Digital transformation demands deep thinking

Sachin Dutta, Chief Operating Officer, Canara HSBC Oriental Bank of Commerce Life Insurance and Rahul Chopra, Chief Digital Officer, Clix Capital, share the roadmap for their institutions in adopting digital transformation:

According to the BFSI industry experts, 2021 will witness the next wave of digital transformation on ease of business sourcing and leveraging ways to utilize analytics aggressively, to make propositions sharper and precise for the customer in line with customer’s need, making risk management more effective. Another area that will witness rapid growth is the externalization of rule sets meaning the BFSI companies shall integrate better with external services and ride on various technological capabilities that the market has to offer. A lot of innovation will be driven in servicing which has a significant uptake during covid, but the servicing was less approached with complete digital agenda in mind and was more of a survival need during the pandemic.

Sachin Dutta, Chief Operating Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Co, says: “There is an opportunity to simplify and bring it at par with other financial products. There could be further adoption of bots, especially voice bots, in 2021 and customers getting familiar with these offerings. From an architecture standpoint, we could see more insurers moving towards adoption of microservices architecture and going for containerized setups thereby making changes more manageable, faster and scalable.”

According to Rahul Chopra, Chief Digital Officer, Clix Capital, the year 2020 was hijacked by a global pandemic that is taking its toll on us, but there is one arena that is smiling bright – digital transformation.

He says digital transformation is no longer a ‘should have’ component, it is now an ‘essential revolution’ for organizations worldwide, no matter what size and segment they belong to. As 2020 is past and 2021 is in, digitization has shown certain eye-striking transformations, more so because of the pandemic, he adds.