“VR and AR are augmenting the financial industry by the way of customer service delivery”
–How critical is fraud detection in the finance vertical?
This is a big pain area now. In the Reserve Bank report there is mention about Rs 70,000 crore of fraud that has been detected over the last few years. And typically, detection of fraud happens with a time lag of about 5-6 years. You will need to be more proactive about it. The Reserve Bank has directed the banks to institute a range of cheques. All banks are directed to do it; we are also doing it. With the help of those, frauds will get detected and identified a lot earlier than we are now doing it actually.
Akhil Handa, Head (Fintech, Partnerships & Mobile Banking), Bank of Baroda
How is the VR and AR disrupting the Finance Industry?
VR and AR are augmenting what we have in financial industry by the way of customer service delivery. I think, these technologies go on to further augment the experience customers have and make it more delightful for them to engage with us.
How do cost cutting strategies map out for future planning?
We are under a three way merger process right now where Bank of Baroda, Dena Bank and Vijaya Bank are getting amalgamated. One of the core pillars of this amalgamation is deriving cost energies. And there is a replication and triplication in this case of administrative units, offices, administrative staff, IT, license, data centers. These are replicated over and over again. Time has come to rationalize some of these cost and overheads. The Government strategy of merging some of the banks to make banks to a much larger scale is a step in the right direction.