Country's economic development is a reflection of the development of its banking sector. As per KPMG-CII report, India's banking sector is expanding rapidly having the potential of becoming the fifth largest banking industry in the world by 2020 and third largest by 2025. Thanks to emergence of universal banking system, economic growth and globalization
The journey along the road has many challenges like non-performing assets, reduced profits, corruption, crisis in management, consumer expectations, increasing competition from financial technology companies and regulatory pressure.
It is therefore very crucial to have a transparent and efficient banking system so as to overcome these issues which can be attained by implementing advanced technologies. But implementation of these technologies in the banking, financial services and insurance industry itself has some challenges.
Pallab Bhattacharya, Vice President Business Excellence and Transformation at Edelweiss Financial Services in an exclusive interview with global business events and consulting firm Trescon, summarizes top five challenges faced by the Indian BFSI industry.
Pallab is a seasoned business excellence and innovation professional with 16 years of industry experience in BFSI, BPO and Technology. He brings rich experience from TCS, HSBC, Morgan Stanley, Capita and Edelweiss. He started his professional journey as a software developer and later moved to pursue quality, transformation and business excellence and has successfully lead transformation across Insurance, retail banking, investment banking and trading operations by leveraging lean, six sigma, lateral thinking and robotics process automation.
The conclave will host many more thought leaders and industry experts including, Dr. Paritosh Basu, Senior Professor at School of Business NMIMS University; Chandra Gupta, Chief Technology Officer at Reliance Capital Asset Management amongst others.
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Agenda of the conclave revolves around some of the pressing issues challenges and opportunities such as Digital transformation in BFSI through technological innovation; Understanding the growing business needs of BFSI players that lead to the adoption of new IT infrastructure; BFSI Today - Driven by Data Analytics; Importance of building a security strategy that will help build trust in the digital world for the BFSI sector.
The Conclave is supported by leading innovative technology solution providers such as Nanjgel, Lastmile, Trend Micro, Ameyo, Senrysa, Seclore, Liferay, Fragma Data, EzeTap, Trianz,JMR infotech and DronaHQ.