How an Eminent Technology Leader is Helping Digital Transformation in Banking, Finance, and Telecom The entire business world is gradually waking up to the disruptive potential of digitization. Naga Simhadri Apparao Polireddi, a noted expert in the field of AI/ML technologies, has taken a lead role in driving digital transformation initiatives across the banking, finance, and telecom sectors.
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The entire business world is gradually waking up to the disruptive potential of digitization. Naga Simhadri Apparao Polireddi, a noted expert in the field of AI/ML technologies, has taken a lead role in driving digital transformation initiatives across the banking, finance, and telecom sectors.
Several industrial segments have embraced new technologies and operating models in recent years. The impact of digital transformation has been of paramount importance for banks, financial institutions, and telecommunication companies, helping them generate growth, improve efficiency, and enhance customer experience. This process has been accelerated significantly by the rising popularity of emerging technologies such as blockchain, Artificial Intelligence (AI), and the Internet of Things (IoT).
A report published by MarketsandMarkets reveals that the size of the global digital banking market was at $8.2 billion in 2021 and is likely to touch $13.9 billion in 2026, which indicates a CAGR of 11.3%. According to another study by Statista, by the end of the year 2024, approximately 2.5 billion individuals around the world will utilize online banking services.
When it comes to digital transformation in banking and finance, it is all about the widespread introduction of technology-enabled services. Some major advantages of digitization of banking and finance include increased efficiency and cost savings, enhanced security, improved customer experience, enhanced customer experience, faster time-to-market, better data analytics and insights, increased competitiveness, and better communication and collaboration. The industry has already benefited significantly by investing in mobile banking, online account opening, digital payments, process automation, cloud computing, etc.
Today's telecom industry faces a landscape highlighted by unprecedented challenges as well as opportunities. Intensified competition, changing consumer behavior, and rapid technological advancements have made digital innovations imperative to the survival of telecom companies. Grand View Research predicts that the global digital transformation in the telecom sector will reach $4,600 billion by the end of the year 2030, registering a CAGR of 26.7% between 2023 and 2030. Some of the core components of digital transformation in telecom include advanced data analytics, cloud computing, AI/ML, and blockchain for security.
Telecom operators around the world now need to reinvent themselves to deal with challenges such as the growing threat from OTT players, declining revenues from traditional services, and a new age of customers with a more digital lifestyle. Digital innovations such as chatbots, social media interactions, and omnichannel customer care can help them enhance customer experience dramatically.
Currently positioned as Technical Lead Software Development at Verizon, USA, Mr. Polireddi has catered to global clientele including Verizon Wireless, American Express, Nokia Siemens Networks, and Singapore Airlines Worldwide. His primary expertise lies in AI/ML technologies, where he has played a pivotal role in utilizing advanced algorithms and data-driven insights leveraging Java, Python, web chatbots, web security, web development, and AWS cloud computing technologies. His comprehensive understanding spans various sectors, with a notable emphasis on banking, finance, and telecom domains.
Key Professional Milestones
- In his current role at Verizon, Mr. Polireddi has been instrumental in integrating chatbots with location-based services within the telecommunications industry. Utilizing a GPS solution called Hyper Precise Location using Real-Time Kinematics (RTK), this technology ensures location accuracy within one to two centimeters on the Verizon network for rovers.
- Prioritized the implementation of secure chatbots for the American Express website. This led to a significant 30% reduction in operational costs, heightened customer engagement, increased provision of information, and fewer work hours required for customer care professionals (CCPs), resulting in annual savings of millions of dollars for American Express.
- Led the implementation of the "Rubiks and Gambit" project for American Express in the year 2022, introducing a "no negative credit impact" feature into the credit card application process, thereby enhancing the experience for new card members.
- Implemented a "Soft Credit pull" decisioning system that helped American Express gain projected revenue of $211M.
- Research publications in Springer Nature, Elsevier, and IEEE Xplore and book chapters in Taylor and Francis, conferences, and technical articles.
- Recipient of the 2023 Indian Achievers' Award.
More about Mr. Polireddi can be found at https://www.linkedin.com/in/apparao-polireddi-1942b126/.
