10th

The BFSI Sector over the last decade is on a digitization spree across the world as consumers and Fintechs started consuming more and more of digital services, a natural extension was why can’t BFSI offer a similar digital experience. While tech to a lot extent in the past was in a silo, fast forward to Covid-led disruptions and 2023, tech and business calls go hand-in-hand and at scale.

Indian financial institutions have exposed over 500 APIs for Fintechs and technology players to integrate and create wonders when it comes to digital transformation and adoption by the broader ecosystem. A cumulative assessment of multiple annual reports reveals financial institutions’ tech spending has gone up by 1%-2% in real terms and is nearing two digits. Regulatory directions and actions over digital downtimes have led to damage brand reputation of some financial institutions. BFSI firms have gained consciousness around ensuring there are minimal downtimes allowing customers to transact seamlessly.