Unprecedented digital adoption by customers during/post covid, Disruptive business models enabled by FinTech and a Conducive Regulatory Environment are driving Digital Transformation in the BFSI industry. Digital Disruption essentially demands a shift in the transformation from a Product-Centric to a Customer-Centric approach, so that the evolving financial services needs of diverse customer segments can be fulfilled consistently.

Preparing for a Customer-centric transformation involves three key initiatives namely: Empowering Employees through Teamwork, Managing Risk across the organization and Modernizing the Application landscape.

Empowering Employees through Teamwork entails improving productivity & efficiency through automation of employee journeys in enterprise business processes, enabling communication and collaboration with colleagues and customers and augmenting sales/service and operations with Intelligent Insights. Managing Risks involves building a robust infrastructure that can protect the organization from internal and external risks including Cyber risks.

Value Creation in Financial Services of the Future will encompass co-creation with other Industry Participants including FinTech’s/Start-ups/other Financial Service Organizations. In order to compete and collaborate in the emerging Digital Economy, it is imperative to modernize the application landscape with Modular & Open Architecture.