Experts have stressed on sustained innovation and maintaining a delicate balance with regulatory compliance in the fintech sector while cautioning against looking at AI as a universal remedy.
Speaking at the ETBFSI CIO Digital Conclave 2024, Rohit Kilam, CTO, HDFC Life, championed a pragmatic stance on innovation, asserting, “There is nothing like tech innovation or business innovation, a problem is a problem, and you need to solve.”
Ramesh Narayanaswamy, CTO, Aditya Birla Capital, spoke on the need for sustained innovation and enduring commitment to innovation beyond immediate gains. “As human beings, we overestimate ourselves short term and underestimate ourselves long time. I feel long term innovation is much needed today,” he said.
Haresh Hiranandani, EVP-Digital Initiatives, Kotak Mahindra Bank, emphasised the delicate balance between innovation and regulation and the crucial role of regulatory compliance in fostering a conducive environment for innovation.”You will only get a ‘love letter’ from the regulator if your innovation is not in line with the policies if there is a breach of trust. We have a forward-looking regulator,” he said.
Srikanth Gopalakrishnan, Head-India Technology Centre, Deutsche Bank Group, emphasised the importance of a tailored approach, cautioning against viewing AI as a universal remedy.
“Technology is at the forefront of doing things differently, but AI is not the only solution for every problem,” he said.
Aashish Muttreja, Head-Solution Engineering, Oracle CX Cloud: Cultivating Intrinsic Innovation, championed an inside-out perspective on innovation encapsulating the idea that innovation should emanate from an organisation’s core values and internal motivations. “Your thrive for innovation should be an inside-out view instead of an outside-in view,” he said.
Rajesh Ram, CDO, Bank of India, celebrated India’s innovative spirit, noting, “India is magic, it is a place of charmers. Innovation has been happening here for decades.” This quote pays homage to India’s rich history of inventive solutions and creative problem-solving.
Hussain Zaidi, VP, Kyndryl, shed light on the regulatory dynamics highlighting the pivotal role regulators play as catalysts propelling the ongoing wave of innovation within the financial technology sector., stating, “Regulators have been the trigger for all the innovation that is happening today.”
