CEO Panel: Connecting Traditional Wisdom with Modern Intelligence

Banking Frontiers organized its annual NBFC Conclave titled NBFC's Tomorrow in August 2024 at Mumbai. Highlights of the first panel discussion:

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Manoj: What do you see connecting traditional wisdom and modern intelligence in today’s and tomorrow’s ecosystem?

Purvi: We are a country full of traditions and lot of wisdom gathered over so many years. Earlier, we used to visit customer and we evaluated at least 50 different businesses and we gathered so much of wisdom. Unfortunately, most of our wisdom stayed with us. The problem with traditional wisdom is that most of it you cannot pass on to the next deserving person because you are not capable of documenting everything. Then comes the technology and data and artificial intelligence and more. So, we started capturing lot of data and started refreshing it at certain intervals and many of our decisions started coming based on data. We could create templates which helped us spread out. Over a period of time, we kept on adding more layers to it. Earlier our wisdom was limited to what we could see with our own eyes. Now there is a lot of external data like weather data, rain data, etc. So, we can now top up traditional wisdom with lot of external intelligence as well.