BW Businessworld's BFSI CXO Summit - Banks Will Turn Into Apps

MUMBAI, June 26, 2017 /PRNewswire/ --

A day-long BFSI CXO Summit held by BW Businessworld in association with PwC on June 16 at St. Regis, Mumbai, saw experts from the financial world decoding the future of the banking industry.

The event which saw an audience turnout of more than 550, was graced with the presence of over 100 banker delegates and more than 100 information technology experts.

The summit highlighted the need for banks to match steps with technology. "Innovate, innovate, innovate, because customer expectations and experiences are changing faster than the technology itself," said P C Panigrahi, General Manager, Financial Inclusion Department, Union Bank of India, while speaking at the BW Businessworld BFSI CXO Summit 2017.

Banks and financial institutions should adopt digital technologies, and take cues from social media, use big data and analytics and shift the definition of banking experience for the masses. The event had more than 15 organizations showcasing new technology.

Defining the new age banking strategy, experts echoed each other in stressing that banks will eventually turn into apps and thereby, provide for safe online transactions which will become the biggest challenge down the line. According to speakers, digitalization of banks, focus on safe online banking, data centers, and cloud storage is the way ahead for the banking industry. The panel discussions during the summit pointed out that industry landscape is changing with the advent of technology and players must lead this change.

Lalit Popli, Head IT, ICICI Prudential, noted that as Indians we are less concerned about the security of our information. "When it comes to our computers, we don't buy authorized software. That itself opens up your data to security breaches. We have seen with Wannacry, how many small sectors, have been affected by it."

Anand Ramamoorthy, MD, McAfee talked about the importance of cybersecurity in the digital world at the BW Businessworld BFSI CXO Summit saying, "The banking sector is vulnerable and is the only sector that has 300% chance of getting breached. 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."

Mr. Prashant Singh, UIDAI, Government of India emphasized on how Aadhar has brought a paradigm shift in the identity management of citizens of the country.

The prominent speakers from the banking sector were Mrutunjay Mahapatra, CIO & DMD, State Bank of India; Shiva Kumar Bhasin, CTO, State Bank of India; Sanjay Narkar, CTO, IFDC Bank; Gaurav Zutshi, Chief Digital Officer, Aditya Birla Financial Services; A K Kapur, Deputy Managing Director, Small Industries Development Bank of India (SIDBI); Ashutosh Jain, Chief Information Security Officer, Axis Bank and many more.

Many IT experts including  Anand Ramamoorthy, Managing Director, McAfee; Shrikant Shitole, Managing Director, Symantec India; Sunil Mahale, Vice President and Managing Director, Nutanix India; Arindam Mukherjee, Director Operations - Enterprise Sales, Cisco India & SAARC; Jason Stirling, Senior Vice President & GM Asia Pacific, Nuance Communication; Rajan Sharma, Vice President and Practice Head, HCL Infosystems Ltd also attended the event.

The summit sponsored by 20 companies saw the presence of leading banks like State Bank of India, HDFC Bank, ICICI Bank, IndusInd Bank, Yes Bank, DCB Bank, IDFC Bank and many others.

The summit was held in association with top corporates including HCL Infosystem, McAfee, Cisco, Nutanix, Symantec, Redhat, Suse, Stratus, Checkpoint, EDB, Senrysa, Nuance, Amit Software and many more.

Best performing banks were also felicitated in the summit on the basis of growth, size, sustainability of operations and risk. The results of the award ceremony have been carried out in the 'Best Bank' issue of BW Businessworld Magazine and also on the online platform of BW Businessworld (http://www.businessworld.in).

About BW Businessworld

BW Businessworld , led by Mr. Annurag Batra, Chairman and Editor-in-Chief, is the fastest growing business media house in India. Its network spans across online communities, magazines and it conducts 70 of its own IP events - all of it to keep its communities meaningfully engaged with each other. #BFSICXOSummit

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BW Businessworld
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