Artificial intelligence and Machine learning are rapidly changing the world. Banking, financial services, and Insurance (BFSI) are among the top industries where they have significantly positive impacts.
At the head of this change is India-born, Johannesburg-based Milan Dutta, 45, an expert with more than 20 years of experience in IT, technology, and consulting.
With a track record in driving business transformation and a deep understanding of the banking, financial services, and insurance (BFSI) sector, Milan’s insights into artificial intelligence and machine learning is paving the way for a technological revolution.
Milan’s career is a testament to his ability to leverage technology to solve complex business challenges.
He says what drove him into such a cutting-edge profession: “I was born and brought up in India. I studied in India, and I come from a family that is very focused on education. In our culture, two things are considered very important for our growth: food, and the education we get in our life.
“From the beginning, my passion was to have a rewarding and sustainable career where I can make an impact on economy and society
“Now, I love my customer interactions. I love to solve problems, and I love to have continuous growth moments and to be a leader in the industry, known for the work I have done. If I set up a company in the future, I would continue to follow the same principles and processes to solve future problems, where Gen AI or any other technologies will drive as an enabler.”
This is exactly what Milan has done. He has recently founded INTELLIAI SOLUTIONS LLC which is developing cutting-edge artificial intelligence (AI) solutions specifically designed for the BFSI industries.
With a deep understanding of these sectors and a strong background in compliance and regulatory requirements, Milan is committed to delivering innovative technology solutions that address the unique challenges faced by BFSI companies.
He says: “We are focused on identifying customer pain points, developing advanced scalable technology solutions, and ensuring smooth integration within existing IT systems. The company’s mission is to enhance operational efficiency, reduce costs, and improve customer experiences in a constantly evolving market.”
Milan’a work with Visa as a software developer, in managing and modernizing their mission-critical transaction processing system (TPF) enabled him to recognize how crucial technology is for driving business success.
He recalls: “TPF was originally written in old Mainframe Assembly language, and as the project leader, I was tasked with upgrading it to a modern, scalable Java-based architecture. The goal was to ensure lightning-fast card transaction processing, which would, in turn, generate significant revenue for Visa.
“It was essential to ensure the technology was scalable and transformative. As the project leader, I needed to have a clear vision that combined both technical expertise and business insight so the company could stay competitive in the market.”
Milan has drawn on his expertise as Associate Vice-President at Zensar Technologies, where he manages a multi-million-dollar portfolio for key insurance clients, driving consistent year-on-year growth.
He has also had to adapt to a tough financial market, ensuring customers can still find growth in a challenging environment.
“Right now, my customers still need to spend money on digital transformation despite budget constraints,” he explains.
“I have developed innovative solutions to reduce operational costs and reinvest those savings into transformative projects like cloud applications and generative AI transformations.
“My customers have highly appreciated this approach, and it’s something I enjoy solving,” he said.
Milan has been instrumental in helping Zensar grow its strategic accounts in terms of revenue and profitability.
“One of the most exciting aspects of my work is the potential of AI and machine learning to transform the BFSI sector,” says Milan.
“These technologies offer unprecedented opportunities to enhance operational efficiency, customizing solutions based on customer’s preference, improving customer experiences, and drive business growth.”
These technologies enable financial institutions to analyze vast amounts of data, identify patterns, and make data-driven decisions in real time.
It transforms various aspects of financial services, from fraud detection and risk management to customer service and personalized banking.
“AI and ML are game changers for the BFSI sector,” explains Milan. “They allow us to process and analyze data at a scale and speed that was previously unimaginable. This helps identify and mitigate risks and enables us to offer more personalized and efficient services to our customers.”
Amit Kumar is the Market Leader and Regional Head for Cloud, Cyber Security, and AIOps for Zensar.
He has worked closely with Milan and says his accountability, humor and ability to deal with stress have made him adept at coming with actionable solutions for BFSI businesses: “We had a situation where there was a challenge with one of our customers, one of the biggest insurance clients in Africa,” he recalls.
“The organisation’s CEO reached out to us and Milan, asking for assistance. They were in a stressful situation with a lot of downtimes, their business wasn’t doing well, and they had many audit concerns.
“Milan brought the whole team together within Zensar to assist the customer. It didn’t just change the trajectory of our relationship with them; it also helped them become more efficient in providing the experience to their end customers.
He adds: “His attention to detail stands out, especially in how he executes tasks or addresses problem areas.
‘Milan’s understanding and experience in the industry also give him a consultative mindset, allowing him to be more of an advisor.
“He understands not just the financial services industry but also the insurance and experience sides and how engineering fits into the picture. Milan has a superior grasp of technology, which helps him be a problem solver.”
The U.S. is at the forefront of technology innovation, especially in areas like generative AI, LLM models, and digital transformation. Amit says Milan understands these technologies from the core: “He has the advisory mindset to elevate these conversations.
“He also understands the problem areas that today’s insurers face. The banking and financial services in Africa, where Milan has worked, are quite mature compared to some in the U.S.
“Given the upcoming technology shifts in U.S. banking and financial services, Milan would be a valuable asset in driving those digital transformation roadmaps.
One of Milan’s notable achievements in the BFSI sector was his work at HCL Technologies, where he led a team to implement a multi-channel remittance product, ‘Instant Money,’ for Standard Bank.
This project involved channel integration, and creating a seamless experience in ATM, website, USSD and other channels for the largest banking customer base in Africa: “Fundamentally the model was a P2P (person to person) mode of payment designed specifically to encourage inclusive banking for customers,” says Milan.
“It was a concerted effort to bring all people in Africa under one banking umbrella.”
Milan’s key focus area is customer experience. At Zensar Technologies, he oversees the delivery of application, digital, experience, engineering, data, and infrastructure services, ensuring that every touchpoint contributes to a positive customer experience. By leveraging AI and ML, Milan and his team have created personalized experiences that meet customers’ evolving needs.
“In today’s digital age, customers expect personalized and seamless experiences,” says Milan. “AI and ML enable us to analyze customer behavior and preferences, allowing us to offer tailored solutions that enhance customer satisfaction and loyalty.”
He adds: “I want my clients to see me as a doctor. When we go to a doctor, we trust that person to diagnose and treat us correctly. I want my clients to trust that I will diagnose their problem, provide the right solution, and solve it effectively. I want to be seen as a trusted, knowledgeable, honest, and transparent professional who can be relied upon.”
Risk management and compliance are critical areas in the BFSI sector, and AI and ML are pivotal in transforming these functions. By analyzing large datasets and identifying patterns, these technologies can predict potential risks and ensure compliance with regulatory requirements.
“AI and ML are revolutionizing risk management and compliance in the BFSI sector,” notes Milan. “They enable us to proactively identify and mitigate risks, ensuring that we stay ahead of regulatory requirements and protect our clients’ interests.”
Operational efficiency is another area where AI and ML are making a significant impact. These technologies help financial institutions reduce costs and improve productivity by automating routine tasks and streamlining processes.
“AI and ML allow us to automate repetitive tasks, freeing up our teams to focus on more strategic initiatives,” explains Milan. “This not only improves operational efficiency but also drives business growth by enabling us to deliver better value to our clients.”
Looking ahead, Milan sees several key trends that will shape the future of the BFSI sector. One of the most significant is the rise of generative AI and its potential to revolutionize various aspects of financial services. From automating complex processes to providing advanced predictive analytics, AI has the potential to transform how financial institutions operate and deliver services.
“Generative AI is set to be a game-changer for the BFSI sector,” asserts Milan. “It can help financial institutions enhance their decision-making processes, improve risk management, and offer more personalized services to their customers.
“However, it’s important to approach AI implementation strategically, ensuring that it aligns with the overall business objectives and addresses the organisation’s specific needs.”
With the rise of digital banking and online transactions, cybersecurity has become a top priority for financial institutions. Milan advocates for a proactive approach to cybersecurity, leveraging advanced technologies and best practices to safeguard against emerging threats.
“Cybersecurity is a critical aspect of today’s digital transformation,” says Milan. “Financial institutions must invest in robust security measures to protect their customers and maintain trust. This includes implementing multi-factor authentication, encryption, and continuous monitoring to detect and respond to potential threats in real-time.”
Milan’s approach to AI and ML involves leveraging technology and building trust with clients. He believes in solving customer problems compassionately and maintaining long-term relationships based on transparency and integrity.
“In the BFSI sector, trust is paramount,” explains Milan. “By being transparent and honest in our dealings and delivering on our promises, we can build strong, long-term relationships with our clients. This trust is essential for successfully implementing AI and ML initiatives.”
Milan’s insights and expertise in AI and ML have positioned him as a visionary leader in the BFSI sector. His ability to drive digital transformation, enhance customer experience, and deliver strategic business outcomes has made him a sought-after advisor for financial institutions looking to navigate the complexities of the digital age.
“I am passionate about helping my clients succeed by leveraging AI and ML to solve their most pressing challenges,” concludes Milan.
“By staying ahead of technological trends and focusing on the needs of our customers, we can create a future where financial services are more efficient, secure, and customer-centric.”
