Raju Daryani

#CTO / CIO - BFSI of the year #TechLeadership #ITLeadership #DigitalBanking #BankingTechnology #Technology #Digitization   #Banking #BFSI #Banks #FinancialServices #Finance #NBFC #DigitalTransformation #GlobalLeadership #CyberSecurity #BusinessExcellence #Innovation #InnovativeSolutions #ExcellenceInTech #LeadingTheWay #AwardCeremony #IndustryLeadership  #TechInnovators #DataSecurity  #DigitalRevolution #TechTrends #CIO #ITHead #CDO #CISO #DataCenter

٩٤

٥٨ تعليق

Indian core banking solutions have undergone significant technological advancements and implementations in recent years. Some key developments include: 1. _Cloud Adoption_: Many Indian banks have migrated their core banking systems to cloud-based infrastructure, enhancing scalability and flexibility. 2. _Digital Payments_: Implementation of digital payment systems, such as UPI, IMPS, and NEFT, has revolutionized transaction processing. 3. _Artificial Intelligence (AI) and Machine Learning (ML)_: AI and ML are being used for fraud detection, risk management, and customer service. 4. _Blockchain_: Some banks are exploring blockchain technology for secure and efficient transaction processing. 5. _API Banking_: Banks are adopting API banking to enable seamless integration with fintech companies and enhance customer experience. 6. _Microservices Architecture_: Core banking systems are being re-architected using microservices, enabling greater flexibility and scalability. 7. _Data Analytics_: Advanced data analytics is being used to gain insights into customer behavior and preferences. 8. _Mobile Banking_: Mobile banking apps have become increasingly popular, offering customers convenient access to banking services. 9. _Biometric Authentication_: Biometric authentication, such as fingerprint and facial recognition, is being used to enhance security. 10. _Compliance with Regulatory Requirements_: Indian banks are implementing technologies to comply with regulatory requirements, such as RBI's guidelines on cybersecurity and data localization. These technological advancements have transformed the Indian core banking landscape, enabling banks to offer more efficient, secure, and customer-centric services.

١٢

The Indian Unified Payments Interface (UPI) has brought about a significant paradigm shift in the digital payment landscape, both in India and globally. Several factors contribute to UPI's transformative impact: 1️⃣. Interoperability and Seamless Integration UPI allows seamless transfers between different banks and payment platforms, making it possible for users to send or receive money from any bank account without needing to know the recipient's bank details. The system integrates multiple financial institutions and payment systems into a single, unified platform, promoting interoperability. 2️⃣ . Real-Time Transactions UPI enables instant money transfers 24/7, including on holidays and weekends. Unlike traditional bank transfers, which may take hours or days, UPI's real-time settlement has made digital payments faster and more reliable. 3️⃣ . Ease of Use UPI has made digital payments user-friendly. It allows transactions through a simple mobile app, using just a phone number or a Virtual Payment Address (VPA) (e.g., name@upi), eliminating the need for complex details like IFSC codes or bank account numbers. 4️⃣ . Cost-Effectiveness UPI transactions are typically free or have minimal charges, making it affordable for both consumers and businesses. This low cost encourages wide adoption, especially among small merchants and individuals who were previously hesitant about using digital payment systems due to high transaction fees. 5️⃣ . Boost to Digital Ecosystem and Innovation UPI has catalyzed a range of innovations in the Indian fintech space. Companies have built apps and services that leverage UPI, such as payment wallets, peer-to-peer transfers, and e-commerce integrations, creating an entire ecosystem of digital financial products. Furthermore, government services, subsidies, and welfare payments have been increasingly digitized via UPI. 6️⃣ . Boost to the Cashless Economy By making digital payments so easy, UPI has helped accelerate the adoption of a cashless economy. It has also supported initiatives like Digital India, helping the Indian government push for a reduction in cash transactions and greater financial digitization. 7️⃣ . Global Impact UPI’s success has attracted attention worldwide, with several countries looking at it as a model for creating similar digital payment systems. In addition, UPI has begun to expand globally, with international partnerships allowing for cross-border payments, further cementing its role as a global leader in digital payments. 🌟 In summary, UPI has revolutionized digital payments by providing a user-friendly, secure, and cost-effective system that has bridged the gap between traditional banking and the digital economy. Its success in India is a model for other nations seeking to drive financial inclusion and modernize payment infrastructure. #UPI #Fintech #DigitalPayment #PaymentInnovation #DigitalIndia #Bank

١٢

Banks in India, especially the Public sector banks are today at the crossroads of transformation - balancing legacy structures with the demands of modernization and regulatory compliance. In this rapidly changing environment, effective change management and risk management are critical to ensuring long-term sustainability and resilience. PSBs can leverage change and risk management practices to navigate challenges through following means - 1️⃣ Adopting a Proactive Approach to Change: Organizational change is inevitable, whether due to regulatory updates, digital transformation, or evolving customer expectations. Successful change management requires PSBs to build a culture of adaptability, ensuring that employees at all levels are aligned with the bank’s transformation goals. 2️⃣ Integrating Risk Management into Strategic Planning: Risk management in public sector banks should no longer be reactive. By integrating risk assessments into the core of strategic decision-making, PSBs can better anticipate operational, financial, and regulatory risks and develop contingency plans that safeguard the institution. 3️⃣ Balancing Legacy Systems with Innovation: One of the greatest challenges for PSBs is managing the risks associated with updating legacy systems. Effective change management practices help mitigate these risks by ensuring a smooth transition to modern technologies while minimizing disruptions to daily operations. 4️⃣ Fostering Employee Engagement for Successful Change: Engaging employees is crucial in any change initiative, through training, open communication, and clear role alignment, ensuring that employees are not only informed but empowered to be agents of change. This builds trust and reduces resistance to new processes, fostering a smoother transition. As Indian public sector banks continue to evolve, the synergy between robust change management and comprehensive risk management shall ensure a secure and sustainable future for the sector. #ChangeManagement #RiskManagement #IndianBanking #PublicSectorBanks #BankingInnovation #Leadership #DigitalTransformation #BankingStrategy

١١

٦ تعليق

A great synopsis of how most 'innovation' occurs in #banking and #money; or, rather, how most 'innovation' is actually *retrofit* :

٥

Interested to get in touch with business-technology global leaders, across "Banking & Financial Services" industry, who have successfully led and delivered upon "Open Banking Initiatives" leveraging standardized APIs to enable interoperability between providers, leading to a more cohesive financial ecosystem at national and regional level. #openbankinginitiative #openbankingapi #financialservices #Banking #CxO #technology #transformation

٩

Wholesale central bank digital currency(#wCBDC) is a form of Central bank money(CeBM) that could unlock new economic models and integration points that are not possible today. wCBDCs promise to preserve the role of CeBM as a credit risk-free payment instrument by providing a foundational layer for #digitalpayments in the next generation of financial markets. The World Economic Forum released The report 'Modernizing Financial Markets with Wholesale Central Bank Digital Currency (#wCBDC)' released by World Economic Forum in collaboration with Accenture explores the potential of #wCBDC to address challenges in financial markets through a global multistakeholder approach. This report focuses on two wCBDC use case areas: 1) interbank #payments 2) #securities transactions Source: https://lnkd.in/gSFTwd_y SimplyFI India Blockchain Forum #cbdc #banking #tokenization #efficiency #stablecoins #settlement #crossborder

٢٨

# Top 3 Tech Trends in BFSI Industry today 1) Innovative Technology Integration - Focus on adopting and integrating cutting-edge technologies such as AI, blockchain, and IoT in your Banking , NBFC , Insurance & Securities operations. - Showcase successful case studies where technology improved efficiency, reduced costs, or enhanced customer experience. 2. Customer-Centric Digital Solutions - Highlight initiatives that have transformed the customer experience through digital platforms and self-service solutions. - Emphasize the importance of data analytics in understanding customer behavior and delivering personalized services. 3)Robust Cybersecurity Measures - Ensure you have implemented top-notch cybersecurity protocols to protect sensitive financial data. Discuss the importance of cybersecurity in maintaining customer trust and adhering to regulatory requirements. Outcome in pic shown below is World Class lethal combination of Vision + Execution & continuously Implementing more of above top 3 Secrets at Clix Tech Universe 👆 Waiting to hear your views …

٥١

٨ تعليق

The landscape of Indian banking is undergoing a revolutionary transformation, powered by the principles of Open Banking and the advanced use of APIs. As we navigate this shift, understanding the intricacies and opportunities of these changes is crucial for every financial professional. APIs (Application Programming Interfaces) a core part of the Open banking initiative; these are the building blocks enabling this new ecosystem. They facilitate seamless communication between different financial systems and applications, allowing for the creation of more integrated and user-friendly services. Join with me and Pratap Rajkumar, Associate Consultant, The Digital Fifth tomorrow @3pm. 𝐈𝐧 𝐭𝐡𝐢𝐬 𝐬𝐞𝐬𝐬𝐢𝐨𝐧, 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐥𝐞𝐚𝐫𝐧 𝐚𝐛𝐨𝐮𝐭: - Open Banking: Gateway to Financial Transformation How REs can leverage the Open Banking advantage How Banks can crack the XaaS market with API benchmarking The Digital Fifth frameworks on API benchmarking Register now to save your spot!: https://lnkd.in/dAFjXhaj #OpenBanking #FinancialTransformation #API #Benchmarking #Fintech #FinancialServices #Innovation #DataSecurity #ConsumerChoice #OpenFinance #APIs #DeveloperExperience #FinancialInclusion #BankingOfTheFuture

٣

Meet Ramya Mothiram, whose 19-year journey with us stands as a true inspiration. Starting her career as a training officer in the Operations team, Ramya, steadily climbed the ranks to become an Authorizer, then a Lead, and eventually a Manager. But after nearly a decade in operations, Ramya decided to do something different. A pivot to the world of technology, she says, ‘It was like stepping into a new world. The skills required were different, and I had to view things from a new perspective. I felt nervous at first, but NatWest offered technical trainings that helped me get the foundation right and adapt at my own pace.’ Her determination saw her through a new role as a Test Analyst, followed by positions as a Test Lead, and today, a WoW - Quality Manager. Ramya's journey wasn't without challenges, but it was these very hurdles that fuelled her growth. ‘Challenges have fascinated me,’ she says, ‘because that's when I know I am here to overcome them and move to the next level.’ Whether it was shifting from operations to tech, upskilling with new software skills, or balancing work and life as a mother, Ramya found strength in the support and camaraderie of her colleagues. ‘Here at NatWest, the teams are always there for you. Whenever I felt stuck or had a query, my colleagues came together to make the right decisions.’ Ramya's experience highlights not just her resilience but also the importance of a supportive workplace. ‘There are so many ways to support and nurture a comeback to the workforce,’ she advises, ‘whether it's after maternity leave or a career break. Believe in yourself and don't feel the need to compromise, especially when it comes to your career.’ As Ramya continues her journey, taking on leadership trainings through the IGNITE program and new challenges, her story is a testament to what can be achieved with a passion for continuous growth. Here’s to Ramya and all the incredible Women WhoWow at NatWest, proving that there are no limits to what can be accomplished. Find your next Tech challenge with us https://bit.ly/4gbWj5G #NatWestGroupIndia #LifeAtNatWestGroup #Careers #WomenWhoWow

٢٢

India's rapidly growing base of digital banking customers expects an ever-greater array of services and products.AI and generative AI provide Indian banks with the opportunity to create an evolving banking ecosystem while meeting expanded risk management and compliance demands. Today’s customers can access various customized services and products at their fingertips, and banks are not exempt from these expectations. Competitive pressures also force banks to focus on improving productivity and deal with the ever-increasing risk management and compliance demands. The India stack, a set of open APIs (application programming interface) for government, businesses and individuals to utilize India's digital infrastructure, has deepened and widened the access to financial services in what was traditionally a cash-driven economy. India's unique ID programme, Aadhaar, a consent-driven architecture where the unique ID/number can only be verified with the cardholder's consent, has dramatically lowered the cost of confirming customer identity. AI is a reality that’s shaping the way banks operate and serve their customers. AI encompasses various technologies like machine learning, natural language processing, and computer vision, all working together to analyze data, make decisions, and automate processes. In banking, AI is being used to improve customer service, enhance security, and provide personalized financial solutions. The Future of Banking: AI and Blockchain: As we look to the future, the convergence of AI and blockchain technology holds immense promise for the banking industry. Blockchain ensures secure, transparent, and tamper-proof transactions, while AI adds intelligence to automate processes further. Together, they are poised to revolutionize how we think about financial transactions and security. At the same time as these advances, we must not lose sight of the ethical dimension. Banking is a highly regulated industry; hence, transparency, data security, accountability and unbiased decision-making are critical. Banks’ AI usage should incorporate these key areas holistically. The explainability of AI models is a crucial aspect, as it is important to know the key drivers behind the decisions arrived at by these models. We need to ensure adherence to data privacy and security while using AI models. There are risks that they may exhibit certain biases inherent in training data or leak sensitive data. Bias in AI algorithms can lead to incorrect decisions or, worse, may end in upholding racial, gender and other discriminations. Accountability for wrong decisions made by banks due to algorithms is another complex issue since these algorithms are primarily opaque. #AIBanking #DataPrivacy #FutureBanking #APIBanking

٧

Bank Account Portability in India 1. Technical Feasibility: Implementing bank number portability is technically feasible with advancements in digital banking infrastructure. However, it requires a coordinated effort between banks, regulatory bodies, and technology providers. 2. Regulatory Framework: The Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) would need to develop a comprehensive regulatory framework to manage the portability process. Pros: 1. Customer Convenience: Portability would allow customers to switch banks without changing their account numbers, simplifying the process of moving to a bank that offers better services or rates. 2. Increased Competition:It could foster healthy competition among banks, as customers would find it easier to switch to banks that offer better terms or services. 3. Simplified Banking:Customers wouldn’t need to update their account details with various service providers, reducing administrative hassles. Cons: 1. Implementation Complexity: Establishing a robust and secure system for bank number portability would be complex and costly. It would involve significant changes to existing banking infrastructure. 2. Security Risks:It might introduce potential security risks, requiring enhanced measures to protect against fraud. 3. Operational Challenges:Banks would need to manage a higher volume of account transfers and update their systems to accommodate portability, which could be operationally challenging. Unique Bank Account Number (UBAN) in India Possibility: 1. Implementation: Introducing a UBAN that is distinct from the bank’s code and branch details could be an evolution of the current system, requiring updates to account management systems. 2. Standardization: A standardized UBAN format could simplify banking operations and enhance interoperability across different financial institutions. Pros: 1. Increased Efficiency:A unique number system could streamline transactions, reduce errors, and improve the efficiency of processing payments and transfers. 2. Enhanced Security: A standardized UBAN format could improve security and reduce the risk of fraud, as it would reduce reliance on potentially variable account number formats. 3. Simplified Integration: A unique identifier could simplify integration with other financial systems and services, including international transactions. Cons: 1. System Overhaul:Implementing a UBAN system would require a significant overhaul of existing banking systems and processes, which could be costly and time-consuming. 2. Transition Challenges: Transitioning to a new system might be challenging for both banks and customers, involving a learning curve and potential disruptions during the switch. 3. Interoperability Issues:Ensuring that the new UBAN system is compatible with existing flow Both concepts offer potential benefits but also involve considerable challenges that need to be carefully managed to ensure successful implementation.

٢

Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India to facilitate instant money transfers. It is the most advanced payment systems in the world, allowing users to transfer funds across bank accounts through their mobile phones, 24/7, without bank details or IFSC codes. Let’s break it down: ### 1. **What is UPI?** Imagine UPI as a digital postman that delivers money across banks instantaneously. Normally, if you wanted to send money to someone, you’d need their bank account number, IFSC code, and other details—much like mailing a physical letter where you need the full address. But with UPI, you don’t need all of that. Instead, it works like sending a text message, where all you need is the person's virtual address (called a Virtual Payment Address or VPA), such as `username@bank`. ### 2. **How UPI Works (Technical Overview)** At its core, UPI is built on the IMPS system, which allows for real-time interbank transfers. Here’s the flow of a UPI transaction: - **User Initiates Transfer**: Using a UPI app (like Google Pay, PhonePe, or Paytm), the user enters the amount and the recipient’s VPA (like `john@bank`). - **Validation & Authentication**: The app asks the user to enter their UPI PIN (Personal Identification Number), which acts like a digital signature to authorize the transaction. - **Real-time Transfer**: Once authenticated, UPI connects to the NPCI switch, which checks the sender’s bank balance, verifies the recipient’s bank details, and completes the transaction instantly. - **Acknowledgment**: Both the sender and recipient get an immediate notification that the money has been transferred. What’s remarkable about UPI is its speed and efficiency. The entire process happens in a matter of seconds. There’s no waiting for bank working hours or weekends. UPI is always available. 3. **Virtual Payment Address (VPA)** A VPA is essentially an alias for your bank account, like a nickname. Instead of giving out your detailed account number and IFSC code, you just share something like `yourname@bank`. It’s secure and convenient. When someone uses your VPA to send money, UPI knows where to direct the funds. ### 4. **UPI ID vs. UPI PIN** - **UPI ID (VPA)**: This is the identifier that tells the system who the recipient is. - **UPI PIN**: This is a 4-6 digit code set by the user and is used to authorize transactions. Think of it like the password you use for your bank account, but it’s specific to UPI transactions. ### 5. **Benefits of UPI** - **Instant Transfers**: Transactions happen in real-time, in seconds. - **Low Cost**: Typically free or at minimal charges. - **Accessible 24/7**: No need to worry about banking hours or holidays. - **Secure**: It uses two-factor authentication (your mobile device and UPI PIN). - **Interoperability**: Works across multiple banks and platforms. You can send money from one bank to another or even to someone using a different UPI app.

٣٥

٣ تعليق

How can we further improve the way we manage and find solutions for customer feedback? In this article by Harvard Business Review, Nimish Panchmatia, Chief Data and Transformation Officer, DBS Bank, shares more about the bank’s GenAI-powered virtual assistant. It has enabled us to significantly improve our customer call quality, driving greater satisfaction while saving our call centre agents around 20% on call handling time. #dbsbank #ai #genAI #customerservice #transformation

٢٩

The more a product leader understands the customer and market, the greater their value and respect. Deep insight turns plans into impactful solutions, earning trust and admiration. #ProductLeadership #CustomerInsight #MarketAwareness #Innovation

١٠

Embrace Recognition: Cyber Security Excellence Award #CTO #CIO #ITHead #CDO #CISO #CyberSecurity #DataSecurity #TechLeadership #ITLeadership #DigitalBanking #BankingTechnology #Technology #Digitization #Banking #BFSI #FinancialServices #Finance #Banks #NBFC #DigitalTransformation #GlobalLeadership #IndustryLeadership #TechInnovators #DigitalRevolution

٢٣٥

٧٩ تعليق

Composable Banking: A Modular Approach to Agile Financial Services Composable banking is an approach that allows banks and financial institutions to build and modify their products and services quickly by using modular, reusable components—often referred to as “composables.” Each of these components is designed to perform a specific function, such as payments, lending, account management, or authentication, and can be assembled or reconfigured to create a variety of digital banking solutions. This modularity enables banks to adapt to customer needs faster, implement new services, and integrate with third-party systems more easily. Key principles of composable banking include: 1. Microservices Architecture: Each function or capability is developed as a microservice, enabling independent scaling, deployment, and updates. 2. APIs and Open Banking: APIs are used to connect various services, often following open banking standards for interoperability, security, and compliance. 3. Reusable Components: Components or services are designed to be easily reused across different products and channels, reducing development time. 4. Scalability and Flexibility: Modular components enable banks to scale specific services based on demand and adapt to new market requirements without disrupting other functions. Composable banking helps financial institutions keep pace with digital transformation, allowing them to offer more personalized and flexible customer experiences while remaining agile in response to regulatory and technological changes.

١٣

١ تعليق واحد

This seems to be an interesting approach for the Banks to share and co-create Digital Infrastructure

٢٦