Sign In
The CEO Views Small logos
  • Home
  • Technology
    Artificial Intelligence
    Big Data
    Block Chain
    BYOD
    Cloud
    Cyber Security
    Data Center
    Digital Transformation
    Enterprise Mobility
    Enterprise Software
    IOT
    IT Services
    Innovation
  • Platforms
    How IBM Maximo Is Revolutionizing Asset Management
    How IBM Maximo Is Revolutionizing Asset Management
    IBM
    7 Min Read
    Optimizing Resources: Oracle DBA Support Services for Efficient Database Management
    Oracle
    Oracle
    9 Min Read
    The New Google Algorithm Update for 2021
    google algorithm update 2021
    Google
    5 Min Read
    Oracle Cloud Platform Now Validated for India Stack
    Service Partner Horizontal
    Oracle
    3 Min Read
    Oracle and AT&T Enter into Strategic Agreement
    oracle
    Oracle
    3 Min Read
    Check out more:
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    Banking & Insurance
    Biotech
    Construction
    Education
    Financial Services
    Healthcare
    Manufacturing
    Mining
    Public Sector
    Retail
    Telecom
    Utilities
    Gaming
    Legal
  • Functions
    RISMA Systems: A Comprehensive Approach to Governance, Risk and Compliance
    Risma Systems
    ENTREPRENEUR VIEWSGDPR
    9 Min Read
    Happiest Minds: A “Privacy by Design” approach is key to creating GDPR compliant businesses
    Happiest Minds 1
    GDPR
    8 Min Read
    Gemserv: GDPR 2020 and Beyond
    Gemserv 1
    GDPR
    9 Min Read
    ECCENCA:GDPR IS STILL AN UNTAMED ANIMAL
    eccenca 1
    GDPR
    6 Min Read
    Boldon James: HOW ENTERPRISES CAN MITIGATE THE GROWING THREATS OF DATA
    Boldon James 1
    GDPR
    8 Min Read
    Check out more:
    • GDPR
  • Magazines
  • Entrepreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
  • Events
Reading: What is the BFSI Sector and its Drivers of Transformation?
Share
The CEO Views
Aa
  • Home
  • Magazines
  • Enterpreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Search
  • World’s Best Magazines
  • Technology
    • Artificial Intelligence
    • Big Data
    • Block Chain
    • BYOD
    • Cloud
    • Cyber Security
    • Data Center
    • Digital Transformation
    • Enterprise Mobility
    • Enterprise Software
    • IOT
    • IT Services
  • Platforms
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    • Banking & Insurance
    • Biotech
    • Construction
    • Education
    • Financial Services
    • Healthcare
    • Manufacturing
    • Mining
    • Public Sector
    • Retail
    • Telecom
    • Utilities
  • Functions
    • GDPR
  • Magazines
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
The CEO Views > Blog > Industry > Banking & Insurance > What is the BFSI Sector and its Drivers of Transformation?
Banking & Insurance

What is the BFSI Sector and its Drivers of Transformation?

The CEO Views
Last updated: 2024/03/04 at 2:20 AM
The CEO Views
Share
what is the BFSI sector
what is the BFSI sector

BFSI stands for the banking, insurance, and financial services industries. It accounts for a significant portion of the multi-billion dollar economy, which comprises banking, insurance, and non-banking financial institutions. Besides, financial service companies such as Broking and Asset Management are primarily referred to by the BFSI industry. In this article, we will learn more about what is the BFSI sector.

Let us now discuss about what is the BFSI sector and the drivers of transformation in the BFSI sector

From AI and Blockchain-powered financial services to omnichannel banking, today’s world is experiencing developments in the finance and banking industry. Today that concentrates on revolutionizing BFSI processes by holding customers at the center of current and future tactics. Digital is the future of the BSFI sector, and digitalization is the critical component that runs and drives this digital revolution. It is now archiving all that is manual or paper-based and is translated into digital format. Such efficient processes allow banks to experiment with and explore business processes. Many disruptive technologies are in use today, such as robotic process automation, blockchain, cybersecurity, and artificial intelligence.

Fintech is a compelling platform for digitalization or financial technology. Because of the new technological developments at their disposal, fintech companies worldwide are evolving from the conventional norms of the BFSI market. The BFSI sector is now at the client’s pressure points and threats. Currently, the fintech industry is rising rapidly, with the ever-changing dynamic of customer needs and behavior.

Drivers of Transformation

  • Digitization & Digitalization

The emergence of services like Internet-enabled banking, Real Time Gross Settlement, Transfer of National Electronic Funds, and IMPS has lowered operational costs. They help the front lines make less human mistakes than before and contribute to their profit margins.

  • Cognitive Analytics and AI

Cognitive Analytics and Machine Learning facilitate information discovery and data-driven decision-making in all sectors of the business. To pull out insights from complex datasets, these technologies put the data in the center and analyze and process it. AI technologies help reduce the difference between the reality of actionable decision-making and Big Data’s purpose. The perfect data goldmine for Cognitive Analytics is the BFSI sector. Valuable insights from unstructured information can produce insights from unstructured data using Deep Learning, Predictive Analytics, and Machine Learning. BFSI businesses use customized insights such as offerings for consumers and customer-brand interaction.

  • Robotic Process Automation

RPA technology is specially designed to mimic acts carried out by humans based on basic rule-based processes. An application’s user interface level can be dealt with by RPA systems. This is to emulate the exact steps efficiently in the same manner as those operating through several applications. RPA is cost-effective, fast to implement, and very scalable.

  • Blockchain

Blockchain is an evolving technology in the BFSI sector and is, therefore, capable of significant changes. In the financial and banking industries, blockchain technology has a lot of potential to create ripple effects. Banks not only collaborate with Blockchain and DLT specialized Fintech startups. But also promote cooperation between them as they realize that reciprocity is crucial to successful implementations of Blockchain.

  • Fintech – Payments Banks Partnerships

By investing in Fintech and partnering with Fintech firms, Payment Banks aims for a long-term economic push. By removing intermediaries from the supply chain, PBs reduces transaction costs dramatically. PBs do not face the issues that conventional banks typically face when implementing new technologies. Therefore, it is likely to respond rapidly to customer preferences and industry shifts. PBs will tap into a much more extensive segment of the value chain due to their high versatility.

  • Cyber Security

Anything that gets digitized becomes vulnerable to cyber threats and hazards. The BFSI sector faces the same threat. As cyber threats are continuously evolving, financial services companies and banks seek to tap into smartphone users’ vast demand. Therefore, banks have a unique digital wallet that offers a broad range of services and reduces the chances of cybercrime.

The CEO Views November 5, 2020
Share this Article
Facebook Twitter LinkedIn Email Copy Link
Previous Article RFID in digital transformation What is RFID in Digital Transformation?
Next Article benefits of cloud with ai The Top Benefits of Using Cloud with AI
How AI is Revolutionizing Commercial Real Estate Digital Platforms

How AI is Revolutionizing Commercial Real Estate Digital Platforms

April 29, 2025
Why Employee Retention Is More 01 1
Micro Blog

Why Employee Retention Is More Important Than Ever

The CEO Views By The CEO Views February 9, 2024
Emma Dickison
ENTREPRENEUR VIEWS

Home Helpers® Home Care: Making Life Easier by providing in-home care services and assistance for seniors and more

The CEO Views By The CEO Views September 12, 2024
Streamline Your Workflow with The Best Digital Planners for 2024
Micro Blog

Streamline Your Workflow with The Best Digital Planners for 2024

The CEO Views By The CEO Views October 29, 2024
Improving environmental compliance in construction through data analytics
Digital Transformation

Improving environmental compliance in construction through data analytics

The CEO Views By The CEO Views June 3, 2025

The Future of Leadership: Embracing AI-Driven Decision Making

June 5, 2025

From Conventional to Online Magazines: A Perceptible Shift in the Business Magazine Realm

June 5, 2025

SMS Marketing: An Underexplored Marketing Domain that Drives Business Growth and Value

June 5, 2025

How to Prove Motorcycle Accident Damages in Court

June 5, 2025

You Might Also Like

Proper Ways to Use Checks 6 Key Points You Should Understand
Banking & Insurance

Proper Ways to Use Checks: 6 Key Points You Should Understand

8 Min Read
Business Money Trends You Don’t Want To Ignore
Banking & Insurance

Business Money Trends You Don’t Want To Ignore

7 Min Read
Mortgage Strategies for the Long Term
Banking & Insurance

Mortgage Strategies for the Long Term

5 Min Read
Online Bank Account in Canada
Banking & Insurance

What to Look for When Choosing an Online Bank Account in Canada

6 Min Read
Small logos Small logos

© 2025 All rights reserved. The CEO Views

  • About Us
  • Privacy Policy
  • Advertise with us
  • Reprints and Permissions
  • Business Magazines
  • Contact
Reading: What is the BFSI Sector and its Drivers of Transformation?
Share

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?