Banking was secure, is secure, and will remain secure: R Subramaniakumar

At a time when conversations around financial frauds and cyber threats dominate public discourse, R Subramaniakumar, MD & CEO of RBL Bank, struck a note of reassurance at the third edition of the Pitch BFSI Summit. Addressing marketers and financial leaders, he underscored that despite rapid technological disruption, India’s banking system remains fundamentally secure.

The summit, organised by exchange4media Group, brought together leaders across banking, financial services and insurance to deliberate on the future of the sector. Subramaniakumar, who began his career in banking more than four decades ago, shared a perspective that combined industry history with a forward-looking view of digital transformation.

Subramaniakumar drew a distinction between the essence of banking and the evolving modes of delivery. “The fundamentals of banking haven’t changed - accepting deposits and lending remain at the core. What has changed is how services are delivered,” he said. From manual ledgers in the 1980s to AI-enabled systems today, he noted, the banking experience has been transformed by technology, but the principles of trust and security endure.

This transformation, he added, has also shaped customer expectations. “What will keep changing forever is experience. Customers today demand the same ease and efficiency from banks as they experience with digital-first platforms,” he observed. That shift, he said, has placed pressure on banks to balance convenience with security.
Turning to marketing, Subramaniakumar underlined the importance of sharper segmentation in BFSI advertising. “The way in which you are going to advertise, the way in which you are going to promote, it depends upon what type of customer we are looking at,” he said, drawing a distinction between livelihood products such as housing or education loans and lifestyle products like bigger homes or upgrades. He stressed that the tone and targeting of campaigns must reflect this difference, moving beyond broad-based visibility to more purpose-driven engagement.

A significant part of his address focused on the role of the Reserve Bank of India (RBI) and the government in safeguarding customer interests. He credited the regulator with adopting a proactive stance. “The Indian regulator is always forward-looking, with a single objective of protecting customer rights and customer money,” Subramaniakumar said. He recalled how India remained resilient during past global financial crises, attributing it to RBI’s early interventions.
Digital disruption and new risks

While emphasising security, Subramaniakumar acknowledged that digitisation has brought fresh challenges. Banking frauds, he said, have evolved from cheque manipulation to sophisticated cyber and social engineering attacks. “Technology has helped reduce certain risks, but it has also introduced new vulnerabilities. Fraudsters today are using AI to beat AI,” he cautioned.

Social engineering scams, in particular, remain difficult to counter since they exploit human emotions rather than technical loopholes. Nevertheless, he expressed confidence that the sector, supported by measures such as 24/7 grievance redressal systems and dedicated helplines, is adapting quickly to counter these threats.
The road ahead: Banking “on the fly”

Looking ahead, Subramaniakumar predicted a shift from “exclusive banking” of the past to “also banking” today, and eventually to “banking on the fly.” Voice bots, AI-powered decision-making, and seamless cloud integration, he suggested, will define the next phase of evolution. While this will make banking faster and more accessible, he warned of the risk of losing the personal touch that once defined banker-customer relationships.

Despite his candid acknowledgment of challenges, Subramaniakumar’s core message remained optimistic. “Banking was secured, it is secured, and it will continue to be secured in the future as well,” he declared. The convergence of regulatory oversight, technological innovation, and customer adaptability, he stressed, ensures that the industry is equipped to handle disruption.