Global BFSI Industry

The global BFSI industry has grown tremendously in the last few years. Intense competition and regulatory forces have always challenged this sector, however, in recent times, widespread innovation and disruption caused by technological advancements, consistently soaring customer expectations, and cut-throat competition has caused unprecedented changes in the industry. The strategic priority today is to accommodate the changes brought about by emerging technologies to provide new-age services and stay a step ahead in the market.

Overview

The future of the BFSI sector depends on how capable it is in providing innovative solutions and enhancing customer engagement. Digital transformation plays a vital role here since it enables providing new and better products and services while controlling and reducing operational costs. Better data utilization with technologies like IoT and Big Data, leveraging customer data to extract deep insights, utilizing data analytics, machine learning and AI are becoming indispensable for the BFSI industries to stay competitive. Professionals with expertise in these emerging technologies will drive the future dynamics of the BFSI sector.

Bank
According to the latest report, DBS Bank launched a Digital Mindset program to effect digital transformation, and they now earn twice as much from digital customers compared to traditional customers.
cash
Globally, customer adoption of cognitive technology-based voice assistants in the BFSI industry is expected to reach 1.83 billion by 2021, growing at a CAGR rate of 29.4%.
Insurance
AI and Machine Learning are expected to save US $447 bn for the banking industry through a 20% reduction in operating expenses by 2030.

Career Opportunities in BFSI Industry

IoT
Billions of connected devices make an intelligent system that can transform the BFSI industry in countless ways. For any transaction or an enquiry, customers prefer using different devices. From these devices, banks, financial services firms and insurance companies can collect information about their customers to offer customized options and services. IoT also enables mitigating security threats and data breaches. For instance, any fraudulent transaction can be confidently declined by a bank that has IoT data about its customers.
Cloud & DevOps
The need for innovation to make product and service delivery agile and efficient is encouraging an uptake of cloud and DevOps technologies in the BFSI industry. Cloud solutions enable open banking that provides the flexibility to create open APIs. This will create agile and lean delivery. With the surge of Analytics and AI in this sector, the need for efficient data utilization, increased computing, greater storage power, and deployment of services will make cloud and DevOps indispensable for the BFSI industry. As the competition on the cloud intensifies, companies strive to provide the best services and technological requirements to the BFSI companies.
DL, ML, & Big Data
AI, machine learning, and deep learning are enabling the BFSI industry to collect customer data and leverage it to improve their services through dynamic customization. AI powers virtual assistants, conversational interfaces, and fraud detection. Virtual assistants will soon be empowered with financial services skills, leading to profitable collaboration with BFSI organizations. On the other hand, BFSI institutions will also collaborate with AI startups to improve both their front-end and back-end operations while remaining compliant with regulatory compliances.
Others (Business Courses)
In this era of Industry 4.0, the growth of every technology in any industry is dependent upon networking expertise. Cisco certifications and other IT infrastructure certifications will, therefore, play a significant role in making the BFSI sector leverage the unprecedented innovations and disruptions due to the rise of emerging technologies. There will also be an increased demand for professionals in operations and management of the business, and aligning it effectively with the IT services. With the aim to make digital transformation seamless, the BFSI sector will need professionals who can bring about faster innovation and focus on enhancing customer engagement.