The BFSI industry is riding on a giant wave of entrepreneurial disruption and digital innovation. New data-driven technological advancements are challenging, established powerhouses. Banks and finance companies are caught between increasingly strict and costly regulations and the need to compete through continuous innovation.
The need for the hour is to transform to a financial technology, or fintech, powered by innovation and investment.
Financial technology stands on the pillars of big data, analytics, cloud computing, and machine learning, and they insist on a data-driven culture.
OTSI offers the right domain knowledge, technical expertise, and relevant experience to transform traditional banking and financial institutes to being agile, fast track fintech companies.
With a wealth of experience by partnering with some of the world’s leading banks and finance companies, we bring to you a comprehensive range of services and solutions, We get you the right results by delivering consumer-and technology-driven changes, optimized investments, enhanced operational efficiencies, and minimized risks. The next section presents some of the most pressing challenges in this sector and our solutions.
Our BFSI Focus Areas
Financial institutions are increasingly getting comfortable in acting many ways like fin techs. More and more banks are investing in digitizing processes, leveraging and deciding based on data and analytics by focusing on the customers, extending beyond web and mobile devices doing so at agile speeds by adopting a new delivery model.
As banks strive to become fully “digital” – modernization, channel innovation, and process automation are taking a central place. They are also extending their financial services by allowing third parties to build and use banks’ data to provide an additional offering.
Banks today are undergoing a tremendous amount of change with the advent and evolution of digital technology and ever-changing customer expectations. The traditional landscape is poised to change and is redefining the way banking is done. From deploying robotics and AI in streamlining work processes to meeting the evolving customer needs, this industry is ripe with opportunities. Stiff competition is forcing banks to make quicker decisions on loan applications during underwriting and due diligence stages.
Commercial banks provide financing for a wide range of consumers and business activities. Major commercial banks besides their lending services also offer cash management services such as money transfers and account reconcilement, asset-based financing, and equipment leasing. They also issue letters of credit supporting global trade.
Insurance carriers have relied heavily on intermediaries, namely agents and brokers. While intermediaries aren’t going away, offering a seamless experience across channels is only increasing in importance. The key is to determine how direct and intermediary channels can best work together to create an integrated and productive experience for both the customer and carrier.