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  • Jegatheeswari Perumalsamy: Championing Data Excellence and Innovation in Insurance and Banking

    Jegatheeswari Perumalsamy

    In a data-centric world, few professionals bring the depth of knowledge and vision that Jegatheeswari Perumalsamy brings to her field. With over 17 years of experience across the insurance and banking sectors, Jegatheeswari has become an invaluable asset in data architecture, modeling, and analysis. Her journey reflects a commitment to excellence and innovation, marked by her leadership in transforming complex data systems for global organizations.

    Jegatheeswari’s career is built on a foundation of strategic data management. Her expertise in data architecture has enabled her to design systems that are robust, efficient, and adaptable to changing business needs. Working with critical data structures across life insurance and retirement products, she has mastered both logical and physical data modeling using tools like PowerDesigner, ER Studio, and Erwin. Her work ensures that data structures are aligned with business goals, supporting decision-making and operational efficiency.

    Jegatheeswari’s contributions have been widely recognized. At Athene, she was promoted to Senior Lead Data Analyst and awarded the Attitude of Gratitude Award, the ATH Award, and several commendations from leadership and peers. Her accolades include numerous honours from Cognizant Technology Solutions, Tata Consultancy Services and IBM, where she has received TCS Gems award, CTS Silver award and the IBM Bravo Award for her exceptional contributions to data systems and automating manual process. She is Certified in AWS AI practitioner, AWS Solutions Architect and INS 21 for Property and Liability Insurance, she continually upgrades her skills to stay at the forefront of industry trends.

    At Athene Annuity and Life Company, where she serves as Senior Lead Data Analyst, Jegatheeswari has transformed data practices and designed complex tables and data elements to improve data accessibility for stakeholders. Through implementing “Critical Data Elements” (CDEs) for vital business decisions, Jegatheeswari has reinforced data quality and resilience, integrating traditional data warehouses with modern data lakes for seamless data handling.

    Jegatheeswari’s journey in the industry highlights her natural leadership and project management skills. At Cognizant Technology Solutions, she led data architecture for Sammons Financial Group, overseeing design, analysis, and impact assessment processes. In managing over 100 data mapping designs for ETL load processes, she helped streamline data flows across various business units. Her experience in GAP analysis, UAT, and cost-benefit evaluations underscored her ability to manage complex projects with significant impact.

    Her time at Tata Consultancy Services saw her leading multi-layered data initiatives for clients like American Express and Bank of America. By transforming legacy systems into high-performing data environments, Jegatheeswari enabled these organizations to handle customer and operational data with greater efficiency. She defined database strategies, ensuring all models adhered to best practices in security and scalability.

    Data quality and governance are central to Jegatheeswari’s work. Her approach to data design and documentation ensures accuracy and integrity, particularly within the intricate ecosystems of insurance and banking. At Athene, she implemented over 130 data quality rules and developed 300+ mapping specifications, establishing high standards for data retrieval, transformation, and loading. By enforcing rigorous quality standards, she reduced the risk of data discrepancies, providing reliable data for crucial business decisions.

    Her expertise in data profiling and lineage mapping has added transparency to organizational processes. By documenting data flow, Jegatheeswari enhances traceability, making it easier for stakeholders to track data origins, transformations, and dependencies. This capability supports regulatory compliance and audit readiness, which are essential in regulated fields like insurance and finance.

    Jegatheeswari’s role extends beyond data management; she transforms data into a strategic asset. Her work in data modeling creates systems that are resilient and adaptable. At Athene, she has pioneered the building of structured and governed data lakes, which enable organizations to utilize cloud-native technologies without compromising data integrity. Her expertise in Agile and hybrid methodologies has facilitated flexible solutions that adapt to her clients needs, creating high-impact solutions for the fast-paced insurance and banking sectors.

    Her collaborative approach, including workshops like JAD sessions and walkthroughs with executives, developers, and end users, brings a variety of perspectives to each project. This method ensures that every solution is robust, inclusive, and tailored to specific business objectives, underscoring her commitment to effective, comprehensive data solutions.

    As Jegatheeswari advances her career, her legacy is marked by her commitment to innovation and a relentless pursuit of excellence. She envisions a future where data architecture is not only about managing information but also about driving business strategy and empowering decision-makers. Her contributions to the insurance and banking sectors serve as a model for aspiring data architects, showing the transformative impact of thoughtful, strategic data management.

  • Sensex closes down by 426 points, banking stocks top losers

    Sensex closes 151 points down, Reliance and Tata Motors top losers

    Sensex closes down by 426 points, banking stocks top losersIANS

    Indian equity indices snapped a two-day gaining streak and ended in the red on Wednesday as selling was seen in the large-cap stocks like Infosys, ICICI Bank, Kotak Mahindra Bank, M&M, SBI, and HCL Tech.

    At closing, Sensex was down 426 points, or 0.53 per cent, at 79,942 and Nifty was down 126 points, or 0.51 per cent, at 24,340.

    Selling was largely driven by banking stocks. Nifty Bank settled at 51,807, down 513 points or 0.98 per cent.

    In the Sensex pack, Infosys, HCLTech, ICICI Bank, Kotak Mahindra Bank, M&M, SBI, HCL Tech, Axis Bank, NTPC, and HDFC Bank were the top losers. Maruti, IndusInd Bank, Adani Ports, ITC, UltraTech Cement, L&T, and Titan were the top gainers.

    The market trend remained positive.

    On the Bombay Stock Exchange (BSE), 2,894 shares closed in the green, 1,037 shares settled in the red, while, at the same time, 80 shares closed without any change.

    Among the sectoral indices, FMCG, media, and infra were major gainers. Auto, IT, PSU Bank and pharma were major laggards.

    Sensex snaps five-day losing streak, Nifty closes above 24,300

    Market trend remained positiveIANS

    According to market experts, the domestic market is trying to show some signs of a recovery from the recent lows as the Diwali festival approaches. A notable decline in crude oil prices is bolstering market sentiment, though it also indicates a potential slowdown in global demand.

    Currently, stock-specific action related to ongoing Q2 earnings, which is largely weak, is expected to drive the market sentiment in the near term, the experts said, noting that PSU banks have rebounded from recent corrections, driven by positive initial earnings reports, while auto stocks declined due to disappointing results.

    Foreign institutional investors (FIIs) sold equities worth Rs 548.69 crore on October 29, while domestic institutional investors bought equities worth Rs 730.13 crore on the same day.

    (With inputs from IANS)

  • Fintech Slice Merges with NESFB in Landmark Banking Move

    Fintech unicorn Slice

    IANS

    Fintech firm slice and North East Small Finance Bank (NESFB) have successfully completed their merger. This merger, which took place on October 27, 2024, is the first instance of a new-age fintech company merging with a licensed bank. The merger has unified the operations, assets, and brand identities of both entities into a single, integrated banking institution. This move is set to redefine customer experience and risk management in the banking sector.

    The merger was facilitated following the receipt of all necessary shareholder and regulatory approvals. The integration of the two entities reinforces NESFB’s dedication to its core markets, ensuring not only the continuation of services but also a strategic expansion across the region. The merged entity is well-equipped to expand its operations, meet evolving customer needs, and enhance risk management, setting new benchmarks in customer experience.

    The key individuals instrumental in this merger are Rajan Bajaj, the Founder and CEO of slice, who also becomes the Executive Director of the merged entity, and Satish Kumar Kalra, the MD and CEO of NESFB. Both executives played pivotal roles in the strategic and operational integration of the two companies.

    Fintech unicorn Slice

    IANS

    The merger signifies a pivotal shift in the Indian financial landscape, bringing together Slice’s fintech innovation and NESFB’s solid traditional banking foundation. This strategic alliance lays the groundwork for a tech-driven banking model focused on stability, enhanced risk management, and a strong governance framework. With a fortified financial position, the merged entity is poised to expand its operations, meet the dynamic needs of customers, and set new standards for customer experience.

    The merged entity will introduce a range of banking products and services including savings account, fixed deposits, and credit products among others. Notably, customers will continue to enjoy uninterrupted access to the services of NESFB and slice through this transition. In the coming months, the focus will be on streamlining operations to ensure seamless integration and leveraging the combined strengths of both organisations.

    The merger between slice and NESFB is a significant development in the Indian banking sector, particularly for a financial institution rooted in the North-east. It represents a new chapter not only for the bank but for the nation as a whole. The integration of a cutting-edge fintech company with a traditional bank is expected to redefine banking standards across the nation.

    The merger also signifies a broader trend in the global banking sector, where traditional banks and fintech companies are increasingly collaborating to leverage each other’s strengths. This trend is driven by the need for banks to innovate and adapt to the changing needs of customers, who are increasingly demanding digital, seamless, and personalized banking experiences.

  • The 19th AAOIFI-IsDB Islamic Banking and Finance Conference is Coming to Bahrain!

    JEDDAH, SAUDI ARABIA: The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), together with the Islamic Development Bank (IsDB) Group, represented by IsDB Institute (IsDBI), is set to host the 19th edition of its annual Islamic banking and finance conference with the support of the Central Bank of Bahrain.

    The two-day conference, scheduled for 3-4 November 2024, will be held at Crowne Plaza, Kingdom of Bahrain. This year’s conference is themed: “Leveraging Islamic Finance to Build a Sustainable, Efficient, and Resilient Halal Ecosystem for Muslim Economies”.

    Considered one of the most significant gatherings in the Islamic finance industry, the conference this year will host Shari’ah scholars, policymakers, and decision-makers to discuss pressing matters in the Islamic finance industry globally. The conference will be supported by a variety of partners and sponsors, including Islamic banks and financial institutions, academic institutions, technology companies, and other support service providers and knowledge-sharing platforms.

    H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees remarked on this occasion: “We are honored to once again host our annual conference in Bahrain. We eagerly anticipate engaging in discussions on vital issues and Islamic finance-based approaches and solutions that can be leveraged to build a sustainable, efficient, and resilient Halal ecosystem for Muslim economies. We extend our profound appreciation to the Central Bank of Bahrain and the Islamic Development Bank for their unwavering support to AAOIFI and its pivotal initiatives, encompassing this important conference. In sha Allah, we look forward to welcoming all AAOIFI stakeholders to Bahrain”.

    The two-day conference will feature keynote addresses from distinguished dignitaries and policymakers, along with seven-panel discussion sessions. These discussions will explore how Islamic finance can build a sustainable Halal ecosystem, covering topics such as transitioning from Halal finance to a Halal economy, enhancing supply chains, and addressing governance and transparency in Islamic finance, among other relevant topics.

    Khalid Al Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain, also commented on this occasion: “The Central Bank of Bahrain is pleased to support this conference, which underscores our ongoing commitment to the advancement of Islamic finance both locally and globally. This conference provides a valuable opportunity for stakeholders to examine the evolving dynamics of Islamic finance and its broader economic implications. It is essential that we continuously evaluate and refine our strategies to address the diverse needs of the stakeholders. We believe the insights gained from this conference will play a crucial role in shaping and improving economic and financial practices worldwide”.

    Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, also commented on this occasion: “The Islamic Development Bank is committed to showcasing how Islamic finance can build a more sustainable, efficient, and resilient Halal ecosystem. Our focus is on leveraging innovative financial strategies and practices rooted in Islamic principles, rules, and values, as well as AAOIFI standards, to drive economic efficiency, financial stability, and long-term growth in Muslim economies. This conference provides a vital platform to address current economic, financial, and environmental challenges, showcasing our commitment to upholding the broader goals of Shari’ah”.

    In conjunction with the conference, AAOIFI is also organizing the 2nd edition of Capacity Building Week, which will commence on 2 November 2024 and continue from 5-8 November 2024. This event is expected to draw over 200 participants from more than 30 countries, who will engage in over 20 concurrent workshops, facilitated by 20 AAOIFI trainers.

    For registration and more information about the conference, please click this link: https://bit.ly/3Tx6ojI

  • Sensex jumps up 591 points, realty and banking stocks shine

    Sensex snaps 3-day losing streak on rebound in FMCG and Pvt Bank shares

    Sensex jumps up 591 points, realty and banking stocks shineIANS

    The Indian benchmark indices closed in green on Monday with a strong start for the week, as buying was seen in realty, banking, and IT stocks.

    The BSE Sensex closed at 81,973.05, rising 591.69 points or 0.73 per cent.

    NSE Nifty closed at 25,127.95 after rising 163.70 points or 0.66 per cent.

    The Nifty Midcap 100 index closed in the green mark at 59,465.45 after rising 252.75 points or 0.43 per cent. The Nifty Smallcap 100 index closed at 26,197.90 after rising 143.80 points or 0.55 per cent.

    Buying was seen in Nifty’s realty, IT, financial services, private banks, auto, PSU banks, pharma, and FMCG sectors. At the same time, there was pressure on the media, metal, and oil and gas sectors.

    The market trend remained positive.

    Sensex falls 885 points, investors lose over Rs 4 lakh crore

    BSE Sensex closed at 81,973.05, rising 591.69 points or 0.73 per centIANS

    On the BSE, 1,952 shares were trading in green and 1,919 shares in red. About 140 shares closed without any change.

    Wipro, Tech Mahindra, HDFC Life, L&T, and HDFC Bank were among the top gainers of Nifty. ONGC, Maruti Suzuki, Tata Steel, and Bajaj Finance were the top losers.

    Foreign Institutional Investors (FIIs) increased their selling on October 11 and sold equities worth Rs 4,162.66 crore. On the other hand, domestic institutional investors (DIIs) also increased their buying and they bought equities worth Rs 3,730.87 crore on the same day.

    According to market experts, optimism around potential RBI rate cuts, driven by strong domestic tax collections, further boosted sentiment. Investors are closely monitoring upcoming earnings reports from major companies, including Infosys, and the highly-anticipated Hyundai Motor India IPO.

    “Globally, the focus remains on the third-quarter earnings season and the upcoming European Central Bank rate decision, with US stock futures and European shares edging higher,” said Vikram Kasat from Prabhudas Lilladher.

    Trade analysts said that on the daily charts, “we can observe that the Nifty has resumed its up-move towards 25,500 after a brief three-day consolidation”.

    (With inputs from IANS)

  • How AI in banking is redefining employee-customer interactions

    icon of a clockBy:

    As the AI revolution quickly accelerates, its impact has been felt across multiple industries, including financial services. It’s a new world, and businesses are wondering how to navigate this technology. Bank leaders are considering the big question, “How will AI transform banking?” For employees, augmented intelligence — which aims to support human tasks with AI-powered tools and assistance primarily on mobile devices — is a good place to start.

    Although AI in banking may still seem like it’s in its infancy, this technology can improve the working lives of bank employees and the valued clients they serve. Here’s how banks can use augmented intelligence to advance their operations and help employees deliver a higher standard of customer care.

    Mobile AI enhances bank employee productivity

    Banks and branches are already leveraging mobile devices, including phones and tablets, to enable hybrid work, boost employee engagement, improve productivity, reduce costs and improve talent acquisition and retention. These businesses are in an ideal position to empower an AI-forward banking workforce that propels an ideal creative and collaborative environment. In doing so, they can unlock powerful competitive advantages.

    With dynamic mobile AI in their pocket, employees can leverage their unique talents and expertise far faster and more efficiently. A bank employee can use AI features on their mobile device to summarize or organize notes from an important client meeting. With quick access to the most relevant insights, they can knock out action items in rapid fire from anywhere — whether at a branch, working from home or en route to a client meeting.

    Bank and branch employees often have to sift through a large amount of complex information as part of their daily responsibilities. AI features, such as Circle to Search with Google on Samsung Galaxy S24 Series devices, for example, let users search for information about what they see on their screen — including images, videos, or text — using a simple gesture with their finger. Bank employees can use this feature to retrieve product information for a customer quickly, conduct research before an important client meeting or answer customers’ questions about financial terms. With assisted intelligence on their mobile browsers, employees can give customers precisely the support they need, even when complex and unexpected questions come up.

    AI in banking streamlines client communication

    According to an IDC infographic sponsored by Samsung, Bridging the Digital–Human Gap in Banking, the second most important challenge facing banks is effective communication and collaboration among branch employees.1 AI in banking can help employees efficiently communicate with clients, allowing them to service a larger number of clients without compromising the quality of service they provide. For example, AI-enhanced features, such as Chat Assist and Live Translate, can help bank or branch employees adjust the tone of an important business email, helping ensure it is professionally worded and received as intended.

    With the global nature of banking, AI can even help banking employees communicate more effectively in a foreign language. AI-powered chat translation features can recognize a foreign language in a text or chat app and translate it instantly. From there, the employee can type out a response in their preferred language and have it immediately translated into the recipient’s language.

    Similarly, AI-enabled call assist features can translate a voice call in real time, so everyone involved can participate. Or, if someone arrives at the branch and no one speaks their language, live translate features can transcribe the conversation for everyone in person. With the language barrier removed thanks to AI, branch employees can focus on delivering the best possible customer care.

    Security concerns about AI in banking

    As finance and banking professionals consider how AI will transform banking, they raise important regulatory and security concerns, particularly the complex nature of algorithms, employees’ lack of experience with these technologies, and what this might mean for the industry regarding issues like credit risk management and regulatory compliance. It’s essential for banks to use advanced mobile AI tools from trusted brands that offer support and protect sensitive financial data from falling into the wrong hands, helping maintain regulatory compliance.

    The AI impact

    Mobile AI is a new technology, but it is already making a positive impact. Bank employees can use these intelligent tools to accelerate their work, communicate more effectively and deliver satisfying service — all while staying secure. Banks that take advantage of these powerful AI capabilities can boost productivity, improve employee engagement, set new customer experience standards, and stand out from the competition.

    Learn more about the financial services industry and how Samsung solutions can help transform your business.

    1IDC Infographic, sponsored by Samsung, Bridging the Digital–Human Gap in Banking, #US52023624, May 2024.

  • Fox Petroleum Group Plans to Transform the European Private Banking Scene Through Strategic Acquisition

    NEW YORK, NY: Fox Petroleum Group, a global leader in oil and gas with 17 direct branches and 47 joint ventures, has officially entered into a Non-Disclosure Agreement (NDA) with L.A Business Consultancy Ltd, based in Cyprus. This agreement signifies Fox Petroleum’s intent to explore the strategic acquisition of Astrobank Public Company Limited, a European private bank.

    The NDA, signed in September 2024, outlines a confidential framework for discussions and the exchange of information between the parties. Fox Petroleum Group, represented by its Chairman and Managing Director, Dr. Ajay Kumar (PhD), is working closely with L.A Business Consultancy Ltd, whose expertise in structuring mergers and acquisitions (M&A) will be pivotal in the deal.

    This acquisition marks Fox Petroleum’s expansion into the European financial sector. The goal is to leverage Astrobank’s robust platform for the Group’s further growth in global energy investment through its investment arm, Fox Capital and Investment.

    The confidentiality of the discussions is protected under the terms of the NDA, ensuring that the acquisition is carefully negotiated and executed with discretion. Both parties have committed to a No-Shop Period of six months, during which Fox Petroleum will not engage with any other party on a similar transaction.

    Dr. Ajay Kumar stated, “This acquisition aligns with our strategy to diversify Fox Petroleum’s portfolio and strengthen our financial services capabilities globally. We are excited about the potential to collaborate with Astrobank and leverage their expertise and market presence in Europe.”

    Further details will be disclosed once both parties move toward finalizing the acquisition, subject to regulatory approval and financial due diligence.

    About Fox Petroleum Group: Fox Petroleum Group operates globally in oil and gas with diversified investments in energy, infrastructure, and financial services. With operations spanning six countries, including the United States, Australia, the United Kingdom, South Africa, Kenya, and Russia, Fox Petroleum is committed to innovation, growth, and excellence in the sectors it serves.

  • Jeevan Pramaan Patra: How can pensioners submit digital life certificate through doorstep banking service

    Central and state government pensioners can submit their life certificate or Jeevan Pramaan Patra from October 1. Usually, the period for submitting life certificate starts from November 1.

    But, this time it can be submitted from October itself. Even if you submit the life certificate on October 1, 2024, it will be valid till November 30 of the following year. The last date for submitting the life certificate is November 30.

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    Documents required for submitting life certificate

    -Pension Payment Order (PPO) number

    -Aadhaar number

    – Bank account information

    -Mobile number linked with Aadhaar

    If for some reason you are unable to submit the life certificate on time, you can submit it next month or later. However, it is important to note that if the life certificate is not submitted by November 30, your pension may be stopped. The pension amount is released only after the certificate is received at the Central Pension Processing Center (CPPC).

    Pensioners can submit their life certificate in the following ways-

    1) Jeevan Pramaan Portal

    2) “UMANG” mobile app

    3) Doorstep Banking(DSB)

    4) Through biometric devices in post offices

    5) Through video based customer identification process

    6) Face Authentication

    7) Submitting the life certificate form directly at the bank

    Having a source of income or savings after retirement is a great relief for senior citizens. Pension is an important source of income to live a comfortable life after retirement. It is mandatory for all pensioners between the age of 60 and 80 years to submit a life certificate to receive monthly pension.

    How to do doorstep banking registration

    According to the information given on the official website of State Bank of India, pensioners can book the service through any channel i.e. doorstep banking app or web portal or toll free number. After this, the doorstep agent will go to the pensioner’s house and collect the life certificate online through the Jeevan Pramaan app. Please note that until the work of the contact center is completed, the request for doorstep banking service can be made only in the home branch.

    Step 1 : First of all, Android users should download the doorstep banking app from Play Store and iOS users from App Store.

    Step 2 : After this, register with the help of mobile number.

    Step 3 : Enter the OTP received on the mobile number.

    Step 4 : After the OTP is verified, enter your name and email (optional) password (PIN) and accept the terms and conditions.

    Step 5 : Login to the app with PIN to enter additional information.

    Step 6 : Select the Add address option and enter the address details. Users can add more than one address and store in the DSB app. Users can also add, change or delete addresses at any time.

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  • Banking Law Amendments: Bank deposit, locker holders can soon name up to 4 nominees

    Bank Locker

    Bank Lockers: If one or more persons have hired a locker in a bank, then such people can nominate one or a maximum of four people to access the bank locker. The Central Government is going to make these rules by passing the bill in the Parliament.

    On Friday, August 9, 2024, Minister of State for Finance Pankaj Chaudhary introduced the Banking Laws Amendment Act 2024 in the Lok Sabha, in which this provision has been made.

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    According to the proposal of Section 45ZE of the Banking Regulation Act of 1949, if one or more persons have hired a locker from a banking company which is located in a safe deposit vault or somewhere else, then one or more persons can together nominate one or more than four persons. So that in case of the death of the person who hired the locker or all the persons, the banking company can give access to the bank locker to the nominated person and they should have the right to take away the things present in the locker.

    According to the provision of the bill, more than one person can be nominated in turn, but only one nominee will be effective at a time. The name of the first nominee will remain valid only as long as he is alive. The nomination of the second nominee will come into existence only after the death of the first nominee.

    Also Read: No Passport Or ID Card Will Soon Be Required At This Airport , Know Here

    After that, the nominee whose name is there will be considered the nominee after the death of all the previous nominees. That is, it will be applicable in the order in which the nominee’s name is given. In cases where the order of nomination is not given, the nomination will be valid in the order in which the names are written.

    There is also a provision in this bill that bank account holders can make more than one and maximum four persons as nominees. According to the provisions of the bill, account holders will not be able to declare the names of more than 4 nominees. The account holder will have to declare the proportion of the deposit amount that he will receive in front of the name of each nominee.

    The name of the nominee will have to be given for the entire amount deposited in the account. Increasing the number of nominees will help in dealing with the problem of unclaimed deposits in banks and the amount deposited in the account can be given to the right nominee.

     

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