Several Founders, Co-Founders, CEO/CXO Bankers, CXO Fintech professional who participated in the ePanel discussions had requested to remain Anonymous
FIAKS community discussions rolled on recent ET reports on “FIS India flouts ATM service conditions of Bank of India“.’ [1] So the question that poses up here is that – How do the banks manage this risk?. Responding to these questions CXO FIAKS community members said that
- Many of the bank officials at the top are highly paid and not willing to take any risk at all. They are the best banking brains but appears to have little control over technology. Many a time it appears that they are clueless at all what’s going on the tech side. They also fail to acknowledge that they need to acquire a certain amount of learning to manage the tech side.
- To hide this weakness they are appointing big consultants to decide on the tech partners. And the state of the big consultant is no different. They are experts in making presentations and reports and take the help of one the large tech companies and swing the buy decision in their favor and this chain continues. Also, this is one of the reasons for so many hacks are happening.
- It’s time to acknowledge that technology-led delivery is becoming more important than the subject matter expertise on banking products. As everything is based on logic and algorithm that is hardcoded in the form of software. Bankers’ decisions are driven by software written by tech companies. These softwares are Blackbox for the majority of the banks today and putting the entire industry at big risk.
Now let’s peek into the actual backstage scenario: (Register and Read the Complete discussions)