The SWIFT India and South Asia Regional Conference 2019 gathered experts to discuss trade finance digitisation, cybercrime and risk management
From conventional to convenience, the banking system has witnessed a transformational change. This has been primarily ushered by digital interventions and smartphone penetration in the Indian ecosystem. With the launch of United Payments Interface (UPI) and SWIFT gpi, payments experienced major innovation. Digitisation has become the top priority for every bank. But with these revolutions comes major challenges in the form of security risks, customer unawareness, and lack of skills.
To discuss these paradigm shifts, SWIFT hosted the India and South Asia Regional Conference 2019, gathering over 450 senior executives from across the banking ecosystem. Veterans like Arundhati Bhattacharya, Chairman of Board of Directors, SWIFT India; Professor Deepak B. Phatak, IITBombay, Alain Raes, Chief Executive - EMEA & APAC, SWIFT set the stage ablaze with their sharp insights.
Industry leaders shared concern over fraud and cyber security and called for a need of a common set of security controls for corrective risk management. Unanimously, the speakers believed that retail banking has seen a rapid change but significant work remains to be done on the wholesale side.
Read the whole report from the Economic Times