The Banking, Financial Services, and Insurance (BFSI) sector has been at the forefront of adopting technology for everything from improving processes, accelerating operations and bettering customer experiences. At the same time, we must also be cognizant of the fact that with advancements in technology, associated risks and challenges are also growing manifold. Technology has become integral to all that we do, so it is for us to determine how we leverage it to our advantage without jeopardising the safety and security of data, the most valuable information that customers entrust us with.
Plan for the long-term
All BFSI players in the country are at some stage of technological transformation. While some combine cloud and physical infrastructure to store crucial data and information, others are fully optimising the cloud. Some of us have partnered with multiple platforms for various purposes, and others are upgrading their infrastructure to meet changing requirements. Irrespective of the path that organisations have chosen to adopt, it is critical that these decisions are made based on a medium to long-term roadmap that clearly outlines the delta that technology is expected to provide across the business. This will prevent the temptation of “experimenting” with technology due to so-called short-term benefits and ensure it is thoroughly evaluated for long-term alignment before adoption.
Put security ahead of everything else
According to an EY-FICCI report, 53 per cent of organisations consider cybersecurity and data a challenge. Given the sensitivity of BFSI organisations’ data, this must be our top priority. Any digital transformation initiative must be built on a zero-trust architectural framework. Second, a robust backup mechanism must ensure data is not irretrievably lost in case of any untoward incidents. Third and probably the most critical is to invest in agile security systems over and above cloud systems for an added layer of protection. However, we must accept that with maturity in technology, challenges too. will become more complex. The only way to safeguard against threats is to be proactive rather than reactive.
Create a talent pool of cloud experts
Among the key challenges that organisations world over face when it comes to technology is the lack of talent to manage their stack efficiently. To leverage our digital tools and be proactive about the data they contain, it will be essential to have a team that is both agile and enthusiastic about using technology to the company’s advantage while upholding data security. Organising hackathons, value-add apprenticeship and internship programs, and sponsoring relevant upskilling opportunities can make a significant difference.
Leverage collective industry strengths
The sum is always greater than the parts. As BFSI players, each of us has faced and overcome challenges related to data security while encountering new ones along the way. It would be pragmatic for us to learn from each other’s experiences and insights and move faster ahead on the learning curve to deliver superior customer experiences without compromising on security.
Also Read | How India’s BFSI Sector is Shaping the Future of Finance?
The role of technology in transforming everything from operations to customer experiences has been clearly established. It is our responsibility to keep pace with its evolving nature and leverage it to deliver on business outcomes while upholding data sovereignty.
Views expressed by Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company Ltd
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
