By leveraging large data sets and Artificial Intelligence (AI) algorithms, we can see pervasive changes in areas like customer experience, risk management, determination of credit-worthiness and customer self-service, says Saptorsi Hore, COO, Thoughtworks India, in conversation with Anupama Mehra of Elets News Network (ENN).
What role do emerging technologies play in transforming and reshaping the BFSI sector, with a focus on AI?
Emerging technologies are profoundly impacting the Banking, Financial Services, and Insurance (BFSI) sector. As the unit cost of predictions drops by leveraging large data sets and Artificial Intelligence (AI) algorithms, we can see pervasive changes in areas like customer experience, risk management, determination of credit-worthiness and customer self-service – all, paving the path towards an ‘intelligence-empowered financial sector’.
What steps is ThoughtWorks taking to transform the digital journeys of the banking industry?
We are working with banks to help them adopt a lot of the principles and practices which underpin a Modern Digital Business, key among them being Platform Strategy, Experience Design, and Product Capability, and Intelligence Driven Decision Making.
Do you think enabling sustainable transformation in today’s digital age is important?
To effectively deliver solutions for the digital age that leverage both, an end-to-end understanding of customer needs and design thinking principles – there is a need to build trust with customers. The latter should be given the assurance that their data is secure, and their privacy is of paramount importance. Sustainable transformation is key to winning the hearts and minds of customers.
What does the future hold for the banking industry and how do you think we can navigate the digital road?
The banking industry is currently facing turbulent times, given the credit squeeze in the economy and the recent consolidation of state-owned banks. With the advent of digital banks and FinTech startups in the lending sector, the banking industry will continue to face disruption. This augurs well for the economy, which is showing signs of a slowdown given the 5 percent Gross Domestic Product (GDP) growth in the last quarter and will lead to greater financial inclusion as more people and Small and Medium-sized Enterprises (SMEs) are able to access credit at reasonable interest rates. To stay relevant and compete in this new landscape, banks need to embrace the new ecosystem – Unified Payments Interface (UPI), India Stack, Open Application Programming Interface (APIs) – and modernise their legacy technology estate.
What innovations is ThoughtWorks planning to implement in the next one year?
The focus is on co-creating solutions that leverage Open API, AI/Machine Learning, Blockchain, Prescriptive Security and Differential Privacy, with our clients.