Sumnesh Joshi ITS, Deputy Director General (Joint Secretary level Government of India), Ministry of Communications, Government of India stressed that a phenomenon of data explosion with growth up to 150 thousand times worldwide was observed in the last 20 years.
Joshi talked about a digital ecosystem in India with 1.4 billion identities, one billion bank accounts, more than 13 billion UPI transactions in a month, 900 million broadbands, and over two hundred thousand gram-panchayats that are well connected with their optical fibre cables (OFC).
Innovations can revolutionise various aspects of banking, financial services, and insurance (BFSI) operations, including customer experience, risk management, fraud detection, and operational efficiency.
Innovations In Telecom And Its Impact
“Internet of Things (IoT), when it works together with new innovations like the 5G, it communicates and changes the game. In the banking industry, IoT installed in ATMs can provide real-time monitoring of the operational status, facilitate maintenance and alert the control centre in case of any suspicious activities,” Joshi explained. IoT can be installed in ATMs and remotely monitored with the ability to make real-time adjustments, reducing the need for on-site maintenance and increasing uptime. This is an example of machine-to-machine communication.
IoT is also used in asset tracking and risk management. It can sense danger or risks and alert security personnel. Moreover, it can provide proactive customer service with the machine’s ability to use algorithms to predict what kind of assistance customers may require.
Joshi affirms that IoT data will continue to be used more exponentially in the future, thus the protection of data and privacy is of paramount importance.
Insights On Data Security And Privacy
Speaking about data security and privacy, he said, “Digital Personal Data Protection Act 2023, has already been passed and very soon it is going to be implemented. So, we have to ensure that the kind of architecture we are having to safeguard the data because we own the data is in compliance with the DPDP ACT. And we should have a very responsible data collection and usage.”
Joshi emphasised the need to be careful about what data one installs in their AI or machine learning because what you install in it will determine what it produces. These technologies can seamlessly integrate with the vast landscape of big data to drive BFSI industry forward into a new era of digital transformation and innovation.
“The government of India is supporting the entire ecosystem to grow and recently two schemes were announced by the Ministry of Communication. The telecom technology development fund; in which you can submit proposals by 31 July to the Ministry of Communication, and funding will be given. Quantum encryption algorithm proposals can be submitted for another scheme,” Joshi added.
Joshi believes this is a time to innovate using all the Digital Public Infrastructure (DPI), IoT, and the 5G technology, and think of how to reap their benefits. Further, we have to ensure data quality; that data is correct and correctly entered, and safeguard security and privacy.
He was presented the keynote address at the fourth edition of BW Businessworld's Festival of Fintech 2024 on 'Innovating BFSI with IoT, 5G, AIML – Harmonising with the big data spectrum’.
