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The synergy of AI, security and cloud: Charting India's transformation

Moneycontrol and Intel Xeon's video series explores cutting-edge advancements

BRAND CONNECT | PAID POST
Published: Feb 8, 2024 05:35:28 PM IST
Updated: Feb 8, 2024 06:00:36 PM IST

The synergy of AI, security and cloud: Charting India's transformation

India is at the cusp of a transformative journey, and the convergence of digital technologies is poised to be a defining force that shapes the nation's future. In the video series, 'Envisioning the Future with AI, Security, and Cloud United', presented by Moneycontrol and Intel Xeon, CNBC-TV18's Reema Tendulkar takes a deep dive into the realm of cutting-edge advancements, exploring the challenges and opportunities faced by industry leaders on their transformative journeys.

The round table brought together Vikram Chauhan, Director, Enterprise and Government Business, Intel, and Ramesh Lakshminarayan, Chief Information Officer, HDFC Bank. The discussion revolved around the evolution of digital banking platforms and the significant transformation the digital banking landscape has undergone. The conversation then moved on to Intel's key role as a strategic technology partner in shaping digital platforms, underpinning their robustness and efficiency. They also dived into banking specific challenges in embracing cloud technologies, including data security and regulatory compliance. Lastly, panelists touched on the importance of integrating security measures into all offerings, regardless of their hosting location or underlying tech stack.

Ramesh Lakshminarayan shed light on the substantial changes witnessed in the banking sector throughout the customer's digital journey. The sweeping digitization, driven by the introduction of the Unified Payments Interface (UPI), compelled banks to reevaluate their architectural structures, emphasizing the need to 'hollow the core' to efficiently manage fluctuations in transaction volumes in an era enabled by UPI.

Ramesh highlighted their extensive use of classical data science models for decades which support various functions, including spend analysis for credit card customers, anti-money laundering and fraud prevention operations. The advent of Large Language Models (LLMs) and advanced AI models opens doors to revolutionize banking services, allowing customers to access information swiftly and enabling banks to allocate resources to more value-added tasks.

Vikram Chauhan echoed Ramesh's sentiments, acknowledging the breakneck speed of digital transformation in India's banking and financial services sector. Banking platforms have excelled in creating robust omnichannel strategies and enhancing user experiences through customization and personalization initiatives. Looking forward, Vikram envisions the retail banking sector expanding the role of ATMs, transforming them into AI-powered kiosks that function as miniature branches.

Addressing the common myths around AI, Vikram said, "A very massive misconception is that AI is equal to GPU, but if you look at Intel’s product like the 4th gen Intel® Xeon® Scalable processors, it is very much capable of handling both training and inference at the platform level. Intel has accelerators like the Intel® Advanced Metric Extension, which can handle NLP or image recognition at the server itself, without requiring any CPUs. Intel's Habana Gaudi 2 AI Accelerator makes complex training of inference models that much easier, garnering rave reviews on Machine Learning performance. Encryption-based accelerators like Intel® QuickAssist Technology handle tasks such as encryption, decryption, signature hashing at the server level without putting an additional load on the regular CPU, ensuring efficient security in applications and databases both. For our customers, end-to-end solutions are paramount. Be it any use case, Intel is front and center, working very closely with our customers on the AI challenges they face, and striving to solve them through our products and solutions."

Vikram expressed his delight in witnessing the widespread adoption of AI in banking and financial services, particularly in areas like e-KYC (Know Your Customer), risk assessment, and various new use cases for Large Language Models. The rise of API banking has fostered collaboration between fintech companies and banks, enabling them to leverage each other's platforms and create novel offerings that fortify the ecosystem.

In Vikram's words, "Banks are the heart of a growing economy. As the economy flourishes, so do the banks. They share a symbiotic, mutually reinforcing relationship." With India's rapid growth, Vikram envisions a prosperous future for the nation in the coming decades.

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