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Gearing Up For Safe Banking
The BFSI CXO Summit called out the best of banking representatives to shed light on the need for advanced security measures with the rise of digital banking By BW Bureau
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DIgital Banking has witnessed 90 million users in the past couple of years and still encourages many in the country to adapt to this platform. Financial technology has boosted the sector by providing products, which are convenient for users in transacting money on a day-to-day basis without paying frequent visits to the banks. This change has proved to be significant in making customers technology savvy and the revolution brought in results in three years time. The reason for increased users in the digital banking sector has taken place because of increase in cyber security that has played an important part in securing many transactions that take place daily.
At the BW Businessworld BFSI CXO summit, Anand Ramamoorthy, MD, McAfee talked about the importance of cyber security in the digital world and how McAfee has created products in order to ensure secured transactions for many digitised banks. He said, “As a brand McAfee is the largest security vendor in the world. We provide services to 70-80 per cent of global banks and 200 million customers everyday. The banking sector is vulnerable and is the only sector that has 300 per cent chance of getting bleached. The banking sector has an interesting complexity because of the demographics in security, hence, the main problems that we need to concentrate on are vulnerability while transacting digitally, resource constraints and inefficient security teams.”
Arindam Mukherjee, Director- Operations - Enterprise Sales, CISCO India & SAARC provides his views on the technology innovations provided by CISCO. He said, “We have opened our first digital experience centre in the Mumbai office in B.K.C. and we are creating an environment to combine three different sectors of the data centres with the help of technology and digital transformation.”
Mrutyunjay Mahapatra, Deputy Managing Director and CIO, State Bank of India explained that digitisation processes are changing the world. The process of building, running, growing and transformation in any product requires digitisation. He explained that in the future the world was going to be hybrid where the legacy of all the industries would co exist with technology shifts and would require minimum struggle for adjustments.
Furthering to the discussion, A.K Kapur, Deputy Managing Director, Small Industries Development Bank of India, Mukesh Malik, C.O.O., Aditya Birla Financial Services Group, Sanjay Padmakar Narkar, Chief Technology Officer, IDFC Bank and Prashant Singh, Assistant Deputy General- Technology - UIDAI, Government of India contributed by addressing the issues on the same topic describing the ease of KYC documents and procedures to encourage customers in adopting to digital transactions. The BW BusinessWorld BFSI CXO Summit also shed light on the future of banking and technology and soft wares that deal with securities in safe transactions.
The panel discussion on ‘Cyber Security in Banking’ held at BW Businessworld’s BFSI CXO Summit in Mumbai discussed the security measures to be taken for a secured banking transaction environment. Making the opening remark, Bharat Panchal, Chief Information Security Officer, National Payments Corporation of India said that cyber security has become a buzz word in today’s world and we have many challenges to manage to create a safe environment.
Shiv Kumar Pandey, Chief Information Security Officer, Bombay Stock Exchange, Shrikant Shitole, Managing Director, Symantec India, Ritesh Doshi, Regional Head, Cisco India& Bhuvanesh Shukla, Chief Technology Officer, Axis Securities were the panelists who discussed cyber security for banking and other financial institutions with grave details.
Gaurav Zutshi, Chief Digital Officer, Aditya Birla Financial Services, K. P. Saha, Managing Director, Senrysa Technologies, D. Nageswara Rao, General Manager, NABARD, K. Shastri, Assistant Vice President, State Bank of India & Sameer Jaini, Founder and CEO, The Digital Fifth carried out the discussions for India to adopt digital transactions and concluded the discussion by pointing out higher possibilities for the country to reach the target by 2020.
The panel concluded that the future of digital payments looks bright largely due to new technologies such as UPI, which is increasingly gaining ground with the Indian masses, like the BHIM application.
Following the discussion on the future of digital payments was the third discussion of the summit about leveraging cloud and data centres for banking and other financial service providers. Data centres and cloud storage facilities have provided the ease in understanding the technology shifts in many sectors especially in the banking industry. With the evolution of various products in the market, cloud has gained an importance over a short span in the country.
New age banking such as gesture-based banking which helps make payments just by shaking your mobile may be the way digital banking is moving. In fact, customer expectations such as pre-approved applications will be the way forward.