The Indian Banking, Financial Services, and Insurance (BFSI) industry has shown strong resilience amid global headwinds and achieved impressive growth. Credit growth has remained robust, and nonperforming assets (NPAs) have reduced to multi-year lows.
This progress results from significant technology investments to meet rising demand and support financial inclusion initiatives. BFSI firms across India are undergoing a major digital transformation, with technologies such as Cloud, AI, GenAI, Robotic Process Automation (RPA), and Blockchain leading the way. These technologies are reshaping the industry by enhancing customer experiences, streamlining operations, and ensuring regulatory compliance.
The surge in digital banking platforms and mobile apps has revolutionised customer interactions, delivering unprecedented convenience and accessibility. This article shares the findings of a survey-based research project that Everest Group conducted to understand the technical advances in the Indian BFSI sector.
The report provides an overview of technology trends in the Indian BFSI market; the regulatory landscape and its impact on BFSI firms' technology investments; adoption maturity and drivers for various technology themes; and a deeper look at challenges and obstacles that Indian BFSI firms face as they expand their technology estate.
Enterprises looking to gain insights into current technology demands, future investment priorities, and the challenges facing Indian BFSI firms will benefit from this report.
Industry overview
India's banking industry is experiencing remarkable growth driven by economic fundamentals, rising demand, and technological advancements. In FY24, total deposits surpassed ₹200 trillion, with a 13 per cent year-on-year (Y-o-Y) growth, and net profits exceeded ₹3 trillion, underscoring the sector's resilience.
この記事は Business Standard の November 06, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Standard の November 06, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Nearly ₹1 trn unspent welfare funds lying in states' accounts
Funds to the tune of ₹1 trillion for centrally sponsored schemes are lying unspent in the single nodal agency (SNA) accounts of states.
Govt plans to raise deposit insurance beyond ₹5 lakh
A proposal to increase deposit insurance is being considered and the finance ministry will notify it once the Cabinet takes a decision, said M Nagaraju, secretary, financial services, Ministry of Finance, on Monday.
₹1,400 cr. Industrial Push: MP Targets Jobs, Growth & Global Investors
Aims at generating 20 lakh jobs in five years and increase GDP to ₹6 lakh crore by 2030
India delivering 'good returns': FM on FII selloff
Choppy markets, dropping valuations make post-IPO exits via block deals challenging
Govt weighs LPG subsidy for OMCs as losses mount
As cooking gas underrecoveries soar, Centre considers ₹40K cr mid-yr payout
Smallcaps in free fall: More pain ahead?
Meltdown raises concerns of a full-blown capitulation
Trade deficit widens to nearly $23 billion in Jan as exports shrink
India's merchandise trade deficit widened to nearly $23 billion in January, compared with $16.5 billion a year earlier, as the value of exports dropped amid subdued demand for petroleum products and global economic uncertainties.
Embedding Sustainability in Organisational DNA
> K Vijay Vardhan Rao, Senior President Marketing, Maha Cement, highlights the unique steps taken to weave sustainability into the brand fabric
A Case Of Kilos
Global pharma majors are looking to cash in on India's obesity crisis, but weight-loss drugs demand time and money
Reviving manufacturing growth
Ensuring manufacturing growth consistent with our development aims requires the government becoming less entrepreneurial and the corporations becoming much more entrepreneurial
