2020 was a challenging year for the BFSI industry. The COVID-19 pandemic completely transformed traditional ways of working in the industry and the firms that survived and sustained through this period were those that acclimatized quickly to the constant market oscillation.
The spike in work-from-home setups meant that a lot of in-person activities in the financial industry had to move online. As more traffic moved online, so did cases of fraudulent transactions. The BFSI industry grappled with addressing privacy concerns, the need for more robust security measures, data diversification, reforecasting of existing ML models to align with new market and consumer trends and so on and so forth.
Moreover, while the COVID-19 pandemic exposed gaps in existing BFSI systems, it also proved to be a time where the BFSI industry showed its readiness to adapt quickly to the new industry requirements with accelerated digitization that leverages the latest technology and tools.
From payment innovations to investing in security, fraud detection, privacy and a lot more, 2020 truly highlighted the BFSI industry’s ability to adapt. The swift changes to traditional ways of working, most of which were already underway, were accelerated because of pandemic disruption and these are likely to change the way the industry works forever.
How have the changes in the marketspace and consumer behavior impacted different functions of the BFSI industry and changed the traditional ways of working? What are the measures that firms must employ to maintain their competitive edge this year? How will latest innovations, technologies and AI & ML solutions play a vital role in ensuring market competitiveness and sustenance?
Through the course of this report, we address these questions, and share our insights as to how companies can make the most of 2021 by leveraging customized, data-driven, analytically sound technologies and operational practices.
BFSI Trend Spotting for 2021
• The banking landscape was already scaling up payment innovations prior to 2020. But pandemic disruption accelerated the efforts directed towards revamping traditional payment methods. How can companies create secure facilities for enabling latest payment innovations with robust fraud detection and security systems?
• Many companies are set to accelerate their adoption of Robotic Process Automation for operational streamlining. How must companies reassess their investments to identify areas that can be improved with automation? How should employees alter their traditional ways of working to streamline operations and bolster their capabilities?
• What are the technologies that will define the future trajectory of the BFSI sector? How can companies leverage their existing client loyalty while ensuring that they stay on top of latest technological advancements and maintain a competitive edge in the market? How can new-age fintech and traditional firm partnerships aid in ensuring the best of both worlds?
• As AI and data diversification become pivotal for driving growth and development, what are the best practices businesses can adopt to expand their data collation efforts, to ensure business continuity in the event of future market disruptions?
Download the 2021 BFSI Trends Report to find out about the trends that will shape the BFSI marketspace this year.