Banking, financial services, and insurance (BFSI) organizations are scrambling to develop products and services that will help them attract and retain customers in a rapidly changing world. To get a better sense for how BFSI organizations in the Asia-Pacific region are dealing with these challenges, Informa Tech recently conducted an online survey.
The report profiles valuable insights in digital innovation to help guide the banking, financial services & insurance (BFSI) industry.
Digital Innovation in the Banking, Financial Services & Insurance (BFSI) Industry
Industry Insights
How Organizations Are Managing Digital Innovation
March 2023
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29%
In-house Platform
More than two thirds of respondents are hoping that investment in innovation technologies will help them increase revenues and improve customer experience.
A third of respondents rate their firm’s client facing technology very positively (top-two box). Next Generation advisors are slightly more positive about their client facing technology are Established advisors.
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Insights Report
These responses may reflect BFSI organizations’ heavy reliance on cloud- and API-based platforms, many of which are still in some stage of development. Just under half (46%) say they have completely migrated or are in the process of migrating their systems to the cloud.
Key Barriers to Digital Innovation, Ranked
Key Findings
27%
SaaS Platform
24%
No Platform
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Digital Innovation in the Banking, Financial Services & Insurance (BFSI) Industry
67%
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Focus on the Asia Pacific Region
20%
3rd Party Platform
Most firms say they will increase their digital innovation budgets in the coming year.
72%
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