We all rooted for the ‘Money Heist’ Professor, hoping that he and his squabbling team can successfully pull off one of the biggest bank robberies of all times. We even hummed their victory song, not realizing that if not like the Professor, we still have miscreants of varying degrees lurking around our digital banking space, looking for a loophole to squirm in and rob us off our savings. Weaving all our lives together with an invisible thread, the Indian Banking, Finance, Securities and Investments and Mutual Funds (BFSI) industry is the backbone of the Indian economy.
According to a recent PwC survey, India is set to become the third-largest domestic banking sector by 2050 after China and the US. With the adoption of new-age technologies like Chatbots, NLP, and datadriven analytics, the industry is surging ahead full steam. However, with great technological advancements comes equally significant threats. Ranging from Trojans, ransomware, mobile banking malware, data breaches, institutional invasion, data thefts to fiscal breaches, one small hiccup can have a dominoes effect. Therefore, it is of utmost importance that we create an agile and resilient threat-counter mechanism. If cybercriminals spend time on novel technologies and software enhancement tools to sneak in, the BFSI industry is spending double the time to build up a robust risk mitigation system that can identify, isolate and exterminate all potential threats.
However, security is not just the responsibility of the BFSI players. It also lies with us. Despite repeated warnings and cautionary audio/videos from financial institutions, people still leave their critically important piece of banking information easily accessible. Financial literacy does not only mean knowing your market risks and investment portfolios. It also means being extra careful with your passwords, your account details, your PINs and frequent checks of your bank account for suspicious activities. Through this issue of Digital First Magazine, we have tried to round up some of the Indian BFSI industry pundits to share their views on the BFSI industry’s digital transformation journey and throw light on the importance of financial literacy.
This issue also features incredible insights and opinions from other industry players on all things finance or otherwise.
We hope this issue is an interesting and informative read.