A round of open-ended discussion took place at the 7th BFSI leadership summit, organised by Elets Technomedia, and the panel discussed changes that occurred during the pandemic, how it has affected the ongoing transformations that have already occurred, and the importance of cloud technologies, tech solutions and also the journey of data solutions.
Bala Chendil P, Business Head, Digital Acquisition and Head – Digital Transformation, Ambit Finvest Pvt Ltd said that “from a tech point of view, thanks to the two important technologies, one is cloud and another one is SaaS based tech solutions, these two technologies have changed almost all the core lending solutions and also ERP being made available anywhere and everywhere. But post-pandemic these technologies have forced the internal users as well as the customers to be adoptive of these.”
He further added that I think the focus that we are looking at here is what happened as part of the transformation and what has been its impact on the continuity of the transformations that took place.
He also stated that the largest problem for any BFSI or Fintech functioning in this sector is data security since it is significant for major organisations that are in regulation, and sensitive industries when they transition to the cloud or a SaaS model because there is always a threat to their security.
With Salesforce as our CRM end tool, the second difficulty is managing the change. The most considerable challenge for management and leadership is influencing frontline Salesforce users and the rest of the internal customers to adopt technology, he stated.
Tech will continue to be a facilitator for the field staff, and if you go some years back, largely the interaction between the customer and the field sales staff is through brochures and the available literature. Today we have tech solutions to run them on an instant basis like WhatsApp, etc. he concluded.