2 hrs ago
Bank of Baroda Chief Calls for Higher Technology Investment
Debadatta Chand says banks need to spend more money on technology and cybersecurity.
He said cyberattacks are real and happen every day.
Bank of Baroda faces these risks in different countries where it operates.
The bank has previously planned to use at least 10% of its operating profit for technology.
Chand said that amount may increase to 15%.
The bank is also building an app that uses artificial intelligence to talk with customers.
This could make banking easier for more people.
Chand also said banks and fintech companies can work together instead of competing.
Bank of Baroda MD&CEO Debadatta Chand said banks must increase technology and cybersecurity investments.
Chand said cyberattacks occur daily and pose a real threat across countries.
The bank previously allocated at least 10% of operating profit to technology and may raise that share to 15%.
His comments followed an alleged late-July leak of customer and corporate data on the dark web.
Bank of Baroda is developing conversational AI for customer service and plans to collaborate more closely with fintech companies.
- Who
- Debadatta Chand, MD&CEO of Bank of Baroda.
- What
- He called for increased technology and cybersecurity investment and discussed conversational AI and fintech collaboration.
- Where
- At the Global Fintech Fest.
- When
- Chand made the comments on Wednesday; he had discussed the possible increase from 10% to 15% in an earlier May interview.
- Why
- Because cyber threats are real and banks need to reduce their vulnerability.
Key facts
- Speaker
- Debadatta Chand, Bank of Baroda MD&CEO
- Technology spending
- The bank had set aside at least 10% of operating profit for technology spending.
- Potential increase
- Chand said technology spending may need to rise to 15% of operating profit.
- Cybersecurity context
- Chand said attacks happen every day and threats are similar across jurisdictions.
- Reported data incident
- An alleged leak of customer and corporate data appeared on the dark web in late July.
- AI initiative
- Bank of Baroda is developing an AI-powered mobile banking app with conversational banking.
- Fintech strategy
- The bank sees collaboration with fintech companies as increasingly important by 2026.
Quotes
Debadatta Chand
Bank of Baroda managing director and chief executive officer
“One of the apps we have built—though it is still slightly premature to discuss details at this stage—will see the launch of its version 2 in the next couple of days. What makes this release particularly relevant for financial inclusion is that it will be AI-powered. A key feature of this mobile banking app will be its conversational banking interface.”
financialexpress.com
“Considering the vulnerability at the bank level, we need to invest more no doubt about it. Let us accept the fact that the cyber threat is not on paper it is real. Attacks happen every day, but until one hits you directly, it doesn’t feel real.”
financialexpress.com
Sources
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