Global Digital Transformation In BFSI Market Overview:
Digital Transformation in BFSI is a process to build on innovation regarding financial technology and adoption of the same with an aim to enhancing operational activities and improve their revenue. The objective behind the digital transformation in BFSI is to automate the process of banking, financial services, and insurance services and streamline the complex process in order to create unrivaled experiences for customers. For digitization, companies utilized powerful technology infrastructure such as artificial intelligence (AI), blockchain, cloud, and big data to create a robust evaluation and offer tech-savvy, automate services to customers. The benefit of digital transformation is that it creates operational activity faster, efficient, and friendly, enhances security features, automate repetitive tasks and better risk management process. Also, it helping financial experts to focus on applying their expertise to more challenging tasks, greater ROI, and quicker problem-solving.
- Growing demand for customized IT solutions for specific banking need
- Growing adoption of digital services among SMEs to upsurge their revenue
- With the increase in cyber-attacks, security and privacy concerns hinder the market growth
- High implementation and maintenance cost of digital technology
- Rise in adoption of advanced technology AI and machine learning and increase in adoption of digital services among the developing nations
- Development of strong connection between each bank worldwide and improve the user experience
- Formulation of rules and regulations by regulating authorities to protect the environmental damage due to heavy technology implementation
- High cost of maintenance, repairing, and managing technology
The leading organization in the market, to deliver an automated, digitalized, and good user experience to customers, making new strategic partnerships with other companies and by combining the technology unlocking the new technology power to accelerate the digital transformation in the BFSI market. Also, companies developing new strategies to avail competitive advantage.
Some of the key players profiled in the report are Microsoft Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Accenture (Ireland), Alphasense Inc. (United States), Cognizant (United States), FUJITSU (Japan), Google (United States), HID Global Corporation (United States) and International Business Machines Corporation (United States). Additionally, following companies can also be profiled that are part of our coverage like Adobe (United States), Broadcom (United States), HCL Technologies (India) and Yash Technologies (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Digital Transformation In BFSI market by 2026. Considering Market by By Technology, the sub-segment i.e. Artificial Intelligence will boost the Digital Transformation In BFSI market. Considering Market by By Deployment, the sub-segment i.e. On-Premise will boost the Digital Transformation In BFSI market. Considering Market by By Organization Size, the sub-segment i.e. Small Scale Organization will boost the Digital Transformation In BFSI market.
Latest Market Insights:
On 26 July 2021, HCL Technologies (HCL), a leading global technology company, announced it was selected as a strategic launch partner for Microsoft. This partnership with Microsoft Cloud for Financial Services brings together capabilities with multilayered security and comprehensive compliance coverage to deliver differentiated customer experiences, improve employee collaboration and productivity, manage risk and modernize core systems.
On 20 July 2020, Finastra and Microsoft Corp. announced a strategic, multiyear cloud agreement to help accelerate the digital transformation of financial services. This provides people, businesses, and communities the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone and help accelerate the digital shift.
What Can be Explored with the Digital Transformation In BFSI Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Transformation In BFSI Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Transformation In BFSI
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Transformation In BFSI market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Digital Transformation In BFSI market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes IT Firms, Industrial Associations, Government Regulatory Bodies, Government Research Organization, Private Research Organizations and Digital Payment Service Providers.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Digital Transformation In BFSI Market?
The Digital Transformation In BFSI market is expected to see a CAGR of % during projected year 2020 to 2026.
2. Who are the top performing companies in Digital Transformation In BFSI Market?
Top performing companies in the Global Digital Transformation In BFSI market are Microsoft Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Accenture (Ireland), Alphasense Inc. (United States), Cognizant (United States), FUJITSU (Japan), Google (United States), HID Global Corporation (United States) and International Business Machines Corporation (United States), to name a few.
3. What trending factors would impact Digital Transformation In BFSI Market growth most?
"The rise in adoption of digital technology by various banks across the globe
" is seen as one of major influencing trends for Digital Transformation In BFSI Market during projected period 2020-2026.