TheCconnects: Dr. Aneish Kumar, it’s an absolute privilege to welcome you. Your professional profile reads like a masterclass in global finance – from your extensive tenure as MD & Country Manager at The Bank of New York – India, to your current roles as a Strategic Advisor and Non-Executive Director on multiple corporate boards. Could you begin by taking our readers through the key milestones of your remarkable journey and what ignited your passion for the finance sector?
Dr. Aneish Kumar: Thank you, it’s a pleasure to connect with TheCconnects audience. My journey into finance, spanning over 35 years, began in 1980 with Corporation Bank. It was a time of significant evolution in the Indian banking landscape, and I was drawn to the sector’s dynamic nature and its profound impact on economic growth. Early on, I was fortunate to be involved in pioneering initiatives, even as the youngest member, like developing the industry’s first Cash Management System and implementing the first leasing transaction in the public sector banking space. This foundational experience, marked by rapid progression through various leadership roles, instilled in me a deep understanding of core banking operations and the power of innovation.
My tenure at Lloyds Finance as Senior Vice President further broadened my horizons into corporate finance, retail credit, and hire purchase, where I focused on customer profitability analysis and accelerating revenue growth. However, the most defining chapter was undoubtedly my 24-plus years at The Bank of New York, India. As MD & Country Manager, I spearheaded operations across a vast spectrum – from correspondent banking and corporate trust to cash management and cross-border remittances. This role wasn’t just about managing a business; it was about building a robust institution, navigating complex global regulations, and fostering a culture of excellence. Today, my current engagements as a Strategic Advisor and Non-Executive Director are a natural evolution, allowing me to leverage this rich experience to guide diverse organizations towards sustainable growth and robust governance.
TheCconnects: That’s an incredible trajectory. Throughout such a long and impactful career, who would you say has been the most significant influence on your professional philosophy and leadership style, and why?
Dr. Aneish Kumar: It’s difficult to pinpoint just one, as influences often come in various forms and at different stages. However, if I had to name a singular, pervasive influence, it would be the spirit of continuous learning and adaptability. This was reinforced by many mentors and experiences, but truly solidified through my academic pursuits, particularly my PhD in International Business. It taught me the critical importance of intellectual curiosity and the humility to constantly reassess and evolve strategies.
In terms of leadership, I’ve been influenced by leaders who empowered their teams, fostered transparency, and always emphasized ethical conduct. Observing how some leaders navigated crises with calm foresight, or how others inspired unwavering loyalty through genuine mentorship, profoundly shaped my own approach. I believe in nurturing talent, giving teams autonomy, and fostering an environment where calculated risks are encouraged, not penalized. The ability to listen, truly listen, to both colleagues and the market, has been a cornerstone of my learning and development.
TheCconnects: You’ve operated at the highest levels of global finance. What were some of the biggest challenges you encountered, perhaps even those that seemed insurmountable at the time, and what key strategies did you employ to overcome them?
Dr. Aneish Kumar: The financial landscape is inherently fraught with challenges, and I’ve certainly faced my share. One of the most significant was navigating rapid technological disruption and evolving regulatory frameworks simultaneously. When I first joined BNY, the internet was just emerging as a business tool. Fast forward a few years, and we were launching India’s first web-based cross-border payment solutions. This required not just understanding new technologies, but also convincing stakeholders, managing talent acquisition for new skill sets, and ensuring regulatory compliance in uncharted waters.
My strategy was always multifaceted:
- Strategic Foresight & Investment: We didn’t wait for trends to hit us; we actively invested in understanding emerging technologies like digital payments and later, AI. This meant allocating resources, even when the immediate ROI wasn’t clear.
- Building Agile Teams: I focused on cultivating high-performing, agile teams that could adapt quickly. This involved significant investment in training and development, fostering a culture of continuous learning, and encouraging cross-functional collaboration.
- Proactive Regulatory Engagement: Instead of reacting to regulations, we engaged proactively with regulators. By sharing our innovative approaches and understanding their concerns, we could often shape a more conducive environment for new products and services.
- Risk-Conscious Innovation: As a “Risk Visionary” – a title I’m proud of – I ensured that innovation was always balanced with robust risk management frameworks. This meant thorough due diligence, stress testing, and building resilience into our systems.
Another challenge was market penetration and scaling in a competitive environment. In 2005, we created the bank’s first Indian Alliance to tap local market potential, which significantly moved the needle from hundreds of thousands to tens of millions in net revenue. This required deep market insights, strategic partnerships, and relentless execution.
TheCconnects: That truly speaks to your strategic acumen. With your rich experience, particularly in risk management and governance, what key lessons about building resilient and profitable organizations would you share with today’s leaders?
Dr. Aneish Kumar: Several key lessons stand out. Firstly, risk management is not a separate function; it’s intrinsically woven into every aspect of business strategy. Organizations that view risk as a siloed activity will inevitably face unforeseen challenges. It needs to be proactive, embedded in decision-making, and embraced from the C-suite down.
Secondly, governance is the bedrock of sustainability. Strong corporate governance, balancing regulatory demands with progressive business practices, isn’t just about compliance; it’s about building long-term trust with stakeholders and fostering a culture of accountability.
Thirdly, talent is your greatest asset. In finance, the human element, particularly intellectual capital, is paramount. Building, nurturing, and future-proofing talent ensures organizational resilience and adaptability in a rapidly changing world. My focus has always been on empowering teams to exceed targets and fostering leaders who can drive change.
Finally, always be a strategic growth architect, not just an operator. Look beyond the immediate quarter. Think about how to create new strategic directions, identify niche markets, and innovate groundbreaking solutions. This forward-looking approach ensures sustained profitability and relevance.
TheCconnects: As a recognized AI Enthusiast and LinkedIn Top Voice, you’re clearly at the forefront of understanding technological shifts. What do you see as the biggest challenge for traditional financial brands in leveraging technologies like AI and Generative AI, and how can they overcome it to stay competitive?
Dr. Aneish Kumar: The biggest challenge for traditional financial brands concerning AI, particularly Generative AI, is not just adopting the technology, but fundamentally transforming their organizational culture and data infrastructure to truly leverage its power. Many institutions approach AI as a tool to automate existing processes, which is a good start, but misses the larger opportunity.
The true potential of AI lies in reimagining customer experiences, personalizing financial services at scale, enhancing risk analytics with unprecedented precision, and even creating new revenue streams through intelligent insights. This requires:
- Data Modernization: Many legacy systems have fragmented or siloed data. AI thrives on clean, integrated, and accessible data. This foundational work is often the most daunting.
- Talent Reskilling and Upskilling: Beyond data scientists, the entire workforce, from front-office staff to compliance officers, needs to understand how AI impacts their roles and how to interact with AI-driven systems.
- Ethical AI and Governance: The “black box” nature of some AI models, coupled with concerns around bias and data privacy, necessitates robust ethical AI frameworks and clear governance policies. This is paramount for building public trust.
- Cultural Shift: Moving from a traditional, hierarchical decision-making process to one augmented by AI insights requires a significant cultural shift. It means trusting data-driven recommendations and being agile enough to implement them.
Overcoming these challenges requires strong leadership from the top championing AI adoption, strategic investments in both technology and talent, and a phased approach that demonstrates early successes to build internal buy-in.
TheCconnects: Your insights on technology are invaluable, especially given your track record of pioneering solutions like the web-based cross-border remittance product. How do these kinds of innovative financial solutions directly address the pain points of customers in today’s fast-paced world?
Dr. Aneish Kumar: Let’s take the example of the web-based cross-border remittance product we developed. Before this, cross-border payments were often cumbersome, expensive, slow, and lacked transparency. Customers, both individuals and businesses, faced significant pain points:
- High Costs & Hidden Fees: Traditional methods involved multiple intermediaries, each adding their fees, making remittances costly.
- Lack of Transparency: Customers often didn’t know the exact amount their recipient would receive or the real-time status of their transfer.
- Slowness: Transfers could take days, which was unacceptable for urgent needs.
- Inconvenience: Often required physical visits to banks and extensive paperwork.
Our solution directly addressed these by:
- Reducing Costs: By streamlining the process and leveraging technology, we minimized intermediary involvement and associated fees, making it more affordable.
- Enhancing Transparency: Providing real-time tracking and clear visibility on exchange rates and fees.
- Increasing Speed: Enabling near-instantaneous transfers, dramatically cutting down settlement times.
- Improving Convenience: Allowing transactions to be initiated online from anywhere, anytime, removing geographical and time barriers.
Essentially, it was about democratizing access to efficient global financial services, empowering individuals and businesses with control and clarity over their cross-border transactions. This customer-centric approach to innovation is what truly drives value.
TheCconnects: Beyond your demanding roles, you’re also a prolific author, a guest faculty at RBI’s College of Banking Supervision, and involved with academic councils. How do you manage to juggle so many commitments, and what do you do in your rare free moments to unwind and recharge?
Dr. Aneish Kumar: It comes down to two things: passion and discipline. My involvement in academia and writing isn’t an obligation; it’s a deep-seated passion for knowledge sharing and contributing to the development of future professionals. When you genuinely love what you do, it rarely feels like juggling. I find immense satisfaction in mentoring young minds and contributing to discussions on finance and risk management.
Over the years, I’ve also been a poet and a prolific writer, contributing articles to several international journals on risk, global payments, leadership, and strategic management. Writing-whether technical or expressive-has always been a way for me to process the world and give something back to it.
Outside of work, my family is my anchor and my greatest source of joy. Time with them keeps me grounded and recharged.
I also read extensively-not just finance, but history, philosophy, and current affairs. It keeps my perspectives broad and balanced. On the creative front, I’ve been painting since the age of nine. I explore all forms-acrylics, oils, charcoal-and find immense peace in putting brush to canvas. I also dabble in music and sing occasionally, especially the timeless Hindi melodies of the 1960s and 70s, which have always stirred something deep within me.
These artistic pursuits-painting and music-are more than hobbies; they’re my stress busters and soul-nourishers.
Staying physically active is just as important. A good walk or a bit of light exercise helps me clear my mind and refocus. And every now and then, I carve out space for quiet contemplation-those pockets of introspection are essential for maintaining clarity and emotional balance in a busy life.
TheCconnects: Finally, for the countless aspiring entrepreneurs and young professionals looking to make a mark in the financial services industry, especially with the rapid pace of change we’re witnessing, what would be your most critical piece of advice?
Dr. Aneish Kumar: My most critical piece of advice for aspiring entrepreneurs and young professionals in financial services, especially today, is this: Cultivate a relentless learning mindset and embrace calculated risk-taking within a strong ethical framework.
The financial industry is no longer just about numbers; it’s about data, technology, behavioral economics, and global interconnectedness. Therefore:
- Be a Perpetual Student: The pace of change, particularly with AI and FinTech, demands continuous learning. Don’t just rely on your initial degrees. Read widely, take online courses, attend workshops, and engage in discussions.
- Develop a T-Shaped Skillset: Have deep expertise in one or two areas (the vertical bar of the ‘T’), but also possess a broad understanding of related fields like technology, compliance, and marketing (the horizontal bar). This makes you versatile and valuable.
- Understand Risk, But Don’t Fear It: Innovation inherently involves risk. Learn to assess, mitigate, and manage risks effectively, but don’t let the fear of failure paralyze you. Calculated risks, backed by thorough analysis, are essential for growth.
- Prioritize Ethics and Governance: In finance, trust is everything. Build your career and your business on an unshakeable foundation of ethics, transparency, and good governance. This is not just a regulatory requirement; it’s a competitive advantage and a moral imperative.
- Build Your Network Organically: Connect with diverse professionals, mentors, and peers. These relationships provide invaluable insights, opportunities, and support.
The financial sector is undergoing a profound transformation. This presents unprecedented opportunities for those who are prepared, adaptable, and committed to making a positive impact.
TheCconnects: Dr. Aneish Kumar, this has been an incredibly insightful and inspiring conversation. Your depth of knowledge, experience, and forward-thinking perspective truly sets a benchmark. Thank you for your time and for sharing such valuable wisdom with our audience.
Dr. Aneish Kumar: It was my absolute pleasure. Thank you for having me.
We can connect with Dr. Aneish Kumar on LinkedIn here
