Council Post: Three Critical Facets For Financial Services To Succeed In The Digital Future

Parijat Banerjee is Global Business Head for the Banking, Financial Services, and Insurance (BFSI) sector at LatentView Analytics. The pandemic pushed us years forward, and the notion that every modern company is a technology company has only been reinforced by rapidly transforming business practices. We are at an apex of digital transformation, and precision analytics is driving the most successful innovation initiatives across many industries. The unequivocal rise of the connected ecosystem has forced consumers to engage across digital channels, and banking and financial services evolved almost overnight. The race to digital has always seemingly been easy, but the adoption and implementation remain an uphill climb, particularly in the financial services industry, where legacy solutions and antiquated IT infrastructure have a stranglehold on business processes. Over the last 18 months, exponential improvements in digital technology have underpinned the evolution of banking for both internal processes and customer-facing experiences.