Banks build huge NextGen tech architecture

Bank of Maharashtra, IDFC FIRST Bank and Axis Bank are flexing technology muscle to beat the competition:

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Bankers make interesting presentations at the time of annual B and analysts, which contain treasures of information. Here is an account of how leaders at some of the leading banks analyze their own IT & digital initiatives, undertaken throughout FY 2022-23.

TECH PLANS BANKS ASPIRE

Asheesh Pandey, Executive Director, Bank of Maharashtra, briefed at the annual earnings conference call about the technological and the digital initiatives, which bank is aspiring and the areas which it wants to cover. Bank of Maharashtra is working upon the 3 important pillars. One is digital operations, which means whatever banking operations it is doing, making it increasingly technology based. Second is what sort of operations can be converted to digital journeys. The bank has also taken a decision that each month, there will be a digital launch day. The third pillar is digital compliance. When it becomes a legacy, it takes a lot of time and the resources and so the bank is thinking to imbibe all those compliances within the journey itself.

Asheesh updates: "We are banking upon the artificial intelligence that we are on the verge of finalizing, so that we will be directly taking up the robotic process automation. We have already started deploying. We have almost concluded 10 processes and we had the 62 approvals. We have already identified around 100. Next is machine learning, which is analytics or deep learning. It is in place with the analytics team in the bank, which we are using for our soft collections, also for the upsell, cross sell and also some of the areas where we have to strengthen or to understand where our stress book will be. The 4th is our website."