The BFSI sector in India has transformed swiftly in alignment with technology. The advancement could be possible as there were no constraints with regard to age-old applications or mainframe-based technologies, says Bhuvanendran Kamak, Chief Information Officer (CIO) ,TransUnion CIBIL Ltd, in conversation with Harshal Yashwant Desai of Elets News Network (ENN). Excerpts:
How do you rate the current technology standards followed in the Indian BFSI Sector?
Technology adoption in India has evolved at a very fast pace in comparison to other international markets. This is primarily because India has not been constrained by too many legacy applications or mainframe-based technologies. Even Public Sector Banks today have a core banking system with a digital strategy in place. However, India still has a long way to go when it comes to things like high-end technology research and creation of a conducive ecosystem for start-ups. Also for data capture, authenticity and timeliness are also the challenges yet to be addressed.
How has the technology evolved within your organisation over the years? What are the driving forces for rapid technology transformation within your organisation?
We are one of India’s largest “Big Data” companies. At TransUnion CIBIL, Technology is definitely at the core of everything we do. Therefore, we view technology as a key differentiator. Given the same, over the years, we’ve continuously invested in upgrading our technology to stay “ahead of the curve”. While originally, technology served primarily as an enabler to run the business and was driven by our business strategy, we’re now reaching a stage where our technology is actually at the front, driving new, cutting-edge capabilities, thereby influencing our strategy in terms of what more can we can do in future.
Apprise us on the challenges faced by your organisation?
Challenges faced by TransUnion are essentially related to the adaption of new products. It is challenging to meet the need of our customers as existing workflows need to be digitised and policies need to be changed quickly.
Source: The Banking and Finance