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Unlock value through Digital-First operating models for Banking and Financial services - A Global Survey Report

July 22, 2022 1566 0 Cloud Computing Cyber Security & Privacy Collaborations Digital Transformation BFSI Industry Trends

Unlock value through Digital-First operating models for Banking and Financial services - A Global Survey Report

In the banking and financial services industry (BFSI), it’s no longer a matter of ‘if’ or ‘when’ to move to a digital-first operating model; it’s all about how fast organizations can make it happen. This report assesses the pulse of digital transformation across the banking, financial services and insurance sectors to identify how strategic choices are being made, explore investment and service priorities, and establish the state of progress toward digital-first operational models. The findings of the report were based on global CXO survey that was conducted among business leaders across 163 BFSI enterprises in 12 countries. As a summary, BFSI consistently emerges as a top industry vertical actively undergoing digital transformation and adopting new technologies to engage with customers, connect ecosystems and build trust with 93% of BFSI enterprises who are in the ‘execution’ mode of their digital transformation strategies.

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Key Findings

  • 72% of BFSI enterprises indicate that the most radical impact of digital change was in how they reach market and service clients. And this drive to customer centricity is being led through back-office automation and improved digital channels for customer engagement.
  • 40% of BFSI CXOs stated that integrated network automation across hybrid and multi-cloud services is critical, and it’s being driven by the way modern BFSI enterprise applications are developed and deployed. It’s clear the future for apps is in the cloud, built from the network up.
  • 52% of CXOs think digital transformation has elevated concerns about cybersecurity, and 53% are worried about communications between technologies, as well as compliance and risk. For many CXOs, cyber-security readiness is not only an essential technology lever but a way to build brand loyalty and trust within their customer base.

BFSI enterprises have a clear mandate to become digital-first businesses, and this is driving a series of investment activities. 5 big bets to support successful digital transformation in BFSI enterprises are

  1. Digital first means networks must evolve with a layer of automation to remove team silos
  2. Differentiation wars will be won by improving the CLVs, Communication platforms must drive effective, personalized interactions  
  3. Secure connectivity is not just a business enabler for BFSI but a metrics to drive trust and brand loyalty 
  4. Pace of Digital transformation puts BFSI enterprises at a disadvantage to create in-house skills, creating a space of MSPs 
  5. People and culture matter as successful digital first transformations are actually people-first transformations

Explore our global report to gain insights on how BFSI enterprises are accelerating their digital transformation journeys.


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