How digital transformation has become important in BFSI sector

The existence of an app to manage just about any financial operation today has led to an explosion of data. To cope with a rapid growth in information Banking, Financial Services and Insurance (BFSI) companies have been compelled to embrace a data-centric philosophy as part of their digital transformation journey. However, while embarking on this journey, companies should have a clear understanding of what they are trying to achieve or solve. This is what Bhavesh Lakhani, Senior Vice President and Head-IT, SBI Mutual Funds told Prakash Mallya, Vice President and Managing Director, Sales & Marketing Group of Intel India at the Intel Data-Centric Innovation Summit recently. Though SBI started its digital transformation journey three years ago intending to become the most preferred mutual fund company in India and overseas, physical forms continue to contribute over 80 percent of its revenues.