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Tech Trends that will accelerate the BFSI Sector in 2022
The Pandemic has turned Technology into a Transformative Force, says Alok Bansal, Visionet Systems India's MD and Global Head of BFSI Business.
Technology has galvanised the BFSI (Banking, financial services and insurance) sector, especially in the aftermath of the disruptions brought forth by the pandemic. Alok Bansal, Visionet Systems India's MD and Global Head of BFSI Business agrees and says, "The pandemic has turned technology into a transformative force within the BFSI industry and beyond and has unleashed innovation and made monolithic systems responsive to change by the minute. Companies are now looking at Artificial Intelligence (AI), advanced digital Business Process Management (BPM) solutions, Machine Learning and a lot more to generate revenue, manage data and streamline communication."
Here are a few trends that have emerged during this time and are here to stay, according to Mr Alok Bansal:
Artificial Intelligence (AI) and Machine Learning: Legacy structures, traditional operational models and banking procedures are now being altered by AI. AI improves customer service with virtual assistants and simplifies convoluted processes while advanced machine learning algorithms process data faster, help with compliance management, profile credit risk and even red-flag irregularities to detect fraud even before they happen. AI and machine learning also save time by crunching reams of data, personalising client experience and contributing to increase in revenue growth.
Robotic Process Automation: Robotic Process Automation (RPA) emulates human actions to extract data and navigate digital systems faster. This level of automation is invaluable in the BFSI sector as it non invasively automates workflow, reduces errors and speeds up digital transformation. To help overstretched employees, Robotic Process Automation quickly clears backlogs, takes on repetitive and high volume tasks like documentation, filing and data extraction. RPA has multifarious functions and can streamline customer service and operations, across various industries, from end to end.
Big Data: Big Data increases trust equity by ensuring cyber security and managing voluminous and unstructured information. The quick clarity and predictive analytics enable institutions to offer customers personalised insights into their investments and a lot more. With personal interactions becoming scarce post the pandemic, clients too prefer managing their accounts online and Big Data does not just gather the information that is relevant to them but also protects them from risks. Detailed analysis, compliance verification, auditing, feedback management are also done impeccably by Big Data.
Blockchain: Say goodbye to manual data analysis as Blockchain processes now enable more cost-effective, faster, accurate assessments, transaction immutability, transparency as well as secure and distributed data that can't be hacked.