Banking, Financial Services, and Insurance
- Low-interest ecosystem decreased the profitability of core banking
- Financial institutions are moving towards commission-based revenue
- The heightened credit risk of the bank’s corporate and retail clients is one of the direct effects of the health emergency in the actual world economy
- Before the pandemic, insurance providers were shifting towards digitization making it easier for them to adapt to the new change
- Increasing awareness of health and life risk also made a positive impact on the industry
- Most of the banking sectors still undergo manual processes and systems, which results in maximum errors and is more time-consuming.
- In financial sectors, employees are trying to shift to remote work and handling confidential documents in a less secure environment, which makes them vulnerable to cyberattacks.
- Enhance the effectiveness and efficiency of the entire banking value proposition
- Additional layer of resilience against exceptional occurrences like cyberattacks, volume surges, etc.