As the banking sector faces an era of rapid digital transformation, key industry players are leveraging AI technologies to reshape how financial institutions manage risks, detect fraud, and comply with ever-evolving regulations. According to a recent report by McKinsey, AI adoption in banking could deliver up to $1 trillion annually in additional value by 2030 through improved analytics, automation, and advanced decision-making capabilities. In fraud detection alone, a study by Juniper Research predicts that AI solutions could save the banking sector $10 billion annually by 2024 as automated systems become more effective at identifying suspicious activities. Compliance is also a key driver, with AI helping banks reduce regulatory costs, which can account for as much as 10% of operating expenses in some financial institutions, as reported by the Boston Consulting Group.
In the midst of this transformation are a few influential individuals whose work has fundamentally shifted the operational landscape of major banks, setting new standards for innovation and security. Their efforts are particularly crucial as a PwC report on global banking highlights that 70% of financial services leaders consider AI essential for achieving long-term success, emphasizing the need for strategic leaders to integrate these technologies seamlessly into traditional banking practices.
At Discover Financial Services, where AI is driving robust fraud detection initiatives, product leaders have implemented breakthrough solutions, saving the company millions in potential losses. One notable figure leading these efforts is Devendra Singh Parmar, who helmed the development of a Generational Fraud Detection Model. Devendra is a seasoned product leader in the banking industry, and has dedicated 15 years to advancing digital transformation, product management, AI, and risk management. This sophisticated system, now responsible for safeguarding over 305 million cardholders globally, has reportedly saved the company over $50 million in fraud-related expenses. Devendra, in a rare discussion about the project, emphasized the importance of aligning AI-powered solutions with “a proactive risk management strategy that can anticipate and mitigate threats before they fully materialize.”
Industry insiders acknowledge that such initiatives go beyond technology—they represent a shift in how financial institutions approach compliance and operational security. As AI continues to become more sophisticated, the role of leaders like Devendra becomes increasingly critical. His contributions to Discover have earned him accolades, including a nomination for the prestigious President’s Award, underscoring his influence in reshaping how the bank manages security in a digital-first world.
Looking back on his decade-long career at HSBC, another global giant in banking, Devendra’s role in digital transformation has been equally transformative. As Vice President and Digital Transformation Lead, he oversaw the deployment of over 100 machine learning models across more than 50 markets. These models were essential not only in assessing credit risk but also in helping HSBC comply with Basel III regulations, thus ensuring the bank’s financial stability. “One of the major challenges in global banking is not just compliance, but anticipating changes in the regulatory landscape and building adaptive solutions,” he shared.
His efforts didn’t stop there. Devendra also led the anti-money laundering (AML) transformation at HSBC, implementing advanced AI-driven controls that bolstered regulatory compliance in the U.S. market. Insiders at HSBC credit this initiative with helping the bank avoid potential penalties or loss of operating licenses in a highly regulated market. As one source within the company noted, “His work on AML set the foundation for our risk management framework that we still rely on today.”
Beyond his practical achievements, Devendra has also become a thought leader in the fields of AI and digital transformation. His upcoming publication, “Credit Risk in a Rising Interest Rate Environment,” has already garnered attention from industry experts and has been accepted by the American Banking Association. His contributions to the IEEE, where his paper on AI use cases in banking is set to be published, further solidify his role as an authority in the sector. “AI isn’t just about automating processes,” he said during a recent interview, “it’s about empowering financial institutions to make smarter, faster, and more informed decisions.”
Devendra’s expertise isn’t confined to the boardroom. He serves as a mentor to young professionals and actively participates in reviewing cutting-edge research in financial technologies. As a judge for prestigious competitions like the MIT 100K Pitch Competition, his insights help shape the next generation of innovators. “The future of banking lies in the hands of those who can blend technical expertise with a deep understanding of the regulatory and operational landscape,” he mentioned during a panel discussion at the recent Machine Learning Conference in New York.
In a sector where constant innovation is the norm, leaders like Devendra exemplify the importance of balancing technological advancements with sustainable business practices. His work not only drives tangible results for his employers but also helps shape the broader conversation about the role of AI in the future of banking.
As AI and machine learning continue to transform financial services, the contributions of individuals like Devendra will undoubtedly serve as a blueprint for others in the industry. Their work is redefining how banks operate in a digital age, with lasting impacts on how we view the integration of technology and financial security.
