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Lessons from Mega failures – Successes, Failures and Turnarounds

๐ŸŽ‰ ๐’๐ข๐ฑ ๐Ÿ๐จ๐ซ ๐ฌ๐ข๐ฑ! I just recorded my ๐ฌ๐ข๐ฑ๐ญ๐ก ๐ฉ๐จ๐๐œ๐š๐ฌ๐ญ ๐ŸŽ™๏ธ as a guest!

This time, weโ€™re diving deep into ๐๐ซ๐จ๐ฃ๐ž๐œ๐ญ ๐Œ๐š๐ง๐š๐ ๐ž๐ฆ๐ž๐ง๐ญ, my all-time favorite topic. And yes, things get a bit more technical.

I had an insightful discussion with Kailash Upadhyay – powerhouse of certifications (PMI: PfMP, PgMP, PMP, ACP, RMP | Microsoft: MCP, MCT | IIBA: CBAP). We explored how governance and risk management can either make or break a ๐‘ด๐’†๐’ˆ๐’‚ ๐’‘๐’“๐’๐’ˆ๐’“๐’‚๐’Ž๐’”โ€”and trust me, the stakes are high.

Thanks Kailash Upadhyay ๐Ÿ™

๐Ÿ’ก ๐‘ด๐’†๐’ˆ๐’‚ ๐’‘๐’“๐’๐’ˆ๐’“๐’‚๐’Ž๐’” arenโ€™t just oversized projectsโ€”theyโ€™re complex ecosystems with countless stakeholders, tangled dependencies, and long-term commitments. Weak governance? Poor risk assessment? Thatโ€™s a one-way ticket to budget blowouts, failures, and abandoned initiatives.

Through real-world case studies, we break down where things go wrong and how to prevent disasters before they strike.

๐Ÿšจ Donโ€™t let your ๐‘ด๐’†๐’ˆ๐’‚ ๐’‘๐’“๐’๐’ˆ๐’“๐’‚๐’Ž๐’” become the next cautionary tale!

๐ŸŽง Catch the full episode for expert insights and actionable takeaways!

Podcast link –> https://www.youtube.com/watch?v=f34naopgrRs

๐Ÿ‘ฅ Know a program manager who needs to hear this? Tag them! Letโ€™s turn potential failures into success stories.

Would love to hear your thoughts! Drop your feedback below. ๐Ÿ‘‡

P3M p3mwithkailashupadhyay MegaPrograms ProgramManagement ProjectManagement PMP PgMP hashtagPfMP TurnaroundStrategies PortfolioManagement LessonsLearned Leadership Podcast AddonSkills hashtagaddingskillstolead leadership speaker

Strategic Leadership Key to Long Term Success

Strategic Leadership: The Key to Long-Term Success

Strategic leadership is the backbone of any successful organization, helping leaders navigate challenges, inspire teams, and achieve big goals. Itโ€™s about thinking ahead, making smart decisions, and aligning everyone toward a shared vision. Whether youโ€™re running a financial wellness company, leading a team, or managing an entire organization, understanding strategic leadership can transform how you operate. This blog breaks it all down: what it is, the different types, real-life examples, and actionable tips to help you lead strategically and drive success. Ready to take your leadership to the next level? Letโ€™s dive in!

What is Strategic Leadership?

Strategic leadership means having the ability to plan for the future, stay flexible, and guide others to make big changes. Itโ€™s not just about managing day-to-day tasks but focusing on long-term goals, new ideas, and being ready to adapt. A strategic leader is someone who can use resources wisely, motivate their team, and help the organization grow while staying ahead of competitors. Strategic thinking for leaders 

For people working in finance management or running a financial wellness company, strategic leadership is especially important. It helps make sure that financial decisions are not just about solving problems today but are also aligned with the bigger goals of the organization.

Types of Strategic Leadership

Strategic leadership can take many forms depending on what the organization needs. Here are the main types of strategic leadership:

1. Visionary Leadership

  • Focuses on long-term goals and inspires the team to work towards a shared dream.
  • Best for organizations that are changing or entering new markets.

2. Transformational Leadership

  • Encourages new ideas and changes by motivating employees to do their best.
  • Often seen in tech companies and startups.

3. Transactional Leadership

  • Uses clear rules, rewards, and penalties to achieve short-term goals.
  • Works well in industries like finance and healthcare.

4. Servant Leadership

  • Puts the needs of employees and stakeholders first, creating a culture of trust and teamwork. 
  • Common in non-profits and community organizations. strategic thinking for leaders

5. Adaptive Leadership

  • Focuses on being flexible and strong when facing uncertainty.
  • Very important in industries like finance, where things can change quickly.

Real-Life Examples of Strategic Leadership

1. Ratan Tata โ€“ Tata Group

Ratan Tata is a great example of a strategic leader. He turned the Tata Group into a global company by making    smart decisions, like buying Jaguar Land Rover, which made Tata a leader in the car industry.

2. Indra Nooyi โ€“ PepsiCo

Indra Nooyi led PepsiCo with a focus on innovation and health. She introduced healthier products, which helped the company meet changing customer needs.

3. Raghuram Rajan โ€“ Reserve Bank of India

As the former RBI Governor, Raghuram Rajan showed strong leadership during tough economic times. His decisions helped stabilize the Indian rupee and brought back investor confidence.

How to Succeed as a Strategic Leader

To be a successful strategic leader, you need to plan ahead and take a holistic approach. Here are some key strategies:

1. Have a Clear Vision

  • Define your long-term goals and share them with your team.
  • Make sure everyone understands how their work fits into the bigger picture.

2. Encourage Innovation

  • Create a culture where new ideas are welcomed.
  • Invest in training to help your team grow their skills.

3. Use Data to Make Decisions

  • Rely on facts and figures to guide your financial and strategic choices.
  • Regularly check your progress and adjust as needed.

4. Build Strong Relationships

  • Work closely with employees, customers, and investors.
  • Be open and honest in your communication.

5. Be Ready to Adapt

  • Stay updated on industry trends and be prepared to change your plans if needed.
  • Have backup plans to handle unexpected challenges.

Why Strategic Leadership is Important for Financial Wellness Companies

For financial wellness companies, strategic leadership is the foundation of growth. Hereโ€™s why:

    • It ensures financial decisions support long – term goals.
    • It builds trust with clients and stakeholders.
    • It encourages innovation in financial products and services.
    • It keeps employees motivated and productive. strategic thinking. 

 

When it comes to strategic leadership speakers in India, Biren Parekh is a name that stands out. With years of experience in leadership development and helping organizations grow, Biren has inspired countless businesses and professionals to level up their game. strategic thinking

So, why Biren Parekh?

  • Deep Knowledge: He gets strategic leadership inside out and shares practical, actionable tips you can start using immediately. 
  • Real-Life Stories: Biren doesnโ€™t just talk theoryโ€”he brings in examples from his own journey, making his sessions super relatable and impactful. 
  • Engaging Vibes: His talks arenโ€™t your typical snooze-fest. Theyโ€™re interactive, inspiring, and leave you with ideas you canโ€™t wait to try.

Whether youโ€™re looking to motivate your team, sharpen your leadership skills, or drive real change in your organization, Biren Parekhโ€™s sessions are a solid bet. Trust me, youโ€™ll walk away feeling inspired and ready to take on the world!

Leadership excellence
Final Say

Strategic leadership is more than just a skill, it’s a way of thinking that helps leaders handle challenges, inspire their teams, and achieve long-term success. Whether youโ€™re a leadership speaker, a top executive coach in India, or a finance professional, learning strategic leadership can transform your organization.

By understanding the types of strategic leadership, learning from real-life examples, and using proven strategies, you can become a strategic leader who drives growth, innovation, and financial wellness.

Need a Leadership Speaker in India or a Finance Keynote Speaker in India?

Connect with experts like Biren Parekh to inspire your team and take your organization to the next level. Letโ€™s work together to create a brighter future!

FinTech, Project Management and Empathetic Leadership: Shaping the Future

Technology is evolving faster than ever, and businesses must keep up to stay ahead. Three key areas – FinTech, project management, and leadership are driving this change. When combined, they create a strong foundation for innovation, helping businesses succeed in todayโ€™s competitive world.

FinTech: Changing the Way We Handle Money

FinTech, or financial technology, is transforming the way we bank, invest, and make payments. From AI-driven tools to blockchain and digital finance, these innovations make financial services faster, safer, and more accessible. But adopting FinTech is not just about technologyโ€”itโ€™s about understanding how to use it effectively. Thatโ€™s where a FinTech speaker can help, guiding businesses through the challenges of this fast-changing industry.

Top Trends in FinTech

 

  • Decentralized Finance (DeFi) โ€“ Allows people to manage money without traditional banks.
  • Artificial Intelligence (AI) โ€“ Helps with fraud detection, credit scoring, and personalized banking.
  • RegTech โ€“ Uses automation to simplify financial regulations and compliance.

To take full advantage of these innovations, companies need more than just new ideasโ€”they need a plan and strong leadership to bring them to life.

Project Management: Turning Ideas into Reality

Even the best FinTech solutions wonโ€™t work without proper execution. This is where project management plays a key role. Whether launching a banking app or adding blockchain to payment systems, businesses need a clear roadmap to ensure success.

Key Strategies for Managing FinTech Projects

 

  • Agile Methodologies โ€“ Breaking projects into smaller steps to allow quick improvements.
  • Risk Management โ€“ Identifying problems early and planning ways to solve them.
  • Team Collaboration โ€“ Encouraging different teams to work together for the best results.
  • Data-Driven Decisions โ€“ Using data to track progress and make smart choices.

For companies in India, especially in cities like Mumbai, working with a project management speaker in India can be helpful. These experts provide guidance on best practices and strategies for FinTech businesses.

Leadership: The Key to Success in FinTech

Technology and planning are important, but strong leadership is what drives success. In FinTech, leaders must be open to change, inspire their teams, and handle challenges like market shifts and new regulations.

What Makes a Great FinTech Leader?

 

  • Visionary Thinking โ€“ Seeing future trends and preparing for them.
  • Inclusivity โ€“ Creating financial solutions that serve diverse people.
  • Resilience โ€“ Staying strong during market ups and downs.
  • Empowerment โ€“ Encouraging teams to take risks and learn from mistakes.

A finance speaker or FinTech speaker in India can help businesses build these leadership skills and guide them in navigating the FinTech world with confidence.

Biren Parekh: A Leading FinTech Speaker

fintech speaker in India

When it comes to FinTech, project management, and leadership, Biren Parekh is a well-known name. As a FinTech speaker in India and keynote speaker on digital innovation, he has helped many businesses succeed in the digital age. His deep knowledge of finance management, project execution, and leadership makes him a trusted expert for companies looking to grow.

Why FinTech, Project Management, and Leadership Must Work Together

When businesses bring together FinTech innovation, good execution, and strong leadership, they achieve great results:

  Faster Market Entry โ€“ FinTech products can be launched more quickly.
  Better Customer Experience โ€“ Technology improves financial services for users.
  Long-Term Growth โ€“ Ethical leadership ensures sustainable success.

As a digital transformation consultant, Iโ€™ve seen that businesses that align these three areas always perform better. FinTech success is not just about having great ideasโ€”itโ€™s about executing them well and leading with purpose.

Final Thoughts: The Future of FinTech

The future belongs to those who can adapt, innovate, and lead. Whether you are a FinTech startup founder, a project manager, or a corporate executive, understanding these three areas is critical to success.

For companies in India, especially in Mumbai, the FinTech industry offers endless possibilities. If you need expert advice, working with a FinTech speaker in India or a management coach can give you the tools and strategies to stay ahead.

By combining FinTech technology, structured project management, and leadership excellence, businesses can drive financial innovation and build a successful future. 

Leading Like Birds: Communication and Teamwork Leadership

Have you ever stopped to observe how birds lead their flocks? They donโ€™t bark orders or push others around. Instead, they communicate, connect, and inspire. Their songs bring flocks together, warn of danger, and create harmony. This natural phenomenon offers a profound lesson in leadership, one that emphasizes heart, connection, and adaptability over authority and control.

This concept, which I like to call Birdsong Leadership, draws inspiration from how birds communicate and lead within their flocks or territories. While itโ€™s not a widely established term in leadership theory, itโ€™s a thought-provoking idea that can transform how we approach leadership in our teams and organizations.

What is Birdsong Leadership?

Birdsong Leadership is about leading with heart, not just authority. Itโ€™s about creating an environment where teams feel valued, heard, and inspired to do their best work. Just as birds use their songs to guide, warn, and unite their flocks, leaders can use clear communication, empathy, and adaptability to foster collaboration and trust.

Hereโ€™s what Birdsong Leadership stands for:

1. Clear Communication

Birds use their songs to send messages whether itโ€™s to attract a mate, warn of danger, or guide the flock. Similarly, great leaders ensure their teams understand their vision, goals, and expectations. Clear communication isnโ€™t just about speaking, itโ€™s about listening and making sure everyone feels heard. This is especially critical in project leadership and agile leadership, where alignment and transparency are key to success.

2. Adaptability

Birds change their tunes depending on their surroundings. A leader should be just as flexible, adapting their approach to meet the needs of their team and the challenges of the environment. Whether itโ€™s navigating a digital transformation or leading an agile project, adaptability is key to staying relevant and effective. Leaders who embrace change and encourage innovation are better equipped to handle the complexities of modern workplaces.

3. Inspiring Not Controlling

Birds donโ€™t boss others around. They attract, guide, and influence. True leadership isnโ€™t about wielding power; itโ€™s about inspiring others to follow willingly. When leaders focus on influence rather than authority, they create a culture of trust and collaboration. This approach is particularly effective in team building and fostering leadership excellence.

4. Community & Teamwork

Birds thrive in flocks, and people thrive in supportive teams. A strong leader fosters a sense of community, encouraging teamwork and mutual support. This is especially important in project management and agile leadership, where collaboration is essential for success. By promoting a culture of teamwork, leaders can unlock the full potential of their teams.

5. Empathy & Understanding

A leader who listens, cares, and values their team members creates a positive and productive work environment. Empathy is the foundation of trust, and trust is the cornerstone of effective leadership. In todayโ€™s fast-paced world, where employee engagement and team building are critical, empathy can make all the difference.

How to Lead with Influence Instead of Authority

Leading with influence rather than authority is about creating trust and inspiring others to follow willingly. Hereโ€™s how you can embrace Birdsong Leadership in your own role:

  • Listen Actively: Pay attention to your teamโ€™s concerns, ideas, and feedback. When people feel heard, theyโ€™re more likely to engage and contribute.
  • Communicate Clearly: Ensure your messages are clear, concise, and aligned with your teamโ€™s goals. Use storytelling to inspire and motivate.
  • Be Adaptable: Stay open to change and be willing to adjust your approach as needed. This is especially important in agile leadership and digital transformation initiatives.
  • Lead by Example: Show your team what it means to be committed, collaborative, and resilient. Your actions speak louder than words.
  • Foster Collaboration: Encourage teamwork and create opportunities for your team to connect and support one another.

PSAI Summit 2025: Leadership, Finance, and Momentum

The PSAI Annual Summit 2025, organized by the Professional Speakers Association India (PSAI), was one for the books. Conducted in Mumbai on February 21st and 22nd, the event took its theme of Momentum as the backdropโ€”a stark reminder of what could be achieved with small but sustained efforts. Right from thought-provoking speakers to implementable learnings, the summit was a carnival of growth, networking, and meaning.

A Vibrant Start and Finish 

The summit kicked off with an opening ceremony that set the tone for the days ahead. The energy was electric, with cultural performances adding a touch of Mumbaiโ€™s spirit. The closing ceremony was equally memorable, leaving everyone with a sense of accomplishment and excitement for whatโ€™s next.

Learning from Global and Local Stars

One of the most exciting aspects of the summit was the opportunity to learn from some of the industry’s top minds. Ron Kaufman, CSP Eric Sim, Robin Speculand, Ruby Newell-Legner, Darren Pratley CSP, and Sally Foley-Lewis, CSP were some of the speakers who shared their experiences and insights. Their tales were not only inspiring but also full of practical advice.

The PSAI-Professional Speakers Association India speakers like Sivakumar Palaniappan, CSP and Dr. Priti Batra also made an indelible mark. Every session was like a masterclass, whether building a personal brand, growing a speaking business, or how to use the power of book writing for developing thought leadership.

Practical Takeaways That Mattered

What was unique about this summit was its emphasis on practical application. It wasn’t theory, but rather how to get things done in our careers and businesses. Some of the major subjects were:

  • Building and maintaining momentum: How to continue moving in a forward direction, even in the face of obstacles.
  • Employee financial wellness programs: Why employee financial wellness is important to career success and how companies can assist their employees.
  • Agile project management: Lessons in leading teams and managing projects in a rapidly changing world.
  • The emergence of Generative AI and Agentic AI: What these technologies portend for the future of work and leadership.
  • Networking and personal branding: How to build meaningful relationships and differentiate yourself in a crowded market.

Inspiration from Real-Life Heroes

A special session by Jhankar Gadkari was a highlight. He shared the stage with three real-life heroes who are leading meaningful lives. Their stories served as a reminder that leadership isn’t merely titlesโ€”it’s creating an impact.

The summit also included book launches by Neerja Singh (“The Seenager: Generational Diversity”), Dr. Arunaagiri Mudaaliar, Dr. Priti Batra, Dr. Alka Chadha, and Dr. Saurabh Patil. Each book provided new insights on leadership, diversity, and personal development.

A Well-Organized Event with Heart

Behind every great event is a dedicated team, and the PSAI Annual Summit 2025 was no exception. Led by the visionary Subramanian Narayan, the organizing team ensured everything ran smoothly. From the engaging sessions to the late-night networking, every detail was thoughtfully planned.

Looking Forward to Chennai 2026

As the summit concluded, there was anticipation for what lies ahead. The PSAI Annual Summit 2026 in Chennai is set to take the momentum of this year’s event to the next level. If this year was anything to go by, it’s going to be another amazing experience.

Financial Wellness Programs

Final Thoughts

The PSAI Annual Summit 2025 was not just an event – it was a testament to the strength of connection, learning, and development. Whether it was the motivational speakers, the pragmatic takeaways, or the opportunity to network with fellow professionals, the summit had everyone feeling refreshed and up to the challenge. Here’s to continuing this energy and making an even bigger difference in the future.

 

Top 100 B2B Thought Leaders, Analysts & Influencers in APAC

I am absolutely thrilled to share that I have once again been recognized as one of the “Top 100 B2B Thought Leaders, Analysts & Influencers in 2025 (APAC)” by Thinkers360.

This recognition is a testament to the continuous efforts in driving innovation, thought leadership, and industry insights in the B2B space. It is truly an honor to be featured alongside several esteemed leaders, including Steve Nouri, Kalilur Rahman, Alvin Foo, Arpita Pamnani, and many more.

I extend my gratitude to Thinkers360 for this acknowledgment and to my peers, colleagues, and the community for their constant support. This recognition motivates me to continue contributing to the evolving landscape of AI, business strategy, and digital transformation.

 

For those interested, you can explore the full list of thought leaders on the Thinkers360 website.

Stay tuned for more insights, collaborations, and innovative discussions in 2025!

Mastering Prompt Engineering: My PMI Certification Journey

What is Prompt Engineering?

Prompt Engineering is the art and science of designing inputs (prompts) that guide AI models to generate desired outputs. Itโ€™s about communicating effectively with AI systems to achieve accurate, relevant, and actionable results.

For project leaders, agile managers, and strategic coaches, mastering this skill can unlock new levels of efficiency and creativity in managing teams, solving problems, and driving growth.

Why is Prompt Engineering Important?

  1. Enhances AI Output Quality: Well-crafted prompts lead to more accurate and useful AI-generated responses.
  2. Saves Time and Resources: Clear prompts reduce the need for multiple iterations, saving time and effort.
  3. Drives Innovation: By leveraging AI effectively, professionals can explore new ideas and solutions.
  4. Supports Decision-Making: AI can provide data-driven insights when prompted correctly, aiding leaders in making informed decisions.

Iโ€™m thrilled to announce that Iโ€™ve successfully completed the Prompt Engineering Certification course offered by the Project Management Institute (PMI)!  As a project leader and agile enthusiast, this course has been an incredible learning experience, providing me with a solid foundation and the confidence to craft effective and impactful prompts. It has not only enhanced my technical skills but also strengthened my leadership capabilities in managing AI-driven projects.

What the Course Covered ?

The program began by breaking down the fundamental components of prompt engineering. It introduced a simple yet powerful framework called RTF (Role, Task, Format) and then progressed to an advanced model known as the CREATE formula. Additionally, the course explored advanced prompting patterns, equipping me with the tools to create precise and effective prompts for various applications.

The RTF Framework: A Game-Changer for Project Leaders

One of the key takeaways from the course was the RTF framework, which is incredibly useful for structuring prompts clearly and effectively. Hereโ€™s how it works:

  1.  Role: Define the role the AI should assume.
  2.  Task: Specify the action or outcome you want the AI to achieve.
  3.  Format: Outline how you want the output to be structured.

This straightforward approach ensures that AI-generated responses are relevant, clear, and aligned with your goals. For fellow project leaders, agile project managers, and growth leaders, this framework can be a game-changer in streamlining workflows and improving team productivity.

Why This Course is Worth It for Leaders and Professionals

For professionals in project management, leadership, and finance management, this certification is a valuable investment. It not only provides theoretical knowledge but also practical tools that can be immediately applied in real-world scenarios. Whether youโ€™re a certified agile project manager, a strategic leader, or someone aiming for leadership excellence, this course equips you with the skills to stay ahead in the AI-driven world.

Finance Management

Final Thoughts

Completing this course has been a rewarding experience, and Iโ€™m excited to apply what Iโ€™ve learned to my work. As a project leader and agile enthusiast, I believe that mastering prompt engineering is essential for driving innovation and efficiency in todayโ€™s fast-paced environment.

 

Mastering Leadership Insights from 5 Dysfunctions of a Team

Leadership Excellence: Overcoming the 5 Dysfunctions of a Team

 

Team leadership is a critical skill for any executive or leadership keynote speaker who wishes to inspire and lead their company. A well-managed team drives business success, innovation, and long-term sustainability. Even the most effective teams, however, are plagued by problems that keep them from realizing their full potential.

In his book, The 5 Dysfunctions of a Team, Patrick Lencioni explores the problems that prevent teams from realizing their greatest potential. These dysfunctionsโ€”absence of trust, fear of conflict, lack of commitment, avoidance of accountability, and absence of focus on resultsโ€”can hold back even the most gifted leadership teams.

To business leaders who aspire for leadership excellence, understanding and overcoming these dysfunctions is crucial. As a future leader, an experienced executive, or an executive coach in India, understanding these ideas can transform team dynamics and experience success.

Translating Dysfunction into Leadership Excellence

To construct a high-performance team, leaders must intentionally overcome these dysfunctions through systematic processes:

  1. Build Trust

A trust foundation is important in every team. Managers should create an environment in which employees feel comfortable giving their opinions without being rejected. Openness, transparency, and active listening are fundamental qualities of a successful leadership coach or leader.

  1. Develop Healthy Conflict

Conflict is not always negativeโ€”it fuels innovation and problem-solving when well done. Leaders should foster open disagreement, where diverse perspectives are appreciated. A constructive argument strengthens decision-making and welds teams tighter.

  1. Encourage Commitment

Crystal clear priorities, goals, and decision-making create commitment in the team. Leaders need to ensure that every member of their team knows what they do and what the organization’s vision is. Employees are more motivated and engaged by developing an ownership culture.

  1. Develop Accountability

An accountability organization thrives on responsibility. Leaders must create clear expectations and hold individuals responsible. Feedback and regular performance reviews ensure high standards.

  1. Focus on Results

Lastly, team success is measured by results. It requires leaders to set measurable goals, track progress, and recognize achievements. A focus on group results versus individual performance encourages cooperation and long-term success.

Leading with Impact

Overcoming team dysfunctions is an ongoing process and requires ongoing effort and adaptation. Whether you are an executive coach in India, an executive in charge of a corporate team, or working with professionals as a facilitator at a leadership keynote, becoming proficient in these skills will help build leadership excellence.

Through the building of trust, conflict resolution, creating commitment, inspiring accountability, and focusing on outcomes, leaders can build more resilient, efficient teams that drive organizational success.

Management coach

BFSI and Fintech Trends – H2 – 2024

The BFSI & Fintech Survey Report 2024, conducted by CIO News in collaboration with Grant Thornton Bharat, provides valuable insights into the current trends, challenges, and best practices within the banking, financial services, and insurance sectors in India.

 

Here are the key highlights from the report:

Digital Transformation in the Banking Sector

 

 

 

  • Banks are prioritizing customer-centric digital transformation initiatives to meet evolving customer expectations, comply with regulations, stay competitive, and enhance operational efficiency.

 

 

 

  • Key focus areas include legacy system modernization, cloud adoption, cybersecurity enhancement, customer experience improvement, and data analytics.

 

 

 

  • 50% of surveyed banks are investing in AI/ML, 31% in data analytics, and others in technologies like chatbots, AR/VR, IoT, and quantum computing.

 

 

 

  • Banks are collaborating with fintech startups and third-party providers to drive targeted innovation and growth aligned with business needs.

 

Customer Experience (CX) in the Banking Sector

  • 82% of surveyed banks rate CX as extremely important to their strategy, with 18% rating it as important.
  • Banks regularly seek customer feedback to deliver an optimal CX, with CSAT (53%), NPS (29%), and CES (13%) being the primary metrics used to gauge changes in customer satisfaction.
  • Strategies to enhance CX include proactive customer engagement, leveraging predictive analytics to anticipate customer needs, and providing personalized offerings, conversational AI, and a blend of digital and human touch.

 

 

Cybersecurity Practices in the Banking Sector

  • Banks focus on employee training and awareness programs to strengthen their cybersecurity, with varied training frequencies: quarterly (44%), annually (13%), semi-annually (19%), and during induction (24%).
  • 42% of banks conduct comprehensive cybersecurity risk assessments quarterly, 34% annually, and 24% semi-annually.
  • Key cybersecurity investments include endpoint detection and response (24%) and SIEM systems (21%), with 48% of surveyed banks using end-to-end encryption for sensitive communication.
  • Strategies for managing cybersecurity risks include data encryption, continuous monitoring, incident response planning, and collaboration with external experts.

 

 

Trends in the Insurance Sector

  • The insurance sector is focusing on enhancing customer experience and operational efficiency as high-priority areas.
  • Adoption of advanced technologies like AI and IoT is being leveraged for data analytics, customer service, and real-time insights.
  • Success is measured through increased customer satisfaction and operational efficiency improvements.

 

Challenges in Digital Transformation

  • Resistance to change, integration with legacy systems, talent shortages, budget constraints, and data security concerns are the primary challenges faced by banks and insurers in implementing digital transformation.

 

 

The Way Forward

  • Banks and insurers are prioritizing AI implementation, enhancing digital banking experiences, establishing innovation labs, and elevating customer satisfaction to enhance competitiveness, streamline operations, and effectively meet the changing needs of customers.
  • Collaboration with fintechs and third-party providers, leveraging external expertise to drive targeted innovation and growth aligned with business needs, is a key strategy being employed by the sector.

 

 

The BFSI & Fintech Survey Report 2024 offers valuable insights for stakeholders seeking to navigate the rapidly evolving digital landscape and stay competitive in the banking, financial services, and insurance sectors. By understanding the current trends, challenges, and best practices, organizations can align their strategies and investments to deliver superior customer experiences, enhance operational efficiency, and ensure cybersecurity resilience.

 

 

PMI Champion – Monthly Meeting

๐Ÿ˜‰ It’s a monthly but interesting affair…!!!!

Yes, many PMI champions gathered virtually on Saturday, July 27th, for the monthly meetup, which is a place for knowledge sharing and listening to the various initiatives driven by PMI South Asia champions.

Vineet Chandra (PMP, CSM) shared in opening note, champions’ contributions to various initiatives over the last two quarters in a statistical manner. Impressive!!!!

Various champions also shared status update about different initiatives being done by various teams. Quite a bit of work is ongoing, and soon, we will start seeing the results!!!

Thanks to the topic leads Adil Warsi, Diwakar Konda, Poovannan C, Anuj Kr , Krutibas Biswal PMPยฎ, PSMยฎ,Srikantam Vadari, PMP, CSM, ITIL, and Prabodh Gupta for sharing the progress on the respective topics.

Happy to see that each topic is getting driven so passionately by several PMI volunteers๐Ÿ™‚๐Ÿ˜‡

If you are a PMI Member in South Asia and want to join the PMI South Asia Champions program, do reach out to me. I can refer you to the same.

The prerequisite is to be a valid PMI member, and you should not be holding a position on the chapter board. This is a purely voluntary position, and you can contribute towards Project/Program management advocacy as much as possible.

Kalyan Sathyavada PMP, PMI-ACP, PMI-RMP, CSM, DA-SSM Sumanth Shampur Radha Somasundaram, PMP Ravindra Pisal Kailash Chaudhary MRICS, ProFMยฎ, PMPยฎ

pmisachampions volunteering projectmanagement pmi

Biren Parekh