Nilesh Jahagirdar The Indian BFSI sector is transmuting into a digital-first sector. Old-school banking and financial institutions are capitalizing on digital strategies to assess and engage with new and existing customers. Accelerated by the pandemic push, the industry stakeholders have expedited their digital transition efforts in front-facing and back-office operations. This demonstrates India’s highest fintech adoption rate of 87 percent compared to the global average rate of 64 percent. The implementation of digital transformation in BFSI has evolved over the years to enhance organizational business insights, lower operational costs, and accelerate workflows. The widespread demand for modern technologies, including artificial intelligence and machine learning among businesses, is projected to provide lucrative prospects for worldwide market advancement. Switch To Digital Banking from Traditional Banking The trend towards e-banking originated when financial executives realized that a majority of their consumers were using digital channels, pushed by the pandemic outbreak. Given the upper-edge implementation of digital strategy, the banking sector has become more client-inclusive and tech-savvy. Customers are completing transactions using their mobile applications and net banking, which were earlier dominated by physical transactions in the banks. As a result, mobile banking has emerged as a vital aspect in the convergence of […]
Click here to view original web page at timesofindia.indiatimes.com
