 "BS BFSI: Compliance doesn't impede progress, say financial services heads")
Compliance with regulations in financial services can be expensive, but it is crucial for businesses to grow and ensure customer protection, recognised industry leaders during a panel discussion at the Business Standard BFSI Summit on ‘Navigating the Future of Financial Services in India: Tech Roadmap’ on Thursday (November 7).
“While regulatory compliance requires significant investment, it does not impede industry progress. Rather, regulation supports stability in the financial services sector,” said Ashish Sehdev, vice-president at Everest Group, while speaking on Day 2 of the summit at Mumbai’s Jio World Centre.
The panel also included industry leaders like Srikanth Subramanian, co-founder and chief executive of Angel One Wealth; Saurabh Tiwari, CTO of Policybazaar; and Girish Krishnan, director at Amazon Pay. They spoke on customer needs in financial services space, the role of technology leaders, and the importance of regulatory compliance.
Girish Krishnan of Amazon Pay echoed Sehdev’s sentiment saying, “Regulators in India have set a strong foundation. It is essential for sustainability of the financial sector. For long-term industry growth, regulation is crucial in the sector.”
Srikanth Subramanian of Angel One Wealth praised the Indian government’s progressive approach to regulation. “Due to regulatory norms, India’s Digital Public Infrastructure (DPI) is second to none. Similarly, our Aadhaar has managed to do what Social Security Number couldn’t in the West. So, we can see how regulation in India has fostered innovation without stifling growth.”
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Subramanian added, “We have been in a heavily regulated industry for years, so we have learned to live with the way regulations are defined and the boundaries are there.”
Saurabh Tiwari, CTO of Policybazaar, believes adherence to regulations by businesses ultimately benefits customers. “In instances where adjustments are necessary in regulations, companies have opportunities to share constructive feedback with regulators. This system has helped Policy Bazaar become stronger and more resilient over time,” he said.
Role of technology
Amazon Pay’s Krishnan highlighted the demands of the ‘Blinkit generation’ (Gen Z and Gen Alpha) for seamless technology experiences. He said, “This generation expects quick, reliable, and highly responsive services. We all need to understand customer needs in an increasingly interconnected digital ecosystem.”
Echoing Krishnan, Srikanth Subramanian of Angel One Wealth said technology is now integral to trust-building in wealth management. He pointed out that unlike in the past, trust today is closely linked to technology’s ability to provide smooth, reliable transactions.” AI is increasingly used by Angel One to automate processes and enhance customer service,” said Subramanian.
Meanwhile, Saurabh Tiwari from Policybazaar said that seamless service remains a key focus area. He cited advancements in AI, which have allowed the company to digitise policy renewal and flag fraud cases efficiently, an essential feature given the scale of their operations.
Role of CTOs & CIOs in driving tech transformation
Panellists at the Business Standard BFSI Summit agreed that the roles of Chief Technology Officers (CTOs) and Chief Information Officers (CIOs) have evolved. Krishnan of Amazon Pay believes CTOs and CIOs have multiple levers to shape customer experiences, and their role requires an in-depth understanding of the interconnected tech ecosystem.
Ashish Sehdev from Everest Group said technology leadership is now vital for every company, regardless of industry. “As tech becomes a boardroom-level conversation, a strong tech leader is critical to driving organisational success,” he said. For Srikanth Subramanian, the focus for tech leaders is on balancing team size and cybersecurity, particularly as fraud cases rise. Catch all special coverage of the Business Standard BFSI Summit 2024 here: BS BFSI Summit 2024