Demystifying data will unlock potential for the BFSI industry

The digital economy possesses immense potential for improving the lives of people across the world, and its growth prospect is limitless.

- RATNADEEP CHAUDHARY

In the past few years, India has accelerated its transformation to become a data economy giant. Several digital services have proliferated, and people across the country are generating a significant quantum of data daily. In the post-pandemic period, the digital banking ecosystem has kicked into the next gear – a shift that can be witnessed in the growing numbers of non-physical transactions taking place across the country. The Banking and Finance Services Industry (BFSI) industry holds assets that are not visible on its balance sheets. One such asset is data. Converting the latent value of data into commercial value will help the industry to boost organisational success, ensure risk management, provide a competitive edge, and ensure profitable growth and performance. The industry needs to become insights-driven in order to harness the true potential of data. By 2025, India’s fintech market is poised to grow to US$ 83.48 billion, up from US$ 31 billion currently. Customers associated with the industry are now looking forward to on-demand, fully digitalised experiences, hyper-personalised services, and around-the-clock assistance.

Customers willing to share data in exchange for improved services