The Banking, Financial Services, and Insurance (BFSI) industry is modernizing to adapt to evolving macro, consumer, advisor, employee, competitive, and regulatory dynamics while navigating cost pressures. However, these efforts are often rolled out in silos, focusing on specific system modules, leading to breakdowns caused by fragmented data, technology systems, and outdated legacy technologies. These challenges create disruptions in business workflows, impeding the pace of change, a key metric for business success. Thus, there is a need to minimize workflow friction and foster closer collaboration between IT and business operations.

Recognizing the need for a more strategic and programmatic approach, BFSI firms are now focusing on integrating data and intelligence into their operations. This shift involves leveraging platforms – commonly known as platform-based operating models – to seamlessly embed data and intelligence into business operations. This transformative strategy ensures not only efficiency gains but also enhanced capabilities to support process self-optimization and intelligent decision-making throughout the process, addressing the unique challenges and evolving dynamics of the complex BFSI industry.

In this report, we examine the state of the BFSI market, the need for a novel operating model focused on enhanced synergies between technology and operations and provide a roadmap for banks to scale their generative AI journey.

Scope

• Industry: BFSI
• Geography: global

Contents

In this report, we examine:

• The current state of the BFSI market and its evolving priorities
• The need for a novel operating model emphasizing enhanced synergies between technology and operations
• Critical components of automation and AI-enabled platforms/solutions to drive transformation
• A roadmap for banks to scale their generative AI journeys

Membership(s)

Banking Information Technology

Outsourcing Excellence