Collaboration Is a Way Forward For Financial Services | Sudin Baraokar

Sudin Baraokar, Global IT and Innovation Advisor / CIO | Founder AIOTF.io & BankChainAsset.com narrates the functioning of the Bankchain alliance and its benefits to illustrate his point.
What are the exact roles and responsibilities that you perform as a Global IT & Innovation Advisor?
I advise organizations on the run side, on the mission critical services and on the chain side. I advise them on emerging tech, deep tech and innovations. As additional services, I also advise companies to go digital, help them with their IT annuity and emerging tech procurement, technology evaluation, enterprise architecture alignment, technology stack and assessment. I also train the CXOs and senior stakeholders on emerging tech edification.How are technologies like blockchain and AI beneficial for Indian BFSI especially in the current post lockdown scenario?
There will be a surge in the use of technologies like blockchain and AI post the COVID world and this will be very beneficial to the Indian BSI sector. A technology like blockchain can be used as trust as a service, especially in use cases like financial inclusion, KYC, stressed asset platforms. We used AI for our conversational bots in SBI way back in 2017-18. And now we are looking at how banks can implement AI solutions, especially from a perspective of risk tech, regulatory tech, compliance tech, audit tach automation. How can we use automation to reduce the workloads on our contact centres? We foresee from our banking sector there will be a lot of cost savings using this technology and a lot of automation. Especially it can be used as a contactless technology, completely automated so that people working from home or transacting from home can easily do all their banking transactions.