Leading The Digital Revolution
2016-17 will go down in Banking history as one of its most eventful years.
Demonetization, Insolvency and Bankruptcy code (IBC), massive debit card breach etc. were significant events with a direct impact on Indian Banks. The Government’s call to citizens to go digital post demonetization resulted in a proliferation of usage of digital mediums. Also in the face of new entrants, the maximizing of business opportunities through technology has been high on every bank’s agenda. Last year, firms went on an overdrive in adopting blockchain. From banks to insurance firms, every major firm has started running blockchain pilots to improve major processes. BFSI enterprises are even experimenting with Robotic Process Automation (RPA) to bring about end to end automation of banking related processes, with minimal human intervention. This has also been created and deployed by a few banks in India.
On the PSU bank front, the Government has expedited the NPA resolution by enacting the Insolvency and Bankruptcy Code which is expected to collapse bottlenecks and aid in the mega PSU bank merger process, where again IT integration will play a major role. Cyber security is also gaining prominence and is of paramount importance. In RBI’s latest Financial Stability Report (FSR), cyber-attacks have been listed as a high-risk zone for India’s banking sector. These trends are directly influencing IT spends in the BFSI sector. Research firm, Gartner, has predicted that IT spending by banking and securities firms in India will reach $8.9 billion dollars in 2017, an increase of 9.7 percent from 2016.
With this as the backdrop, Express Computer, the flagship IT magazine of the Indian Express Group is launching the third edition of the BFSI Technology Conclave, which will be focused on the core theme of digitization and the increasing usage of emerging technologies such as blockchain and Artificial Intelligence.
Last year, the BFSI Technology Conclave saw the presence of several thought leaders such as Munish Mittal, CIO, HDFC Bank;
Shiv Kumar Bhasin, CTO, SBI; Thomson Thomas, CIO, HDFC Life and Sanjay Narkar, CTO, IDFC Bank. This year too, we expect the
presence of several IT leaders from the BFSI fraternity.