Nafees Ahmed, CIO Indiabulls Group
By MYBRANDBOOK
Redefined CIO role
Earlier, CIO role was just a support function where one needs to take care of the IT infrastructure, legacy ERP systems and production support. When we started the digital journey at Indiabulls couple of years back, the role has completely reversed. Now I am in continuous discussion with my top management, deciding on the strategy for the new product launch, new companies launch and how to grow the business. Earlier, there were no major interactions with the top management, but now business understand the importance of technology and hence, technology has become an integral part of the business decisions.
Digital / Innovation Approach
In BFSI sector, we are the leader in adopting the advance digital technologies to create innovative solutions for our customers as well employees, resulting in major disruption in Indian market. Innovation is not the forte of big technology companies only, even the smaller vendors or even your employees can create innovative solutions. That’s why we are engaged with multiple small vendors who have innovative approach and even run some innovation marathons within our organization. We have got very innovative solutions from our employees for the problems they face in their day to day working, by using technology.. Similarly, we have run these marathons for our external vendors, students, individuals also and we got some innovative technology solutions. We strongly believe that innovation can be achieved using the participation of employees, which makes them feel empowered by contributing in the organization growth.
Key Priorities
At the group level, we are running the digital program for the last one and a half years and we have made a significant progress on this front. All our field force, be it sales, collections, technical etc. or DSAs, third party vendors like FI, FCU agencies, our customers are on mobile platform, resulted in huge productivity and efficiency improvement and much better customer experience. As we are interacting with our customers on digital platforms and there is no physical connect with them, it becomes very important for us to understand the customer credit worthiness, intent to pay back etc before disbursing a loan. So, we are collecting a lot of financial data directly from the sources to prevent the fraud and to understand his credit worthiness. At the same time we are collecting data from social media and other alternate sources about the customers and analyze it to provide better experience and more suitable offers to our customers. As most of the customer data we are getting in electronic format, we have implemented artificial intelligence in loan underwriting process in a big way. It helps us in detecting the fraud and improving the offers to our customers continuously. Now we are extending the AI implementation to our customer service department as well to improve the customer experience and employees efficiency / productivity. Another major area, we have identified for this year is Robotic process automation in our internal departments to improve their productivity, manage the growth and better customer experience by reducing the overall TAT for loan disbursement process.
“Our main business is happening by using technology, I would say that the business has grown 15 times in one year. That’s the level of growth we are getting. So my senior management is very positive about the technology and their mantra is that technology is not about growth, it is basically the question of your survival. If you have not adopted new technologies, it would be very difficult for us to survive the competition.”
Happiest Minds brings in an innovative GenAI chatbot
Happiest Minds Technologies has announced the new GenAI chatbot - ‘hAPPI...
Government mandates encryption for CCTV cameras to ensure netw
In the wake of issuing an internal advisory on securing CCTV cameras at g...
TRAI recommends allowing only Indian entities to participate i
The Telecom Regulatory Authority of India (TRAI) has recommended that onl...
Galaxy AI is available on more devices with Samsung One UI 6.1
Samsung has expanded the range of smartphones to which One UI 6.1 and Gala...
DRUVA SOFTWARE PVT. LTD.
POLYCAB INDIA PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
SECUREYE SERVICES PVT. LTD.
Technology Icons Of India 2023: Vijay Shekhar Sharma
Vijay Shekhar Sharma is an Indian technology entrepreneur and billiona...
Technology Icons Of India 2023: B.V.R. Subrahmanyam
B.V.R. Subrahmanyam belongs to Andhra Pradesh. He is a 1987-batch IAS ...
Technology Icons Of India 2023: Rajendra Singh Pawar
Rajendra Singh Pawar is an entrepreneur and businessperson who founded...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
SATCOM INFOTECH PVT. LTD.
Satcom Infotech Pvt. Ltd is a distribution houses in security in India...
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...
M. TECH SOLUTIONS (I) PVT. LTD.
M.Tech is a leading cyber security and network performance solutions ...