Here’s a summary of the article on the future of banking in the age of tech:
The past few decades have seen significant shifts in the world of banking, from the first ATMs in the 90s to today’s mobile and online banking experiences. However, behind the scenes, Chief Information Officers (CIOs) and Chief Technical Officers (CTOs) of banks have had to work around the clock to ensure the convenience and security of these technological waves. Avinash Raghavendra, President and CIO of Axis Bank, sees the rapid emergence of new technology as an opportunity for the future of banking in India.
Axis Bank has recognized the potential of the Unified Payment Interface (UPI) and plans to continue adapting to the innovations in the technological landscape. While AI is already being used by banks, such as in decision-making and transaction monitoring, a new wave of generative AI (Gen AI) is providing new opportunities, particularly in conversational interfaces, natural language processing, and cybersecurity.
To further enhance security and efficiency, banking institutions like Axis Bank are deploying AI to help identify potential transactions and prevent fraudulent activities. Although the BFSI industry is regulated, there is still room to collaborate with fintech players for innovation while benefiting from the robust security infrastructure and risk management knowledge of traditional banking institutions.
However, the accelerated pace of change in the bank’s technological offerings also presents potential challenges in integrating new skills sets and adapting to the changing paradigm. As stated by Raghavendra: “At the end of the day, banking is all about customer centricity and collaboration.”
Furthermore, the bank realizes the importance of sustainability in digital infrastructure and will continue to find ways to sustainably operate in the future using datacentres with low energy consumption. There is a further expectation that more advanced algorithms utilizing quantum computing with Gen AI are likely to secure transactions more tightly and provide advanced insights for new commercial use-cases. Axis Bank’s experience with these groundbreaking technologies has instilled confidence with regards to customer-centricity amidst the technological tumult.