Introduction MISL –
Millennium Information Solution Ltd (as an officially registered entity in 2001 from the informal internal mergers of the prior two software entities: Onus and Horizon) has indeed passed the test of time for the last two decades. It has been doing business successfully with its great passionately driven dedicated top-notch teams, focused niche banking business domain excellence, frontier technologies, exemplary professional ethics and integrity satisfying its customers. In this anniversary article, we will try to discuss the emerging technologies and the accompanying digital transformations accentuated by the natural calamities / epidemics, from which MISL may learn to transform itself in the coming years!
FinTech creates digital transformation of the financial business processes by digitizing the data and by optimizing the needed processes. The ever-evolving technologies are the prime movers of the FinTech Industry. This FinTech has been creating a huge impact practically in every other industry. The ongoing FinTech revolution, with its latest few versions, has considerably influenced – how we perform a trade, transact, and transform the future of finance.
The financial sector has been getting emphatic user attention to their increasingly dependable spectrum of customer-centric online services. No matter who you are, where you are, what you are, and what you do – the fintech adoption has been happening in all social, economic, and demographic segments. These all incorporate FinTech: from using internet banking to application transfer, from digital bill payment to fund management broking sites, or even purchasing online.
Digital Transformation – BFSI
“Digital Transformation” is not like a “Big Bang” occurrence-a once-in-a-lifetime experience that alters the Banking, Financial Services and Insurance (BFSI) universe forever. This always has been more of an evolution than of a revolution! The BFSI digital transformations we’re witnessing today have their origins in long-progressing industry shifts with the ever-evolving BFSI businesses and technologies. The seeds of these BFSI shifts had been planted many seasons ago.
Our performance economies have been constantly looking for great value drivers through digital transformation, where increasing automation plays a significant role. Over the last seven to ten years, the advances in machine learning and artificial intelligence (AI), both of which have been in the works for decades, are beginning to pay off with tangible use cases in all industries. Al-based automation has been defining this decade and will continue to define the next decade.
Back in 2014, investment into financial technology tripled to a total of over $12 billion. Today, the digital transformation has infiltrated almost every part of the financial sector: from client onboarding to internal processes and even lending. It revolves around automation, smarter decisions and more efficiency.
Following are some of the BFSI Digital Transformation Key Drivers:
- Self-Service is Growing
- Real-Time Decision-Making
- Data-Driven Decisions
- Financial Literacy