The Banking, Financial Services, and Insurance (BFSI) sector is driven by factors such as the increasing working population, growing disposable income, evolving consumer behavior, etc. Moreover, many BFSI firms are investing in big data analytics capabilities in order to develop client insights. Big data solutions are being adopted to provide insights regarding consumer demographics, product penetration, and the effectiveness of training programs. ...

The Banking, Financial Services, and Insurance (BFSI) sector is driven by factors such as the increasing working population, growing disposable income, evolving consumer behavior, etc. Moreover, many BFSI firms are investing in big data analytics capabilities in order to develop client insights. Big data solutions are being adopted to provide insights regarding consumer demographics, product penetration, and the effectiveness of training programs. These technologies are being used to assess existing and potential consumers' willingness to buy various products and services provided by BFSI firms. BFSI includes sectors such as core banking, retail, private, corporate, investment, insurance, and cards, etc.

Everything around us is being reinvented by technology. The banking and financial sector is also aligning itself with the advent of digital forces, which is resulting in the development of new and efficient methods of analyzing data. This trend is mostly the result of increased competitiveness in the sector and a growing desire for a simpler and quick business financing process. Consumers' lives are made easier by digital banking. People are increasingly enjoying the convenience of controlling all of their accounts in one location, setting up automatic payments, or making deposits at any time and from any location, without queueing in a bank. Moreover, machine learning and cognitive analytics are the new-age tools used in this sector, which help with information discovery and data-driven decision-making across all industries. These technologies put data first, processing and analyzing it to get useful insights from vast, complicated databases.

Currently, the BFSI sector is witnessing pioneering trends in banking and finance, ranging from omnichannel banking to artificial intelligence and blockchain-powered financial services, all with the aim of revolutionizing BFSI mechanisms by putting customers at the center of their current and future strategies. Also, some of the major factors such as rising use of cross-border payments, growing bank investment in blockchain-based solutions, and other factors such as growing demand from emerging nations, as well as higher transaction speed, scalability, smart contracts, and lower processing costs, are driving the rise of blockchain in this market. Therefore, major firms in the BFSI sector around the world are exhibiting great interest in experimenting with blockchain technology.