In the latest episode of the Digital India Podcast, TechObserver.in’s Mohd Ujaley spoke with Puneet Asthana, Executive Director and Chief Technology Officer, Shriram Wealth, to understand how India’s banking and financial services sector is approaching artificial intelligence, data modernisation and regulatory compliance.
Asthana, who has spent decades in technology roles across financial services, highlighted the long evolution of enterprise technology—from the early internet and mobility era to today’s data-driven and AI-enabled systems. He said the BFSI market continues to grow steadily, particularly in the wealth management segment, where digital adoption and customer expectations are rising.
According to him, while AI tools and platforms are widely available, organisations still struggle with identifying use cases that create tangible business impact. “Technology is not the problem; clarity on the use case is,” he noted, adding that boardrooms today often push for AI initiatives without fully defining the intended outcome.
Asthana explained that data fragmentation remains the biggest barrier to enterprise-grade AI. Legacy financial institutions often operate with isolated systems, inconsistent data structures and multiple third-party platforms, making consolidation difficult. This, he said, slows down the development of reliable and scalable models compared to consumer-facing GenAI systems.
On whether enterprises should attempt to build their own large language models, Asthana argued that organisations are more likely to operate multiple specialised models for different functions rather than relying on a single, large platform. He said this “model of models” approach is more realistic and suited to the complexity of BFSI operations.
Asthana also emphasised the importance of federated learning, particularly in areas such as compliance and cybersecurity. He noted that while regulators like SEBI issue frequent circulars, financial institutions often interpret and implement these differently. A shared platform for industry-wide learnings, he said, would help reduce compliance risks and improve consistency.
Addressing the growing focus on data privacy, he said the Digital Personal Data Protection (DPDP) Act will change how organisations manage and share customer information. Consent management, data discovery and data minimisation will become central to technology operations. He added that securing APIs and ensuring encrypted data flows are now standard requirements across BFSI systems.
On the future of wealth management at Shriram Wealth, Asthana said the company aims to maintain a strong human interface for ultra-HNI clients while building AI-assisted digital experiences for the mass-affluent segment. The organisation is developing systems that provide relationship managers with personalised “nudges” based on customer aspirations, financial goals and behaviour patterns—allowing them to offer timely and relevant advice.
Asthana said that while AI offers significant opportunities, enterprises must avoid the hype and focus on measurable outcomes, responsible use of data, and alignment with regulatory frameworks. “Impact, not experimentation, should drive technology adoption,” he said.
