The need for Next-gen technologies in the BFS sector

Contributed by Cigniti

With user experience as the central purpose of the transformation, the BFS industry is gearing up and accelerating the digitization of their core operational activities.

As per a report, 75 to 80 percent of transactional operations (e.g., general accounting operations, payments processing) and up to 40 percent of more strategic activities (e.g., financial controlling and reporting, financial planning and analysis, treasury) can be automated. The BFS digital transformation is being propelled by the introduction of next-generation technologies including Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Big data & Analytics, and Smart contracts.

Although the COVID-19 pandemic has forced the sector to take immediate measures for ensuring that everything is running smoothly, the transformation is still a high priority and is expected to be addressed as soon as the situation normalizes.

The Everest Group, in their recent article about the impact of COVID-19 outbreak on the BFS sector, suggested, “As an immediate response to the current situation, designing and executing customer assistance programs should be the top priority for BFS firms. In the medium term, the firms’ focus should gradually shift to modernization of legacy systems that slowed down banks’ agility and ability to respond to this crisis. Post COVID-19, BFS firms will need to reimagine their products, pricing, and channel strategies to fulfill evolved customers’ expectations.”

The next-gen technologies coupled with DevTestOps and Quality Engineering practices enable the industry to deliver quality services at speed. We talked about the integration of banking and financial services sector with these advanced technologies for leading them on the road of innovation, productivity, and user-centricity in our new blog. Read it here.

In our very first Virtual Round Table Conference, we have gathered four eminent industry leaders who will talk about how exactly the next-gen technologies help the BFS sector realize quality at speed. Join Ritesh Jain (COO, CTO, Former Head of Digital Technology at HSBC), Dr. David A. Bishop (CEO & Founder at Agile Worx), Avik Ganguly (Director of Engineering, DevOps, & Quality at London Stock Exchange), and Nanda Padmaraju (Senior Vice President at Cigniti Technologies) as they engage in an insightful discussion about the adoption of next-gen technologies in the Banking and Financial Services sector. Register for the virtual conference now to get your free access.


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