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BFSI’s Next Move
Steering Through the Disruptive Waves of AI
Overview
The growth of AI and its impact on humankind
Till few years ago, the concepts like AI/ML were known only in the tech circle and its usage was limited to improving the efficiency but as technology leapfrogs and mimics human thinking by deep learning garnered from millions of sources it absorbs from, we are facing a scenario where the opportunity to benefit from AI is humungous and it will usher in paradigm shift in the way the BFSI sector is engaging with its end users.
Where
Mumbai
When
14 September 2023
Overview
The growth of AI and its impact on humankind
The BFSI (banking, financial services, and insurance) industry is one of the most data-intensive and competitive sectors in the world. It faces constant pressure to innovate, optimize, and secure its processes and products. Companies in this space are constantly adapting and embracing new innovations as they come to the fore.
Harnessing AI’s capabilities in BFSI can drive transformative innovation, automating routine tasks, and uncovering actionable insights from vast data, thus propelling the company towards enhanced efficiency and strategic decision-making. The BFSI sector is undergoing a paradigm shift with AI, revolutionizing customer experiences through personalized services and enhancing risk assessment with predictive analytics. This transformation is fostering efficiency and innovation across banking, financial services, and insurance.
Take the instance of Generative Artificial Intelligence (AI). Over the past few months, there has been a remarkable surge in enthusiasm for Generative AI and its enabling technologies. But what does Generative AI mean for the BFSI sector? What are the opportunities that it presents and what are the concerns? How this new trend is creating an entire ecosystem, from hardware providers to application builders, to leverage its potential?
The “BFSI Tech and Cybersecurity Leadership Summit” is a unique opportunity to learn and connect with industry experts as they share their views on how the pace of technological change with Generative AI will continue to accelerate, opening the door to new innovations, and business models in the BFSI space, and why building digital trust is paramount.
While AI in general is considered a boon for society, concerns have been raised with regards to its negative impact the first being replacement of jobs. If misused, AI has the potential to spread misinformation and cause hate and destruction leading to disastrous consequences for the world at large. AI in its negative avatar can be a serious threat to mankind. The legendary investor Warren buffett has compared AI to the atom bomb
Rise of ChatGPT
Sliced bread took several years to gain wide adoption. ChatGPT gained popularity in just two months.
The world abounds with a fervor of anticipation, captivated by the profound metamorphosis promised by Generative Artificial Intelligence (GAI).
And it’s not just ChatGPT, Google’s Bard and image generating applications such as Midjourney and DALL-E, as well as code generating systems like Copilot are all fueling public interest in Generative AI.
Over the past few months, there has been a remarkable surge in enthusiasm for Generative AI and its enabling technologies. This surge has permeated various spheres of society, sparking conversations ranging from boardrooms to classroom meetings.
Consumers are using it, and businesses are figuring out how to harness its potential.
But what does Generative AI mean for the BFSI sector?
The BFSI (banking, financial services, and insurance) industry is one of the most data-intensive and competitive sectors in the world. It faces constant pressure to innovate, optimize, and secure its processes and products. Generative AI can offer BFSI a powerful way to leverage its data assets and gain a competitive edge. For instance, Morgan Stanley, in partnership with OpenAI, leveraged GPT-4 to organize its extensive knowledge base, granting advisors access to a global team of experts.
Tools like Cleo, a chatbot for personal wealth management, provide comprehensive assistance, addressing inquiries on policies, products, and individual circumstances with a reassuring and controlled conversational tone. Furthermore, virtual assistants and digital avatars comprehend user requirements through audio input, delivering real-time intelligent recommendations to foster empathetic experiences.
Financial institutions possess vast amounts of customer data, which they are uniquely positioned to leverage for innovation. A notable illustration of this is Bloomberg’s recent introduction of BloombergGPT, a specialized version of ChatGPT tailored for the financial services sector. According to McKinsey, Generative AI is also creating an entire ecosystem, from hardware providers to application builders, to leverage its potential.
Despite the advances in GAI, firms need to safeguard customers and preserve trust. Customization, rather than deploying an indiscriminate internet-based model, will be key to aligning the technology with specific business requirements and market dynamics in the BFSI sector.
Join us for the 3rd edition of the ET BFSI Tech Leadership Summit, to find out how new technologies are shaping BFSI’s Next Move, inspiring human imagination, and shaping its future.
Key Tech Topics
01
AI & Analytics
02
Cloud
03
Data
04
InfoSec
Agenda themes
Who should attend
Cyber Security
CISO
VP- Information Security
Director- Information Security
GM- Information Security
Network/IT engineers/Specialists
Information security analyst
IT Auditor
CISO
VP- Information Security
Director- Information Security
GM- Information Security
Network/IT engineers/Specialists
Information security analyst
IT Auditor
BFSI Tech
Chief Information Officer
Chief Technology Officer
Chief Operating Officer
Chief Strategy Officer
Chief Data Officer
Data analyst/ Data scientist/Data specialist/AI & ML specialist
MD’s and CEO’s
IT HEAD INDUSTRY EXPERTS
CHIEF PRODUCT OFFICER
CHIEF INNOVATION OFFICER
CHIEF MARKETING OFFICER
FOUNDER/CO-FOUNDER
CHIEF SALES OFFICER
CHIEF SERVICE OFFICER
Chief Information Officer
Chief Technology Officer
Chief Operating Officer
Chief Strategy Officer
Chief Operating Officer
Chief Data Officer
Data analyst/ Data scientist/Data specialist/AI & ML specialist
MD’s and CEO’s
IT Head Industry experts
Chief Product Officer
Chief Innovation Officer
Chief Marketing Officer
Founder/Co-Founder
Chief Sales Officer
Chief Service Officer
Who should attend
BFSI Tech
Cyber Security
Chief Information Officer
Chief Technology Officer
Chief Operating Officer
Chief Data Officer
Chief Strategy Officer
Data analyst/ Data scientist/Data specialist/AI & ML specialist
MD’s and CEO’s
IT Head Industry experts
Chief Service Officer
Chief Innovation Officer
Chief Marketing Officer
Founder/Co-Founder
Chief Sales Officer
Chief Service Officer
CISO
VP- Information Security
Director- Information Security
GM- Information Security
Network/IT engineers/ Specialists
Information security analyst
IT Auditor
Why this Strategic Summit is a must attend
1. Stakeholder Roundtables
Regulators and industry leaders collaborate to address the most urgent questions and troubleshoot vital issues.
2. Unmatched Executive Speakers
Hear first-hand perspectives from peers in the industry to discover where value is to be found in uncertain market conditions.
Agenda
09:00 AM -10:00 AM - Networking Breakfast | Registrations
10:00 AM -10:05 AM - Setting the Tone – ET Edge
10:05 AM – 10:20 AM - Opening Address - From Algorithms to Armor: Securing the Digital Services in AI
Talking points:
- Recognizing the AI threat landscape
- Why traditional defense mechanisms are no longer sufficient
- Need to integrate AI into your cyber security defenses
- Amitabh Bhardwaj, Joint Director, (IT & Cybersecurity), Govt of India
10:20 AM- 10:35 AM - In-Conversation –Insights on Generative AI: Game-changer or security threat?
Talking Points:
With the widespread adoption of AI language models, ChatGPT, and adjacent technologies, concerns around data privacy and security have reached fever pitch.
- What are the security implications of Generative AI for the BFSI sector, albeit the benefits?
- Are we seeing ChatGPT and other AI-based tools lowering the bar for hackers from a banking perspective?
- Concerns around lack of regulation and its pertinence to the industry as a whole.
- Communication around Gen AI, Threat Intel from an industry and geopolitical perspective and its larger risk to the organisation.
- Amol Bhat, Partner, PwC & Ashwani Mishra, Editor – Technology, ET Edge
10:35 AM – 10:50 AM - Trialogue: Connecting Forces in the Battle Against Cyber Threats
Talking Points:
- AI scams: Scammers are employing AI to create deeply persuasive FaceTimes,
phone calls, and emails to unsuspecting victims
How AI can be used to train fraud models and improve detection rates
Can AI Protect us from AI
Real-world attacks
Prashant Deshpande, CISO & CDO, Shriram Finance Ltd
Girish Dixit, CISO, Kotak Securities
Session Chair: Sangram Gayal, Partner, PwC
10:50 AM – 11:10 AM - Trialogue: Never Trust, Always Verify: Building Trust in Zero Trust
Talking Points:
- Design principles, policy considerations, and technology
- Practical and actionable steps on the journey to implementing ZT
- Cloud security and ZT
- CISOs Share Lessons on Implementing and accelerating ZT journey
Madhur Joshi, CISO, HDB Financial Services
Amlan Singh, Head of Operations and Customer Services, IIFL Finance
Session Chair: Sundarershwar Krishnamurthy, Leader – Cybersecurity, PwC
11:10 AM – 11:25 AM - Standalone: Secure Coding for Developer Success: A shift left story across the BFSI landscape
Amol Raina, Senior ASE – India South Asia, GitHub Advance Security
11:25 AM – 11:40 PM - Closing Remarks: Managing the Increasing Cyber Attack Surface Area
Talking Points:
- CISOs are under pressure of selecting the right products from a field of thousands of more providers. But where does the real risk lie?
- What threat have they detected and what they haven’t? Once a company has put millions of dollars into improving cyber security they are still getting compromised, then what?
- One CISOs perspective on how to look at the overarching issues we face in trying to detect and stop cyber-attacks before they start
Advocate (Dr.) Prashant Mali, International Cyber & Privacy Lawyer, Policy thought leader, Researcher, Published Author
12:30 PM – 1:15 PM - Networking | Registrations l Lunch
1:30 PM - 1:35 PM - Setting the tone
1:35 PM – 1:45 PM - Opening Address - Banking on Intelligence: Unveiling the AI-Powered Future of BFSI
- Digital Transformation in BFSI
- AI and Machine Learning in Financial Services
- Future Trends and Innovations in BFSI Tech
S Ganesh Kumar, Former Executive Director, RBI
1:45 PM – 2:15 PM - Leaders Panel Discussion – BFSI Transformation in the ChatGPT Era: Leveraging the Power of Al Responsibly
Generative AI became the buzz phrase of the year when ChatGPT captured the imaginations of the public. However, BFSI’s interest in AI predates this phenomenon by quite some time.
Talking Points:
- Has 2023 been a year of great change for AI, or are we simply further down an existing path?
- What Gen AI means for BFSI
- Business case for Gen AI: Challenges and opportunities
- Has risk management overtaken customer experience as a predominant use-case for
AI, or are they equally important?
Speakers:
- Deepak Sharma, President & Chief Digital Officer, Kotak Mahindra Bank Ltd
- Mrityunjay Mahapatra,Member Board of Directors and Chairman Audit Committee, Reserve Bank Innovation Hub
- Nalin Bansal, Chief of Fintech, Corporates and New Ventures, National Payments Corporation Of India (NPCI)
- Session Chair: Rajnil Mallik, Partner, PwC
2:15 PM - 2:30 PM - Fireside chat: AI - A Game Changer for Insurance
Talking Points:
- How AI is poised to transform the insurance industry.
- Fraud detection use case discussion.
Karthik Kanagaraj, Executive Vice President – BIU & CEO Office, ICICI Prudential Life
Session Chair: Amit Roy, Partner PwC
2:30 PM – 3:00 PM - Leaders Panel Discussion- Open Banking and Generative AI: What does the future hold?
Open banking has the potential to transform financial services for consumers, offering
greater personalization and a more streamlined experience.
Talking Points:
- How to navigate the arena of open banking.
- Role of Generative AI.
- How will financial services address the concerns surrounding data sharing? Can they build trust in open banking?
- Who is responsible for generating greater awareness and understanding of this
technology? - How do we ensure Transparency and Explainability.
Guruprasad Mandrawadkar, Head of Data Science, HDFC Limited
Session Chair: Asim Parashar, Partner, PwC
3:00 PM – 3:15 PM - Networking Tea Break
3:15 PM – 3:40 PM - Fireside Chat: Unlocking Embedded Finance
Embedded finance integrates financial services seamlessly into non-financial products and services. Digital wallets, customer loyalty apps, accounting software, and shopping-cart platforms are just a few examples of these deeply embedded financial experiences. Talking Points:
- How Generative AI is taking embedded finance to new heights by creating innovative and customized financial products and services like super apps and digital assistants.
- Role of Banks and FIs in enhancing the adoption of GenAI across partner ecosystems
3:40 PM – 3:50 PM - Standalone: Turning disruption into advantage: reinventing with generative AI
Joydeep Roy, India FS Advisory Leader, PwC
3:50 PM – 4:05 PM - Standalone: Banking in the Digital Age: TRENDS AND TECHNOLOGIES REDEFINING THE LANDSCAPE
Srinivas Bhaskara, President of the Product Engineering Division, Inspirisys Solutions
4:05 PM – 4:25 PM - Trialogue: Creating a Unified Vision for Cloud Success
When cloud is everyone’s business, it’s good business. BFSI companies have embarked on the cloud. However, a well-planned and unified cloud journey can transform the entire business value chain. Talking Points:
- How cloud benefits different business functions
- How can cloud drive revenue?
- Banking as a Service.
- Best practices and cloud trends.
4:25 PM – 5:00 PM - Leaders Panel: Turning Data Into Intelligence
BFSI companies have been far ahead of the curve in terms of using their data as a strategic asset to create competitive advantage and innovate for their customers. But is it enough? Talking points:
- Are traditional data platforms still significant? What’s the shift in trends? Are our data models enterprise ready? Do we trust our data ? Augmentation of alternative data ? Are we a data-driven organisation by design?
5:00 PM - Awards: Top CISOs, CIOs, CTOs from Banks, Insurance and Fintech
BFSI Tech Speakers
Partners
knowledge partner
Cloud MSP Partner
Platform partner
Cloud Transformation Partner
Associate Partner
Media partners
EDUCATION PARTNER
INSIGHTFUL PARTNER
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