various reforms initiated by the Centre for promoting the usage of digitisation in the banking sector.
“We have given a chance to our customers to decide what they want. We are not into a phase where institutions cannot impose their offerings on the customers. We are making innovations progressively to match the requirements of the user,” said Haresh Krishna Kumar N, Country Manager-Vertica, Micro Focus
“Government has taken a lot of initiatives to boost the level of digital transactions in the banking sector. Prime Minister Narendra Modi through “Digital India” campaign has ensured that digitisation becomes a national goal,” said Mithilesh Singh, Director and Head – Technology Audit, IDFC Bank.
While technology adaptation is important but maintain the level of security is also pivotal.
Speaking on the security part, Brijesh Singh, Secretary and Director General, Directorate General of Information and Public Relation, Government of Maharashtra said, “Implementation of the cloud is inevitable for the banking sector but it is important for the banking and financial institutions to opt for the correct deployment of this technology. There are instances where attacks were carried out using cloud and important data is leaked. The irony with the cyber security domain is that the best trends are realised two or three year later.”