India Treads Growth Path with Tech-Driven BFSI Sector

Dr Ravi Gupta
Dr Ravi Gupta
The Banking & Finance Post and CEO
Elets Technomedia Pvt Ltd

As Governments across the world are focusing on streamlining their banking and finance sector to expedite development process, there’s an unprecedented push to transform the financial ecosystems with the help of modern technology. India is embracing the new reality in all earnest.

Transformation in sync with the technological advancements is the need of the hour for Indian banking industry. However, the upgradation is also associated with several challenges. Bridging this gap, technologies like cloud computing and Artificial Intelligence are emanating as the most preferred options for the BFSI sector.

Our latest issue thus carries the cover story,“Cloud Computing — Emerging Reality of BFSI’s Digital Ecosystem”, analysing the implementation of cloud in the recent times and its role in ushering tremendous transformation in the banking sector.

The issue carries a special feature, “Artificial Intelligence—A Cutting-Edge Technology”, that talks about the mounting vistas and challenges associated with Artificial Intelligence(AI) in the banking and financial sector.

Also featuring in this issue are two conference reports. First is about the NBFC100 Tech Summit held in Mumbai. Inaugurated by Aniruddhe Mukherjee, Principal Secretary, Department of Finance, Government of Madhya Pradesh, this last October conclave focused on NBFCs, Payments Banks and Small Finance Banks.

Several other dignitaries namely Ashwini Kumar, Additional Economic Advisor, Ministry of Housing and Urban Affairs, Government of India, Sumnesh Joshi, Additional Director General, UIDAI, Government of India, and Raman Aggarwal, Chairman, Finance Industry Development Council were part of deliberations.

Based on the overwhelming response from stakeholders of the NBFC sector, we organised the 2nd NBFC100 Tech Summit in Bengaluru.

Inaugurated by Vivek Jaiswal, General Manager, Karnataka Telecom Circle, BSNL, it was participated by several distinguished people including Rajkumar Srivastava, Information Technology (IT) Advisor to Government, Department of IT, BT, Science & Technology, Government of Karnataka and other dignitaries from across the BFSI sector stressed upon the need for technology upgradation and requirement for security safeguards in NBFCs.

Inspired by the overwhelming response of the two summits, we have plans to organise 3rd NBFC100 Tech Summit in New Delhi, to bring together various stakeholders, technology partners and policymakers under one roof.

This issue carries interviews of Rama Vedashree, Chief Executive Officer, Data Security Council of India, Joydeep Dutta, Executive Director and Group Chief Technology Officer, Central Depository Services Ltd, and Shashank and Murtaza Bhatia, Practice Head, Data Centre and Security, Dimension Data.

We have also carried a series of interviews and articles giving an insight of the industry and other stakeholders talking about their present scenario, innovations and the road ahead for the Indian banking and finance sector.

With such a variety of articles, interviews and special reports, we look forward to our esteemed readers’ invaluable feedback.

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