Data security, cybercrime, and regulatory compliance are the real concerns that keep corporate leaders up at night, despite the hoopla surrounding artificial intelligence (AI) and GenAI taking center stage in C-suite discussions.
Chief Technology Officers (CTOs) at the Business Standard BFSI Insight Summit 2024 CTO Lunch event in Mumbai on Thursday addressed these and other important issues. Top leaders from the fintech and banking, financial services, and insurance (BFSI) industries attended the exclusive event.
The executives observed that because of the difficulties presented by legacy systems and the unstructured nature of Indian data, the country was not yet prepared for the AI decade. Effective use of AI is still significantly hampered by the lack of standards and the difficulty of integrating new AI technologies with outdated data infrastructure.
Finding the ideal balance between promoting innovation and guaranteeing adherence to the constantly changing regulations was another significant obstacle that was brought to light in addition to these urgent concerns.
CTOs are constantly under pressure to implement innovative solutions while upholding strict industry standards and protecting sensitive consumer data as technology develops.
They also discussed how regulatory pressure keeps them alert and drives them to improve their technical environment in order to stay out of trouble.
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