With the global pandemic shifting the way business is done and experiencing a change from social interaction to digital channels, the BFSI sector had no option of going slow or waiting to see how big tech investments play out for rivals. The BFSI industry witnessed speed in digitization, and it accelerated critical trends like innovation, short development cycle times, and continuous technology investment as drivers of revenue growth and profitability. It is indeed evident that the BFSI industry of 2030 will be far more competitive, efficient, and innovative in delivering consumers “autonomous experiences” that are not possible today. This, makes it imperative to answer question like: How can we deliver an effective and efficient digital experience to our customers, clients, and employees? With this in purview, the First Edition of the BFSI Innovation Confex & Awards 2023 centered on the theme “Innovate | Implement | Impact” will focus on the success of the next generation of products and services that will rest on the ability to elevate the human experience.The Indian BFSI Sector :
India is experiencing an environment of change led by an amazing talent base in the BFSI sector. With a mindset to adapt and innovate through digital transformation a simultaneous effort from the government, and the RBI will help charter new areas of customer inclusion. Undoubtedly, an increase in competition and an unprecedented situation arising out of the pandemic in the newnormal has prompted the BFSI sector to stay relevant and undergo a revolutionary change. Banking is now more lifestyle-oriented as they have started launching new products, building digital experiences, and augmenting operational efficiency by leveraging the likes of AI, machine learning, and cloud technologies. Furthermore, Artificial Intelligence, Machine learning, and Deep-learning will be employed as decision-making tools to judge the behavioral aspects of customers saving habits and the need-based requirement creditworthiness of borrowers.