Technology changes BFSI sector
Business Standard|November 06, 2024
Firms in the industry are undergoing a major digital transformation, with technologies - Cloud, Al, GenAI, RPA, and blockchain - leading the way, says a Business Standard-Everest Group report
Technology changes BFSI sector

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.

Denne historien er fra November 06, 2024-utgaven av Business Standard.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra November 06, 2024-utgaven av Business Standard.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS STANDARDSe alt
Technology changes BFSI sector
Business Standard

Technology changes BFSI sector

Firms in the industry are undergoing a major digital transformation, with technologies - Cloud, Al, GenAI, RPA, and blockchain - leading the way, says a Business Standard-Everest Group report

time-read
7 mins  |
November 06, 2024
Making sense of India's real estate boom
Business Standard

Making sense of India's real estate boom

Growth drivers in real estate include urbanisation, disposable incomes, and demand for residential, commercial, and logistics spaces, according to a Business Standard-Knight Frank report

time-read
8 mins  |
November 06, 2024
Business Standard

THE BIGGEST BFSI SUMMIT IS EVEN BIGGER NOW

The largest financial sector event in the country - the Business Standard BFSI Insight Summit - is back this year in a bigger form.

time-read
3 mins  |
November 06, 2024
Shares of Adani Ports anchor at 5-month low
Business Standard

Shares of Adani Ports anchor at 5-month low

Down 5% in two days after business update for October

time-read
2 mins  |
November 06, 2024
Business Standard

Markets rebound as investors cast wide net for value

In-demand financial stocks drive the rally

time-read
2 mins  |
November 06, 2024
Business Standard

Global mkt: Stocks, Treasury yields gain as US votes

World stocks rose and Treasury yields rebounded on Tuesday while an index of market volatility retreated, as markets awaited early indications of the outcome of a knife-edge US election, with only currency markets showing some jitters.

time-read
1 min  |
November 06, 2024
Business Standard

Upper-teens EPS growth likely for Gland Pharma in next two financial yrs

Gland Pharma's Q2FY25 results beat muted expectations, with upper-teens EPS growth projected over the next two financial years despite a slowdown in US sales and temporary issues at its Cenexi subsidiary.

time-read
2 mins  |
November 06, 2024
Sagility India IPO booked 22% on Day 1
Business Standard

Sagility India IPO booked 22% on Day 1

The initial public offering (IPO) of Sagility India Ltd, a technology-enabled services provider in the health care space, received 22 per cent subscription on the first day of bidding on Tuesday.

time-read
1 min  |
November 06, 2024
Record FPI exodus throws a shadow on stock markets
Business Standard

Record FPI exodus throws a shadow on stock markets

Foreign investors are souring on India's stock market, selling a record amount of shares amid signs the South Asian nation's post-pandemic economic boom is losing steam.

time-read
1 min  |
November 06, 2024
Govt may divest 2.5% in HZL through OFS
Business Standard

Govt may divest 2.5% in HZL through OFS

The Centre is planning to sell 2.5 per cent of the total share capital of Hindustan Zinc Ltd (HZL) through an offer for sale (OFS) on Wednesday and Thursday for ₹505 per share.

time-read
1 min  |
November 06, 2024