RED-FLAG GUNS TURNING INTO GREEN-FLAG

Whether it is a cyber-attack, a fraud-detection algorithm or the new fintech onslaught – what if all this could mean good news for a traditional bank instead of the typical panic-button? RBS is already erasing a lot of these what-ifs with surprising and bold shifts. Good old banks have an unexpected strong muscle up their sleeves. Cyberattacks can be used to get better. AI is not optional. Open Banking gives customers a new power. Algorithms can help to fight fraud but they can also pour in new revenue streams. As staggering as these mindsets may appear, Arun Mehta, Head, Data & Analytics, Digital Engineering Services, RBS India does not seem perturbed or overwhelmed with the new storm of technology that is rolling up towards erstwhile banking behemoths. Instead, he sounds excited, eager and ready with a game-plan

- Pratima Harigunani

ARUN MEHTA Head, Data & Analytics, Digital Engineering Services, Royal Bank of Scotland India

What is it like to be a banking player in today’s landscape with fintech challengers, digital disruptors as well as technology behemoths like Google, Alibaba, Facebook looking for a slice of the industry?

As with every threat, there is an opportunity, I see the emergence of Fintechs and so-called Data IT companies as an opportunity for banks as well to challenge the status-quo and revamp their existing processes and IT systems/ platforms. In fact, if done with an incubator and agile mentality in mind, banks with hundreds of years of existence will be at an additional advantage as they sit on piles of data that could be converted into information which, in turn, could be leveraged to build insights for decision-making and customized customer value prepositions. In addition, banks have been expanding their ecosystem by investing in or by co-creating artifacts with Fintechs.

How crucial and smooth are emerging areas like Ai, Automation, Analytics, DLT etc. from the view of technology’s intersection with compliance, security, speed, user experience, and last-mile outreach?

AI, RPA, Cloud computing, and analytics - in my view - are super-crucial and not optional. Effective use of these technologies will act as a differentiator. The key is how one goes about creating a back-log of prompting use-cases with tangible outcomes. Further, prioritized use-cases need to be substantiated with business benefits and use of converging technologies to achieve the outcome. Keeping in mind the prevailing security controls, regulatory environment and, most importantly, enhancement of customer experience via digital journeys; contextual and value-added digital messaging will be of utmost priority.