Impact of technological developments on banking and financial services

Abstract

The Indian BFSI industry has undergone a tremendous technological transformation in the past decade. Multiple developments in Payments, Cybersecurity, Cloud capabilities, Customer Experience (CX), and Advisory space have changed the landscape of today's banking capabilities. Today's most prevalent trend in the industry is the shift to digital for unprecedented convenience and speed with operational cost savings for firms offering these services. This advancement has made consumers despise the need to journey to a bank branch to perform their transactions. This is especially valid for Millennials and the adult members of Gen Z, who have started to become the major participants in the workforce (and the biggest recipients). We wanted to investigate and evaluate these first-time shifts in the financial industry that we are undergoing as technology has advanced significantly.