AI, low-code, and a dash of hyper-automation, Pankaj Gupta, Founder & CEO of ACT21 Software

By Puja Sharma

Pankaj Gupta, Founder & CEO of ACT21 Software, spoke with Puja Sharma of IBS Intelligence about the evolving role of low-code and AI-driven solutions in the BFSI sector. He shared insights on balancing innovation with compliance, the rise of hyper-automation and decision intelligence, and how financial institutions can harness real-time decision-making to enhance customer experience and operational efficiency. Gupta also discussed AI’s transformative impact on risk assessment, underwriting, and incentive management, offering a glimpse into how ACT21 is enabling financial firms to stay ahead in a competitive landscape.

How do you see the role of low-code and AI-driven solutions evolving in driving digital transformation across the BFSI sector over the next few years?

I see low-code and AI-driven solutions as pivotal in transforming the BFSI sector in the coming years. Low-code platforms enable faster development cycles, allowing institutions to respond quickly to evolving customer needs and regulatory demands. Meanwhile, AI enhances data analysis for better risk management, fraud detection, and personalised services, driving customer engagement and satisfaction.

Our focus will be on expanding our capabilities in these technologies to empower our clients to rapidly adapt to market changes, improving operational efficiencies, and deliver innovative solutions. Embracing these advancements is essential for maintaining a competitive edge in the fast-evolving BFSI landscape.

With increasing regulatory demands and rising cybersecurity threats, how can financial institutions balance innovation with compliance and security?

I understand that financial institutions are increasingly challenged to navigate the dual imperatives of innovation and stringent compliance amidst rising regulatory demands and cyber threats.

To achieve this equilibrium, a strategic approach is essential. Financial institutions must integrate robust compliance frameworks with innovative technologies. Leveraging advanced analytics and AI can facilitate real-time compliance monitoring, allowing institutions to swiftly adapt to evolving regulations while uncovering insights that fuel innovation. Moreover, a holistic approach to cybersecurity is critical. Implementing advanced threat detection systems and automation can enhance an institution’s resilience against cyber threats while ensuring that security measures are not merely reactive but proactive.

Collaboration with innovative technology partners is quintessential in this landscape. By aligning with trusted providers, financial institutions can leverage cutting-edge security solutions, including Zero Trust Architecture, tailored to their specific needs.

What are some emerging trends in automation and decision intelligence that you believe will redefine customer experience and operational efficiency in the BFSI industry?

I anticipate that several transformative trends in automation and decision intelligence will significantly redefine the customer experience and operational efficiency in the BFSI sector.

Firstly, the emergence of hyper-automation—combining robotic process automation with advanced AI and machine learning—promises to optimise complex workflows. This integration will lead to substantial reductions in processing times and operational costs, enabling institutions to concentrate resources on strategic, customer-centric endeavors. Further, decision intelligence is reshaping the landscape by utilising AI-driven analytics to refine decision-making processes. This approach will enable financial institutions to anticipate and precisely cater to customer needs, resulting in highly personalised products and services that enhance customer satisfaction and loyalty.

Additionally, the deployment of conversational AI, including sophisticated chatbots and virtual assistants, is set to revolutionise customer interfaces. By offering around-the-clock support and instant resolution of inquiries, these tools will bolster accessibility and convenience, markedly improving the customer experience.

How critical is real-time decision-making for financial institutions today, and what technologies are shaping this capability?

I recognise real-time decision-making as an indispensable asset for financial institutions navigating today’s complex and fast-paced environment. This capability is pivotal for maintaining competitive advantage, optimising operations, and enhancing customer satisfaction.

Real-time decision-making is critical because it allows institutions to swiftly respond to market fluctuations, regulatory changes, and emerging customer needs. This agility ensures not only compliance and risk management but also seizes opportunities to deliver tailored products and services instantaneously.

Key technologies driving this capability include advanced data analytics and artificial intelligence, enabling rapid data processing and insightful analysis. Machine learning algorithms refine predictive modelling, allowing for proactive strategy formulation. Moreover, edge computing is crucial in enhancing efficiency within the BFSI sector by processing data close to where it’s generated. For example, ATMs and POS terminals utilise edge computing to handle transactions swiftly, while kiosks enhance customer interactions in real-time. This setup significantly reduces latency and boosts decision accuracy, ultimately leading to a superior customer experience.

In what ways is AI transforming risk assessment and underwriting processes, and how can banks and insurers leverage this to improve customer onboarding?

I see AI as a game changer in transforming risk assessment and underwriting processes for banks and insurers. By utilising AI-driven algorithms, financial institutions can analyse vast datasets, leading to more accurate risk modelling and faster decision-making.

Latest advancement in technology not only accelerates the underwriting process but also enables dynamic risk assessments that adapt in real-time to changing market conditions.

Banks and insurers can leverage these advancements by implementing AI-powered solutions for customer onboarding, such as intelligent chatbots and automated decision systems. This creates a seamless experience, significantly reducing onboarding times and enhancing customer satisfaction. At ACT21, we are committed to providing solutions that optimise these processes, ensuring our clients stay ahead in a competitive landscape.

How important is incentive and commission management in driving sales performance for financial services companies, and what strategies can maximise these outcomes?

I recognise that incentive and commission management is crucial for driving sales performance in financial services companies. Well-structured incentive programs not only motivate sales teams but also align their efforts with organisational goals, ultimately enhancing productivity and revenue generation.

To maximise outcomes, companies should adopt data-driven strategies that include clear performance metrics and transparent tracking mechanisms. By leveraging advanced analytics, organisations can identify high-performing agents and tailor incentive structures, accordingly, ensuring that rewards are aligned with both individual and team performance.

Additionally, incorporating real-time feedback and gamification elements can further engage sales teams, fostering a competitive spirit while enhancing performance. At ACT21, we focus on integrating innovative incentive management solutions that empower financial services firms to optimise sales effectiveness, drive results, and cultivate a high-performance sales culture.