Over the past decade, the financial services industry has undergone a massive technological revolution, and the results are as below –
In the modern IT world, 40% of the revenue made by companies such as Tata Consultancy Services and CTS comes from the BFSI industry.
SBI underwent rapid digitalization with its IBM-developed SBI YONO, which has an active user base of 54 million.
A total of 41.4 lakh transactions across the Indian MSME ministry were digital.
– With the help of digital banking, people can now pay their bills, take out loans, and transfer money almost anywhere.
– Big data and AI to assess risk management and identify fraud detection.
– In comparison with traditional banking systems, modern banking systems are more breach-proof (this is the place we are in)
– Data science and analytics are revolutionizing how we process and analyze massive amounts of data to find meaningful insights.
The vital benefits are enhanced customer experience, security, accuracy, convenience, speed, and broader reach.
There is a rumbling digital transformation taking place in the financial industry, but this is only the tip of the iceberg. Thoughts?
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