CIOInsider India Magazine
Banking on Transformation: Leadership Perspectives from Virtual Galaxy Infotech Limited
Avinash leads Virtual Galaxy Infotech's operations and finances, striking a balance between cost effectiveness and market demands. He also loves all things green and is an avid gardener.
At Virtual Galaxy Infotech, Sachin spearheads company and technology development by utilizing the most recent developments. Off duty, he enjoys music with a cup of tea in hand.
As the financial services sector undergoes rapid digital evolution, integrating advanced technology with traditional banking models presents both challenges and opportunities. Through an exclusive interview with CIO Insider, AvinashShende (Chairman & Executive Director) and Sachin Pande (Managing Director), the men at the helm of Virtual Galaxy Infotech Limited (VGIL), a technology company serving cooperative banks, fintechs, and government bodies across India and East Africa.
Founded in 1997 by Avinashand Sachin, VGIL is bringing modern banking infrastructure to grassroots institutions. In this candid conversation, the co-founders reflect on the present challenges, the evolution of trust, the future of bankingtech, and their approaches to leadership and innovation.
What are the latest challenges you encounter while integrating the banking industry with futuristic technologies? What are the solutions to these challenges?
Avinash Shende:
One of the biggest hurdles is integrating new-age digital technologies with legacy core systems that were not designed to be scalable or interoperable. Banks are under pressure to transform but cannot afford the risks of downtime or data loss during that transition. Our solution has been to build flexible, API-driven modules that can integrate gradually, allowing institutions to modernize without disruption.
Sachin Pande:
Another critical challenge is compliance in a fast-changing regulatory environment. Technologies like AI and blockchain bring immense potential, but they also require rigorous validation, security audits, and ethical use. We address this through a design-first approach that embeds compliance, auditability, and user control from the ground up. The future will demand not just innovation, but responsible innovation.
Tell us about the trust factor in the industry, especially after the technology transformations.
Avinash Shende:
Trust is more fragile today than ever. While technology has improved access and speed, it has also introduced new risks around data security, privacy, and digital literacy. Many customers—especially in rural or cooperative segments—are still adapting to digital channels. It’s vital that institutions reinforce trust
through transparency, data protection, and proactive support during failures.
Sachin Pande:
I agree. Trust is built not just through what we provide, but how we respond in moments of crisis. A seamless user experience during peak traffic, a fast resolution during downtime, or secure handling of personal data—these things speak louder than any marketing. The post-transformation era demands that we consistently prove the reliability of digital systems.
How do you perceive the importance of customer experience, and what are the latest components enabling it?
Sachin Pande:
Customer experience has moved beyond just convenience—it’s now about personalization, real-time responsiveness, and emotional design. From biometric logins to AI-based support and contextual product suggestions, the user journey needs to feel intuitive and tailored. We leverage analytics to continuously adapt our solutions based on how users interact with them.
Avinash Shende:
What’s equally important is accessibility. A great experience for a tech-savvy urban customer should not come at the cost of alienating a first-time user in a rural branch. Voice-assisted banking, regional language support, and assisted digital services are examples of ensuring inclusivity remains central to experience design.
Embrace collaboration—no single company, product, or person can solve the big challenges of our sector alone.
Avinash Shende:
My approach to leadership is grounded in clarity and consistency. We operate in a dynamic industry, but people look for stability in vision. I ensure that every team member understands not just what they are doing, but why it matters. Mentorship, to me, is about helping people see the bigger picture and encouraging independent thinking.
Sachin Pande:
We believe in building leaders at every level. Our teams are empowered to take ownership of their ideas and solutions. I also invest time in reverse mentoring—learning from our younger team members who bring fresh perspectives and are often closer to the pulse of new tech. Leadership is a two-way street in a company that’s always learning.
Going forward, where is the banking-tech industry headed?
Avinash Shende:
We’re moving toward decentralized, invisible, and interoperable banking. Financial services will increasingly be embedded into platforms where people live—social apps, e-commerce sites, and even smart devices. The role of traditional banks will shift from being service providers to being infrastructure enablers.
Sachin Pande:
The future is also about expanding the definition of banking. Fintech innovation will continue to drive financial inclusion. Rural banking, micro-lending, cooperative credit, and digital self-service will grow exponentially. Cloud-native platforms, real-time decision engines, and contextual financial products will define this next phase.
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What would be your advice to budding leaders in the industry?
Sachin Pande:
Stay grounded in customer realities. Don't build solutions for trends—build them for needs. The best tech leaders I know are those who listen deeply, observe carefully, and solve meaningfully.
Avinash Shende:
Also, don't be afraid of complexity. The financial world is nuanced, and impactful change often takes time. Build for long-term value, not short-term attention. Finally, embrace collaboration—no single company, product, or person can solve the big challenges of our sector alone.
