Devendra Singh Parmar - Leading Banking Transformation with Expertise in Product Strategy

 

Devendra Singh Parmar, Principal Product Owner, Discover Financial Services

My name is Devendra Singh Parmar, and I hail from a small town in Rajasthan, India. I grew up in various cities across India due to my father's career in the Indian Air Force. This experience of living in different states has helped me evolve into an inclusive global leader.

I have 15 years of experience in the banking industry. During my professional tenure, I have worked in diverse roles at banks like HSBC and Discover, serving as a business analyst, project lead, program lead, product lead, and business consultant. In my last role at HSBC as VP – Senior Manager, I worked with global teams from countries and regions including the US, EU, UK, Middle East, and Asia. These opportunities have helped me further hone my skills as a global business leader and as an individual, mastering diverse management strategies and business technology management.

Currently, I am in Chicago working with Discover Bank in a product management role.

A bit about my personal life: my interests have evolved over the years, from being an outdoor sports lover to an avid traveler and writer. These days, I am focusing on writing a book in my free time. Further, my family has played a vital role in shaping my career path, providing immense support that has made it possible for me to attend elite institutes like the Indian Institute of Management (IIM) Lucknow and the Kellogg School of Management, USA, and to aim for higher goals in life. A special mention goes to my parents and sisters, who have been my mentors, guides, and unwavering pillars of support.

 

Could you tell us about your educational qualifications?

My passion for technology led me to pursue an engineering degree. I completed my undergraduate degree in electronics engineering in 2006 from Nagpur University. Afterward, I earned three master's degrees: an MBA from IIM Lucknow, India, and the Kellogg School of Management, USA, as well as a master's in data science and business analytics from the McCombs School of Business, Texas. This education has played a critical role in shaping my career trajectory, providing me with a solid foundation in business, management, analytics, and technology.

 

Could you share insights about your professional journey, emphasizing key achievements?

I have been a banking professional throughout my career. I began my professional journey as a software engineer working for a bank, where I was promoted twice in three years to lead technology product development. Later, I joined an elite institute in India for my full-time MBA at the Indian Institute of Management (IIM) Lucknow. My MBA provided me with a solid foundation in management, and post graduation I joined HSBC bank to lead their business and digital transformation initiatives. As a transformation lead, I managed a multicultural global team to drive organization-wide strategic initiatives with a budget of ~40 million USD. These included managing key regulatory initiatives to strengthen anti-money laundering controls, developing sophisticated AI models to assess the bank's credit and operational risks, ensuring compliance with Basel regulations, process improvement, and payments automation. Further, in my latest role in the current organization, I ideated and developed digital products leveraging the latest cutting-edge technologies and large language models (LLMs) to mitigate fraud risks for the bank. I lead the product strategy, product execution, and product operations for the bank. In addition, I lead the product capability enhancement efforts for the bank.

 

What inspired you to pursue a career in the business and technology industries?

Business and technology, together, form the backbone of any successful company. Today, technology plays a crucial role in redefining business models, engaging customers, providing critical market insights, and much more. My roles over the years have been at the intersection of business, technology, and analytics. I strongly believe that advancements in data science, cloud infrastructure, and AI are shaping every sector and organization now. The plethora of opportunities that have emerged in recent years excites me to continue pursuing my career at the intersection of business, technology, and analytics.

 

What are your current roles and responsibilities as a principal product owner?

In my current role, I lead cross-functional teams to deliver cutting-edge global product solutions for organizations. I oversee product strategy, product execution, and product operational monitoring for the bank. I am responsible for defining, developing, and implementing new analytical products. Additionally, I ensure that the existing products within the bank are enhanced to remain relevant and competitive in the market.

 

What are some of the professional certifications that you have gained?

Over the course of my career, I have earned several industry-recognized professional certifications, including PMP, MSP, MOP, AgilePM, ACAMS, and SafeSP. Further, I continue to acquire new skills every day and aim to keep doing so in the future.

 

What advice would you give to the younger generation aspiring to have a career in the corporate industry?

Patience and persistence are keys to success and help overcome life's challenges. Remember that the tough times in your life will provide you with the most important lessons and insights. Additionally, invest your time in sharing your knowledge with the world to create a positive impact on society. Try to be a mentor or guide to individuals who need guidance. A small act of guidance or mentorship can make a significant positive difference in someone’s life and in society.