BS BFSI Summit: Indian data not yet ready for AI decade, say CTOs

The buzz around artificial intelligence (AI) and GenAI may dominate the C-suite discourse, but what truly keeps corporate leaders awake at night are issues like data security, cybercrime, and regulatory compliance. 

These were among the key concerns discussed by Chief Technology Officers (CTOs) at the Business Standard BFSI Insight Summit 2024 CTO Lunch session in Mumbai on Thursday. The closed-door event brought together top executives from the banking, financial services and insurance (BFSI), and fintech sectors. 

The executives noted that Indian data was not yet ready for the AI decade due to its unstructured nature and the challenges posed by legacy systems. The lack of standardisation and the complexity of integrating older data infrastructure with new AI technologies remain significant barriers to effectively leverage AI. 

In addition to these pressing issues, another key challenge highlighted was finding the right balance between driving innovation and ensuring compliance with the ever-evolving regulations. 

As technology continues to advance, CTOs face the constant pressure of adopting cutting-edge solutions while adhering to stringent industry standards and safeguarding sensitive customer data. 

They also deliberated on how regulatory pressure keeps them on their toes, prompting them to further enhance their technological landscape to avoid facing any regulatory action.