Digital Transformation In BFSI Needs An Equal Security Transformation Effort

Banking technology is expected to grow to $2.4 billion by 2020, with significant advancements in digital transformation efforts. But with the surge in digital banking services, hackers are increasingly focusing on vulnerabilities in emerging-market countries like India leaving organizations with no choice but to undertake a major revamp of cyber security.

- Chitresh Sehgal

In an increasingly digital landscape, customer centricity and anytime availability are transforming how banking and financial services are delivered in the country. With customer expectations at an all time high, the focus on improved digital and mobile banking experiences has seen rapid increase. This has been directly proportional and can even be squared in terms of the security tools and reinforcements in the sector. Keeping up with competition is a continuous task for BFSI CXOs, which has influenced heavy investment in advanced technologies recently as Machine Learning, Artificial Intelligence, Behavioral Analytics, IoT and Mobility being at the forefront of every new BFSI offering. This has fuelled innovation among both vendors and internal product development teams in enterprises.