Excerpt from Business Standard Article, Published on Nov 8, 2024.
At the BS BFSI Summit, industry leaders underscored the significance of regulatory compliance as a cornerstone for consumer trust and security in today’s fast-paced digital finance landscape. While compliance often brings additional costs, panellists argued it strengthens long-term business success and enhances data security — two pillars increasingly demanded by modern consumers.
In the panel discussion titled “Navigating the Future of Financial Services in India: Tech Road Map,” experts discussed the evolving expectations of the “Blinkit Generation,” a demographic that values seamless, rapid transactions. “Trust today goes beyond brand reputation and governance,” said Girish Krishnan, Director of Payments and Merchant Services at Amazon Pay India. “Today’s consumers expect every click to translate into a smooth, end-to-end transaction.”
Ashish Sehdev, Vice President and Head of APAC at Everest Group, noted a shift in consumer expectations beyond traditional banking services. “Customers now demand easy access to a wide array of financial services on any platform, from social media to e-commerce,” Sehdev stated. With more than half of survey respondents indicating rising compliance costs due to regulatory changes, he highlighted that 80% of companies have ramped up investments in compliance technology and risk management.
In addition to compliance, panellists spotlighted cybersecurity as a critical challenge. Srikanth Subramanian, MD & CEO of Angel One Wealth, warned that technology, while beneficial, opens new vulnerabilities. “For every convenience it brings, there are equal avenues for potential hacks,” he cautioned.
Saurabh Tiwari, CTO of Policybazaar, emphasized that leadership support for tech-driven compliance strategies is vital. “In the last five years, we’ve seen investors and CEOs become more invested in technological advancements, supporting the shift toward a tech-oriented workforce,” Tiwari added.
Ultimately, the panellists agreed that stringent regulations, though challenging, play a critical role in protecting consumers and fostering trust, helping companies adapt to a dynamic financial ecosystem.
To delve deeper into this topic, please read the full article Business Standard.
