Navigating the waves of change: Trends shaping the future of BFSI in an era of transformation
The BFSI (Banking, Financial Services and Insurance) sector is facing a confluence of changes. In 2023, the global artificial intelligence (AI) market in the BFSI sector reached a valuation of US$ 19.5 billion. According to the IMARC Group, the market is projected to show a growth rate (CAGR) of 30.3% and reach a valuation of US$ 224.5 billion by 2032. However, AI is only the beginning. There are many emerging trends, like fintech companies, BPM services, cloud computing, and machine learning, that are reshaping how financial institutions conduct their operations, engage with customers, and compete in the market, quietly sculpting both the present and the future of the BFSI sector.