In an exclusive interview with Express Computer, Vamsi Krishna Ithamraju, Chief Technology Officer, Axis Mutual Fund, speaks about the global perspectives that are shaping his approach to technology and leadership. With over two decades of experience as a technology leader, he shares his views from the transformative impact of India stack initiatives like the Unified Lending Interface (ULI) and Open Network for Digital Commerce (ONDC) to successful projects that have democratised access to financial services. He also highlights the importance of cybersecurity and the role of AI in enhancing decision-making, while emphasising the need for empathy and ethical responsibility in this technology era.
Which emerging technologies do you believe will have the most significant impact on the financial services industry in the next few years?
In macro terms though, AI has a disruptive potential on both sides, positive and negative. In fact, the negative effects can be far more disastrous with a disruptive technology such as generative AI. Therefore, there is a natural appreciation that I see growing for auditable and explainable AI amongst the CIO fraternity and digital leaders.
Within the India stack, I think ULI and ONDC are great stories to unravel in near future.
ULI has the potential to achieve a social impact on the lines of what UPI accomplished, although there are important nuances to maintain healthy competition amongst existing market players. At times, disruptive technologies can completely overhaul an industry.
ONDC represents another remarkable innovation. It allows anyone to present a product whether financial or otherwise in an open marketplace. One can tap into the ONDC framework to launch offerings, which would have previously required a robust super app infrastructure. Therefore, ONDC is revolutionary in terms of ease of doing business.
How do you view the relationship between AI and humans in terms of enhancing capabilities?
I believe every promising technology that came into existence till date has only enhanced human capability, and artificial intelligence is no exception. However, the emotional intelligence that humans possess is still by far beyond what AI delivers. Human empathy, situational or contextual awareness are difficult to replicate. We may take a while before AI learning models can mature to reach that point. Therefore, I see AI as a complimentary element to human productivity and not a replacement.
Which features of the Axis Mutual Fund app have contributed most to its 4.6 rating, and how do you gather feedback to continuously improve these features?
Achieving a 4.6 rating involves more than just technology. Our team focuses on simplifying the user experience, ensuring the app is fast and responsive. We prioritise the customer journey, with thorough reviews by department heads and all relevant stakeholders.
We gather feedback from the App Store and social media, using active social listening and text analysis. A dedicated team monitors these channels, relaying insights to the product and tech teams. This 360° feedback loop helps us continuously refine the app.
In an era of increasing cyber threats, how does Axis Mutual Fund ensure the security and privacy of its clients’ sensitive information?
It is essential for organisations to have a data dictionary that explicitly indicates the systems and databases containing Personally Identifiable Information (PII) and the various APIs and integration points. This entails identifying where data is stored and detailing how data exchanges occur. In the asset management industry, it is relatively straightforward since most of the data is processed through an RTA and subsequently replicated on a daily basis. This streamlined process eliminates the need to search multiple sources for data, which can be a daunting task for universal banks and NBFCs that operate numerous systems. At an organisational level, we implemented a comprehensive framework to assess the fitment of the security architecture gaps and an exhaustive risk assessment as a prerequisite before onboarding any new system. This process involves evaluating around 52 rigorous controls that address various aspects such as resilience, data residency, attack surface level controls, etc. After project completion, a retrospective review is carried out to nail out any deviations that may have crept in during the project lifecycle. Once the system moves into BAU mode, our comprehensive cybersecurity program kicks in which includes a range of activities, including SOC alerts, vulnerability assessments, red teaming exercises and much more. Our focus on cybersecurity is two-fold: it arises from regulatory requirements and a sense of social responsibility; especially given we are into the business of managing money.
What are your views regarding how government implementation and policies have brought about a revolution in the financial services sector in the last two decades?
India Stack is one of the most formidable forces that drove India’s position as a digitally powered economy. When Aadhaar first came out, it helped people at the bottom of the pyramid in receiving direct credits for government schemes. Today, somewhere in the journey from UPI to ULI, we have democratised payments, credit access and inclusiveness for retail participation at into growth stories (e.g. mutual funds) – not just for citizens but also budding entrepreneurs who now have the platforms (e.g. ONDC) to deliver services thereby driving a silicon-valley like culture of innovation.
Rapid innovation by regulators: Today, India is at a tipping point where some of the most advanced economies are eager to emulate our success stories such as the UPI. Global economies are keen to collaborate and understand the development of the India stack be it the UPI platform or the Unified Lending Interface (ULI), which is poised to trigger the next wave of lending democratisation or the Rupay card, an indigenous card ecosystem.
On a population scale, the government’s push in the previous decade on rolling out bank accounts across the social pyramid has helped manage severe risks associated with a cash-based growth in the economy – tax evasion, fraud, corruption being just a few. With Aadhaar aiding in authentication of an individual’s identity, and bank accounts facilitating online transfer of money we have built a digital triage for a whole nation significantly improving the ability to measure credit scores and therefore the credit culture in our country.
Closing remarks for readers and peers
I believe that we are going through an incredibly exciting time for anyone pursuing a technology career in India. Over the past 7-8 years, the sheer number of digital natives that have turned into unicorns is mind boggling. However, it is advisable that startup aspirants invest at least a few years into deep tech and get hands-on before venturing out. The first decade of an individual’s career should be dedicated to understanding architectural nuances, problem statements and core processes within his/her industry of choice – of course with an understanding that the technological landscape will evolve multiple times over a career span of 35 years. Irrespective of continuous changes in tech landscape, a genuine passion for technology and ability to see through use cases will be a key differentiator in one’s ability to adapt to the newer tech platforms in the later stages of one’s career.