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BFSI Technology Trends to Win in 2020 and
Beyond
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A well-functioning financial system drives a
well-functional economy. The modern economy and
the modern financial systems have technology as
one of the most powerful driving forces. Today,
the Banking, Financial Services, and Insurance
(BFSI) domain operates out of our smart devices.
Online transactions have become the norm. Over
the centuries, banks have evolved from being a
secure place for storing valuables to a
one-stop-solution for all transactional processes
for a user. As we move deeper into the age of
digital, we can expect to see more
groundbreaking, technology-driven, innovative
banking solutions with customers at the core of
all strategic actions. As JP Nicols says, If
banks cannot truly be customer intimate, they are
doomed to be just dumb commodities, acting behind
the scenes, like utilities.  2020 is going to be
remarkable for the BFSI domain. With
digitalization and ever-evolving technologies,
the industry is aboard the train of disruption,
which does not seem to halt any time soon. For
the organizations associated with the BFSI
sector, it is the time to prepare themselves for
the emerging and maturing technology solutions.
Let us understand the biggest BFSI technology
trends that will shape the industry for this year
and beyond 
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1. FinTech Financial institutions must be
able to deliver an easy to navigate, a seamless
digital platform that goes far beyond a
miniaturized online banking offering, says Jim
Marous. And, that is what FinTech is about. A
recent McKinsey survey results indicated a
skyrocketing growth for FinTech in 2020. The
FinTech market is all set to exceed the worth of
30 billion this year. Data-driven analytics
and hyper personalization are among one of the
consistent themes that lie at the core of the
FinTech services. Gartner predicts that this
year, chatbots will interact with the customers
of 85 of banks and businesses. The increasing
focus on conversational interface is to eliminate
the human intervention as much as possible for
higher productivity. Blockchain in FinTech is
projected to touch 6700 million by 2023 in the
U.S. It will be used as a key security feature of
the FinTech applications for processes like smart
contracts and digital payments.  FinTech
startups have certainly disrupted the BFSI market
dynamics for the incumbents. By forming a
strategic alliance with the startups, the
incumbents can offer their users the ideal speed,
security, and efficiency. We can expect to hear
more MA deals getting signed as we move further
into the 2020s.    Banks, financial services
providers, and insurance companies are required
to upgrade their way of doing things.
Digitalization is inevitable. Embracing the
digital technology is the key to achieve
accelerated growth.  

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  2. Enterprise Agility Customers will
continue to demand faster services and reduced
costs. Enterprise agility is essential to meet
these growing demands. Speed will remain the most
critical factor that will ensuring scalability
and competitive edge for an enterprise. By
implementing Agile practices within the
organization, a BFSI enterprise can respond to
its customers needs in a flexible manner while
increasing the speed of execution. The
ownership-mindset fostered by Agile results in
greater productivity and adaptability. The
pace of innovation in the present dynamics
essentiates flexibility within a BFSI enterprise.
In order to stay competitive, it is necessary for
the enterprises to adopt innovative solutions.
And, to be able to adopt, enterprise would
require an Agile and responsive infrastructure.
Read Full Blog at https//www.cigniti.com/blog/
bfsi-technology-trends-2020-beyond/

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