The global digital transformation in BFSI market is expected to grow at a CAGR of 13.5% during the forecast period. Digital transformation in BFSI is a set of methodologies, tools, and processes used by modern businesses to improve operational activities and increase sales. The primary goal of digital transformation in BFSI is to automate and digitize processes in banking and fintech organizations, as well as to streamline critical organizational processes. There are numerous advantages to digital transformation in BFSI, such as improved security features, a better risk management process, automation of repetitive tasks, and so on. The key factors driving the growth of the global digital transformation in BFSI market include an increase in digital technology adoption by various banks and a surge in demand for digital services among fintech to enhance and improve the customer experience. Furthermore, an increase in customized IT solutions for specific banking needs has a positive impact on market growth. However, the high implementation and maintenance cost of digital technology, as well as security and privacy concerns related to data theft and cyber-attacks, are expected to restrict the market growth. However, the increased adoption of advanced technology such as AI and machine learning among BFSI is expected to provide lucrative opportunities for the market growth during the forecast period.
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Increased demand for digital services among fintech solution providers is one of the most visible ways to accelerate digital transformation in the BFSI market. Furthermore, banks and fintech are digitizing their assets in order to increase customer retention and provide better services to their customers. Furthermore, digital financial services assist banks in increasing their service speed and providing transparency of fund transactions to their clients. Furthermore, the rise in demand for digital services among fintech solutions, as a result of the increased need to understand the basic needs of customers, drives the growth of the global digital transformation in BFSI market. Many organizations are utilizing digital channels to upgrade their systems in order to improve the customer experience. Furthermore, the majority of banking and fintech organizations are adopting digital channels that are focused on improving the speed of transaction processing and the user experience of financial services. Furthermore, as fifth-generation wireless (5G) technology becomes more prevalent in the banking sector, consumers will benefit from faster data transmission and uninterrupted connectivity during payment processing. Furthermore, the increased adoption of mobile and online banking apps among the general public allows them to transfer funds and receive financial details instantly. This is becoming a permanent change as customers become more comfortable using online/mobile banking channels and visit the branchless frequently.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Component
- By Deployment Model
- By Enterprise Size
- By End-User
- By Technology
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- IBM Corp., Microsoft Corp., and Oracle Corp., among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Digital Transformation in BFSI Market Report by Segment
By Component
- Solution
- Service
By Deployment Model
- On-Premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
By End-User
- Banks
- Insurance Companies
- Others
By Technology
- Artificial Intelligence
- Cloud Computing
- Blockchain
- Big Data and Business Analytics
- Cyber Security
- Others
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