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"Digital Banking Demands Security Measures"

Digital banking, being the future of the banking sector demands a higher presence of security while undergoing a technology shift. Story from the BW Businessworld BFSI CXO Summit

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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 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 3 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 digitized banks. He said, "As a brand McAfee is the largest security vendor in the world. We provide services to 70-80% of global banks and 200 Million customers everyday. The banking sector is vulnerable and is the only sector that has 300% 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."

Banking security has to deal with many challenges and new customer experiences, business modules and empowering workforce are the factors that derive the potential in order to develop security systems in digital transactions.

Arindam Mukherjee, Director- Operations - Enterprise Sales, CISCO India & SAARC provides his views on the technology innovations provided by CISCO. He said, "Our job is to create the same interface of user functionality in order to shift from being cloud ready to cloud native. At CISCO we provide simpler architecture, smarter choices and faster innovations. We have opened our first digital experience center in the Mumbai office in B.K.C. and we are creating an environment to combine 3 different sectors of the data centers with the help of technology and digital transformation."

Mrutyunjay Mahapatra, Deputy Managing Director and CIO, State Bank of India explains that digitization processes are changing the world. The process of building, running, growing and transformation in any product requires digitization. He explains that in the future the world is going to be hybrid where the legacy of all the industries would Co exist with technology shifts and would require minimum struggle for adjustments. The start of digitization is the base of all technology shifts to occur in the future.

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. They also spoke about the transformations in the market, sales and services that have encouraged many uneducated customers to understand various digital platforms and come on board to be a part of a new technology shift.

The BW BusinessWorld BFSI CXO Summit also shed light on the future of banking and technology and softwares that deal with securities in safe transactions.