Tech Lessons for CIOs in Financial Services Domain in 2024
Tech Entrepreneur Deepak Sharma Advises CIOs to Prepare for Unforeseen Risks
The increasing complexity of risks has spurred financial services organizations to revamp their planning. Departing from conventional budgeting practices, Deepak Sharma, tech entrepreneur and CXO advisor, recommended a more pragmatic approach that distinguishes planned activities and potential contingencies. Sharma is also the former president and chief digital officer of Kotak Mahindra Bank - one of India's premier private sector banks.
The adaptive framework empowers institutions to proactively tackle unforeseen challenges, particularly those stemming from unknown risks within the continuously shifting financial landscape.
Sharma emphasized the importance of envisioning the future of services through an 'outside-in' lens. This strategic perspective involves constructing an external inlet financial service stack. By doing so, financial institutions position themselves to swiftly adapt to evolving customer demands and market dynamics.
This, along with clear business cases, break-even points and ROI metrics, will guide strategic decision-making within organizations, he said.
In a video interview with Information Security Media Group, Sharma also discussed:
- Lessons for digital financial services in 2024;
- Effective planning for IT budgets;
- Long-term implications of generative AI implementations in financial services.
Sharma has more than 27 years of experience with expertise in the financial domain, spearheading digital transformations in top financial institutions. At Kotak Mahindra Bank, he was responsible for managing and growing the digital business across customer segments, platforms, products and channels. He is currently focusing on building an innovative outside-inlet financial service stack.
