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Article Agriculture and Budget: Immediate compulsions and long-term visionGovernment focuses on sustainable agriculture, digital infrastructure, and market intelligence to enhance productivity and global competitiveness in agriculture.
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Article Union Budget 2024 expectations: Building resilience for consumer industryUnion Budget 2024 expectations: Building resilience for consumer industry
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Thought Leadership Grain to gain: Impact of corn on India’s biofuel revolutionExplore Grant Thornton insights on unlocking India’s Energy Potential on Corn-Based Ethanol as a sustainable fuel solution.
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India-UK
India-UK
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As the BFSI (Banking, Financial Services, and Insurance) and Fintech sectors continue to evolve, 2024 is poised to be a transformative year. Digital transformation in BFSI and Fintech is driving significant changes, with a strong emphasis on customer experience, operational efficiency, and advanced technologies. Our latest report, titled "BFSI & Fintech: Road ahead in the digital era," is a comprehensive analysis based on a survey conducted by CIONews and Grant Thornton Bharat. It delves into the latest BFSI trends of 2024, and the role both sectors are playing in driving India's economic growth.
- Customer-centric digital transformation: The focus is on enhancing customer experience through personalised services, seamless transactions, and omnichannel integration. This approach ensures a more engaging and efficient customer journey
- Advanced data analytics: Leveraging data analytics for understanding customer preferences and improving decision-making processes is becoming increasingly important. This includes the use of AI and IoT for real-time insights and customer service improvements
- Cybersecurity integration: Safeguarding customer data is a top priority. The integration of advanced cybersecurity measures, including AI-based threat detection and robust encryption practices, is essential to maintaining trust and compliance
- Shift to cloud-based solutions: Adopting cloud solutions for scalability, agility, and cost efficiency is on the rise, enabling BFSI entities to manage resources more effectively and innovate faster
- AI and automation: The application of AI for operational efficiency, predictive analytics, fraud detection, and personalised interactions is a key trend, driving significant improvements in service delivery and risk management
- There will be continued emphasis on customer-centric initiatives and operational modernisation
- Increased investment in advanced technologies like AI-based threat detection and predictive analytics is expected
- There will be sustained focus on cybersecurity with frequent risk assessments and robust encryption practices
- Collaboration with FinTech startups and third-party providers for innovation is expected to increase
- Development of new products and services to meet evolving market needs is likely
- Overcoming resistance to change and integrating with legacy systems
- Addressing talent shortages and managing budget constraints is a constant challenge across BFSI sector
- Ensuring data security and complying with cybersecurity regulations is difficult
- Managing risks associated with digital transformation and maintaining high customer experience levels through digital self-service and personalised interactions is challenging
Way forward: India’s growth prospects
India is projected to grow at an average rate of 7%, bolstered by robust economic fundamentals and a resilient financial services ecosystem. Despite global uncertainties, India remains a strong investment destination. The BFSI and Fintech sectors are expected to see significant growth due to increasing internet penetration, rising mobile usage, and government initiatives like Digital India and Jan-Dhan Yojana.
Explore BFSI trends for 2024: Discover key trends, forecasts, and challenges shaping the future of the BFSI and Fintech sectors. Click here to download the full report.