Digital Technology Senate: BFSI CEOs discuss digital strategy in the times of COVID-19

Nitin Chugh, MD and CEO, Ujjivan Small Finance Bank discussed the importance of customer experience and Hardayal Prasad, MD and CEO, SBI Card said, big data and mobile technologies will remain to be the focus for the company

Nitin Chugh’s presentation focussed on the growing importance of customer experience and how it should be dealt with. Customers are looking for more and more experiences. “We have to let customers define their experiences, instead of providing them predesigned experiences. There needs to be personalisation,” said Nitin Chugh, MD and CEO, Ujjivan Small Finance Bank. The experiences are now getting unbundled because experiences can’t have one size to fit all, we need to have a context with the help of AI and data science. Customers are looking at all experiences within one app and thus simple user interface results into exceptional user experience.


Hardayal Prasad, MD and CEO, SBI Card spoke about the robust digital infrastructure built by the company and initiatives undertaken to ride the challenges from lockdown. “We have been investing heavily on our technology infrastructure, including AI, ML and digital platforms. Fifty percent of our accounts go without the intervention of underwriters. Our chatbot has the correctness of 97 percent, which is among the highest in India’s BFSI sector,” said Prasad. In an industry first, The company has introduced asset-liability cognitive bots.

SBI Card ensured VPN connections for upto 5000 people. As the lockdown continued, a private cloud was immediately setup to enable thousands of people to work from home. “We ensured 100 percent uptime of our IT and digital infrastructure during the lockdown,” said Prasad.

Big data and mobile technologies will be key to the business operations in the future.

The importance of a mobile centric IT ecosystem has also enhanced in COVID-19. “Huawei helps banks to build mobile centric IT architecture,” said Ronald Raffensperger, Senior Transformation Expert, Financial Industry, Huawei Technologies. There will be more mobile engagements with a bigger scope for automated onboarding and loan approvals. Fewer manual processes will result in increase in efficiency in service delivery. There will be bigger play of new technologies such as AI and IoT, but it will largely revolve around mobility. Huawei also has a broad range of ecosystem partners to provide an array of services.

In the times of COVID-19, it’s imperative for customers to move to digital channels to avoid visiting the physical stores. Customer engagement is getting disrupted today. Customers want to have quick support services. Most of the population is moving towards digital channels, but a certain section still prefer the physical channel. The biggest shift is towards digital experiences outside the physical stores. “Organisations must look at solutions which can scale to accommodate more engagement. API integration plays a critical role and our Bold 360 products allow financial organisations to do that,” said Sanketh Shanbhag, Solution Consultant, LogMeIn India. 

The COVID-19 crisis has also made enterprises realise the potential of cloud. Tausif Siddiqui SE Manager, Enterprise, NetApp India presented on the cloud computing solutions provided by NetApp. The company’s Data Fabric tool allows customers to store the data wherever they want, ensuring seamless movement of the data. “We simplify, automate and deliver a hybrid cloud environment for customers. Our Cloud Insights tool reduces cloud infrastructure costs by an average of 33 percent. Cloud Insights prevents 80 percent of cloud issues from impacting end users. Cloud Insights scales up automatically as the customer’s on premise or cloud resources grow,” said Siddique.

July 1, Day 2 of BFSI series, will see talks from Anand Roy, Managing Director, Star Health and Allied Insurance Company and Ashish Nauriyal, Lead, Solutions Consultant, EnterpriseDB, Asia Pacific & Japan.

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customer experiencedigital technology senateHardayal PrasadNitin ChughSBI CardUjjivan Small Finance Bank
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