7 Dimensions Of Transformation

Banking Frontiers reached out to CEOs about their initiatives for adapting to the post-pandemic normal. Their responses are presented here along 7 dimensions: (i) Scale & Speed of Response, (ii) tech learning, (iii) risk management & BCP, (iv) technology scaling, (v) EWS (vi) newer technologies and (vii) product remix:

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Part 1

Scale & Speed of Response

The first significant shift in the roles and responsibilities across the value chain in BFSI organization was aimed at ensuring business continuity. The lockdown-driven immobility imposed a major hurdle for all organizations. Where there was an institutionalized robust and relevant business continuity plan, it was executed on a war footing. All leaders across the verticals of revenue generation and support functions shifted their focus towards redesigning the processes to ensure the functioning in the new regime of lockdown.

Anup Rau, MD & CEO at Future Generali India Insurance, believes that technology readiness and the digital ecosystem that the company had built, enabled it to provide business continuity, responsively and effectively. The company also introduced new processes and technological tools to source and service business inflow in an efficient manner, he adds.