Cisco bets big on BFSI segment in India

US-based tech giant Cisco today said its business from the Indian banking and financial services market is expected to continue growing at a strong pace as banks and financial institutions in the country embrace new-age technologies like artificial intelligence.

The networking gear company counts names like National Stock Exchange, State Bank of India, HDFC Bank and Bandhan Bank among its clients in the Indian BFSI segment.

"Financial institutions today are experiencing an unrelenting need to be flexible, secure and scalable across increasingly complex data centres... We are leading the disruption in the industry with our technological innovations in systems, software and security, and expertise in mass-scale networking, automation, analytics, video, wireless and mobility," Cisco India and SAARC President Sameer Garde told PTI.

He added that combining these capabilities with Cisco's portfolio of security and collaboration capabilities is enabling financial services companies in India and globally to reduce cost and complexity, grow revenue and secure their network and customer data.

Garde said BFSI players are betting on new services, enabled by digital technologies like AI and machine learning, to maximise the value they offer to their customers.

He cited a recent Cisco study to state that there is an estimated USD 3.14 trillion worth of digital opportunity over the next decade for the BFSI segment globally.

"However, this will require a convergence of mobility, analytics, and video to create delightful experiences and effortless transactions for customers. This will allow the industry to move away from legacy, paper-based approaches thereby enabling improved delivery of services cost-effectively," Garde pointed out.

Traditional BFSI players are also expected to strongly embrace these new digital technologies as they face challenges like competition from agile 'fintech' startups, growing customer preferance for more personalised experience, and complex regulatory requirements.