The Fintech Maverick: Jaya Vaidhyanathan, CEO, BCT Digital Vaidhyanathan aims to take rt360 and other fintech products global

With a slew of awards, a solid stint as a leader at reputed banking & technology companies and pioneering Early Warning System software called rt360-EWS and rt360-Real Time Monitoring System to assist in dealing with stressed assets and defaulters, Jaya Vaidhyanathan, is the CEO of BCT Digital. The award-winning, global digital transformation company is the market leader in overall risk management space offering an array of products such as rt360 Credit risk suite, rt360 Governance, Risk & Compliance (GRC) Suite and rt360 Model Risk Management (MRM).

BCT Digital is also among the six entities for the 'Test Phase' under the regulatory sandbox for the theme, 'Prevention and Mitigation of Financial Frauds'. As per RBI, BCT Digital's solution 'rt360 Real Time Monitoring System' provides a comprehensive surveillance mechanism for monitoring transactions and events from loan accounts on a continuous and real-time basis.

After serving in seniority positions across industries, Vaidhyanathan shares about helming a market leader that offers disruptive, new-age solutions to help businesses innovate and grow.

"There comes a turning point in everyone's life that defines the transition from who they are to who they are meant to be. For me, that moment was undoubtedly my decision to enter India's fintech sector over a decade ago, driven by a desire to tackle the systemic challenges in our banking ecosystem, beginning with the NPA crisis of 2015-16. Returning to India with a wealth of Wall Street experience and being at the helm of large technology and banking companies, I recognised an urgent need for technology intervention in managing credit risk within the Indian financial landscape. This realisation inspired the creation of BCT Digital's rt360, the first Early Warning System (EWS) for NPAs. This innovation not only helped restore trust in the Indian banking system but also positioned BCT Digital as a market leader in the RiskTech and RegTech spaces."

"As with any turning point, the challenges were formidable. Convincing traditional banks to embrace fintech-driven models, persuading early adopters to upgrade to cutting-edge technologies, and assembling a team capable of executing this vision were relentless struggles. Yet, perseverance paid off, and BCT Digital rapidly evolved from alleviating the NPA issues within India's banking ecosystem to pioneering fintech solutions for corporate governance, ESG, and climate risk management. Over the next decade, we expanded the impact of our fintech solutions on an international scale through a "make local, go global" strategy," she adds.

"These experiences have been invaluable, teaching me that innovation and resilience can drive meaningful change even in the most complex and unpredictable environments," says Vaidhyanathan. It is also the most daring step she has taken as a CEO.

Explains the Cornell University alumna and CFA charter holder, "Initiating the development of a solution to tackle the NPA crisis in India, at a time when there were no established technology solutions or clear RBI mandates, was a bold step. It involved addressing a complex and deeply ingrained problem in the banking sector with no clear roadmap for success."

"Most recently, leading BCT Digital's strategic diversification into SustainTech with innovative products and services that work to improve the long-term health of the environment. Embracing Environmental, Social, and Governance (ESG) as a focus area, BCT Digital is well-positioned at the forefront of sustainable business practices. We are leaders in the area of quantitative analysis in ESG with an established software product that can perform climate/environment-related stress tests combined with integrated financial reporting."

Venturing into new domains brings with it a set of challenges. "Some of the biggest challenges I am currently tackling include - our investment in ESG/climate risk and monitoring and are awaiting regulators across geographies to make it a mandate for organisations. Importantly, we conducted an ESG and climate risk survey in partnership with Chartis among global financial institutions. The survey underscored regulatory compliance, risk assessment and operational impact of ESG emerged as key challenges for financial institutions. Navigating the crowded landscape of BFS, Energy, and Utilities, where established players dominate," says Vaidhyanathan.

"Striking the right balance between cutting-edge technology and immediate business needs is crucial; our 'Business-First, Technology-Agnostic' approach has been a key enabler here. In addition, choosing the appropriate technology stack for sectors like fraud detection and sustainability metrics is critical".

Speaking of her learnings as the CEO, the award-winning leader says, "I believe my journey so far speaks to the importance of having a vision, and the willingness to take risks to achieve this vision. Back in 2014, the fintech landscape was dominated by digital payment gateways, which essentially constituted 'fintech'. Venturing into the less-charted territory of NPAs required not just foresight but also a tremendous appetite for risk. I chose to tackle the NPA crisis because I believed in the potential of technology, specifically AI/ML, to revolutionise risk management in India's banking sector. This experience taught me that true innovation often involves foraying into uncharted waters, even when challenges seem insurmountable."

"Additionally, I have learned that leadership goes beyond setting a strategic direction; it's about empowering your team and fostering a culture of resilience and empathy. My journey has also highlighted the unique strengths women bring to the boardroom, such as empathy and perseverance, which are crucial in building and leading a successful organisation," says the social entrepreneur and an advocate of women empowerment.

Commenting on her management style, she says, "My management style is both strategic and holistic. I like to prioritise the big picture while remaining deeply engaged with both my team and external stakeholders in driving execution at the grassroots".

She recognises the following three pillars that guide her management style.

• Collaboration: People are the key to organisational success – even in the era of GenAI. Working in close quarters is critical to brainstorm and implement innovative solutions to modern-day challenges. Having a shared vision and stakeholder buy-in ensures that we are aligned with our long-term goals while staying adaptable to the dynamic marketplace.

• Client and stakeholder engagement: I prefer to maintain open lines of communication with investors and regulators and encourage my teams to actively listen to client feedback. My roles on various boards help me stay attuned to high-level issues and solutions, which I bring back to our organisation to drive continuous improvement.

• Empowerment & DE&I: Giving my teams the autonomy to make decisions and drive the company forward has resulted in a strong loyalty that's reflected in our exceptionally low attrition rates. Nearly all our founding members continue to be integral parts of the company. This ensures that we remain a cohesive and innovative force from within."

Together, this has led to the digital transformation company's growth under her leadership. She says, "Under my leadership, BCT Digital has seen remarkable growth, both organically and strategically, across multiple geographies. We have successfully expanded our sales force to India, the US, and the Middle East, while establishing channel partnerships in Western Europe, the US, North Africa, Southeast Asia and Australia to broaden our market reach. Our focus on R&D attracted significant investments in cloud-based, plug-and-play solutions that have stirred interest in private banks and NBFCs looking to upgrade from outdated systems. Additionally, we have ventured into the ESG space, building robust product suites across BFSI, Energy, and Oil and Gas verticals. Financially, the company has grown at a significant CAGR of 74.1% over the last eight years."

On BCT Digital's future growth, says the CEO of the market leader in overall risk management space, "With Asia-Pacific as our stronghold, we anticipate continued revenue stability from this region, while also focusing on significant growth in the Middle East and the US. Our aim is to make rt360 the leading risk-management product globally, while also pioneering in the ESG product space through our SustainTech portfolio. We are also planning a targeted global expansion for our EWS, GRC, ESG and MRM products, spanning North & Latin America, APAC, EMEA and more. We are also investing in attracting, developing and retaining a diverse mix of talent that will help enrich our portfolio and enable us to expand our footprint further."