Canara Bank Boosts Cybersecurity Efforts with Dedicated Wing, Implements Cutting-edge Technology Initiatives

In a proactive move against the rising tide of online fraud, Canara Bank, a leading public sector banking giant, has announced the establishment of a dedicated cybersecurity wing, slated to commence operations from April 1. This strategic initiative aligns with the bank’s commitment to fortify its cybersecurity measures and shield customers from the perils of cybercrime.

Headed by a general manager, the newly-formed cybersecurity wing will operate in real-time, diligently monitoring digital transactions. Its primary function is to promptly detect and alert authorities if any fraudulent activities are suspected, safeguarding customers’ accounts from potential breaches.

K Satyanarayana Raju, the Managing Director and CEO of Canara Bank, emphasized the bank’s forward-looking stance on cybersecurity. “Cybersecurity will demand a lot of investments in the future, and we want to stay ahead in this,” he remarked in an interview with ET. The bank is actively implementing a comprehensive three-year roadmap for technology initiatives, ensuring its continued leadership in the financial sector.

Canara Bank recently inaugurated its Data and Analytics Centre (DnA) in Bengaluru, reinforcing its commitment to leveraging analytics for enhancing customer experiences and operational efficiency. Raju highlighted the transformative impact of Artificial Intelligence (AI) on banking operations, stating, “AI is reshaping our lives in unprecedented ways, and we are committed to adopting it to spur business growth while ensuring data privacy and security.”

As part of their technological advancements, the bank organized a hackathon focused on customer experience, default predictions, and fraud prevention. The event saw enthusiastic participation from the youth, resulting in 11 prototypes being shortlisted from a pool of 256 ideas. The bank recognized and rewarded five finalists for their innovative contributions.

Raju stressed the bank’s dedication to harnessing analytics-based technology solutions to improve customer experience, predict loan defaults, and prevent transactional frauds. Acknowledging the crucial role of technology in enhancing asset quality, he emphasized the use of AI and machine learning tools to predict the likelihood of customer defaults.

Canara Bank is not only embracing cutting-edge technology but also extending opportunities for talented young minds. Raju welcomed participants from the hackathon, expressing the bank’s interest in hiring individuals who showcased their prowess during the event. “We have our own fintech policy and want to attract tech-savvy people,” he affirmed, opening the doors for aspiring professionals to contribute to the bank’s technological evolution.