The next wave of digital transformation for banking & financial services: Data, AI, and innovation

From the experts at DEPT®/BFSI, here are ways to plan, get ahead, and start executing on an AI-enabled future. 

In the blink of an eye, generative AI has reframed how we think about the future of business.

Banking, financial services, and insurance (BFSI) organisations are no different.

While digital transformation in the early 2020s helped meet consumer expectations around convenience, today’s challenge is to harness big data to fuel AI effectively. In a world where customers’ expectations are always increasing, AI-powered digital experiences will not just be a nice-to-have but a necessary technology.

This is an exciting moment for the BFSI world, which stands to benefit from AI more than most industries. With a wealth of (often highly personal) data spanning years or decades, BFSI companies can know their customers at an extremely granular level. Whether organisations can use this data and turn it into personalised experiences will set organisations apart in the future.

However, compliance and security requirements, complex and rigid structures, and dated technology result in tough barriers to entry. Many established institutions lack the agility needed to adapt quickly to technological advancements.

BFSI organisations are at a critical juncture. To thrive in the future, they must grasp the next wave of digital transformation—data, AI, innovation, and personalisation. 

From the experts at DEPT®/BFSI, here is “The next wave of digital transformation for banking & financial services” to help you take the first step towards transforming your organisation.