BS BFSI summit highlights: 'Data science can help pre-identify those vulnerable to cyber fraud'

Business Standard BFSI Summit 2024 highlights: Catch all the updates related to the BFSI summit here

7:40 PM

We task security firms with attempting to breach our systems: Mashreq Bank India's Tushar Vikram

“We conduct ethical hacking of our systems ito ensure robust protection,”Tushar Vikram said, adding, “Customer trust is key, and we need to stay updated.”

7:33 PM

Compliance doesn't impede progress, say financial services heads

During a panel discussion at the Business Standard BFSI Summit on ‘Navigating the Future of Financial Services in India: Tech Roadmap,' industry leaders were of the opinion that compliance with regulations in financial services can be expensive, but it is crucial for businesses to grow and ensure customer protection. Read here for more details.

7:05 PM

'RBI Kehta Hai' campaign has a strong impact, should continue doing this on a large scale: Baldev Prakash

"We have weekly customer awareness sessions on radios. The RBI Kehta Hai campaign is also having a strong impact. We should continue doing this on a large scale," says J&K Bank's Baldev Prakash.

7:01 PM

Education and communication is key to customer awareness, says Pralay Mondal of CSB Bank

"Today, everyone is looking at India's digitisation system. So, we are going to continue to become a hub of digital attacks," Pralay Mondal of CSB Bank stated today

6:37 PM

Security of entire payments ecosystem needs to be protected: GooglePay's Karan Sapra

"As the country grows, many segments of society are getting included. The latest entrants are perhaps the most vulnerable. India will progress not only when digital mode is adopted but when safety and security of the entire ecosystem is protected. One out of two who have mobile internet don't have UPI access," says Karan Sapra.

6:33 PM

OTPs are extremely prone to phishing says Zeta's Sivaram Kowta

"We are both excited and extremely worried about security in the digital context. OTPs, for a example, are 'extremely' prone to phishing. Compromise of password can compromise your entire financial security," Sivaram Kowta said today.

6:09 PM

Individuals need to be aware about basic ideas on tech safety: Nitin Chugh

"Tech proliferation is everywhere, each individual should have a basic idea of  tech safety pertaining to personal and financial safety.  Mules are pre recruited. They are told that a certain amount of money will be deposited in your account which you withdraw and give such and such person, and you keep a certain percentage. Most of the time mules don't know for what purpose they are being recruited," says SBI Deputy MD Nitin Chugh.

5:58 PM

For cyber crime, greed was the predominant driver, what we see now is fear or threat: SBI Dy MD Nitin Chugh

"For cyber crime, greed was the predominant driver, what we see now is fear or threat. People are succumbing to fear when such calls are made. Who gets targeted with a scam is decided through carpet bombing. A scamster may make 100 calls, and find three of them falling victim," Nitin Chugh said.

5:21 PM

Regulation should not stifle innovation: Angel One Wealth's Srikanth Subramaniam

"We learn to live with the regulation. The intent should be consumer protection and not stifling innovation. The government has ensured progressive regulation. Our DPI is second to none. We saw the magic of Aadhaar. Even in the West, social security number can't do as much as we can do with Aadhaar," says Srikanth Subramaniam.

5:11 PM

Will continue to invest in seamless service for customers, says PolicyBazaar's Saurabh Tiwari

"The biggest challenge is to make sure that customers get a seamless service. We have invested in this, and we are going to continue doing it. For example, for policy renewal, a physical inspection would take place. Now, we have made the process completely digital," Saurabh Tiwari said today.

4:51 PM

'Blinkit' generation customer is ever more demanding, says Girish Krishnan

"At Amazon, we work customer-backward and not capability-backward. The trends are new, but how you approach those trends  does not change," says Girish Krishnan.

4:48 PM

BFSI update: Market trends may change, our approach doesn't, says Amazon Pay's Girish Krishnan

4:27 PM

Retail trade in Tier-2,3,4 markets has not reached pre-Covid numbers: Sachindra Nath

"Covid-19 pandemic hit MFI industry very hard. Retail trade in Tier-2,3,4 market is much better but they haven't yet reached pre-Covid numbers, says UGRO Capital's Shachindra Nath.

4:12 PM

Stress in microfinance sector should recalibrate within few months: Venkatesh N, MD, IIFL Samasta

4:09 PM

Undocumented income assessment is becoming a challenge: Venkatesh N, MD, IIFL Samasta

"If you look at our operations, we do have remote branches where banking is not reached out. The ecosystem in terms of how NBFCs are used is quite remarkable, we were able to reach out to inner pockets," Venkatesh N said. "We don't have real assessment on income, we rely on what the customers say. The undocumented income assessment  is becoming a challenge," he added.