Artificial Intelligence (80.77%) is the topmost technology being considered by CIOs of India’s Banking and Financial Services Industry (BFSI) for enhancing customer experience, findings of a dynamicCIO Survey reveal. The study was done among CIOs of India’s top BFSI organizations. At 78.85%, data analytics came a close second as the most preferred technology of CIOs for improving customer experience. This was followed by Robotic Process Automation (RPA) at 63.46%.
The findings indicate that the BFSI CIOs are some of the most focused ones with respect to digitalization. In fact, digital transformation and its related technologies such as APIs are more important for the banking industry than for the others. The CIOs are becoming increasingly convinced of the need to experiment with the latest digital technologies and aligning their business models and existing value propositions with the new realities. Banks and other financial organizations recognize that status quo is not sustainable and that they should disrupt themselves before others do it to them. In the absence of doing so, organizations may find themselves struggling as digital disruptors ratchet up the heat.
Pace of Technology Change and Adoption Biggest Challenges
The technology landscape is changing very fast and this has created apprehensions among the technology leaders of the BFSI sector. They admitted that the pace of technology change and adoption is the biggest challenge facing CIOs (69.23%) in this sector. They were responding to the question: What are the top three challenges a CIO in BFSI sector is likely to face as the industry moves into an era of hyper-disruption? The respondents pointed out the following other key challenges – the need for aligning IT with business goals (42.31%); getting skilled talent and reskilling of existing workforce (50.00%); educating stakeholders on cyber security and data privacy issues (57.69%); and making digital technologies work to create a real business differentiation (57.69%).
On the other hand, the top three options for the CIOs for meeting new business challenges were: focusing on moving use of data from information to insights (63.46%); increased spending in cyber security (61.54%) and Investment in automation (59.62%).
Data Security and Privacy A Top Priority for Key Stakeholders
Of late, cyber security has come to play a crucial role in the functioning of organizations. This is reflected in the findings of the survey. Around 53.85% of CIOs said that cyber security is ranked very high from key stakeholders’ perspective. They also said that policies are already in place as far as handling of data is concerned. For them, data protection is a key focus area (48.08%).
dynamicCIO conducted the survey among the top BFSI companies in India. The objective of this survey was to know the agenda of technology leaders, particularly the CIOs, and how they are taking on the task of digital transformation in their organizations. We hope the findings will help them tune in and stay competitive in the fast changing technology landscape, particularly in the next couple of years. dynamicCIO gathered the data from more than 100 CIO respondents across the country.