Is BFSI technology trends to win in future: Drivers of the transformation and trends that will shape the Industry
Banking, financial services and insurance is an industry term for companies that provide a range of such financial products or services. A well-functioning financial system drives a well-functional economy. The modern economy and the modern financial systems have technology as one of the most powerful driving force. Today, the Banking, Financial Services, and Insurance (BFSI) domain operates out of our smart devices. Online transactions have become the norm.
The BFSI (Banking, Financial Services, and Insurance) industry is all geared up for a radical transformation. Today, we’re witnessing pioneering trends in banking and finance – from Omni channel banking to AI and Block chain-powered financial services – that focus on revolutionizing BFSI processes by placing customers at the heart of their present and future strategies.
One of the most crucial tools of digitalization is Fin tech or ‘Financial Technology.’ With the latest tech trends at their disposal, Fin tech firms across the globe are changing the traditional norms of the BFSI sector by looking at the challenges and pain points of customers from a fresh perspective. India, too, is no exception to this emerging trend.
Let’s check out some of the Drivers of the transformation of BFSI Industry:
- Payments Bank-Fin tech Partnerships
- AI and Cognitive Analytics
- Block chain
- Robotic Process Automation
- Cyber Security
Here are some of the biggest technology trends that will shape the Industry, that are:
- Fin tech
- Enterprise agility
- Automation and AI
- Cyber security and financial frauds
The future of BFSI sector will be dominated by AI-driven conversations with different conversation method instead of human representatives; automated data entry processes instead of a dull worker copy-pasting data on a spreadsheet; hyper-personalized, data-led, omni-channel services instead of a large sea of options; secure transactions at a tap instead of bank visits; and a lot more. All in all, innovative software solutions will be driving the BFSI domain in the coming years.
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