Latest news with #BFSI
Time of India
12 hours ago
- Business
- Time of India
How agentic AI is rewiring BFSI workflows
The use of Artificial Intelligence (AI) in the financial sector has been growing significantly over the past 24 months, but as we move forward, the applications are moving towards more automated, intuitive enablement across the board. After Generative AI, Agentic AI is leading this revolution with the ability to make autonomous decisions and carry out complex tasks without constant human guidance. Unlike traditional AI which reacts to human- fed input, agentic AI decides autonomously what action to take, plans multi-step workflows, and adapts in real Agentic AI Matters: The shift we discussed is a fundamental upgrade to BFSI's operational core. Traditional AI has excelled at analyzing data or identifying patterns. Agentic AI, however, takes a fundamentally different approach. It generates collections of independent AI agents that collaborate through sophisticated reasoning and planning mechanisms to resolve multi-step problems, with large language models serving as their "decision-makers". In simple words it is designed to work more like humans by handling tasks independently. Consider a compliance check scenario. Where a traditional system may trigger a transaction to be reviewed by a person, an Agentic AI system could not only initiate it but separately gather additional context from adjacent accounts and external data sources, analyze the risk in real-time, and clear the transaction automatically or escalate it with a complete summary. All without waiting for a human to initiate the manual check that follows. Agentic AI in Action: Agentic AI has a deep impact and has the potential to drive change across an extensive range of BFSI processes, from customer-facing processes to sophisticated back-office procedures. The following examples reflect how this technology is rewiring processes in some of the most important areas: Streamlining Lending Decisions: Agentic AI is beginning to fundamentally accelerate the loan application journey. Lengthy manual reviews and sequential checks keep applicants waiting. Emerging Agentic systems are showing the capacity to autonomously orchestrate the complex process of gathering data from diverse sources, performing rapid, intelligent analysis, and making decisions or recommendations. This rewires lending from a bottlenecked process into a swift and significantly faster experience for both the institution and the customer. Dynamic Underwriting: Particularly relevant in the insurance sector, Agentic AI is poised to transform underwriting from a static, point-in-time assessment to a dynamic continuous process. These systems autonomously gather and analyze real-time data, beyond traditional application forms allowing for more accurate risk assessment throughout the policy lifecycle. This leads to faster policy issuance, more precise pricing, and the capability to offer highly personalized coverage that can adapt to changing circumstances, fundamentally reshaping how risk is evaluated and managed. Enhancing Fraud Detection and Security: Agentic AI is driving a shift in fraud detection from reactive to proactive. By learning from real-time transactional data and behavioral trends in real time, such systems can identify minor inconsistencies and anticipate changing threats. After detection, they can trigger immediate, multi-step security actions like blocking suspicious transactions or freezing accounts faster than human intervention can, significantly reducing fraud losses. The Road Ahead: Risks, Ethics, and Governance: As Agentic AI becomes deeply embedded in core BFSI workflows, its inherent risks and ethical implications need to be addressed. Autonomous systems power poses challenges such as preventing algorithmic bias that could lead to unfair outcomes. Second, ensuring transparency and accountability for decisions made by Agentic AI, because it can be difficult to understand exactly why AI made a specific decision- this is known as the 'black box issue'. It is important for regulatory rules and customer trust. Successfully charting this course requires robust governance, including clear internal policies, continuous monitoring, and essential human oversight, all supported by proactive regulatory frameworks. To conclude, this technology holds significant promise for advancing financial inclusion, particularly in emerging economies. By enabling FinTech and traditional banking infrastructure that face limitations. By providing cost-effective means for the financial institutes to reach previously underserved communities, Agentic AI can open doors to essential financial services, pointing towards a more inclusive and digitally advanced future for the global financial system.
Time of India
2 days ago
- Automotive
- Time of India
Ather Energy appoints Anjani Kumar as Chief Digital & Information Officer
Ather Energy , an Indian electric two-wheeler manufacturer, has appointed Anjani Kumar as its Chief Digital & Information Officer (CDIO) to spearhead its digital strategy and strengthen its technological infrastructure across various operations. Kumar, with over two decades of experience, will oversee digital platforms, IT infrastructure, and data capabilities to ensure technology remains central to Ather's growth as the company expands its product line and integrates software solutions. Anjani Kumar's role as CDIO will be pivotal in shaping Ather Energy's digital strategy. He will be responsible for strengthening the company's technology backbone, stated the company. Previous stints Kumar brings a wealth of experience to Ather Energy. His 24 years in the industry include driving digital transformation and IT innovation across diverse sectors. These sectors include automotive, technology, logistics, pharmaceuticals, and BFSI. He has held senior leadership positions at Fortune 500 companies. These include IBM, Nissan, Cognizant, Strides Pharma, and Tata AIG. In his new capacity, Anjani will lead the development of digital platforms and products. He will also oversee the strengthening of IT infrastructure, with a focus on cybersecurity. Enhancing the company's data-driven capabilities will also be a key priority. His responsibilities will extend to overseeing teams across WebTech, IT & Security, MES, Business Intelligence, and Digital Engineering. Swapnil Jain , Executive Director and CTO of Ather Energy, said "Ather has been digital-first and data-driven from day one, with a strong focus on systems from products to manufacturing to sales. Bringing all digital functions under a single leadership role helps build a unified digital thread across the organisation. Anjani's deep cross-industry experience will play a key role in simplifying and strengthening our complex digital infrastructure. We are very focused on building a stronger tech-led advantage for Ather's future.' Educational background Anjani Kumar's educational background includes a Post Graduate degree in Marketing & Management from Kelley School of Business, Indiana University (USA). He also holds a B.E. in Mechanical Engineering from NIT Rourkela. Anjani Kumar, said "By bringing in my multi-domain digital experience and combining it with Ather's commitment to first-principles thinking and deep engineering ethos, we will drive significant and transformative advancements. I'm excited to contribute to Ather's journey.' Kumar is a recognized industry leader. He has received several prestigious leadership awards. These include 'Digital Leader of the Year,' 'India's Top CIO,' 'Tech Icon,' and 'Digital Insurance Icon.' He frequently serves as a jury member and mentor for startup ecosystems.
Mint
2 days ago
- Business
- Mint
Understanding and retaining Gen Z: Key focus for India's BFSI industry
According to a Great Place To Work India report, the share of Gen Z employees (those born between 1997 and 2012) in India's banking, financial services, and insurance (BFSI) sector has nearly doubled in two years, increasing from 12% in 2023 to 23% in 2025. Another projection by EY says Gen Z will make up 27% of the workforce by 2025. As more and more Baby Boomers leave the workforce, the need for future talent in the banking sector is clearer than ever. But the new generation is a changed lot. With a softer upbringing and exposure to technology, understanding and dealing with them isn't easy for organisations. Most Gen Z prefer jobs that align with their personal choice. They prefer flexibility and are inclined towards purpose-driven organisations. However, a high attrition rate, particularly among tech employees, due to a growing technology skill gap, is a major reason why organisations are struggling to get it right with Gen Z. To brainstorm and arrive at solutions to check attrition among Gen Z and understand ways to hire them, Mint, in association with UNext Manipal Academy of BFSI organised a roundtable with some top HR experts from the BFSI industry. The idea was to understand what the top companies are doing to attract the right kind of talent and how they are retaining them. Earlier, the Central Bank of India used to attract talent only through IBPS exams. Now, it reaches out to Gen Z using all possible channels. Its CHRO Poppy Sharma stressed how the organisation is embracing tech fast and has recently introduced an AI tool for hiring. The tool helps it sift through a large volume of applications before sending a final list to the employer. Zurich Kotak General Insurance is trying to build a robust campus programme with an internship pipeline and see how Gen Z can be more welcoming of an organisation. 'We have divided the hiring process into lateral and Gen Z recruitment from campuses. When we hire individuals with product knowledge, it takes considerable time before they start generating business for us. Therefore, we are working to create an HTD model and begin building relationships with campuses,' said Akhila Ananthanarayanan, Vice President - Talent Acquisition, Zurich Kotak General Insurance. 'Attracting Gen Z is one part of the equation–the other is helping them thrive in a multigenerational workplace,' said Vaishali Worah, Head Learning & Development, Axis Mutual Fund. 'We run sessions that coach young talent to value different workstyles and parallelly equip managers to lead Gen Z with empathy and adaptability. Retention is not just about new age perks or policies, it is also about having mutual respect and real understanding between multiple generations working as a team.' IndusInd Bank, which has 50,000 employees, is on a hiring spree. In the past few years, the focus has been on the retail side, increasing the number of branches, etc., therefore, the hiring. 'When we hire techies from campus, our partners create curated assessment hackathons, which do an initial level of filtering, and it helps us bring in quality people,' said Rupesh Shinde, Head-HR Technology. The experts agreed that institutions should invest in modernizing their digital platforms and in offering innovative fintech solutions. They need to be transparent, build trust and authenticity, enhance business literacy, and develop personalized products and services. Ashish Parab, VP & Head-Sales HR,Star Union Dai-ichi Life Insurance Company Limited said: 'The real challenge wasn't hiring people, it was preparing the organisation to welcome them. Talent acquisition is just one part of the equation, real success comes from building a culture where Gen Z feels genuinely accepted, understood, and empowered to thrive.' 'In terms of attrition, we have reached 8.16% attrition of FTE, perhaps making us No. 1 among the NBFCs with the lowest attrition rate,' said Ravi Khanna, Head – Human Resources, BOBCARD Ltd. 'This percentage is significantly down over the last 2-3 years, which is a huge positive. We also got a very high score in our Employee Engagement Survey in FY25. The idea was to focus on doing the right things in-house because if people are happy with your engagement internally, word will spread, and that will attract better talent.' As far as understanding Gen Z is concerned, the Tamilnad Mercantile Bank is getting it pretty right. Involving family members, making them aware of the positives of the organisation is a big pull for Gen Z. The bank, with one of the lowest attrition rates (3%), has somehow cracked the code for attracting and retaining Gen Z. 'There is a deep understanding between the organisation and the employee. We have 5,000 employees, and it's the job of each leader to be a mentor and help their colleagues grow. Our workforce is 25% Gen Z and 60% millennials, and each of them has been picked and trained to ensure they can fit into the culture of the company,' said D. Ramesh, Executive Vice President HR. In Aditya Birla Capital, lucrative campaigns that were also transparent were a big game-changer. Clear career paths in the organisation, fast promotions, and purpose-driven campaigns were appreciated by Gen Z. While on one hand, the company was trying to find the sweet spot to attract young talent, on the other, it was battling high attrition rates as well. Life insurance, in particular, witnesses an insanely high attrition rate across companies. 'In Aditya Birla Capital, the attrition rate last year was 42%, but in the life insurance business, we closed at 62%, when the industry average was 58%. We have taken a few initiatives, including introducing a two-year excellence programme or a journey that we have created for front-line sales, and we are also bringing people from campuses,' said Vikas Kapoor, Head L&D at Aditya Birla Capital. Facing a similar situation isYes Securities (India) Limited. With an attrition rate of45% two years ago, the company had to do some serious thinking to keep its young talent from leaving. 'Today, our attrition rate is 22%. Initially, we thought compensation was a problem. But we realised we were paying at par with the market when we did a market comparison. We initiated various employee engagement initiatives for our employees, including executive medical check-ups, subsidised food, family benefits, and, most critically, a focus on learning and development. These initiatives have helped the organisation to reduce the attrition and further increased employee happiness,' saidAbhijeet Bose,Head - Human CapitalManagement. For the Central Bank of India, a minor increase in the attrition rate was a big red flag. One of the key reasons, the bank realized, was mandatory transfers. 'Because 40% of our employees came from four states, we had to send them to other states of the country as people weren't joining us much from there. To check that, we came up with the concept of zone-based recruitment. In this concept, the new recruits, till scale 3, will not be transferred to other states,' said Poppy Sharma, CHRO. The need of the hour is to understand what one is running in the organisation should be relevant to the set of people being hired. 'Earlier, when we were hiring millennials, a year-long commitment was fine with them, but now even a five-month commitment is long-term for Gen Z. We also run an entrepreneurial model, where one can join as a business development officer and earn commissions or incentives for recruiting agents on doing business,' said Anjum Sheikh, Lead HR – Associate VP, Tata AIG. Amid the changing scenario in the BFSI workforce, Manipal Academy of BFSI, a UNext Learning entity backed by the Manipal Education and Medical Group (MEMG), which provides industry-relevant education and training for freshers and existing professionals, has built a model so that students have some skin in the game. 'For insurance, there's a two-month training followed by an internship, enabling both sides to know each other. Students get to know the organisation, as many senior management members come over for discussions on the campus. This engagement helps in retention versus hiring freshers straight from college,' said Aatash Shah, SVP & Head – Business. If the organisation is consistent, word of mouth goes out. 'Gen Zs look at branding and social image, they seek transparency and are open to multidimensional on-the-go learning. They need a really good direction as their attention span is relatively lower. Those who focus on their attention span are likely to find purpose and prosper,' said Sunder Natarajan, CHRO of India First Life Insurance. A lot of it is about perception, and also that Gen Z prefer short-term gigs rather than long-term gigs.
Mint
2 days ago
- Business
- Mint
Understanding and retaining Gen Z: Key focus for India's BFSI industry: A Mint-Unext CHRO roundtable
According to a Great Place To Work India report, the share of Gen Z employees (those born between 1997 and 2012) in India's banking, financial services, and insurance (BFSI) sector has nearly doubled in two years, increasing from 12% in 2023 to 23% in 2025. Another projection by EY says Gen Z will make up 27% of the workforce by 2025. As more and more Baby Boomers leave the workforce, the need for future talent in the banking sector is clearer than ever. But the new generation is a changed lot. With a softer upbringing and exposure to technology, understanding and dealing with them isn't easy for organisations. Most Gen Z prefer jobs that align with their personal choice. They prefer flexibility and are inclined towards purpose-driven organisations. However, a high attrition rate, particularly among tech employees, due to a growing technology skill gap, is a major reason why organisations are struggling to get it right with Gen Z. To brainstorm and arrive at solutions to check attrition among Gen Z and understand ways to hire them, Mint, in association with UNext Manipal Academy of BFSI organised a roundtable with some top HR experts from the BFSI industry. The idea was to understand what the top companies are doing to attract the right kind of talent and how they are retaining them. Earlier, the Central Bank of India used to attract talent only through IBPS exams. Now, it reaches out to Gen Z using all possible channels. Its CHRO Poppy Sharma stressed how the organisation is embracing tech fast and has recently introduced an AI tool for hiring. The tool helps it sift through a large volume of applications before sending a final list to the employer. Zurich Kotak General Insurance is trying to build a robust campus programme with an internship pipeline and see how Gen Z can be more welcoming of an organisation. 'We have divided the hiring process into lateral and Gen Z recruitment from campuses. When we hire individuals with product knowledge, it takes considerable time before they start generating business for us. Therefore, we are working to create an HTD model and begin building relationships with campuses,' said Akhila Ananthanarayanan, Vice President - Talent Acquisition, Zurich Kotak General Insurance. 'Attracting Gen Z is one part of the equation–the other is helping them thrive in a multigenerational workplace,' said Vaishali Worah, Head Learning & Development, Axis Mutual Fund. 'We run sessions that coach young talent to value different workstyles and parallelly equip managers to lead Gen Z with empathy and adaptability. Retention is not just about new age perks or policies, it is also about having mutual respect and real understanding between multiple generations working as a team.' IndusInd Bank, which has 50,000 employees, is on a hiring spree. In the past few years, the focus has been on the retail side, increasing the number of branches, etc., therefore, the hiring. 'When we hire techies from campus, our partners create curated assessment hackathons, which do an initial level of filtering, and it helps us bring in quality people,' said Rupesh Shinde, Head-HR Technology. The experts agreed that institutions should invest in modernizing their digital platforms and in offering innovative fintech solutions. They need to be transparent, build trust and authenticity, enhance business literacy, and develop personalized products and services. Ashish Parab, VP & Head-Sales HR,Star Union Dai-ichi Life Insurance Company Limited said: 'The real challenge wasn't hiring people, it was preparing the organisation to welcome them. Talent acquisition is just one part of the equation, real success comes from building a culture where Gen Z feels genuinely accepted, understood, and empowered to thrive.' 'In terms of attrition, we have reached 8.16% attrition of FTE, perhaps making us No. 1 among the NBFCs with the lowest attrition rate,' said Ravi Khanna, Head – Human Resources, BOBCARD Ltd. 'This percentage is significantly down over the last 2-3 years, which is a huge positive. We also got a very high score in our Employee Engagement Survey in FY25. The idea was to focus on doing the right things in-house because if people are happy with your engagement internally, word will spread, and that will attract better talent.' As far as understanding Gen Z is concerned, the Tamilnad Mercantile Bank is getting it pretty right. Involving family members, making them aware of the positives of the organisation is a big pull for Gen Z. The bank, with one of the lowest attrition rates (3%), has somehow cracked the code for attracting and retaining Gen Z. 'There is a deep understanding between the organisation and the employee. We have 5,000 employees, and it's the job of each leader to be a mentor and help their colleagues grow. Our workforce is 25% Gen Z and 60% millennials, and each of them has been picked and trained to ensure they can fit into the culture of the company,' said D. Ramesh, Executive Vice President HR. In Aditya Birla Capital, lucrative campaigns that were also transparent were a big game-changer. Clear career paths in the organisation, fast promotions, and purpose-driven campaigns were appreciated by Gen Z. While on one hand, the company was trying to find the sweet spot to attract young talent, on the other, it was battling high attrition rates as well. Life insurance, in particular, witnesses an insanely high attrition rate across companies. 'In Aditya Birla Capital, the attrition rate last year was 42%, but in the life insurance business, we closed at 62%, when the industry average was 58%. We have taken a few initiatives, including introducing a two-year excellence programme or a journey that we have created for front-line sales, and we are also bringing people from campuses,' said Vikas Kapoor, Head L&D at Aditya Birla Capital. Facing a similar situation isYes Securities (India) Limited. With an attrition rate of45% two years ago, the company had to do some serious thinking to keep its young talent from leaving. 'Today, our attrition rate is 22%. Initially, we thought compensation was a problem. But we realised we were paying at par with the market when we did a market comparison. We initiated various employee engagement initiatives for our employees, including executive medical check-ups, subsidised food, family benefits, and, most critically, a focus on learning and development. These initiatives have helped the organisation to reduce the attrition and further increased employee happiness,' saidAbhijeet Bose,Head - Human CapitalManagement. For the Central Bank of India, a minor increase in the attrition rate was a big red flag. One of the key reasons, the bank realized, was mandatory transfers. 'Because 40% of our employees came from four states, we had to send them to other states of the country as people weren't joining us much from there. To check that, we came up with the concept of zone-based recruitment. In this concept, the new recruits, till scale 3, will not be transferred to other states,' said Poppy Sharma, CHRO. The need of the hour is to understand what one is running in the organisation should be relevant to the set of people being hired. 'Earlier, when we were hiring millennials, a year-long commitment was fine with them, but now even a five-month commitment is long-term for Gen Z. We also run an entrepreneurial model, where one can join as a business development officer and earn commissions or incentives for recruiting agents on doing business,' said Anjum Sheikh, Lead HR – Associate VP, Tata AIG. Amid the changing scenario in the BFSI workforce, Manipal Academy of BFSI, a UNext Learning entity backed by the Manipal Education and Medical Group (MEMG), which provides industry-relevant education and training for freshers and existing professionals, has built a model so that students have some skin in the game. 'For insurance, there's a two-month training followed by an internship, enabling both sides to know each other. Students get to know the organisation, as many senior management members come over for discussions on the campus. This engagement helps in retention versus hiring freshers straight from college,' said Aatash Shah, SVP & Head – Business. If the organisation is consistent, word of mouth goes out. 'Gen Zs look at branding and social image, they seek transparency and are open to multidimensional on-the-go learning. They need a really good direction as their attention span is relatively lower. Those who focus on their attention span are likely to find purpose and prosper,' said Sunder Natarajan, CHRO of India First Life Insurance. A lot of it is about perception, and also that Gen Z prefer short-term gigs rather than long-term gigs. Gen Z presents both challenges and significant opportunities for the BFSI sector. By understanding their preferences, adapting to their needs, and embracing innovation, institutions can build lasting relationships with this influential generation and ensure their own long-term success.
Time of India
2 days ago
- Business
- Time of India
Trai says telcos start '1600' number series rollout for BFSI sector
NEW DELHI: The Telecom Regulatory Authority of India ( Trai ) said that the incumbent telecom carriers have been implementing a '1600' series as a number prefix in numbers for consumers to identify calls originating from genuine banking, financial services and insurance (BFSI) companies. 'Currently, we are focusing on the implementation of the 1600 series. This series has been allotted for transaction and service calls for the banking, financial and insurance (BFSI) sector,' Anil Kumar Lahoti , Chairman, Trai, told ETTelecom. Further, the top official said that the 1600 series initiative in the BFSI sector will 'give a lot of credibility' to voice calls and consumers can identify it as a transactional service, and not meant for a promotional purpose. The move comes following the sector watchdog holding multiple discussions with stakeholders, including incumbent telecom service providers. 'The work is in progress, so the number series has been given to the service providers and now the principal entities are taking the numbers from them. We have also requested the respective sectoral regulators to advise the entities regulated by them for early adoption of this system,' Lahoti said. Some of the BFSI entities, such as the State Bank of India (SBI) Card, according to the regulator, have already started the rollout of the new number series. Lahoti further said that the sector watchdog eventually aims to mandate all service and transaction calls routed through the new series, including those coming from large commercial entities. 'So, we have started from the BFSI sector, it will take some time to complete it, then we will take up other sectors also,' he added. READ MORE | Telcos voice concern over Trai's new spam norms In 2022, Trai formed a Joint Committee of Regulators (JCoR) that includes representatives from the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Ministry of Home Affairs (MHA) and the Department of Telecommunications (DoT). The JCoR agreed to mandate the BFSI sector with necessary directions to prevent misuse of headers and content templates and to curb unauthorised calls using telecom resources under the Telecom Commercial Communication Customer Preference Regulation, 2018 (TCCCPR-2018). In April this year, the joint committee discussed the modalities for the implementation of 1600 series numbers allocated to transactional and service voice calls by the entities belonging to the government and financial sector. The deliberations followed the onboarding of senders of commercial communication on the Digital Consent Acquisition (DCA) platform.
