The road ahead for BFSI
As the world was swept by the pandemic, it was no wonder that BFSI industry was able to stand strong in the foundation of tech and rapidly enabled itself to turn digital. According to a report by Allied Market Research, the global digital transformation in BFSI market size is expected to reach $164.08 billion by 2027, growing at a CAGR of 15.4% from 2020 to 2027.
Some of the evolution highlights in the BFSI includes continued focus to meet the regulatory compliance requirements, consumerisation demands, personalisation, operational efficiencies, facilitating the coherence through platforms. The industry is altering business models and adopting latest technologies such as intelligent automation, Lowcode platforms, cloud computing and AI/ML.
Increased productivity, cost savings, and improvement in customer experiences with new age technologies are the newer ways of working leading to enhanced business outcomes. For instance, the total revenue from automation in BFSI industry is expected to be $1.2 Billion by 2023. Adopting to low-code platforms simplify the development process and create flexible applications for the further enhancement. In addition, the BFSI sector is also adopting latest cybersecurity solutions to detect, report, and counter cyber threats. According to a study 26.32% of the total respondents from the BFS industry said that they are using an integrated platform to manage risks. The emphasis for environmental, social, and governance (ESG) has taken centre stage for sustainable financing and became a mandatory compliance to the BFSI industry. Enhanced focus on climate risk quantification, proactive risk management, embedded controls through real time monitoring help BFSI companies to adhere to global risk compliance.
The Economic Times Digital Transformation Webinar
The webinar will have some of the global business leaders and renowned experts share their views on how digital transformation is changing the BFSI sector. The event will explore strategies based on digital revolution and the need to strike the right balance between technology, customer experience and security.
Speakers
Arjun Ramaraju
CEO
Conneqt Business Solutions
Ashwin Khorana
CIO
Ujjivan Small
Chandan Khaitan
CEO
Muthoot Digital Business
Kapil Jacob
Solution Consultant
ServiceNow
Krishnakumar Gangaatharan
Solution Architect Lead
Outsystems
Mohan Chennasamudra
Chief Business Officer
Conneqt Business Solutions
Pazhamalai Jayaram
Cybersecurity Advisor
Sajeev Nair
CTO – IT services
Conneqt Business Solutions
Saurabh Tripathi
Managing Director and Senior Partner
BCG
Shaji Pillai
Sr. Vice President and Head of Strategic Sales
Conneqt Business Solutions
Sivakumar Nandipati
CDO
Fedfina
Sreyssha George
Managing Director and Partner
BCG India
Srikanth Rajagopalan
Practice Head – Platform Services
Conneqt Business Solutions
Agenda
To subscribe to The Times of India, The Economic Times, Navbharat Times, Mumbai Mirror, Pune Mirror, Ahmedabad Mirror, Maharashtra Times & Ei Samay —please click https://subscribe.timesgroup.com/subscription