With rapidly advancing technologies, evolving customer expectations and a changing regulatory landscape, Digital disruption within the BFSI sector in Asia is driving companies to look at new ways to innovate.
Unlike the newer, non-traditional players within the FSI sector, major companies struggle to innovate and modernize their products and services, largely due to the complexity and inertia generated by their legacy systems.
There is no doubt that emerging technologies are disrupting industries all over the world, but one area that has experienced massive technological growth and change in recent years is the financial services industry. There is no clearer indication of this than the recent erupting business area known as financial technology, otherwise known as “fintech”. Fintech consists of any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin. It has transformed the way money is managed and affects almost every financial activity, from banking to payments to wealth management. Startups are re-imagining financial services processes, while financial services firms are following suit with new products of their own.