In general, the BFSI – Banking, Financial Services, Insurance – sector needs to do two things at the same time. First, they must keep up with regulations, while at the same time they must offer new digital and modern products and services. Regulations, paradoxically, can be the main disruptor.
Without the new service lines, these companies can’t stay competitive and they can’t have strong relationships with their customers. It’s no surprise, then, that the BFSI sector is the biggest consumer of IT services.
And because of the need to both remain compliant and implement new offerings, typically what BFSI companies are demanding from their IT is (1) flexibility and (2) fast time to market.