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Digital Trends in the BFSI Industry Amidst COVID-19 and Beyond

  • Report
  • January 2022
  • Region: Global
  • Frost & Sullivan
  • ID: 5519660

Banking, Financial Services, and Insurance Customer Perspectives

The COVID-19 pandemic accelerated the move to digital channels, the cloud, and self-service customer care so financial companies could take advantage of new technologies to keep businesses running sans a staff yet maintain a satisfactory level of customer experience (CX). BFSI companies are focusing on improving digital experiences such as digital customer and employee onboarding, online payments, proactive alerts, payment reminders, self-serve access to account information, and quicker loan approvals.

FBSI organizations are in the process of substantial digital transformations, with CX top of mind. Employee safety, productivity, engagement, and retention are also a top priority amidst the pandemic. Shift to the cloud has accelerated so that businesses can take advantage of new features, scalability, and flexibility. Self-service tools are being used more frequently by all generations; with the help of AI, they can be more effective and faster at handling ever-more complex queries. Security has always been a top concern, but with WFH being a continued reality, it’s front and center as an IT issue. Consumer trust is non-negotiable in this industry. The ability to deliver excellent customer experiences through mobile devices is crucial for survival; this means delivering seamless and effortless interactions and transactions regardless of the method or channel the customer has used to communicate each time they connect with a business.

Results in this survey are based on an online survey of 429 IT decision-makers in the banking financial services, and insurance industry around the globe.

The primary goals of this research are to:

  • Understand the impact of COVID-19 on IT and telecom decision-making
  • Identify the IT-related challenges organizations face today
  • Monitor the status of digital transformation
  • Assess the current and future use of business communications technologies
  • Evaluate factors that drive investments in communications technologies
  • Gauge IT and communications trends
  • Appraise available IT budgets

Technologies covered:

  • Enterprise mobility management
  • Digital commerce
  • Communications & collaboration
  • Data centers & cloud infrastructure
  • Digital marketing (omnichannel marketing, marketing automation)
  • Customer experience (CX)
  • Cybersecurity
  • Enterprise content management (ECM)
  • Enterprise resource planning (ERP)
  • Internet of things (IoT)
  • AI
  • Digital visualization
  • Blockchain
  • Big data analytics

Table of Contents

1. Research Objectives & Methodology
  • Research Objectives and Methodology

2. Executive Summary
  • Emerging Technology Trends
  • How Tech Trends Impact the Banking, Financial Services, and Insurance (BFSI) Industry
  • Looking Ahead - The Future of Banking
  • Fintech Industry - Aspirations Impacting Growth
  • Key Findings

3. Digital Transformation Strategy
  • Key Business and Digital Transformation Goals
  • Top IT-Related Challenges
  • Digital Transformation Success Measurements

4. COVID-19 Impact
  • Greatest Impact of COVID-19 on Organizations
  • COVID-19 Impact on Technologies for Remote Workers
  • Contact Center COVID-19 Related Priorities

5. Acceleration to the Cloud
  • Application Deployment “In The Cloud”
  • Cloud Communications Provider Selection Factors

6. Mobile Worker Applications and Devices
  • Top Reasons for Providing Mobile Apps to Employees
  • Tactics to Encourage Mobile Apps Usage
  • Company Support for BYOD
  • IT Decision Makers have Data Security Concerns

7. Transformative Technologies
  • Transformative Technologies’ Investment Factors
  • Key Reasons for Investing in AI
  • Risks Related to AI
  • Key Features when Purchasing Big Data Analytics
  • Most Wanted Features in Big Data Analytics
  • Customer Experience (CX) Priorities

8. Investment Priorities
  • Percent of Revenue Allocated to IT/Telecom Budget
  • Expected Change in IT/Telecom Budgets in 2021
  • Future Investment Priorities
  • List of Exhibits
  • Legal Disclaimer