The U.S. financial services sector is projected to contribute between $2.5 and $3 trillion to the nation's economic activity by the end of 2024, approximately 8% of GDP. This underscores the vital role banks, investment firms, insurance companies, and other financial institutions play in propelling economic growth. However, behind this impressive performance lies a pressing challenge: modernizing aging legacy systems while meeting rising customer expectations.
Santhosh Vijayabaskar, a digital transformation expert and thought leader in intelligent automation and process re-engineering, is at the forefront of these efforts. Recognized as a Top 1% Mentor in Data Science and Engineering on ADPList, Santhosh has made significant strides in reshaping financial institutions' operations. By modernizing operations through AI-driven autonomous systems and citizen-led low-code development, his approach combines human expertise with artificial intelligence to create resilient, scalable infrastructures.
Navigating the Challenges of Legacy Modernization
According to a report by Accenture, 40% to 60% of financial institutions' IT budgets are consumed by the upkeep of outdated systems like aging mainframe computers and programming languages like COBOL. COBOL programming developed over six decades ago still underpins the core operations of more than 40% of banks. This heavy reliance introduces escalating costs, heightened risks of vulnerabilities, and significant barriers to scaling operations.
Santhosh's contributions, however, present a roadmap for innovating and optimizing operations around these legacy systems. His strategic vision has helped institutions transition from monolithic systems to more agile architectures by integrating low-code platforms with mainframe optimization strategies.
"Modernizing legacy systems is a bit like fixing the wings of a plane while it's in the air," Santhosh shares with a smile. "You can't just overhaul everything overnight. We've used tools like RPA to keep processes running smoothly while giving our technology teams the breathing room to plan and implement lasting upgrades. It's challenging, yes, but when you see the efficiency gains and reduced risks, you realize how crucial this work is."
Building a Culture of Citizen Development
One of the most intriguing aspects of Santhosh's approach is his focus on citizen development—a practice that empowers non-technical business users to create and deploy solutions using low-code tools. As a PMI Citizen Developer™ Business Architect, Santhosh has championed multiple citizen development programs since 2020 that equip business professionals with the skills to design applications tailored to their unique challenges.
This democratization of technology does more than accelerate solution delivery; it fosters collaboration between IT and business units, a dynamic often lacking in traditional corporate structures. Industry studies indicate that citizen development initiatives can slash application development timelines by up to 70%, underscoring their transformative potential.
"Citizen development is about putting the power to innovate directly into the hands of those who understand the problems best—the business users," Santhosh explains. "I recall one instance where a business team leveraged Microsoft Forms and Power Automate to create a low-code app that streamlined requirements gathering for a custom reporting process. The solution saved over six hours of manual work each week and significantly reduced errors. It's moments like these that highlight the true value of empowering associates to take ownership of solutions, rather than relying solely on IT for every innovation."
By establishing a thriving community of practice for citizen developers, Santhosh has created an environment where ideas flourish and innovation becomes a shared responsibility.
"To support this, we've introduced controls such as pairing developers for peer reviews, maintaining a centralized repository of approved libraries and templates, and establishing clear compliance guidelines aligned with organizational standards," he adds.
The Rise of Artificial Intelligence and AgenticOps
The adoption of AI in the financial sector is accelerating at a staggering pace, with investments in AI technologies in the U.S. projected to exceed $20 billion annually by 2025. Among the most promising advancements is AgenticOps, which combines AI's predictive capabilities with human decision-making to address operational inefficiencies.
"AI and AgenticOps aren't silver bullets," Santhosh notes. "They're tools—powerful ones, yes—but their true value lies in how they're applied and the ecosystems they support."
"Tools like chatbots and virtual assistants are reshaping customer service by providing instant, personalized responses, which boost client satisfaction while significantly reducing operational costs," Santhosh explains.
"The key to effective AI tools like chatbots and virtual assistants isn't just deploying them—it's tailoring them to align with operational goals and client needs," Santhosh shares. Drawing from his experience in developing financial AI chatbots using platforms like Rasa, Santhosh has explored how conversational AI can handle complex financial queries while improving customer satisfaction.
Beyond conversational AI, Santhosh actively experiments with and builds intelligent multi-agent systems. His recent work using OpenAI's Swarm model showcases how coordinated agent-driven automation can tackle intricate financial tasks, from trade settlements to fraud detection. "These systems represent the next step in AI-driven operations," he explains. "By combining individual agent capabilities into a cohesive system, we're able to handle high-volume, high-stakes processes with greater efficiency and precision."
A Forward-Thinking Perspective
Santhosh Vijayabaskar's insights into process improvement and automation have earned him global recognition in respected industry forums, including the Forbes Technology Council and AIM Leaders Council. He also serves as the AI Ambassador for the AI Frontier Network and Gartner Peer Community, actively shaping discussions on emerging technologies and their potential to transform the financial services industry.
In 2024, Santhosh was named a Top 10 Global Thought Leader in Robotic Process Automation by Thinkers360 and was recognized as a LinkedIn Top 1% Community Top Voice in Artificial Intelligence and Process Automation. These accolades underscore his influence and contributions to the field, solidifying his role as a leading voice in intelligent automation and digital transformation.
"Future-proofing isn't just about chasing the latest tech trends," Santhosh reflects. "It's about building systems and cultures that can weather change. Whether it's through better tools, smarter workflows, or empowered teams, the goal is to create something that doesn't just survive disruption but thrives because of it."
While the journey toward modernization is fraught with challenges, leaders like Santhosh Vijayabaskar are paving the way for a more agile and sustainable financial services landscape. By combining innovative technologies with strategic governance, the industry can look forward to a future where complexity is not just managed but transformed into opportunity.
