The Indian BFSI sector continues to drive innovation and set the digital agenda for the rest of the sectors.
In the aftermath of the pandemic, the Sector has gone on an overdrive and is using contactless technologies extensively.
What we are witnessing is a significant increase in the deployment of emerging technologies.
This is in evidence with banks and insurance firms using AI to onboard customers with eKYC systems, and for automating claims and tackling fraud.
It truly is the age of apps, algorithms and AI.
Today almost every firm in the BFSI industry is using a combination of emerging technologies to improve its competitiveness.
It is common to find firms in this sector to use open APIs to encourage startups and other fintech firms to build apps on top of their own platforms.
Algorithms are already loan approval and delivery in minutes, and apps have become the staple and starting point for fulfilling financial needs.
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