With digital transformation creating an industry-wide shakeup, the financial sector has been no exception to this extreme disruption. Increasing usage of smart devices, better connectivity, and demand for high end-user experience are some of the key aspects driving the digital transformation trend. According to Research and Markets, the digital transformation market is expected to grow at a CAGR of 23% from 2019 to $3.3 trillion by 2025. Most CFOs agree that a digital banking transformation strategy should leverage technology and improved processes to deliver an exceptional user experience. The end-users should include both customers and employees, with the interests of both internal and external constituencies being considered in the development of the digital banking transformation roadmap.

SunTec describes itself as one of the few future-ready software product companies with its technology feet firmly rooted in the Indian IT landscape, but still wary of the hypothesis of'singularity.' The 27-year-old Kerala-based firm has offices in Singapore, Dubai, the UK, Germany and the US. 'Singularity' threat The unlisted firm has a presence in financial services, digital communication services, travel, logistics and retail, and counts 95 per cent of clients from a revenue perspective to be global. This number will be slightly higher from the perspective of its recent entry into the GST scheme of things locally, says K Nanda Kumar, founder and CEO. Explaining his concerns about'singularity', he said this is a stage where artificial intelligence would overtake human intelligence.