Fifth Conference of CIOs of Banks - 2015

The growing dependence on technology has turned the focus on the increasing cyber threats and vulnerabilities in the Banking and Financial Sector. Providing a platform for the IT Chiefs of various banks to deliberate upon technology-related concerns in the banking and financial domain and chart out a roadmap for the better utilization of technology in banking, IDRBT organized the Fifth Conference of CIOs (IT Heads) on April 17-18, 2015. Twenty nine IT heads from both public and private sector banks participated in the two-day meet.

The proceedings began with the inaugural address by Dr. A. S. Ramasastri, Director, IDRBT, wherein he called for a meaningful debate amongst the IT chiefs to resolve technology-related issues. In order to enable continuous engagement and exchange of ideas, the Institute would be forming a CIO forum, he shared.

Prof. G. Sivakumar, Member, Governing Council, IDRBT spoke on the "Emerging Trends in Banking Technology". Explaining the relevance of technology in our day-to-day lives, he presented new concepts like Internet of Things; the new user platforms which are secure; dockers, containers and Cloud-as-a-Service (CaaS) for better IT infrastructure; identity management; revenue models which optimize costs and provide value to the customers. Despite the fact that banking technology is fast catching up in India, he pointed out at the gaps that the IT heads need to work on in the existing state-of-the-art technologies such as online, mobility, social media, cloud, big data analytics, cyber security, fraud detection and prevention.

Shri Dilip Asbe, Chief Operating Officer, National Payments Corporation of India (NPCI) drew attention to the "Emerging Trends and Challenges in Payment Systems" and how new products and services like National Unified USSD Platform, Unified Payment Interface, National Automated Clearing House and Bharat Bill Payment Systems, have enabled ease in financial transactions and changed the payment ecosystem.

Cyber crimes are a key concern in the financial sector. Shri Rama Mohan, Addl. Deputy Commissioner of Police, Hyderabad, enlightened the CIOs on the emerging challenges in Information Security, the growing cybercrimes in banking and financial sector, and the steps being taken to curb such offences. Mr. Dean Carpenter, Cyber Channel Manager, Sypris Electronics, cautioned the IT heads on cyber espionage citing examples of various economies that faced financial damages.

Another main area of focus for the Banking and Financial Sector is Financial Inclusion. Shri N. Jambunathan, DMD, State Bank of India shared his thoughts on "Fast Forwarding Financial Inclusion" and said that banks need to spread awareness in every part of the country and provide financial goods and services at affordable cost to tap this segment.

The Institute's faculty members presented the forthcoming initiatives of the Institute such as Centre for Open Source Systems, Virtual Labs, Post Graduate Diploma in Banking Technology (PGDBT), IDRBT Banking Application Development Contest, and the training programmes being offered by the Institute. The IT Heads also visited the Institute's Mobile Banking Lab, Analytics Lab and Centre for Information and Assurance Management to get a first hand view of the research work being carried out in the Institute.