On navigating digital banking though the crisis with Finacle’s Rajashekara Visweswara Maiya
- COVID-19 is creating a lot of stress on consumers and their financial institutions.
- Core provider Finacle's head of cloud business joins us to discuss how banks are rapidly digitizing.
Banking systems are being put to the test, surviving the impact of the current pandemic. In many cases, this crisis accelerated digital transformation programs. There is increased demand for digital solutions that require banks to seriously think about their legacy tech stacks and models. Joining us on the podcast is Rajashekara Visweswara Maiya, Finacle’s VP, head of business consulting, Cloud & Blockchain Business.
We discuss banking’s role in helping the economy recover and how the shutdown of physical branches and manual processes being unavailable have led to increased access to digital services. We also talk about how banking modernization has suddenly become an urgent goal, leaving banking management to question which programs truly make a difference to the end-user.
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The following excerpts were edited for clarity.
The crisis
Even though I’m not old enough to comment on the 1929 crash, I have experienced 4 crashes. This crisis is completely different because the other three were liquidity risk related. COVID-19 is liquidity risk related but also includes solvency risk. The combination of liquidity and solvency risk is a global phenomenon that affects every industry.
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