The banking, financial services, and insurance (BFSI) industry has undergone a transformational shift with changes in technology and the rise of fintech companies. Organizations that have not been able to keep pace with the changing technological landscape have been run out of business, acquired, or are still struggling to match the pace of agile and future-ready competitors.
The global pandemic has only further advanced the growth of modern consumer-focused solutions, as fintech companies continue to disrupt the status quo in the BFSI industry. At the same time, blockchain technology coupled with artificial intelligence has compelled the BFSI industry to adopt modern solutions and opt for a faster digital transformation to stay relevant in the market.
- McKinsey’s Global Banking Annual Review 2020 says a superior customer franchise along with a strong technology platform are essential to thrive in today’s marketplace.
- According to Deloitte, banks of the future will need to embrace emerging technology, remain flexible to adopt evolving business models, and put customers at the center of every strategy.
- Apart from blockchain and artificial intelligence, cybersecurity and data analytics are gaining importance by the day. As a result, it is important for the industry as a whole to accept the changes in the ecosystem and build customer-friendly solutions.
Building a strong technology platform is easier said than done. The availability of a qualified workforce is a big challenge, and because of this, many BFSI companies are struggling.
Companies can either look for new and qualified talent, which is already in short supply, or reskill their existing workforce to take on bigger challenges and roles within the organization. An increasing number of companies are opting for the latter option. Companies are reskilling their employees by creating a culture of learning and investing in training to build a future-ready workforce utilizing existing resources.
To keep pace and survive, organizations must upskill and reskill employees proactively and invest in a scalable learning infrastructure.
To help you plan this transformation the right way, we have put together a guide explaining how you can build a future-ready team in the “Neo” normal ecosystem for the BFSI industry. This guide includes all that you need to focus on to not just survive but thrive in the biggest revolution the BFSI industry has seen.
