2022: Revolutionary Times for the BFSI Industry

Dr Ravi Gupta

A well-functioning financial system is the engine that drives a well-functioning economy. Technology is one of the most powerful driving forces in today’s economy and financial systems. Banks have evolved from a safe haven for valuables to a one-stop shop for all transactional operations. Today, the Banking, Financial Services, and Insurance (BFSI) industry runs on smart devices, making online transactions the new norm. As we progress deeper into the digital age, we can expect to see more technology-driven, ground-breaking, and innovative digital transformations in banking with strategic solutions.

By improving customer experience, operational efficiency, and data security, technology is assisting the financial sector in closing the gap between traditional and revolutionary banking systems. Payments, retail banking, finance management, insurance, commercial banking, and financial management all use the digital approach.

Because of the popularity of FINTECH, banks are exclusively automating their processes; new banks are launching NEO banks, which are launched digitally without the presence of physical branches. Numerous technological trends have emerged and have accelerated their entry into every bank’s system.

Keeping this thought in mind we’re gearing up for an ‘In Person’ Elets 7th BFSI Leadership Summit, 2022 to be held on Friday, 13th May, 2022 in Mumbai and the 11th NBFC 100 Tech Summit, Chennai on 17th June 2022. I’d like to invite you all to join us there.

Also Read | Key Forces Disrupting the Onboarding Process in the BFSI Industry

Exploring how constantly evolving technologies are providing the banking and financial services industry to exceed customer experience, the cover story titled ‘AI: The science behind the good customer experience’ promises to be an exciting read. This issue also carries an exclusive interaction featuring Dr. Amitabh Ranjan, Chairman RBI Services Board.

With a kaleidoscope of offerings in this issue, I believe it will be a fascinating read for all of you.

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