Redefining Digital Transformation and Online and Threats - Hindustan Times

Redefining Digital Transformation and Online and Threats

Published on Mar 09, 2023 06:16 PM IST

Sapphire Connect recently concluded the first edition of the BFSI Connect Summit 2023 on the 24th of February 2023 at Hotel Taj Santacruz, Mumbai, with PwC India

Coffee Table Book Launch
Coffee Table Book Launch
ByHT Brand Studio

Mumbai, 9th March 2023: The BFSI sector has been at the forefront of digital transformation driving innovation to fuel performance and improve customer experiences. There has been a massive shift from financial inclusion to financial empowerment, from adopting new-age digital solutions to reaching and connecting with customers on various digital platforms. As a result, making it essential to anticipate consumer needs, recognize them, and provide them with tailored solutions. Keeping this in mind, Sapphire Connect recently concluded the first edition of the BFSI Connect Summit 2023 on the 24th of February 2023 at Hotel Taj Santacruz, Mumbai with PwC India as our Knowledge Partner. This summit hosted 3 tracks each focusing on the main element of the BFSI sector: Digital Banking, Cyber Security, and Technology Transformation. Alongside some thought-provoking discussions during each track, the key highlight was the launch of the Coffee Table Book celebrating the achievements of leaders in the BFSI industry. India's Most Agile CDOs 2023 features a few digital banking leaders, who have demonstrated exceptional leadership and innovation in the payments space. India's Most Agile CISO's 2023 Coffee Table Book highlights the contributions of some of the country's most talented and forward-thinking CISOs. India's Most Agile CIO's 2023 recognizes the most innovative and forward-thinking CIOs in the BFSI sector.

Guest of Honour Address
Guest of Honour Address

The first track of the day on Digital Banking had focused discussions on understanding the payments industry's growth and development as the leaders delve into the latest trends and innovations in the sector, the impact of emerging technologies, and strategies to improve the payments ecosystem's efficiency and security. During the panel discussion on “A vision for a new future: Payment Trends 2025” when asked where India stands on the global map, Mr. Sriram Srinivasan, Chief Digital Officer, Ujjivan Small Finance Bank said, “This is probably the most exciting time to be in India in the digital space.” He expressed how 8 years ago while in China the WeChat app had bought a revolution and wondered when India will be there. But today, India has surpassed China and moved ahead with an ambitious plan which has a perfect combination of government support, regulatory framework moreover with the entire BFSI industry coming together as one, and last but not the least 100’s of young entrepreneurs that are starting in the fintech space and building innovative products is making it even more exciting. While speaking to the audience Mr. Prakash Khandpal, Deputy Managing Director Retail Banking, State Bank of Indiain his Guest of Honour address on ‘What’s more for payments space in India?’ said, “The promotion of digital payments has been accorded as a priority by the government of India in order to bring each and every segment of our country under the formal fold of digital payments services.”

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Our Esteemed Partner
Our Esteemed Partner

As cybercriminals are constantly looking for ways to exploit vulnerabilities in payment systems and steal sensitive information such as bank account details and credit card numbers investing in a robust security system that can protect their customers from cyber-attacks is the need of the hour. In the panel discussion on “Building a dynamic cybersecurity Perspective: BFSI sector” during the track on cyber security, Mr. Siddharth Vishwanath, Leader - Cyber Security, PwC India said, “The number of cyber-attacks on Indian enterprises has gone up by 3.5 times and this is on the back of a larger attacks surface. There has been a major investment around digital transformation across the BFSI sector and beyond.”

Ms. R M Vishakha, MD & CEO, IndiaFirst Life Insurance during her Guest of Honour Address in the third Track on Reimaging BFSI Through Digital Transformation, said, “Everything is already digitized, so what are we transforming. Before digitization happened there were people who did everything. Now there are people who make technology do everything”. While talking about how BFSI processes millions of simple and complicated documents every day, including KYC documents, identify proofs, contracts, legal and trust documents, financial reports, and forms. With the volume of sensitive information banks process, data centers are sacred and core to the successful working of banks. Adding to this, Mr.Suraj Prakash, Chief Technology Officer, Edelweiss Asset Management Limited said, “The legacy institutions have the experience and the time from when they have been in the market they have been able to develop more wealth of data that can be easily leveraged. The data available was structured data so using AI & ML was easier while they have a legacy application. For the new age institutions they may not have the knowledge and wealth of data.”

Talking about the BFSI Connect Summit, Mr. Rishi Kapoor, Partner & Business Head, Sapphire Connect, said, “We know how the pandemic fast-tracked the BFSI sector in their digital endeavours and by redefining how customers want to engage with their banks. Digitization, on one hand, enables new value creation for customers by delivering on expectations across the value chain, on the other hand, it enables agility, security, and enhanced productivity. BFSI Connect Summit was one such event that bought leaders from the BFSI industry such as IT leaders, Security Leaders, and Payment Heads together who have a shared-success mindset and are constantly collaborating with customers, employees, ecosystem partners, governments, and the public by creating new opportunities for growth in a way that benefits all.”

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