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Protect customers from monetary loss due to cyber incidents: ED, RBI

Protect customers from monetary loss due to cyber incidents: ED, RBI

Adoption of new-age technology – Regtech – will immensely benefit financial institutions in regulatory governance and risk management. Customer redress should be given top priority, and customers should be shielded from financial loss due to cyber incidents, said Ajay Kumar Choudhary, Executive Director, RBI on Saturday as chief guest at Indian Banks Association (IBA)’s 18th annual banking technology conference and awards, on the theme of ‘Future of Digital & Analytics in Banking.’

The advent of fintech players and smartphones has resulted in a significant increase in customer acquisition. Industry participants should focus on collaboration for enhanced customer experience. Ajay Kumar Choudhary alerted: “It is important that core banking is integrated with technology and adequate safeguards are implemented when outsourcing so that the banking industry is not at risk. RBI emphasizes on digitalization and is looking at ways towards faster and cost-effective tools for industry to adopt. As we move towards AI, ML, and cloud computing, the future of digitalization and digitization with analytics is going to be phenomenal. We need to foster innovation through upskilling our skills in this conducive environment.”

Digitalization has not only helped increase operational efficiency but has also helped increase the customer delight. Atul Kumar Goel, Chairman, IBA, and MD & CEO, Punjab National Bank, advocated: “With the integration of technology, it is imperative we adopt the new digital banking culture in this multi-functional collaborative environment. Going forward, we need to focus on innovation in technology and co-create net solutions through simplification and integration in the banking sphere.”

There has been a traditional shift from brick-and-mortar to digital banking. Sunil Mehta, Chief Executive, IBA, said: “It would not be a surprise to see the lending business move towards the digital sphere in the next three to four years.”

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