Data & Cloud on BFSI

This panel discussion on BFSI and cloud adoption assembles a group of experts from the banking, financial services, and insurance (BFSI) sector. The panelists actively explore the transformative impact of data, artificial intelligence, and generative AI in the industry's reshaping. They underscore the challenge of rendering legacy applications cloud-ready and the rise of agile fintech companies born in the cloud, particularly in response to the ever-changing competitive landscape brought about by digital natives.
The discussion places significant emphasis on the ongoing importance of security and data protection, given the sensitive nature of customer data within the BFSI sector. The panel also delves into the transition from predictive AI to generative AI, promising heightened efficiency and personalized customer interactions. Moreover, the panel underscores the critical role of collaboration, both internally among teams and externally with stakeholders, highlighting the pivotal role of technology in propelling innovation and cultivating trust with customers. Amid these transformative endeavors, the panel also recognizes the pressing issue of the skills gap within the BFSI sector.
This discussion offers a comprehensive understanding of how AI is reshaping the BFSI sector, shedding light on both the remarkable opportunities and the complex challenges it presents.

Speakers

Ravi Ramachandran

Partner Engineering- Strategic Partners, Google Cloud
Vijay Jain

Client Partner - BFSI & Enterprise Vertical - Cloud & Infrastructure Services Business Unit, Persistent
Ajish Abdul Rehman

SVP & Head of Data Science, Axis AMC
Alok Singh

DVP IT & Infrastructure Manager - Network and Security, Liberty General Insurance
Mayank Sharma

Head - Audit & Controls, IIFL Holdings Limited

Highlights

Cloud Migration Challenges: Ensuring applications are cloud-ready is crucial; some may require rewriting for full cloud benefits.
Hybrid Models: Combining in-house expertise with outsourced data science is valuable for effective AI execution.
Customer-Centric Approach: The BFSI sector prioritizes flawless execution, network expansion, and technology upgrades to enhance customer interactions.
Data Security and Compliance: Security is paramount in BFSI, with a focus on securing customer data, complying with regulations, and maintaining data privacy.
Innovation and Modernization: BFSI organizations actively pursue innovation and modernization, exploring technologies like generative AI to improve service, optimize processes, and reduce costs.
Collaboration and Learning: Emphasizing collaboration within teams and with various stakeholders, organizations continuously hire and upskill talent to keep up with evolving technologies.
Cloud Journey: The path from on-premises infrastructure to the cloud and further to generative AI is transformative for BFSI companies, with cloud-based solutions expected to pave the way for future AI advancements.
End-User Experience: User-friendliness and accessibility of AI tools are key drivers in the AI transformation journey, allowing business users to harness AI capabilities without extensive training.

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