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A Bimonthly Magazine on BFSI Sector
Cover Story: How Cloud Computing is Driving the Industrial Revolution 4.0 Special Story: Cybersecurity: Biggest challenge to Industry 4.0 Also Features
OCTOBER-NOVEMBER 2019 | VOLUME 05 | ISSUE 05 | US $20 | `200
A Report
INDUSTRIAL
REVOLUTION AND THE RISE OF
CLOUD
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Organiser
Knowledge Partner
Elets Technomedia
announces
8th Edition of NBFC100 Tech Summit, Mumbai. 8th
MUMBAI
23rd JANUARY 2020
A unique amalgamation of top CXOs across Non Banking industry KEY FOCUS AREAS NBFCs and it's Diversifying Role to meet the Financial Inclusion
Recent Lending Threats and its Preventive Measures in NBFCs
Technology and its Significance in NBFC Sector
Action Plans for Fraudster Attacks in NBFCs
Growing Role of CISOs in NBFCs
Modifying Credit & Liquidity Risk Framework
Role of Regulatory Bodies
TARGET AUDIENCE Government Officials Key Dignitaries of RBI, NITI Aayog, NABARD, UIDAI & IBA Officials from Reputed Non-Banking Finance Companies CxOs of NBFCs Small Finance & Payments Banks Micro Finance Institutions Housing Finance Companies Assets Reconstruction Companies Consultancy & Brokerage Firms Technology Service / IT Solution Providers Security Solution Providers Private Equity Players and many more…
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CONTENTS OCT - NOV 2019
Cover Story
8-11
Industry Speaks PLANET OF NEOBANKS RAJENDRA AWASTHI Co-Founder EPIKInDiFi
44
Industry Perspective
How Cloud Computing is Driving the Industrial Revolution 4.0
Special Story
12-14
A SINGLE DATA BREACH CAN DEVASTATE A BUSINESS: 16-17 Bhaskar Vadlamani Chief Operating Officer Pi DATACENTERS INDIAN BFSI SECTOR TO BECOME GLOBAL TECHNO-FINANCIAL HUB BY 2022: 18-19 Shibu P S Chief Information Security Officer Indian Bank YONO 2.0 TO DE FACTO DOMINANT 20-21 DIGITAL ECO SYSTEM Amit Saxena Global Deputy CTO State Bank Of India ‘FOR A BETTER FUTURE, WE BETTER GO BACK TO BASICS’ 22-23 G Naga Mohan Chief Information Security Officer Bank Of India
Cybersecurity: Biggest challenge to Industry 4.0
‘CASHLESS ECONOMY INITIATIVE BOOSTED DIGITAL ECONOMY IN INDIA’ Shashank Bajpai Chief Information Security Officer Export Credit Guarantee Corporation of India
Event Report
4
Oct - Nov 2019
24
25-43
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EVENT CALENDAR 2019 - 20 EVENT NAME
PLACE
MONTH
GOVERNANCE / URBAN / SMART CITY / IT / INNOVATION / ENERGY / ENVIRONMENT / AGRICULTURE NOVEMBER 2019 Affordable Housing Summit Maharashtra
Mumbai
29 November
DECEMBER 2019 2nd National Environment Summit
Almora
6 December
Urban Transformation Summit
Chandigarh
12 December
Innovation Summit Telangana
Hyderabad
17 December
National Conference on Climate Change Impact on Human Health
New Delhi
18 December
Skill Development Summit
Jaipur
20 December
Safe Childhood Awards
Jaipur
20 December
Lucknow
21 December
Jaipur
22 December
National Renewable Energy Summit Rajasthan
Jaipur
10 January
National Agri-Tech Summit
Kerala
January
New Delhi
January
Bhopal
January
Chandigarh
January
Prayagraj/Varanasi
January
Innovation Summit Science and Technology Summit
JANUARY 2020
Urban Innovation Summit Madhya Pradesh Agro Summit eGovernance and Higher Education Summit Haryana Smart City Summit National Transport summit National Power Summit Karnataka Agri Logistics Summit Smart & Digital City Summit
Raipur
January
Bengaluru
January
Mumbai
January
Pune
January
FEBRUARY 2020 eIndia Summit Smart City Summit National Procurement Summit
New Delhi
February
Trivandrum
February
New Delhi
February
TECHNOLOGY / BFSI 3rd BFSI Cloud & Security Summit
Mumbai
28 November
8th NBFC100 Tech Summit
Mumbai
23 January
7th National Co-operative Banking Summit
Mumbai
January
4th BFSI Leadership Summit
Mumbai
28 February
HEALTH Annual Healthcare Innovation Summit
New Delhi
10-11 December
Healthcare Innovation Summit
Lucknow
December
National Medical Education Conclave
New Delhi
January
Healthcare Innovation Summit
Hyderabad
February
EDUCATION Higher & Technical Education and HR Conclave
Jaipur
National Skill Summit Jaipur
Jaipur
16th World Education Summit
Hyderabad
School Leadership Summit
Chandigarh
18 April
Pune
23 May
Education Conclave
16 -17 December 20 December 21-22 February
17th World Education Summit
New Delhi
7-8 August 2020
18th World Education Summit
Bengaluru
4-5 December
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OCTOBER - NOVEMBER 2019
EDITOR-IN-CHIEF Dr Ravi Gupta EDITORIAL TEAM - DELHI/NCR Senior Assistant Editor: Souvik Goswami
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OCTOBER - NOVEMBER 2019 Moving from the traditional way of banking, we are now into the midst of the 4th Industrial revolution and this disruption will create a clear line of demarcation between the economies with planned/ unplanned digital modes of business infrastructure. With this, the Banking, Financial Services and Insurance (BFSI) sector is reaching a significant juncture. At one end this will bring in a series of technological innovation and embrace Cloud Computing, Robotics and many more tech-led developments, on the other end cybersecurity will remain as a cautionary matter. Underlining this paradigm shift, our cover story ‘How Cloud Computing is Driving the Industrial Revolution 4.0’ explains the role of financial institutions in paving way for Industrial Revolution 4.0 with new technologies. This special issue also carries a special story titled-Cybersecurity: Biggest challenge to Industry 4.0. The story is based on views of experts belonging to the banking and finance industry, who have shared their pearls of wisdom in terms of vision, challenges
Dr Ravi Gupta
and finest practices suitable to safer practices in the era of new revolution.
Editor-in-Chief The Banking & Finance Post Magazine and Founder Publisher and CEO, Elets Technomedia Pvt Ltd
It include interviews of G Naga Mohan, CISO, Bank of India, Amit Saxena, Global Deputy CTO, State Bank Of India, Shibu P S, Chief Information Security Officer (CISO), Indian Bank, Shashank Bajpai, Chief Information, Security Officer (CISO), Export Credit Guarantee Corporation of India and Bhaskar Vadlamani, Chief Operating Officer, Pi DATACENTERS. The magazine also features a special report of ‘Elets 4th BFSI CTO Summit, Mumbai’, which touched upon some of the key topics namely the Digital Disruption, Digital Banks, Cybersecurity, Fraud and Risk management, Cloud Computing, Big Data and Analytics, Blockchain, Artificial Intelligence, Machine Learning and IoT and many more. The summit held its own significance with the presence of K Ramachandran, Senior Advisor-Banking Technology, Indian Banks’ Association, Sumeet Puri, SVP & Global Head of Field Technology, Solace Corporation, Sheoji Ram Meena, General Manager & Chief Information Officer, Bank of India, Subram Natrajan, Chief Technology Officer, IBM India/South Asia and many other eminent figures from the sector. Our latest initiative, the Elets 3rd Cloud & Security Summit, Mumbai a unique networking conclave, intended to focus on significant topics encircling the BFSI sector with a hi-level amalgamation of CXOs, exhibition, awards and felicitation. With such a bouquet of special features, articles and interviews of top-notch banking experts, we hope our latest endeavour would evoke an invaluable response of our esteemed readers.
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COVER STORY
HOW CLOUD
COMPUTING
IS DRIVING THE
INDUSTRIAL REVOLUTION 4.0 Industry reports around the world believe that Cloud technology is a critical enabler of the Industrial Revolution 4.0. As the new Industry Revolution starts the ignition, cloud computing is effectively supporting the developments on the Internet of Things (IoT), automation and robotics. On the basis of experts’ opinion and latest researches, Rashi Aditi Ghosh of Elets News Network (ENN) explores how embracing the cloud can help the processes in banking and financial industry operate more efficiently and rise above the competition.
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COVER STORY Unfolding Industrial Revolution 4.0 The original Industrial Revolution that occurred around the eighteenth century completely changed the world we live by connecting the energy of water and steam to power machines that helped the workers in producing goods much more swiftly. The second Industrial Revolution began with the rise of mass production lines. By the time information technology could begin to automate production in the twentieth century, the third Industrial Revolution had come into motion. Now, the fourth Industrial Revolution has arrived, all thanks to the massive developments pertaining to the Internet of Things (IoT), automation and Artificial Intelligence. These technologies, along with big data and analytics, comprise the key elements behind the onset of the new industrial revolution, popularly known as Industry 4.0. The new revolution is driving massive developments across several sectors and the Banking, Financial Services and Insurance (BFSI), in particular, witnessed several major changes. In the financial services sector, automation is used to deal with an everincreasing volume of data, whether for customer service or shifting focus to areas such as security and risk. Role of Cloud Computing in Boosting Industrial Revolution 4.0 No matter which segment of the industry you are associated with, cloud technology is playing the part of a critical enabler boosting the next Industrial Revolution, by offering the means for businesses to innovate around these technologies.
According to an Oracle report titled Cloud: opening up the road to Industry 4.0, out of the 1,200 technology decisionmakers surveyed across EMEA in midsize and large companies, 60 percent talked in favour of an integrated cloud approach and said that it will unlock the potential of disruptive technologies, such as robotics and artificial intelligence. Experts believe that no matter what industry you’re in, cloud technology is definitely a critical enabler of the next Industrial Revolution, by offering the means for businesses to innovate. The true potential of cloud in support of the fourth Industrial Revolution can only be determined via the integration of compute services with a cloud platform. By tapping into the strength of compute services, cloud platforms support innovative and disruptive applications. Why Cloud Computing in Significant for Indian BFSI Sector? Whether we agree or we don’t, there is a big shift to the cloud which is happening. Research from the Harvard Business Review Analytic Services reveals that 74 percent of businesses believe cloud computing has given them a competitive advantage. Further research reveals that 60 percent of technology decision-makers believe an integrated cloud approach will unlock the potential of disruptive technologies. “According to IDC, by 2022, though traditional softwares, will also grow but it will grow just at a rate of 11 percent. Whereas cloud infrastructure and cloud-based applications will grow at a whopping percentage of 150 plus, but it will have its own challenges,” says
Gulshan Chhabra, Country Manager, Snow Software Further, India is most likely to lead the world in hybrid cloud usage and adoption in the coming years, according to a study by enterprise cloud computing firm, Nutanix. The adoption of hybrid cloud workloads in India will be more than triple from 13 percent in 2018 to 43 percent in the coming 24 months. Diwakar Nigam, Managing Director, Newgen Software believes that the banking sector has always been at the forefront of cloud adoption. And the reason behind this adoption is the advantages like scalability, lower capital costs, ease of operations and resilience. “Cloud computing has undoubtedly added new dimensions to the way businesses go about their daily chores. Organisations need to harness the power of a low-code platform through a flexible and scalable and agile model. Cloud deployment has addressed these requirements by creating new avenues for cost-effective software delivery and development. Our cloud-ready products are available on private and public clouds and extend support for hybrid models. The Cloud/SaaS business continues to be Newgen’s fastest-growing revenue component at a 5 year CAGR of 127 percent,” says Nigam. According to an industry report, businesses around the world are taking optimum advantage of the benefits that cloud technology brings to them. As a matter of fact, the global market for cloud computing is expected to grow from $272 billion in 2018 to $623 billion by 2023. NASSCOM reports that the cloud market in India is also expanding quickly
Research from the Harvard Business Review Analytic Services reveals that 74 percent of businesses believe cloud computing has given them a competitive advantage. Further research reveals that 60 percent of technology decision-makers believe an integrated cloud approach will unlock the potential of disruptive technologies.
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COVER STORY and expected to grow to $7.1 billion by 2022. The financial services industry, is rapidly adopting cloud technology. The disruptive wave of digital transformation that is transforming the financial services segment and it is drawing a lot of its power from the cloud. Talking about the relevance of cloud computing in terms of the Banking, Financial Services and Insurance (BFSI) sector, T V Ramanmurthy, General Manager – IT, Bank of Maharashtra, said, “Before implementation of cloud computing in the BFSI sector, it is important to accept the relevance of the technology first. In 2017, when BHIM and Unified Payments Interface were implemented National Payments Corporation of India (NPCI) took six months to realise the vitality of cloud technology in the implementation of the above-mentioned interfaces. Explaining about the implementation of cloud services further, Zulkernain Kanjariwala Head – IT, Doha Bank said, “Each and every financial institution in India has its own perception pertaining to leveraging cloud technology in their institution completely. In reference to the current level of digitisation in the country, it is evident to make use of tech-driven initiatives and cloud is definitely going to play a major role in the transformation.” Benefits of Cloud Computing in Banking and Finance Sector: While cloud computing and its rising significance has touched all the major industries around the world, financial institution, in particular, have great benefits associated with this technology. Ranging from cost-effectiveness, reliability, flexibility and many more, cloud computing offers an answer to all the major queries of the banking and financial institutions. Cost-effective: Cloud computing helps the bankers and financial institution in saving their capital expenditure engaged in establishing IT infrastructure for meeting several IT needs. A major chunk of capital expenditure is transformed into comparatively nominal operating
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Oct - Nov 2019
expenses with the application of cloud. This allows banks and financial institutions to emphasise on core banking functions. Reliability: The cloud infrastructure scores high in terms of reliability. By choosing private or hybrid cloud model, it becomes possible for the banks to secure their data while exploring the speed and flexibility of the cloud. In the case of public clouds also the data gets encrypted and several other layers of security like permission-based access can be added to further boost the level of security. Flexibility: The most important reason behind accounting for the reputation of cloud is its pay-as-you-use model of billing. This signifies that the user is only required to pay for the services used. Banks and other financial service providers can conveniently manage the rise in demand without making extra investment in expensive in-house computing source, much of which would go unutilised under non-critical conditions. In case of cloud, it becomes easier to pivot from one application to another making it a flexible choice. Leading Applications of Cloud in BFSI: Cloud computing is there in the picture since the 1960s. However, the pivotal innovations started only post the launch of Amazon Web Services (AWS) in 2002. Now there are several other web applications that are delivered via cloud computing. Some applications of cloud computing in banking and finance segment are as follows:
According to IDC, by 2022, though traditional softwares, will grow but just at a rate of 11 percent. Whereas cloud infrastructure and cloud-based applications will grow at a whopping percentage of 150 plus, but it will have its own challenges.
Hosting: In a bid to ensure secure transactions and efficient customer experience, banks require cent percent uptime. In-house IT systems entail periodic maintenance after which it becomes hard to offer continued service. In these circumstances, Cloud, can provide 99.999 percent uptime by offering server availability even at the time of maintenance. Hosting of mobile and web apps also ensures better speed to the users.
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COVER STORY
The adoption of hybrid cloud workloads in India will be more than triple from 13 percent in 2018 to 43 percent in the coming 24 months.
Payment Gateway: Major lenders have already deployed cloud computing for initiating payments and funds transfer. Cloud offers security and unified customer experience. It is also important to note that the uptime offered by cloud also ensures that payments are processed securely from without any discrepancies. ERPs and CRMs: Enterprise Resource Planning (ERP) and Customer Relationship (CRM) software are the most go to (popular) applications provided by the cloud. Accounting for
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50 percent of total usage, Software as a Service (SaaS) is one of the most in demand methods used for leveraging cloud computing. It helps the vendor in controlling the application and provides better support. For users, it permits remote access and easy installation. Conclusion While most of the experts opine that the cloud computing can transformation across the banking and financial sector and offer support to the industrial revolution 4.0, however, it is significant to implement this technology keeping
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security, Regulatory and compliance and business alignment in mind. Experts across the sector also believe that the cloud-based services should be deployed only through leading and trusted cloud services providers should be chosen. The advantages of today’s cloud technology can go beyond reliability, scalability and storage (and the associated cost savings) within Industry 4.0. 
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SPECIAL STORY
BIGGEST CHALLENGE TO INDUSTRY 4.0
In the globally interconnected digital world across Omni-channels and platforms, threats to the IT infrastructure are on the rise. Specifically, with banking in the Industry 4.0, the number of cyberattacks has also increased. Anupama Suresh Mehra of Elets News Network (ENN) explores the new Cybersecurity threats to the banking sector and industry best practices to overcome them.
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SPECIAL STORY The industries across the globe are in the midst of the transformation in order to meet today’s complex and competitive industry demands. With technology advancement occurring every day, in a current scenario a new wave has emerged, ‘Industry 4.0’. The term ‘Industry 4.0’ or ‘Industrial Revolution 4.0’ originated in the year 2011 from a project in the high-tech strategy of the German government, which works on promoting the computerisation of the manufacturing. The term was announced during the Hannover Fair publicly. The Hannover Messe is the world’s largest trade fair. It is organised in Germany and mostly has about 6,500 exhibitors and 2,50,000 visitors. Industry 4.0. includes cyber-physical systems, cloud and cognitive computing, and the Internet of Things (IoT). As was seen during the times of the First Industrial Revolution, the adoption of computers and automation has intern enhanced productivity in the new age. The Industrial Revolution 4.0 is progressing at a very fast pace and creating disruptive challenges in day to day life of mankind. What lies behind this phenomenon, commonly referred to as the fourth industrial revolution, and what will be its impact on banks? Process automation is not a new concept for banks. With increasing competition and shrinking margins from the FinTech companies and digital startups, to the Banking, Financial Services and Insurance (BFSI) sectors across the globe have been relying on technology in order to reduce costs, optimise processes and speed up delivery time for products and services. The cloud is proving to be a superior option to boost the capacity to handle data and is now providing an unrivaled level of agility, security, and scalability to the BFSI sector. For use cases such as data analytics, batch processing, and data storage, banks can access the cloud as and when required, which means they can utilise such resources more flexibly and efficiently.
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Cloud computing is also enabling financial institutions to achieve considerable gains in efficiency and reductions in costs, as the technology requires banks to pay for only the services they use. Ultimately, this means that for testing new applications, it is much more cost-effective to do so on the cloud than on existing IT infrastructure. Every innovation brings a lot of improvement in the system, but challenges are bound to be there in the process as well. As Industry 4.0 is a blend of technologies that is leading to the creation of smart, agile & highly versatile cyber-physical world, Cybersecurity is the biggest challenge to Industry 4.0. The integration of the information and operational technology is bringing new challenges, especially ‘Cybersecurity’. Financial institutions are the main targets for cyber attacks. And the reason is quite simple, banks are where the money is which makes it a prime target for cybercriminals. Attacking banks for cybercriminals offer multiple avenues for profit through extortion, theft, and fraud, while nation-states and hacktivists also target the financial sector for political and ideological leverage. Regulators around the world are taking notice, and implementing new controls for cyber risk to address the growing threat to the banks they supervise. In recent years, there has been a paradigm shift in the way attackers are exploiting the source, behaviour, vector, and motives. This shows that the traditional multilayered defense that banks already have is not adequate. On the National and International level, there has been a steep rise in the cybersecurity cases with most of them have been large-scale breaches, frauds, and heists. This type of breaches not only leaves the banks and organisations with serious financial loss but also potentially erode substantial brand value. The Reserve Bank of India (RBI) has been taking proactive steps in the right
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direction in order to curb fraud. It is also directing banks to strengthen their cybersecurity posture in the wake of the increasingly sophisticated nature and quantum of attacks. “The regulations in India are forwardlooking and positively stringent and I think, from an industry standpoint, it is very important to adopt such guidelines that protect your data assets from any types of threats. We must welcome any prudent security guidelines in place, to protect Confidentiality, Integrity & Availability of data,” says Jithesh P V, Digital Banking Head, Federal Bank. As compared to other industries, financial organisations adopt the cloud more extensively. According to a study, overall, 96 percent of the respondents from the financial sector store sensitive data in the cloud. One third, 34 percent, of respondents, say the security of their IT infrastructure improved after cloud adoption, and 31 percent report no change. Consider the poor on-premises experience of Lloyds Bank, thousands of people had their data stolen when a storage device disappeared from the company’s office. However, if they would have stored the data in the cloud in the first place, the theft could have been averted. According to Microsoft, more than 80 percent of the world’s largest banks and more than 75 percent of the most important financial institutions use Azure — solid proof of the cloud’s attractiveness for the financial industry. But storing data fully on the cloud doesn’t ensure 100 percent security. The data flow freely too and from both enterprise endpoints and mobile devices belonging to employees through the cloud. This is a major concern for the respondents, as it raises strong cybersecurity concerns about the vulnerability of the devices to unauthorised access.
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SPECIAL STORY As the industry continues to evolve and leverages the increasing computing power available to consumers through smartphones and laptops, what steps need to be taken to ensure safe and secure transactions?
device manufacturers.
The time for action is now.
From the consumer’s point of view, security is an integral part of financial services solutions, the onus for which lies with the provider.
Security architectures need to be redesigned while taking into account the new trends, as there are implications for BFSI sector as well as other industries and
Moving forward, security and data privacy are going to play a key role in winning consumer confidence and catalysing the adoption of digital banking.
In order to fight cybercrime, banks need to make sure to hire more skilled labor and invest heavily into the systems. As cyber-attacks are changing constantly, financial institutions need to keep a check on cybercrime protection, they need to keep themselves updated to keep up with increasingly sophisticated cyber-attacks.
According to Microsoft, more than 80 percent of the world’s largest banks and more than 75 percent of the most important financial institutions use Azure — solid proof of the cloud’s attractiveness for the financial industry. 14
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INDUSTRY PERSPECTIVE
A SINGLE DATA BREACH CAN DEVASTATE A BUSINESS: Bhaskar Vadlamani, Pi DATACENTERS
At Pi, we follow a “Prevent-Monitor-Prepare” framework for ensuring maximum security of our customers’ data. We are one of the few data centers offering eight layers of physical security, says Bhaskar Vadlamani, Chief Operating Officer, Pi DATACENTERS, in conversation with Elets News Network (ENN). defacements, virus and denial of service attacks amongst others. It is estimated that the cost of implementing and managing the cybersecurity infrastructure will increase over 40% by 2025 for the BFSI industry.
BHASKAR VADLAMANI Chief Operating Officer Pi DATACENTERS
Data security has lately gained a significant place across the BFSI sector globally. Should India need to worry about the same? According to a study in 2016, the BFSI industry ranked 3rd amongst the top 5 industries at risk of cyberattacks, after Healthcare and Manufacturing. Unfortunately, things have only become more worrisome today as the Financial sector has faced almost three times the cyberattacks as compared to other industries over the last couple of years. These incidents typically include phishing, website intrusions and
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A data breach reported in India in 2016 exposed that 3.2 million debit cards were compromised resulting in one of the biggest card replacement drive in banking history. State Bank of India announced blocking and replacement of almost 600000 debit cards. In the recent breach that occurred last month, nearly 1.3 million debit and credit cards’ data of Indian banking customers valued up to $130 million for cybercriminals, were made available on Dark Web for open sale. All these and more clearly suggest that it is high time for the business leaders in India to look at cybersecurity as a key differentiator and not a tick in the box. How pivotal are Data Centres and Cloud in terms of Data safety? In today’s age of technology, nothing seems to be more critical than data. A single data breach can have a range of devastating consequences for any business. Constructing a tech firewall is just
the first line of defence. The second is fabricating strong cybersecurity controls into the entire risk management structure. This is where trustworthy data center players come into the picture. With the exponential increase in digital data, data centers have evolved from being static and rigid environments to secured, scalable and agile facilities capable of meeting the demands of datadriven industries like BFSI, Healthcare, Manufacturing, Education, Supply Chain, et al. Given the rapid adoption of online banking practises, the modern-day BFSI organizations demand more advanced storage platforms that are not only secured but highly available. Cloudbased solutions include everything from secured data storage to supporting entire business processes. Redundancy makes cloud storage platforms failure-proof. All these and more make cloud storage an excellent option for securing data against cybercrime. How Pi DATACENTERS helps in ensuring Data Security? At Pi, we follow a “Prevent-MonitorPrepare” framework for ensuring maximum security of our customers’ data. We are one of the few data centers offering eight (8) layers of physical security. From the cybersecurity
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INDUSTRY PERSPECTIVE standpoint, we have deployed intelligent edge security platforms that surrounds and protects our entire architecture to thwart attackers and mitigate threats wherever they emerge. Our industry-standard tools/platforms deal with DDoS protocols to protect from Volumetric, TCP State-Exhaustion and Application Layer DDoS Attacks, thereby ensuring 100% availability of a bank’s website(s) and other online services. Our next-generation firewall is not only UTM feature-enabled but it is also“application-aware”. Cloud security features like virtual firewall & security groups are enabled to ensure only legitimate traffic can reach a bank’s systems. Web Application Firewall (WAF) is configured for internetserving applications to filter, monitor and block HTTP/S traffic to and from a web application to protect against malicious attempts to compromise the system or exfiltrate data. We have successfully deployed few cybersecurity measures across some of the major BFSI organisations for the first time in India including Multi-Factor Authentication (MFA), Homomorphic Encryption and Solidwall™. While MFA can be implemented at the infrastructure layer without making any changes to the application, homomorphic encryption can protect the customer’s data during processing along with encrypting the data when it is at rest or transiting in and out of the Pi cloud called Harbour1®. Solidwall™ is a multi-layered data protection solution that protects the files stored on it, from hackers, insider thefts and from ransomware. As part of the Monitoring framework, Pi offers comprehensive SOC as a Service that monitors and helps to prevent, detect and mitigate cyberattacks like malware, phishing and social engineering, web-based attacks, botnets, malicious codes, and denial of service (DOS). As part of SOC, we also offer a highly customizable SIEM application that is developed in-house, to ensure best in class offerings to its customers at a significantly competitive
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cost. Moreover our team of OSCP, OSWP, CEH certified SOC experts continuosly audit and take periodic data back-up as the per defined SLA to ensure complete preparedness for any possible threats or breaches of our customer’s workloads. BFSI industry has divided opinion on the public and private cloud. What are your views? Cloud adoption within the BFSI companies in India is still at an early stage. Private banks of all sizes and Small Finance Banks are adopting cloud faster as compared to the large nationalized institutions. The trend is to adopt cloud through DR, as a first step and then slowly moving to Primary workloads. The major factors driving the preference between a private and public cloud is driven by cost. While the public cloud offers accessibility and security for unstructured data, most users do not get a great deal of customized attention from public cloud providers. Private cloud offers more control over the customer’s workloads. Usually, cloud solution providers own and manage the physical hardware of private clouds. Many BFSI organisations opt for Hybrid cloud in order to keep high-volume files on the public cloud and sensitive data on the private cloud. This hybrid approach strikes a balance between affordability and customization. Why is Pi, India’s best data center provider? Pi is Asia’s largest Uptime Institute TIER IV certified data center and our strategy is influenced by the Digital India mission. We have been listed in Gartner’s Market Guide 2018 for Top Data Center providers in India, for two years in a row, and have been also recognized as India’s Best Multitenant Data Center in July 2019 by DataCenter Dynamics. Harbour1®, the enterprise cloud platform @Pi® provides uncompromised security for valuable data of enterprises with a variety of
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state-of-the-art features. Harbour1® is built on a Software Defined Network (SDN) framework. High flexibility and superior performance are some of the hallmarks of this cloud platform and it can easily score high on various parameters when compared to some of the public cloud offerings, due to its unique design and in-house customization with huge industry and technology expertise. Few other factors that establish Pi as India’s most preferred data center are: 1. Highest Availability: 99.995% Uptime - highest in the country 2. Low Latency: Due to the proximity to the golden quadrilateral, our customers enjoy lower latency compared to any other city/DC in the country 3. Cost Efficiency: Due to lower power tariffs, human capital cost and other unique design features, we can offer our services at a comparatively lower cost 4. Low Geo Risk: Our data center is built on a low seismic zone with no recorded history of earthquakes or floods in the last 70 years 5. SAP Focused: We are the only data center in the country with SAP certifications for HANA, Hosting, Infrastructure and Cloud operations What innovations are you planning for 2020? Aligning with our long-term vision for digital transformation in India, we will continue to adopt innovative practices for achieving the following objectives: • • • •
Reducing carbon footprint Further optimizing power consumption Bringing data closer to doorsteps Introducing Artificial Intelligence (AI) into Cybersecurity
And many more that demand business needs.
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INDUSTRY PERSPECTIVE
INDIAN BFSI SECTOR TO BECOME GLOBAL TECHNO-FINANCIAL HUB BY 2022: Shibu P S, Indian Bank
The Indian financial sector is rapidly adopting emerging technologies like Artificial Intelligence, IoT, Machine Learning, Deep Learning, Blockchain, Robotics etc and Government continues the promotion of digitalisation as well. With these developments, the Indian financial sector will not be far from becoming a global techno-financial hub by 2022, says Shibu P S, Chief Information Security Officer (CISO), Indian Bank, in an interview with Elets News Network (ENN). services ‘on the go’ by integrating the services and the underneath technology into a mobile form factor. As in case of any technology, providing banking services ‘on the go’ requires a study of not only the technology, but the infrastructure and security of players of the entire ecosystem which surrounds that particular technology. If one of the parties in the ecosystems is vulnerable, it could be a payment gateway or an API leaks information/data, the whole process will be defeated as well. SHIBU P S Chief Information Security Officer (CISO) Indian Bank
You are planning to provide unsecured loans ‘on the go’. Please tell us about it. Providing seamless transactional experience to the customers ‘on the go’ is not a new or innovative technology. In the present era of digitalisation, where customers would like to get their banking transactions at their fingertips, banks/FIs can’t resist providing banking
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As the threat landscapes are changing day by day in the present complex environment, evaluation of security of the entire ecosystem in a meaningful way before introducing any new technology/ new products may, to a larger extent, help the industry to introduce any new technology products in a more secure and sensible manner. As per reports, data of 1.3 million accounts are available online. What are your views on that? And what steps are you taking to ensure the
safety of customers’ data? As there are multiple sources to leak the confidential information of the customers like card details, the report on the availability of the customer data online must be viewed very seriously. In the present scenario where Government policy supports more digital transactions and the convenience which digital transactions provide to the customers, it has been witnessed a hike in recent years in conducting digital transactions especially using digital wallets and through mobile platforms. At the same time, many illegal/ illegitimate web sites exist which are trying to explore this opportunity to steal the confidential information of the customers by luring the customers to key in their credentials with a false sense of security. The customers, to a large extent, may not be in a position to assess the security of the web sites, especially in a tight situation where they need to act within a short timeframe. The above situations are exploited by the fraudsters. The data related to the
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customer card information (whether they are partial or incomplete) which is extracted through unsolicited means will be sold into the dark web which is a virtual world of digital crime. Though uploading the data into the dark web is regular phenomena which action are already taken by the bank, bulk uploading or availability of large data in online adds further concern, especially when it becomes a wide spread news with media importance. Bank has been availing the services of external experts for monitoring the ‘phishing sites’ which includes ‘dark web crawling’, where the service providers would be able to extract some useful information from the dark web which otherwise is almost impossible. Bank compares the partial data with its database with all possible permutations and combinations and takes an informed decision on blocking of the cards and reissuing the same after proper information is given to the customers. SMSs are also sent to the customers as part of providing continuous education and awareness to the customers on cyber-related crimes. Digitalisation, a boon or bane for the financial sector? Comment The term ‘digitalisation’ transformed the whole process how it was carried out till date which is different from the word ‘mechanisation’ which denotes a simple migration of a manual process into a digital form. Digitalisation has given a new dimension for business and the customer as well and it redefined the way of conducting business and transactions. Digitalisation introduced the new ‘anywhere, anytime, any device’ culture and paved the way for a paradigm shift of technology.
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The result of digitalisation the process depends on the evaluation of efficiency and security of all the related players surround that particular ecosystem. For example, when bank wants to implement a new technology product, proper consideration to be given to the security of not only the bank technology & infra, but to the infrastructure of the receiving parties, integrators, payment gateways, partners/vendors, APIs, cloud service providers etc. In other words, a robust assessment of the security of the supply chain is most important when the organisation goes for digitalisation of their products/processes. Also do not ignore the education and awareness level of the users and customers about technology and its related risks which is utmost important for them to use the technology in a safe and secure manner. If designed in a secure way and used in a sensible manner, digitalisation is a big boon for the financial sector. In the current scenario, where there are so many data breaches, cyber attacks, etc, how challenging it is to be the CISO? CISO role has always been challenging. CISO needs to understand not only the technology, but the challenging transformation of business and the fastchanging threat environment also. Yes, with many reported data breaches and cyber attacks, the role has become more challenging in recent years. CISOs have a conventional bad reputation of a showstopper to new technology. This might be due to the evolving security challenges involved in implementing an innovative technological product. But CISOs of the present generation should understand
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how to leverage the technology in a secure and sensible manner to make maximum use out of it As mentioned earlier, the threat landscape and attack vectors are rapidly changing. When a new technology is to be introduced, apart from evaluating the perceived cyber risk, a CISO, on a continuous basis, should be able to assess the sufficiency and relevancy of the protection mechanism which is applied to that. Understanding the global challenges and possessing a bird’s eye view on global best practices may give CISO a reasonable advantage over the new and emerging cyber threat environment. Also ‘following the basic principle’ rule should never be overlooked, even when dealing with the newest and challenging technologies. In terms of the adoption of technology, where do you see the Indian financial sector by 2022? As the Indian financial sector rapidly adopts emerging technologies like Artificial Intelligence, IoT, Machine Learning, Deep Learning, Blockchain, Robotics etc and Government continues the promotion of digitalisation as well, Indian financial sector will not be far from becoming a global techno-financial hub by 2022, though the lack of expertise in the cybersecurity area to protect the systems and data from the most modern kind of attacks may continue as a concern.
“ The comments, suggestions, views and thoughts expressed in this article are only the personal views of the presenter and not the views of the organisation which he represents”
Oct - Nov 2019
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INDUSTRY PERSPECTIVE
YONO 2.0
To de facto dominant digital eco system YONO will be completing its second anniversary soon and we are happy to share that it has already disrupted digital banking with the inclusion of lifestyle services. YONO 2.0 will be announced in the next few months. Our target is to become the de-facto digital banking platform in the next few years, says Amit Saxena, Global Deputy CTO, State Bank Of India in conversation with Elets News Network (ENN).
AMIT SAXENA, Global Deputy CTO, State Bank Of India
How YONO is going to drive customer experience by leveraging Analytics and Artificial Intelligence? Seamless customer experience is one of the main drivers for YONO (You Only Need One). We are building a number of capabilities in YONO to achieve this goal. Through App Analytics, we capture the customer journey funnel in real-time and assist the customer Just-In-Time ( JIT). Moreover, we get a fair idea about the stickiness of the users towards specific flows of YONO and insights generated
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through Artificial Intelligence (AI) & ML models that could further enhance their experience by tailor-made offers for their banking & lifestyle needs. Robotic Process Automation and Adaptive Security are some of the key initiatives that we are in the process of building. We have re-engineered a number of business processes and offloaded some of the jobs that need manual intervention to automation through robotic processes
(RPA). With Adaptive Security, we are planning to cover all our user-facing channels of digital banking under the ambit of the security wall, which would profile user context on a real-time basis. Machine Learning (ML) based rules engine would allow only legitimate attempts to access any of our channels. It would be possible to have geo-fencing, travel velocity checks, mutually exclusive channel access, etc. which will further enhance our other
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very secure channels. What kind of growth YONO has seen so far? YONO will be completing its second anniversary soon and we are happy to share that it has already disrupted digital banking with the inclusion of lifestyle services. We have grown significantly in terms of volumes which shows its acceptance amongst the users. We are confident with YONO 2.0, to be announced in the next few months, we would continue to propel the growth engine. Our target is to become the de-facto digital banking platform in the next few years. Do you think digital platforms are helping India to make its mark globally in the payment system? Artificial Intelligence (AI), analytics Just a few years ago such platforms didn’t exist. There were few services based on wallets, but demonetization made people look for digital payment mode. Unlike other countries, like China, mobile payments in India are being built on public infrastructures like Unified Payments Interface (UPI) and
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Aadhaar that allow open-architecture and an inter-operable payment system to evolve. UPI provided a scalable platform built as a layer on top of the existing IMPS platform and heralded a mobile-first approach for a cashless economy. The uniqueness of digital platforms in India is marrying social media platforms to payments platforms seamlessly. Transfer money to a friend while chatting or pay while browsing on the phone. This platform, powered by UPI, established itself as a high volume, low cost and highly scalable architecture thus marking the advancement of India overpayment services seen in other countries. YONO is positioned to take this a notch higher where banking and lifestyle are bought to the same platform for users. How challenging it is to manage risk and frauds related to payments in your bank being the CTO? Balancing security with customer experience is one of the biggest risks in the digital era. There is an expectation of people to match the customer experience and smoothness provided by technology companies and at the
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same time payment applications should be regulatory compliant. We have to retain customers by providing high-quality user experience and at the same time, the bank has to maintain customer trust by avoiding fraud occurrences like data breaches. Digital experience and 24*7 banking using connected devices that are not in the bank’s infrastructure brings a multitude of opportunities as well as risks. Evolving technologies have to be leveraged such as adaptive security for user-facing channels to extend the ambit of security wall to the virtual realms along with traditional fraud preventing mechanisms. What new products are you planning to launch in 2020? YONO will be the de-facto digital platform of SBI in the next few years. YONO is a digital ecosystem that will be evolving, driven by digital age customer needs all the while catering to a traditional customer base that is spread across various demographics of India. Immersive virtual banking services powered by hyper-automation that has cutting edge security features will be the way forward.
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INDUSTRY PERSPECTIVE
‘FOR A BETTER FUTURE, WE BETTER GO BACK TO BASICS’ BOI firmly ensures that any digital product is released only upon passing a series of thorough security tests. Card-less QR code-based ATM withdrawal is one of BOI’s latest innovative digital products. BOI has also provided a mobile app to prevent certain frauds by way of enabling the customer to deactivate his card when not in use, says G Naga Mohan, CISO, Bank Of India in conversation with Elets News Network (ENN). innovative digital products. BOI has also provided a mobile app to prevent certain frauds by way of enabling the customer to deactivate his card when not in use. This effectively protects the customer against card-based frauds. Besides, BOI has also been in the process of thoroughly revamping its e-banking platform with several innovative and customer-friendly features. ATMs are being made more and more secure by constantly adopting improved security standards. G NAGA MOHAN Chief Information Security Officer Bank Of India
How is Bank of India’s digital journey progressing? Bank of India (BOI) has a deeprooted culture of constantly striving for customer service excellence and has always been a forerunner in its efforts towards improving customer satisfaction. It is obvious that digitisation has become a vital tool in such an endeavour, but not without its security-related facets. BOI firmly ensures that any digital product is released only upon passing a series of thorough security tests. Card-less QR code-based ATM withdrawal is one of BOI’s latest
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What ways are you implementing to curb information security risks? Countless are the information security risks faced by financial institutions today. No measures are sufficient. A few measures taken are the renovation of the Security Operations Centre (SOC) with state-of-the-art technology and integrating it with numerous security solutions, mainly to address the new shift in security from prevention to detection and response. However, security awareness is one such risk that cannot be curbed by mere technical measures. The biggest challenge in curbing the information security risk is wanting of awareness among stakeholders, viz., internal employees, third-party vendors, and of course, customers. According to a study, more than 90 percent of
network breaches across the globe are caused by Phishing attacks. It is indeed painful to watch innocent customers losing their hard-earned money out of Phishing emails, Vishing calls. Smishing SMSes which are all social engineering attacks and this kind of attack can be primarily tackled by way of inculcating awareness. Inculcating awareness is a continuing process. Customer awareness is attained through multiple channels of communications, viz., Facebook, Twitter, Bank’s website, e-mail, SMS, security pop-ups in mobile apps, posters at branches/ offices, on-site/off-site ATMs. Besides, many measures are taken to improve awareness among employees and other stakeholders. Preventing third-party data breach would be tough. Your thought on this? Yes, it is true to a great extent. In a recent study, it was shown that 63 percent of data breaches were linked to a third-party vendor that was responsible for system support, development, and/or maintenance. Having dealt with so many vendors for more than a decade, I believe that strong Service-level Agreements (SLAs) coupled with regular audits would address this issue to a considerable extent. Also, the implementation of multi-layer
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protection techniques and Database Access Monitoring (DAM) tools will help in the prevention and detection of related incidents. As the CISO of the bank, what are the major threats? As quoted by one eminent security professional recently, the top three major threats today are social engineering, social engineering, and social engineering. It may sound a bit of an overstatement but it’s right to a great extent and social engineering attack is stemmed from the ignorance of the victim. If we look around without any pre-conceived ideas, we may easily notice that lack of enough cybersecurity awareness among the stakeholders is the chief cause behind most of the major breaches across the globe. Once adequate awareness is in place, most of the things fall in place. Some of the other issues are; i. Not sticking to the basics of security is a major threat in itself. This includes insecure configuration and not applying security patches on time leaving the known vulnerabilities open. For instance, an Indian Coop Bank incident could have been prevented if the security patches had been installed on time which was released a few weeks before
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the breach. Despite the attack being very sophisticated, the breach of the network was very simple and could have been prevented easily had the basics been followed. ii. Lack of control over third party risks. iii. Having not enough practice in place to test existing cybersecurity measures on a regular basis. Best defined policies and processes may simply deprive us during the times of actual need, if not tested regularly What innovations are you planning to implement in the bank to enhance cybersecurity? Learning to think like a thief makes you the best police. I believe no innovation works if we are weak in basics. The following steps would be, I think, highly effective in enhancing cybersecurity in any institution and will be more effective than any innovation. i. Sticking to basics: - Application of security patches on time, strictly implementing secure configuration coupled with disabling unnecessary services may look small steps but would play a great role in prevention.
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ii. Continuous awareness campaigns for all stakeholders, viz., senior management, employees and customers. iii. Having control over third party security practices: - Strong SLAs, regular audits, role-based access controls, multi-layer protection techniques, and Database Access Monitoring tools will considerably reduce relevant risk. iv. Regular cybersecurity exercises to test the defined security processes. v. Having a strong backup system in place to survive Ransomware-like attacks. vi. Shift towards detection and response: - According to a recent study, the average time the adversary stays and explores in the victim’s network before actually conducting the attack is about 220 days. As it has been accepted across the globe that 100 percent prevention is next to impossible, timely detection and effective response would complement the gap to a considerable extent. The banking industry today is decisively moving in this direction.
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INDUSTRY PERSPECTIVE
‘CASHLESS ECONOMY INITIATIVE BOOSTED DIGITAL ECONOMY IN INDIA’ Government initiatives and Regulatory Authority directives have always assisted the IT functions to achieve better governance and address the need of the next generation millennials. The cashless economy initiative has given rise to the Digital Economy in India and the new age citizens are exploring the related services to the maximum, says Shashank Bajpai, Chief Information Security Officer (CISO), Export Credit Guarantee Corporation of India, in conversation with Elets News Network (ENN). internal and external users. There are various initiatives taken up towards a new-age technology across the domains Network, Infrastructure, Applications & Databases.
SHASHANK BAJPAI Chief Information Security Officer Export Credit Guarantee Corporation of India
What are the key Information and Communication Technology solutions being deployed by your company? Being the CISO, it is the integrity of my profession not to elaborate on specifics of our Information Technology (IT) Systems as it is believed that lesser the information available in public domain the more secure are IT Systems. However, to answer this on a generic and informative level - At Export Credit Guarantee Corporation of India (ECGC) Limited, our IT Department is continuously working towards bettering the end to end-user experience for both
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Where do you see the Indian financial sector standing on a global front when it comes to the adoption of technology? Indian Financial Sector is at the forefront and is leading in the adoption of technology for ease of use of various financial products and services by the end customers. We have seen many FinTech institutions with niche products both on a Global front and in the Indian BFSI sector too. The Regulatory Authorities of Banking, Financial Services, and Insurance (BFSI) sector are also assisting the adoption rate of such new-age technology by sharing and mandating guidelines and various security controls. What solutions are you deploying in your company to ensure data security? We have always raised funds as needed In the current Cyber-Age, Data is rightly the crown jewel for any Organisation. It is widely said ‘Data is the new Oil’ on similar lines I am of the belief that Data is new Treasure. Data Integrity, Data Protection, and Data Privacy are the three most important pillars to ensure that the treasure is enriched, secured and safeguarded. We are working towards
a holistic approach when it comes to safeguarding the Data and Intellectual Property on an organisation-wide level. I again will not be very specific on the solutions deployed or under deployment as the threat landscape is always changing especially data-centric threats. Do you feel that the government initiative of the cashless economy has altered your IT functions and requirements? Government initiatives and Regulatory Authority directives have always assisted the IT functions to achieve better governance and address the need of the next generation millennials. The cashless Economy initiative has given rise to the Digital Economy in India and the new age citizens are exploring the related services to the maximum. UPI payment, for example, has seen exponential growth in adoption and usage. What new innovations are you planning to implement by the year 2022? It can be regarded as my wish list to implement; innovation towards Artificial Intelligence & Deep Learning embedded Cyber Security Operations, by the year 2022.
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29 August 2019, MUMBAI
Leaders highlight the prominence of
Digital Disruption
Registering a massive confluence of top-leaders from across the Banking, Financial Services and Insurance (BFSI) sector, the 4th edition of BFSI CTO Summit concluded in Mumbai. Organised by Elets Technomedia, India’s largest B2B media platform in association with The Banking & Finance Post, Asia and the Middle East’s premier bi-monthly magazine on banking and finance sector, the summit delved into the rising significance of technology and the prominence of digital disruption within the industry. Welcoming all the esteemed dignitaries to the confluence, Dr Ravi Gupta, Editor-in-Chief, The Banking & Finance Post Magazine and Founder Publisher and CEO, Elets Technomedia Pvt Ltd shared his vision and mission and the idea behind the conference. While the leaders from banking institutions congratulated the Central Government for implementing Digital India and ensuring concrete digital innovations across the sector, several emerging unconventional leaders such as Non-Banking Financial Companies (NBFCs), Microfinance Institutions (MFIs) too spoke about embracing technologies such as Blockchain, Artificial Intelligence and Machine Learning to maintain their prominence and relevance. K Ramachandran, Senior Advisor-Banking Technology, Indian Banks’ Association, Sumeet Puri, SVP & Global Head of Field Technology, Solace Corporation, Sheoji Ram Meena, General Manager & Chief Information Officer, Bank of India, Subram Natrajan, Chief Technology Officer, IBM India/ South Asia and many more eminent figures from the sector graced the occasion with their August presence. A special issue of The Banking & Finance Post Magazine was also launched at the summit.
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Oct - Nov 2019
25
CONFERENCE REPORT
Digital Banking Beyond Payments
K RAMACHANDRAN, Senior Advisor-Banking Technology, Indian Banks’ Association Indian banks are subjected to a lot of criticism in the last few years mainly on account of their Non-Performing Assets (NPAs) but they are also making a lot of innovations in terms of technology and emerging as global leaders. Nobody can deny that Indian banks have been doing exceedingly well in areas focusing on technology in many unique areas. On the foremost, by using eKYC and Aadhaar, banks in India have opened more than 150 billion accounts in a span of three-four years.
Digital Disruption Redefining the Role of Technology Leaders
SHEOJI RAM MEENA, GM & Chief Information Officer, Bank of India Digital disruption is the change that occurs when new technology and business models affect the value proposition of existing goods and services. All the three i.e., Time, Transmission & Technology are part of nature as we have been seeing it from the date of our eye-opening. We have changed our way to count the unit, speed and size. Shorter intervals like nanoseconds & femtoseconds are used in computer and laser technology.
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Oct - Nov 2019
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CONFERENCE REPORT
Technology Presentation -Making Open Banking Responsive and Agile
Key Address - Cloud.Data. Digitization - Driving Exponential Impact
SUMEET PURI SVP & Global Head of Field Technology, Solace Corporation
SUBRAM NATRAJAN Chief Technology Officer IBM India/South Asia
Businesses are transforming. India is leading the payments gamut in a huge way and Solace is a part of it to some extent. Payments, just a few years ago, dealt with very large volume and low volume. Architectures were service oriented and very siloed. This is changing rapidly especially with the advent of mobility.
There has been a paradigm shift in the ways companies are thinking lately. The customer-centric discussions are gradually getting prominent attention. The strategic imperatives such as cloud, Artificial Intelligence, Blockchain, Cognitive Computing are facing a fad amount of shift. The C-Suite officers are now taking a lot of interest in security, smartphone related matters.
Technology Presentation Consumerization in Financial Services
Technology Presentation - Using Biometrics for Reliable Identification
PHILIPS EAPEN Head BFSI SAP India Sub-Continent
VENKATESH COMMURI VP – Corporate Marketing & New Initiatives Precision Biometric India Pvt Ltd
The consumer-led system can bring a significant change in the way businesses run. In 2007, Nokia was the market leader in the Telecom industry and Steve Jobs just launched Apple then. Jobs emphasised on creating a completely different customer experience with its product and today we all can see where the product’s popularity is.
When it comes to accessing systems compromised credentials impersonation and identity theft pose a serious risk. Traditionally, we have been accessing systems RP with good banking software and any other enterprise application. We have a username and password combination. This username and password concept has served as well for a long. But the rising instances of frauds have made the credibility of username and passwords questionable.
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Oct - Nov 2019
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CONFERENCE REPORT
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Technology Presentation - Equifax Digital Lending Solutions
Technology Presentation - Challenges and Opportunities in Digital Lending
NANAIAH KALENGADA MD, Equifax Credit Information Services Pvt Ltd and Country Leader - India & MEA, Equifax
SUSHMITSHRI BABU Co-Founder EPIKInDiFi
Equifax is a 100 plus-year-old company. It started its journey as a credit bureau in North America and now has its presence in about 24 countries. It runs around 33 bureaus. It runs the largest employment Bureau in North America. In India, it runs the microfinance Bureau. It is the largest service provider of the bureau services for the microfinance industry in the country. Over 100 plus of the microfinance institutions uses its services on a regular basis.
There has been a liquidity crunch in the market. Some experts believe that it is not going to normalize. Economic slowdowns are not new so there has to be a way to bring the situation to normalcy. There are about 65 million Small and Medium Enterprises in India out of which nearly 20 million are served with credit. So, remaining 45 million are still looking for credit and that’s a sizeable number. We have young aspirational millennials in these 45 million, waiting for credit and opportunity.
Technology Presentation - Maps & Location Intelligence- Business Enabler for BFSI
Technology Presentation - Software Licensing Cost Optimization Advisory Services
HEMANG CHOUDHARY Head BFSI MapmyIndia
MAYANK SRIVASTAVA Founder & CEO Silver Leaf Solutions Pvt Ltd
Government of India’s emphasis for banking inclusion of unbanked population, in a bid to provide insurance policies to every Indian have been of quantum importance in the growth story of the Indian banking and financial sector. The centre is pushing a lot of digital initiatives in the country and maps can be a pivotal enabler in changing those ideas into reality.
Discounts and negotiations are good but don’t compromise on technology. Optimize what you can buy from where you buy. We don’t have a single sales guy in our team because we don’t need one we just need people who are very strong and core. Who understand technology across platforms and we need people who understand licensing and pricing and contracts as well.
Oct - Nov 2019
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CONFERENCE REPORT Panel Discussion Digital Disruption Redefining the Role of Technology Leaders: Innovation for the Forgotten and Next Generation
JOYDEEP DUTTA Executive Director & Group CTO Central Depository Services Ltd
KERSI TAVADIA Chief Information Officer BSE Ltd
Digital disruption enables you to either create a new business model or radically changing the customer experience, using a process which is completely different from the techniques that were used traditionally. However, just doing incremental digital will not help; the implementation should be a game-changer for disrupting the already existing scenario.
Every digital journey is a continuous and inevitable one. You cannot decide a goal post for your digital initiatives. Because by the time you reach your decided destination, the whole dynamics change. So, it is important to inculcate calculate of innovation rather than just a culture of working for the sake of it. For us at BSE, we believe in the philosophy-the end is always a beginning.
4th BFSI CTO SUMMIT
KIRTI PATIL EVP & CTO Kotak Life Insurance
JAYA VAIDHYANATHAN President Bahwan CyberTek
Most of the organisations do digital innovations and make an investment in promoting it by emphasizing on the customers. But we at Kotak are very focused towards our agencies as well. Because no customer in the morning will wake up in the morning and say that I want to buy a life insurance policy. It is well known that only a single-digit percentage of business comes from customers directly. So, we want to start our digital journey with the distributers.
From a transformation perspective, it is important to implement something which can go beyond what a human mind can comprehend. Technology should act as an enabler in helping humans take sensible decisions. Artificial Intelligence, Machine Learning can be really helpful in early warning systems. It can act beyond human limitations.
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CONFERENCE REPORT
AMIT SAXENA Global Deputy CTO State Bank of India
SUMEET PURI Senior Vice President & Global Head of Field Technology Solace Corporation
SBI is on the path of transforming itself. The journey that we are envisaging is to convert the whole of the bank into a digital platform, right from the customer onboarding to the lending department. The services that we would be offering will be in sync with the customer’s needs and feasibilities. We have put the customer at the centre.
Digital transformation is all about leapfrogging from one set of practices to another. Customers could be paper-driven from the rural areas or they may belong to the urban scan and pay segment, transformation must include everyone and should cater to everyone’s necessity. In my view, digital transformation, if built around events, is often faster and agile.
4th BFSI CTO SUMMIT
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MANISH SHAH SVP & Head- Mobile and Internet Banking Kotak Mahindra Bank
RAJESH DEMBLA Mentor & Advisor MOBtexting
Digital transformation is not relevant if it does not support the business strategy. Prior to taking a step towards digital innovation, it is significant to first define the strategy for the bank. Digital marketing may help you look cool at a lesser cost and you may emerge as an upbeat brand but in my view, this should occupy less than five percent of bank’s plan and rest 95 percent of digital help should back the business strategy.
Banking experts believe that technology should help in building customer experience and generating revenue alongside cost efficiency. MOBtexting is exactly doing the same and partnering with the banks over the months with the mentioned motive. We have launched Adept which is our omnichannel Artificial Intelligence-based voice and chatbot. We unveiled it with a view that it can be customized as per the bank’s need and priorities. It integrates Alexa and Google Assistant as well.
Oct - Nov 2019
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CONFERENCE REPORT Panel Discussion Digital Banks, Payments and Platforms: Importance of Cyber Security, Fraud and Risk in Connected World
SHASHANK BAJPAI CISO Export Credit Guarantee Corporation of India
AVEZ SAYED Chief Risk Officer SBI General Insurance
The Banking, Financial Services and Insurance (BFSI) sector is one sector that has leveraged technology very well for meeting the evolving demands of the customers. As compared to other sectors, it is one of the fastest industries to adopt emerging technologies. A big share of this development goes to fraud and risk management and cybersecurity cell.
In the insurance industry, if a customer is paying Rs 1 lakh as a premium a major portion of it goes wasted in fraud. Only 20 percent of the fraud is known or detected as per the industry experts but a significant part of the discrepancy is still undiscovered. But on a positive note, all these instances of fraud are helping the industry evolve every day and embrace techniques that can help it armour itself from future losses.
4th BFSI CTO SUMMIT
BIJU K Head Operational Risk and CISO Federal Bank
ZULKERNAIN KANJARIWALA Head-IT Doha Bank
Every institution, BFSI in particular, have ventured out in digitisation by introducing new and better technologies, platforms, and solutions in a bit to offer higher convenience to its customers. On one side when we introduce new technologies, capabilities and facilities, on the other the possibilities of frauds and breaches are rising. Earlier we relied on the concept of perimeter security but now with latest deployments, the concept of firewall and IPS alone will not work.
If you see the entire landscaping of the BFSI industry you will realise that the weakest link is the customer. An overview of the recent attacks clearly reveals that the fraudsters are no longer targeting the banks; customers are now their interest points. This is happening due to the lack of proper cybersecurity cells and sheer absence of awareness pertaining to threats among the customers.
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Technology Presentation Edge Computing for BFSI
Special Address - Digital Transformation in Large Enterprises
HITESH THADANI VP Sales - BFSI Mahavir Sys Power Pvt Ltd (MSP)
DR N RAJENDRAN Chief Technology Officer National Payments Corporation of India
IoT is accelerating many significant technology changes that we see as fuel for innovation. The Internet of Things is going to help us meet the 3x efficiency and match the global energy standards. Believe it or not, there are more than 7 million songs and 4 billion videos downloaded on YouTube every day. The size of this data is exponential and there are more than 50 billion devices which are going to be connected in less than a year this is leading to a sharp rise in energy consumption.
The growing popularity of Unified Payments Interface (UPI) can be attributed to its simple, safe, cost-effective and mobile-based interface. NPCI is looking to make UPI the preferred mode of transactions for digitally savvy Indians and we are continuously looking for ways to make that happen. With UPI’s upgraded version UPI 2.0, NPCI is offering customers useful new functions.
Panel Discussion - Cloud Computing, Big Data and Analytics: The Engine Behind the Digital Transformation in BFSI
32
S.V. SUNDER KRISHNAN EVP & CRO Reliance Nippon Life Insurance Company
ARIJIT BONNERJEE Executive Director - Financial Services Sector IBM India/South Asia
We are at a very interesting time ahead in the sense that the digitisation is actually transforming BFSI. As far as the insurance sector is concerned, the policies that we issue in the digitally transformed era incur lesser claims and expenses, faster turnaround time and offer better quality. Earlier, the policy sanctions took days and sometimes month but not it is done in a fraction of seconds.
To address the ongoing challenges & meet the global benchmarks, Indian banks will have to upgrade themselves and think beyond the traditional banking system. The challenges that the Indian BFSI Sector is going to face due to big-tech or fintechs will be massive. There is already huge pressure on the return in equity. To address this threat, there has to be a completely changed business architecture that the banking and financial institutions have to adopt.
Oct - Nov 2019
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SANJAY KARNATAK Chief Technology & Digital Officer Star Union Dai-ichi Life Insurance Co Ltd
PINAK CHAKRABORTY SVP of Technology - Digibank DBS Bank India
Like other BFSI counterparts, the life Insurance sector is also witnessing changes in sync with technology. The changes are not as big as banks but yes the sector is taking baby steps and willing to catch-up soon. The biggest roadblock that hinders the overall implementation of digitisation is the lack of proper architecture across the life insurance segment.
Cloud computing provides us with infinite scalability. When we are pushing customers through digital channels it is important to drop the old practices & embrace the new techniques. Adoption of new technologies is important and to ensure the same it important to use advanced techniques. Old monolithic techniques will not be helpful.
4th BFSI CTO SUMMIT Technology Presentation - The Indispensable CIO, Snow’s guide to Putting Yourself at the Center Digital Transformation Projects
VIVEK ZAKARDE Head- Business Intelligence, Analytics & Data Warehouse Reliance General Insurance Company Ltd
GULSHAN CHHABRA Country Manager Snow Software
Digitisation is in full swing across the insurance industry. For the insurance sector, it refers to the automation, increased efficiency and customer satisfaction. It has brought in several significant and positive changes across the industry. A sector that was earlier dependent on agents for data collection is now running digitally.
Whether we agree or we don’t, there is a big shift to the cloud which is happening. According to IDC, by 2022, though traditional software will grow but just at a rate of 11 percent. Whereas cloud infrastructure and cloud-based applications will grow at a whopping percentage of 150 plus, but it will have its own challenges.
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Technology Presentation - White Space Cooling Optimization
34
AYAZ KAMIL LEED AP - Head - Building Performance & Sustainability (BPS) Building Technologies, Siemens
MOHANPRASAD MARAPPAN Head - Digital Buildings Zone India Siemens
Researches reveal that over a life span of a building 70 percent of the cost goes into operating the building. It is therefore very significant to understand how the operations of the building can be optimized in a bid to improve profitability. This is where the concept of Total Energy Management comes into the picture.
Technology has transformed the way we look at things now. A smartphone alone has revolutionized the way we lead our lives daily. However, our work stations are still old fashioned. The Siemens Smart Office App has can help you perform a lot of activities from your seat. It is a one-stop destination to avail information pertaining to amenities, work requests, rooms, desks reducing the temperature and adjust the lighting.
Technology Presentation - Foundational Controls- Integrity, Configuration and Compliance for BFSI
Panel Discussion - New Enterprise Technologies that NBFCs, MFIs & Housing Finance Companies Would Like to Embrace Next Year
RIC WALFORD Director Global Sales Engineering, Tripwire
SHASHI KUMAR RAVULAPATY Advisor & SVP Technology and Analytical Consulting Services, Axionconnect Infosolutions Pvt Ltd
New technology is interesting, but not at the expense of the basics. Look at what simple, fast and relatively easy things you should revisit. The data shows this actually will put a big dent in the problem. It is not important to ape and implement every new shinning piece of technology. Looking at the security perspective prior to any deployment is pivotal.
The gap between business and technology is thinning day-by-day Technology-based decisions for BFSI institutions are now being taken by the business team. This sudden change in the decision making power is both good and bad.
Oct - Nov 2019
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CONFERENCE REPORT
AKSHAY DHANAK Chief Information Officer Magma Fincorp Ltd
A SHIJU RAWTHER EVP-Technology IIFL Finance Ltd
For us, digitalization means topline growth through unconventional partnerships. Here we are talking about not just your data but data that comes from third party sources, from your channel partner, from your supplier ecosystem and surrogate sources. There are instances from countries where your mobile bill is taken as a credible source to determine your payback capability.
Data monetization is our main priority for the time being. In a country where regulatory bodies have strong rules pertaining to data storage, it becomes significant to secure the storage of data first. Investing in technology is definitely important but every technology deployment should be in alignment with the business.
4th BFSI CTO SUMMIT
PRAKASH BHATIA Head - IT Muthoot Housing Finance Company Ltd
ANAND SHARMA Chief Technology Officer Asirvad Microfinance Ltd
Everyone today is concerned about digitisation but we at Muthoot are trying to generate data and secure it. We are trying to build a CRM to find out how does a cross sale and up sale happen. This CRM should have a 360 degree view creating some analytical dashboards.
All the microfinance companies primarily depend upon cash for disbursement as their customers aren’t inclined towards digital transfers. In 2017, when demonetisation hit, the companies realised the significance of Jan Dhan accounts and started emphasizing on bank transfers.
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GOUTHAM KS Head-IT Auxilo Finserve
SURESH A SHAN Head-Innovation & Future Technology Mahindra Finance
The biggest challenge that we face in the industry we deal with i.e education sector is that my customer is more intelligent and demanding than us. For catering to these we have to have a solution which is reliable, scalable and economical.
When you talk about business, the majority of people will talk about their legacy or ongoing programmes. However, if you are discussing future technologies, you are talking about the updates that are really required. This helps you bring in a cost-effective solution for your business.
Technology Presentation - Western Digital Data Center Solutions
Panel Discussion - Staying Relevant in the Digital Era: BFSI Modernisation with Blockchain, Artificial Intelligence, Machine Learning and IoT
BHAVIN SHAH Regional Sales Manager Western Digital
PRASANNA LOHAR Head Technology-Innovation & Architecture DCB Bank
Western Digital is a known name in the information technology industry and has its presence for more than three decades. However, we have made a shift in the recent past with our acquisitions. We acquired SanDisk, a well-known name in the flash industry. With this acquisition, we have now become one of the biggest names in the storage industry.
Digital banking is now the new traditional banking. The technology that we use today in the banking sector is way different than the technology we used two decades ago. Technology today is the way to connect and best serve your customers as per their requirement. The consumer’s mindset has also gone through a major transition. Smartphones in every hand are transforming the way businesses are done.
Oct - Nov 2019
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CONFERENCE REPORT Panel Discussion - New Enterprise Technologies that NBFCs, MFIs & Housing Finance Companies Would Like to Embrace Next Year
NIKHIL BANDI EVP & Chief Information Officer Vistaar Financial Services
ASHTON D CRUZ Director - Chief Administrative Officer & CISO Royal Bank of Scotland
As far as the work profile is concerned, the banking and financial institutions are doing the similar work that there were doing earlier. The only change technology has brought today is modifying the way the work is done. It has infused speed in all the process. For e.g banks are disbursing loans for quite some time now. Before technology, the loan disbursement used to take more than a fortnight but today it is a matter of 59 minutes.
Fintechs have emerged as the biggest challenge for banks in the league of digital adaptability. Today, if we are not to imbibe digital advancement, we run into the fear of getting obsolete. There will then be a threat of survival. Digitisation, nextgen technologies are giving us a superlative support. It is not just streamlining the services for consumers but also helping us stay relevant. I too agree with the fact that banking has not changed. Technology has only modified the way it is done.
4th BFSI CTO SUMMIT
RAVIKIRAN MANKIKAR Chief Information Officer NKGSB Co-operative Bank Ltd
RAMPRAKASH RAMAMOORTHY Member Leadership Staff ZOHO Corporation
The cooperative sector constitutes just 5 percent of the overall banking sector. The popular banking sector is just managed by 52 banks. The cooperative sector is in total 1,542 banks. So these 1,542 cooperative banks have to compete with 52 popular banks. So, unless we adopt technologies namely Blockchain, Artificial Intelligence, Machine Learning and IoT, we will now be able to stay in the game. To be in the game & match steps, it is pivotal to embrace tech-driven innovations.
NITI Aayog’s Artificial Intelligence report for India says that it is not just AI but it is AI plus x. We are doing banking and we will continue to do banking. Technologies like AI will come as augmented. Technology incubates in the consumers’ in various ways but it is a gradual process. Earlier no one used AI but now it is a part of every household in the form of speakers, smartphones & televisions. So the constants will always be there like offering loan, IMPS, bank accounts. Technology like Blockchain and AI helps in streamlining the services. They help banking change the end game.
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FELICITATION CEREMONY
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Elets 4th BFSI CTO Summit Mumbai was a congregation of 100+ key technology experts from across BFSI sector on August 29. We thank the speakers, partners, exhibitors and delegates for making the Summit a grand success!
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INDUSTRY SPEAKS
PLANET OF
RAJENDRA AWASTHI Co-Founder EPIKInDiFi
While the concept of banking started as early as the concept of money started in several thousand years Before Christ but the current form of banking was started in the late 14th century with the formation of first modern bank Medici in Italy. However, post 2008 the global financial crisis, banking sector witnessed significant changes in two fronts. On one, Central Banks tightened regulations and on other technology started making rapid strides in the area of customer engagement. This twin phenomenon resulted in the emergence of Fintech companies who started disrupting banking in specific business areas such as payments and lending. This disruption leads to the emergence of Neo-banks in the current decade, a financial system of the digital age, with the proposition of establishing a bank without a physical branch. Neo-banks are actually revolutionizing the financial sector by existing entirely on mobile. In today’s age of millennials, it’s all about the customer and improving their experience. With mobiles becoming powerful and feature-rich and the advent of 5G mobile networks across the globe, the digital is the only way and natural medium of choice for any kind of 46
Oct - Nov 2019
NEOBANKS transactions for millennials. According to AT Kearney’s research, European neobanks’ customer base has grown by more than 15 million since 2011 when retail banks’ customer base has declined by 2 million in the same period. It is projected that by 2023, Europe’s neobanks will win up to 85 million customers, reaching over 20 percent of the population over the age of 14. These data clearly indicate banking is rapidly gravitating towards neobanks. The USP of every Neobank is innovative offerings which are different from traditional banks and agility at which they deliver service to the customers. These offerings include quick account opening, instant payments, quick loan sanction and disbursement, lower costs of borrowings to customers, mobile deposits, userfriendly interfaces, etc. Xinja is setting up one of the first Neobanks in Australia and they are expected to revolutionize the banking in Australia. Andy Rigg, Deputy Chief Executive Officer, Xinja and Shubho, Co-Founder of EPIKInDiFi, spoke about “Future of Neo Banks and selecting the right technology partner” in Singapore Fintech Festival 2019. As per Andy, for a neo bank to be successful a neo bank
should have agility in launching its products to market, offering services at low cost and customer experience par excellence. The next most important challenge is to select the right technology partner for creating the right technology platform which is critical for the very success of the Neobank like Xinja. EPIKInDiFi, a TechFin company, has been chosen by Xinja as their technology partners because EPIK’s platforms empower bank with agility to make quick changes in product set-up using drag & drop feature. Platforms also allow the bank to design an extraordinary customer experience. Finally, the most important question to be answered is if neobanks are viable business entities and if they can survive the financial might and reach of established banks. Considering most of the established banks are looking to set up their own digital banks is proof that neobanks are the banking model of the future. In summary, it’s an interesting time ahead for banking and banking customers.
Views expressed in this article are the personal opinion of Rajendra Awasthi, Co-Founder, EPIKInDIFi.
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THE FUTURE OF BANKING February 2020 | Mumbai
Innovate with the Leaders
Witness the Banking Excellence 4TH ELETS BFSI LEADERSHIP SUMMIT WILL COMMENCE ON FEBRUARY 2020 IN MUMBAI.
PARTICIPATION FROM • Policymakers (Government Dignitaries)
• Chief Risk Officers (CROs)
• RBI, IRDA, NABARD, IBA, UIDAI, & NPCI
• Chief Operating Officers (COOs)
• CMDs, MDs, DMDs, EDs and CEOs from BFSI Sector
• Chief Finance Officers (CFOs)
• Chief Information Officers (CIOs)
• Head-ITs
• Chief Technology Officers (CTOs)
• Small Finance Banks & Payments Banks
• Chief Information Security Officers (CISOs)
• Technology Service/IT Solution Providers
• Chief Innovation Officers (CINOs)
KEY DISCUSSION POINTS: The 2019 Outlook of BFSI and Proposition Ahead
Role of Regulatory Bodies in Solving Problems of NPAs
Digital Transformation Redefining Role of BFSI Leaders
NexGen Banking: Vision 2022
Impact & Importance of Technology
Digital Banking or Phygital Banking and many more...
FOR QUERIES CONTACT Manu Raj Singhal: +91-9871543890 | banking@eletsonline.com
SD-WAN? WHAT DOES SECURITY HAVE TO DO WITH SD-WAN? THE SHORT ANSWER? EVERYTHING As part of their Digital Transformation initiatives, the BFSI sector has turned to SD-WAN to take advantage of its many benefits. However, embracing SD-WAN without a clear understanding of its security implications changes those benefits to liabilities. Fortinet’s Secure SD-WAN solution delivers on all of the advantages that SD-WAN has to offer but with the full NGFW capabilities of FortiGate and FortiOS, the world’s most widely deployed security operating system. Fortinet’s Secure SD-WAN is part of the Fortinet Security Fabric, delivering comprehensive protection from the branch office to the cloud and beyond. Fortinet’s Secure SD-WAN solution allows BFSI organizations to securely take advantage of all that SD-WAN has to offer.
For details contact: North: Nitin Gupta, E-mail: nitingupta@fortinet.com, M: +91 93103 62598 South: Binu Ninan, E-mail: bninan@fortinet.com, M: +91 98400 36767 West, East, Central: Navin Mehra, E-mail: nmehra@fortinet.com, M: +91 98925 60700
FORTINET SECURITY FABRIC A Security Architecture that’s Broad, Integrated and Automated
www.fortinet.com/whyfortinet