The Indian BFSI sector continues to drive innovation and set the digital agenda for the rest of the sectors. Given the increased digitization, IT spends for BFSI industry firms are set to increase significantly. Gartner predicts the total spending on IT for the sector will be around $11 billion in 2020, an increase of 9.1% from 2019. This is the age of apps, algorithms and AI – and almost every BFSI industry firm using a combination of emerging technologies to improve its own competitiveness.
It is common for firms in this sector to use open APIs to encourage startups and other fintech firms to build apps, on top of their own platforms. Using algorithms, loans are delivered in minutes, and apps fulfill most needs.
What’s more, insurance firms and banks use chatbots to answer basic customer service queries. Making this an era of self service, where processes are increasingly automated to improve efficiency with minimal human intervention.
Then there are Digital only banks that are picking up pace and changing how banking services are consumed and delivered. Several financial services firms are also experimenting heavily with technologies like AI and Machine Learning.
Express Computer understands this huge digital shift in the BFSI sector, and has hence conceptualized the BFSI Technology Conclave – a conference that will witness India’s foremost thought leaders and influencers in this space. This will be the fifth edition of the conclave.