In the current macroeconomic environment, the BFSI sector, which is facing multiple headwinds, is looking at investment in automation as a significant lever for cost-saving, said Geeta Gurnani, CTO and Technical Sales Leader, IBM India & South Asia. 

Gurnani told businessline, “Automation is one of the areas where we are seeing higher interest from the customers, as they want to understand how IBM can help them in cost saving without comprising the service levels.” 

In a post-Covid scenario, manageability has become a challenge for companies as they had previously procured infrastructure in anticipation of peak times. Organizations had deployed multiple servers to keep up with the need of the hour and had some applications on the cloud and some on-premise. But now, it wants to relook at the hybrid cloud environments and invest only when required. Gurnani further explained. 

“The BFSI sector as it gears to digitize all its channels, is aiming to automate all of its tasks. Processes are automated to make people more productive, make businesses scalable, and make systems more resilient,” she said. In India, among various other banks, IBM has worked with the State Bank of India for its SBI YONO platform. 

In terms of adoption by the BFSI sector, IBM, for its Artificial Intelligence(AI) and automation services, has seen quick adoption from large banking organizations in the recent past. Adoption by fintechs, it says, was limited but the cohort has now started to have conversations about automation as they think about cloud spending in the current macro-environment, Gurnani noted. 

IBM sees a huge market opportunity for AI and automation offerings in the BFSI sector as it has been a frontrunner in technology adoption. The AI and automation offerings are also significant revenue contributors for the company in the region, given the market interest and adoption,  she added.