Need my money | CA SANJAY

Alexa, I need my money !


Self serving moment in Banking started almost 40 years ago when ATM were introduced. Any Time Money or we call them Automatic Teller Machines, created a big threat amongst the Tellers who used to create some intelligence for Bank by interacting with Customer during his /her Branch visit.

World today is moving towards De-humanizing services and only few touch points where human presence is quintessential are kept live for the future processes.

Artificial Intelligence, Machine learning and Contextual Banking services in the era of PSD2 are going to become reality very soon and social commerce will take over the conventional mode of banking.

We are Living in a Dynamic Data Mine !

Every Company or Individual is generating enough data footprint today which can be used by Bankers to take right decisions at the right time. Since Banks are custodian of financial systems and playing with third party money, it become more imperative for them to show extra care and vigilance while dealing with it. Data mining and Artificial Intelligence tools in future will be government by stringent GDPR ( Global Data Protection Rules) but there is no denial that Banks will go extra mile to probe into your financial health and business acumen to decide whether your business is fit for the next round of funding or not. It will have dual impact and on positive side Banks might push you for more leverage if they see business growth potential in your business due to their “Artificial Intelligence”.

A Stitch in Time Saves Nine !

Bank frauds are not new, but what is new and surprising is that professionals like Lawyers, CA and Valuation experts are dragged into it for no reason !  It is like creating Noise to divert attention from the real issue and “Offence is the best Defence Strategy”.

India always regulated these professions through statutorily created bodies, licensing and professional norms created. We all know that these professionals are given limited Data Access to make their professional judgements and none of them are part of the Business Decision making unless they have special privileges or direct business interest involved.

Profession of Law, Chartered Accountancy and Valuation are pillar of society running on trust and invite investors from all walks of life only when they are allowed to function with Independence and Integrity. Any Attack on these noble profession and professionals by internal or external people to cover or uncover wrong doings by anyone else, could create collateral damage and drag the country to a halt from investment standpoint.

Future of Banking is present now !

Banks must invest in areas like Artificial Intelligence, Cyber Security, Contextual Banking Services and people knowing how to use smart tools to generate intelligent data for decision making. They can’t shift their responsibility to third party professionals who are rendering service on demand to Certify, Value or Argue any matter of dispute between two parties. Professionals are expected to work in their best judgement for the client who is paying them to do so, therefore holding them responsible for systemic failure due to lack of insight, intelligence or technology to prevent fraud is rubbish.

Auditor is a watchdog and not bloodhound and Lawyers can argument for your Business but it can’t augment your business. Valuer can produce a valuation report based on standard method prescribed but he can’t value a deal where business synergies presented to him/her are manipulated and not reflected in the documents presented.

What is the Role of new Age Professionals ?

Going beyond Normal Call of Duty is becoming new norm in today’s hyper connected society and hyper active social media. Everyone is writing to prove others guilty for something not done or something which should have been done by him/her. But in this we should not forget that Human will always have limitation and that is why embracing Technology with Human Intelligence is the only solution which could work.

Technology will replace Human those who are not going to adopt it, but will upgrade Humans who are going to use it for creating professional value system in the society. Regulator, Banker, Government, Investigation Agencies , CA , Lawyer , Valuer , Doctor , Teacher , Engineer or any other professional who is rendering service to society, must have training on technology and its various uses.

We should develop smart tools to analyze the economic condition and Business Barometers so that wait till year end for Balance Sheet or Daily reaction of Stock Market is not over relied.  When Data is created every minute, intelligence is being created every minute and fading away fast.

Alexa , I need my money lost in Digital World !!

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Author CA Sanjay Kumar Agrawal can be reached at


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