Sign In
Small logos 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
  • Platforms
    The New Google Algorithm Update for 2021
    Google algorithm update for 2021
    Google

    Google is continuously making improvements to its algorithm and how websites are ranked on its organic search results page. This…

    5 Min Read
    Oracle Cloud Platform Now Validated for India Stack
    Service-Partner-Horizontal
    Oracle

    ORACLE OPENWORLD — Oracle today announced that the Oracle Cloud Platform has been validated to develop applications using India Stack…

    3 Min Read
    Oracle and AT&T Enter into Strategic Agreement
    Oracle

    Oracle today announced that AT&T signed an agreement to move thousands of its large scale internal databases to Oracle’s Cloud…

    3 Min Read
    IBM and Andrés Cepeda introduce First ‘Cognitive Music’ Project in Latin America
    IBM-Watson
    IBM

    IBM (NYSE: IBM) and Grammy-winning Colombian singer, songwriter and producer Andrés Cepeda will partner to collaboratively compose the artist’s next…

    3 Min Read
    Alpine Consulting Launches New eCommerce Website for Dana Rebecca
    IBM

    The new website will provide clients with the ability to more easily browse the latest innovations and designs in the…

    2 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
  • Functions
    RISMA Systems: A Comprehensive Approach to Governance, Risk and Compliance
    Risma Systems
    ENTREPRENEUR VIEWSGDPR

    RISMA Systems was founded in 2014 by Lars Nybro Munksgaard, who initially developed a system that helped accountants and lawyers…

    9 Min Read
    Happiest Minds: A “Privacy by Design” approach is key to creating GDPR compliant businesses
    Happiest-Minds
    GDPR

    We are currently living in two different worlds – the digital world and the physical one. One day the twain…

    8 Min Read
    Gemserv: GDPR 2020 and Beyond
    Gemserv
    GDPR

    As a professional services business operating in a world driven by data and technology, Gemserv like many businesses,  finds itself…

    9 Min Read
    ECCENCA:GDPR IS STILL AN UNTAMED ANIMAL
    GDPR

    Enterprises often restrict their privacy management strategy to customer data only. Though it is the personal data of employees, spread…

    6 Min Read
    Boldon James: HOW ENTERPRISES CAN MITIGATE THE GROWING THREATS OF DATA
    GDPR

    As we fast approach the second anniversary of the implementation of GDPR, the impact it has had on businesses and…

    8 Min Read
    Check out more:
    • GDPR
  • Magazines
  • Entrepreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
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
  • Home
  • 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
  • Entrepreneurs View
  • 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?

CEO
Last updated: 2020/11/05 at 10:50 AM
CEO
Share
What is the BFSI Sector
SHARE

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.

CEO 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
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FPT SOFTWARE

FPT SOFTWARE: A Gigantic Leader Helping Clients Achieve BUSINESS EXCELLENCE

The IT services marketplace in general is undergoing rapid changes…

May 19, 2022
Magazine
ijura: The Art of the Possible: Keeping Employees From Falling For Phishing Scams

Not long ago, popular cyber-security investigator Brian Krebs noted that, for the…

6 Min Read
Daniel Etra, Co-Founder and CEO, Rethink
Magazine
Rethink: A Special Platform for Differently Abled

“Recognizing the problem in the market that we are seeking to address…

6 Min Read
Ways Students Can Acquire Money
Micro Blog
Top Ways Students Can Acquire Money When They Are Short on Budget

Send money back home to your parents? No way.  With tuition, books,…

6 Min Read
TIER44 TECHNOLOGIES
ENTREPRENEUR VIEWS
TIER44 TECHNOLOGIES: Making Data Center Management Easier with ServiceNow

While the world was already moving in the direction of digital transformation,…

7 Min Read

Eight Things You Need If You’re Going To Invest In Cryptocurrency

Cryptocurrencies like Bitcoin and Ethereum present…

October 2, 2023

Finding the Best Usenet Search Product: Your Ultimate Guide

In the vast realm of the…

October 2, 2023

What Is the Significance of Internet Safety Education in a Hyperconnected World?

Although we are born with smartphones…

October 2, 2023

Skybridge Americas: Revolutionizing Customer Service With Talent and IT Innovation

Investing in customer experience has proven…

September 18, 2023

You Might Also Like

Electronic Money Laws
Banking & Insurance

How Do Electronic Money Laws Work In Different Countries

The electronic money laws in different countries can vary a lot. In this article, you will learn about electronic money…

6 Min Read
Track Of Salary Information And Taxes
Banking & Insurance

How To Keep Track Of Salary Information And Taxes For Your Business?

After many years of running a successful business, you may have noticed that your accounting system is not as organized…

8 Min Read
Settle Lawsuits
Banking & Insurance

Do Companies Ever Settle Lawsuits Without Winning or Losing?

Hundreds of thousands of federal civil lawsuits are filed in US district courts annually. Some estimates place the total number…

8 Min Read
Banking & Insurance

Latest Trends Coming to the Banking Sector

Very few businesses have a long history and the stability experienced by the banking industry. Banks are dependent on their…

3 Min Read
Small logos Small logos

© 2023 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?