BFSI firms revisit existing biz models as Covid-19 boosts tech adoption

 As Covid-19 defines the new normal with the increasing adoption of virtual banking, it has pushed banking, financial services and insurance (BFSI) players to revisit existing business models.
 

By developing strategies that focus on the adoption of appropriate digital technologies, specifically artificial intelligence (AI), banks and financial services firms are prioritising digital innovation to address existing and emerging risks.

This is also creating opportunities for technology players and start-ups, who are fine-tuning their offerings with sharper and deeper products and platforms.

They are launching tailor-made offerings, from generating real-time insights and predicting loan defaults, to detecting potential frauds and digitising customer interaction.

Source: NASSCOM-EY report, Indian BFSI – Unlocking the Transformation Potential of AI