Name: Infosys Finacle at Sibos 2023 – Recomposing banking and the importance of ethical AI
Uploaded: 2023-10-12T08:55:50.824Z
Duration: 1154.53

Infosys Finacle at Sibos 2023 – Recomposing banking and the importance of ethical AI (Stitched Clip).mp4

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ENGLISH

joined by Sanat Rao,
CEO of Infosys Finnical.

Sanat, thank you so much for taking
the time out to come and speak with us.

and what are the key themes
that you've been noticing?

Thanks, Paul, for having me, and
it's always a pleasure to speak

it's an event I've been attending
for, what, over 10 years now.

And it never ceases to amaze me how
something new comes up each year.

So I think this year certainly
there have been a lot of changes.

I think if you look at the headline
theme itself, Collaborative Finance

in a Fragmented World I think
very aptly captured in terms of

what it represents and what it
conveys given the state of the...

Industry and the macroeconomic
environment today.

I think as far as the conversations
are concerned very enriching as they've

that despite the fact that there
are dark clouds on the macroeconomic

I think that's been seen
in the attendance here.

It's probably slightly lower than
it has been in the previous years.

But I think the quality of
conversations have always been

year, you find some continuity in
terms of themes, but a maturity in

terms of the quality of conversations,
and then you find something new.

I think in terms of continuity clearly
digital trans digital transformations are

still very much a topic for discussion,
because a lot of banks have embarked on

that journey, but their challenge has
been obviously to do it to scale, right?

And that, journey is pretty much
on right now to do it to scale.

Cloud, it's been around for a while,
banks have been talking about it, many

banks have taken steps towards moving to
cloud, but each time there's something

So I think cloud continues
to feature prominently, at

It's still an initiative, I think, which
has some way to go before you can say

I think in terms of what was
new this time, I'd pick out two.

One is clearly a lot more focus on
sustainable finance and ESG, which

again is not a surprise given its
its prominence in many different

conversations across the world, outside
of the banking industry as well.

And the other one,
inevitably, is Generative AI.

that's happened in GenAI in the last
six months, particularly I think that

has featured prominently here, which is
something new, and we didn't see that.

So if I were to summarize it
probably slightly lower attendance,

A variety of different themes and
certainly very happy to listen to

the many different perspectives
that people are talking about.

Excellent, You briefly touched on there
the relatively bleak macroeconomic

How do you think banks and corporates
have been responding to the challenges

So there's obviously no one size
fits all and clearly even the

macroeconomic environment is
manifesting itself in different ways

I'm going to give you a
slightly generic answer there.

I think so let's take ESG
for example, sustainability.

I think the banking industry has, I
think, taken a lot of initiatives to

recognize the concerns, the justifiable
concerns as far as ESG is concerned.

And I think we've seen conscious
steps being taken by the banks

One is in terms of their own operations
and how they conduct business themselves.

The second is a lot of focus, and I think
a very definitive approach in terms of who

to lend to and who not to lend to, right?

We didn't see this in the
past, and I think that's a

The other element I'd point to
is banks occupy a very important

And I think today there is both an
overt and a covert pressure in terms of

how different players in the ecosystem
operate with banks, with a focus on ESG.

So I think there are very
encouraging trends there.

I think banks are recognizing that as they
grapple with larger volumes and as the

tendency, as there is a almost a demand
to do more with less They're recognizing

that moving to cloud and having stable
operations in cloud is going to be a long

way helping them get more efficient there.

So I think a lot of focus towards towards
cloud, and I'd particularly point to the

fact that in different parts of the world
in the last year, or a little more than

a year banks have had outages, banks have
had challenges with their infrastructure

and both customers and regulators are
not taking kindly to that at all, right?

And to some extent, moving those
operations to cloud and getting the

larger benefits of a mature cloud player
in some way circumvents that problem

that banks have rather than trying to do
everything within their own data center.

So I think that's, another
way they're combating that.

If I were to just pick one area of
business function and domain, I'd probably

And I'm highlighting this only because we
talked about the macroeconomic environment

and today corporate treasurers are asking
for more and more flexibility and more and

So if there's a corporate banking with a
particular bank, and they have, let's say,