Preparing for tech-first future in financial services

About the white paper

Incumbent financial players like banks and insurance (BFSI) companies aspire to be agile enough to adopt digital transformation across the board, equip themselves to face the tightening regulations, and become an API-enabled banking and insurance businesses of the future. But are they up for the challenge of fintech innovation?

Though the players understand that the competition is threatening their profitability and growth, they aren't entirely prepared. This white paper elaborates on four ideas that we believe the incumbents need to implement to stay relevant and competitive:

• IT as the new “powerhouse”

  for digital transformation and innovation
  
  

• Modern agile

  to renew and adapt quickly to market changes, and to react flexibly to customer needs through rapid experimentation
  
  

• API-fication

  as a strategic enabler to interact with the ecosystem and to run IT operations
  
  

• Unleashing banking innovation

  with technology & data, behavioral change and relentless execution