FINANCIAL SERVICES

The financial industry is witnessing a transformative phase in 2023, underscored by the rising demand for technologically proficient personnel.

As online financial services become the norm, companies are prioritising IT upskilling to fulfill the increasing need for specialists like software engineers, business analysts, and data scientists.

The focus is on digital transformation, incorporating cutting-edge technologies, and modernising outdated systems. However, the transition to a hybrid work model presents unique challenges, requiring seamless communication, widespread access to advanced technologies, while maintaining stringent security and fraud prevention measures.

Six Predictions for Financial Services in 2023

Navigating Digitisation & Sustainability

In response to pandemic-induced digital acceleration, firms will focus on risk management while aligning digital transformation with sustainability and ESG goals.

Driving Operational Efficiencies

Firms will pivot to cost transformation to combat possible economic downturn, leveraging product rationalisation, IT modernisation, and a hybrid workforce.

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Regulated Markets Embrace Decentralisation

BFSI players will bridge the gap between decentralised and traditional finance, propelling the adoption of digital assets, tokens, and CBDCs.

Transition from Open Banking to Open Finance

Open finance will expand data sharing beyond banking, enabling cross-industry partnerships and creating new business models.

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Revamping Cross-Border Payments

The rise of various token networks will promote interoperability, leading to instantaneous and frictionless cross-border transactions.

Rise of Regulatory Compliance Solutions

The increase in financial crimes will spur the need for robust compliance solutions and a surge in the Regulatory Technology sector.

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2023 will witness the triple influence of digitisation, decentralisation & decarbonisation, driving efficiency, opening new business models, and prioritising sustainability in the BFSI sector.