Importance of Digital Transformation in the BFSI industry

So, we have been hearing a lot of talks about Digital Transformation nowadays. Every sector, we repeat every sector is too much excited about the new horizons digital transformation is showing us.

It’s true that till last year, nobody emphasized on Digital Transformation of their organization that much. But during this COVID19 pandemic, everyone actually understood the value of Digital Transformation. And which industry is getting benefitted the most from Digital Transformation?

Of course, it’s the BFSI industry!

But the question is, how?

In this blog, we are going to explain why the BFSI industry is in dire need for Digital Transformation, benefits of Digital Transformation in the Banking industry, and the skills one would be needing to digitally transform the BFSI industry completely. But first, let us tell you the current scenario of the Banking, Financial Sector and Insurance.


As this 2020 pandemic has completely boycotted us from socializing, Banking and Financial industries are forced to move to digital platforms completely. An article from “thefinancialbrand” shows us how banking continues to introduce different technologies in so many areas in 2020:

“Americans are turning to mobile banking as a way to take control of their finances and plan for their economic future,” states Ryan Caldwell, founder, and CEO of MX. “With increased consumer engagement across mobile banking applications, financial institutions have the opportunity to not only deliver great user experience but also to provide meaningful advice and guidance that’s critical to the financial well being of consumers … especially during times of economic uncertainty.”- he added.

But is it really possible?

If it is, then how?

Let’s check some of the strategies the Banking industry tends to follow.


There are like n number of technologies available nowadays that can help digital transformation grow rapidly. But for now, banking industries are emphasizing on these following ones:

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