Technology Show: Featuring Vymo & CIO Association of India

Vymo, a sales acceleration platform and CIO Association of India, India’s largest online social network of CIOs with a vision to connect every CIO across the country, recently published a report on the digital transformation initiatives undertaken by India’s financial industry during covid-19.

The report showcases how the aftermath of the pandemic impacted business operations, and how digital capabilities are helping reduce operational, financial, and human capital risks for the financial sector.

Rajesh Sabhlok, the Managing Director – Asia Pacific of Vymo and Amarinder Singh, Chief Involvement Officer for CIO Association of India break down the results and findings from the survey.

They explain how digital capabilities help reduce operational, financial, and human capital risks for the financial sector and points out the new trends emerging in the sector that could potentially have long term impact on financial sales & distribution.

In addition, Rajesh and Amarinder also talk about how consumer behaviour during the lockdowns have demonstrated that BFSI customers are more willing to embrace digital & mobile technologies for their needs.

With work-from-anywhere becoming the new normal, many business operations that needed physical touchpoints, such as customer verifications, call centres and direct sales channels, are now being enabled by cloud-based platforms.

Rajesh and Amarinder talk about how they profiled 15 changemakers whose actions helped

their organisations turn adversity into strength and leapfrog into the future.

These leaders, many of whom function at the intersection of Digital, IT, Security/Infrastructure, and Business, galvanised their teams and prioritised actions from the time of the lockdown to enable remote operations for the organisation, almost overnight. They transformed not just the industry but also the country in times of this crisis.

The report features interviews with top CIOs & IT Leaders from premier banks, Non-Banking Financial Companies (NBFC) & insurers such as Aditya Birla Capital, Aviva, Bajaj Allianz Life Insurance, Bajaj Allianz General Insurance, Edelweiss, Fullerton, Magma Fincorp, SBI Asset Management, Mahindra Finance, DCB Bank, Nippon India, Aegon Life, Bajaj Auto Finance, Kotak Life, and Manappuram Finance.

The report highlights some interesting lessons learnt that can be shared globally, particularly because India has companies that are on the bleeding edge of technology adoption on one hand but also many companies whose IT infrastructure is still very basic.