We prioritise investment in technology, testing & monitoring to protect our organisation and customers from cyber threats: Vishal Rathod, CIO, NKGSB Bank 

In an exclusive interaction with Express Computer, Vishal Rathod, CIO, NKGSB Bank talks about the role of artificial intelligence in improving banking services, the measures taken to avoid cyber attacks and the future of banking.

• What are some of the recent digital initiatives you have taken and what has been the impact?

At NKGSB Bank, we have implemented three impactful digital initiatives. Firstly, our Online Re-KYC process, this streamlined verification, increased customer satisfaction, and saved costs. Secondly, our improved digital marketing strategies boosted customer acquisition and engagement, positively impacting revenue. Lastly, our Fraud Risk Management solution enhanced cyber security, preventing fraud and maintaining customer trust.

These initiatives have brought transformative changes, improving efficiency, reducing costs, and strengthening revenue streams. We remain committed to leveraging technology to drive innovation and deliver value while upholding the highest standards of security and trust.

• How do you see the role of artificial intelligence in improving banking services for  customers?

Artificial Intelligence (AI) has a transformative impact on banking services, offering personalised experiences and streamlining operations. AI-powered chatbots provide round-the-clock customer support, while personalised recommendations based on customer data enhance engagement. AI also detects and prevents fraud in real-time, ensuring security and protecting customer information. Additionally, AI automates risk assessment and underwriting processes, expediting loan approvals. Advanced analytics from AI-driven platforms generate valuable insights, enabling data-driven decision-making and optimising bank operations.

• Financial services organisation are vulnerable and often targets of cyber-attacks. How does your organisation plan to avoid such incidents?

At NKGSB Bank, we have implemented key cybersecurity projects to strengthen our defences and protect against cyber-attacks. This includes upgrading to best-in-class firewalls, conducting red teaming and VAPT, dark web monitoring, antivirus upgrades, and establishing a Security Operations Center (SOC). These initiatives enhance our security posture and enable proactive detection and response to potential threats.

By upgrading to advanced firewalls and conducting red teaming activities, we fortify our defences and identify vulnerabilities. Continuous VAPT helps us address weaknesses promptly, while dark web monitoring allows us to stay ahead of potential breaches. Upgraded antivirus software safeguards against malware, and our SOC ensures 24/7 monitoring and incident response.

These projects showcase our commitment to robust cybersecurity. We prioritise investment in technology, testing, and monitoring to protect our organisation and customers from cyber threats.

• How is NKGSB bank different from other banks and what’s unique about your bank’s culture?

 NKGSB Bank distinguishes itself from other banks through its rich heritage of over 100 years, focusing on principles such as trust, personal customer connections, and good corporate governance. Our unwavering commitment to prioritising customers’ interests sets us apart. We strive to build strong and lasting relationships by understanding their needs and delivering personalised financial solutions. 

Additionally, our unique bank culture fosters an environment of trust, collaboration, and employee well-being. Our employee-friendly policies keep our workforce happy, motivated, and engaged, recognising their vital role in delivering exceptional service to our customers. Our consistent year-on-year growth reflects our dedication to continuous improvement and innovation while staying true to our core values.

In summary, NKGSB Bank stands out with its customer-centric approach, emphasising trust, personal connections, and good corporate governance. Our unique bank culture priorities both customers and employees, fostering a harmonious and productive work environment. With our unwavering commitment to these principles and sustained growth, we ensure exceptional banking experiences while preserving our rich heritage.

• What is the future of banking with respect to the adoption of emerging technologies?

The future of banking is shaped by the adoption of emerging technologies such as AI, Open Banking, Cloud, 5G, and hyper-personalisation. These technologies will revolutionise customer interactions with banks. AI enables personalised experiences and advanced analytics, while Open Banking fosters collaboration and access to diverse services. Cloud technology offers scalability and agility, and 5G promises faster connectivity. Hyper-personalisation tailors products and services to individual needs, enhancing customer satisfaction. 

The Reserve Bank of India’s progressive policies and fast technology adoption will greatly impact the Indian banking sector. The introduction of a Central Bank Digital Currency (CBDC) has the potential to transform payment systems and promote financial inclusion. 

To thrive in the future, banks must prioritise customer-centricity, trust, and security, leveraging emerging technologies to deliver seamless and personalised experiences.