(Credits – Producer: Nilanjana Mookherjee & Vishal Oza; Video Editor: Jasmeet Rayat)
India has emerged as the one of the fastest growing economies in the world, propelled by a competitive business environment and technology-led innovation. The country’s financial sector is rapidly evolving too. In the aftermath of recent events, there is an urgent need for robust technological infrastructure to be in place.
The financial sector plays a crucial role in the country’s economic growth, driven by digital transformation, regulatory reforms, and increasing financial inclusion. The sector is marked by a strong emphasis on technology adoption, with innovations in digital payments, fintech solutions, and cybersecurity becoming increasingly important.
Regulatory pressures and the impact of recent sanctions on a leading institution have made it clear that fortifying IT systems is now a top priority for banks. Global regulators, including those in India, are focusing on the operational resilience of banks to ensure they can withstand and recover from disruptions, whether caused by cyber-attacks, natural disasters, or system failures. This includes implementing robust risk management frameworks, enhancing incident response capabilities, and ensuring business continuity.
Companies such as Dassault Systèmes are supporting global banks to achieve operational resilience. Deepak NG, Managing Director, Dassault Systemes India emphasized on the importance of the financial sector and said: “It’s a key area where new products and portfolios are generated. How we manage and support these is our focus.”
Failure not an option
Dassault Systèmes, drawing from its extensive experience in highly regulated industries such as defense and aerospace, offers a unique approach that can significantly benefit the financial services sector. By applying best practices from these industries—where failure is not an option—Dassault Systèmes enables banks and insurers to model and strengthen their operational infrastructure. This approach effectively addresses the complexities of managing operational and regulatory risks, giving financial institutions a competitive edge while ensuring their operations remain robust and efficient.
With a strong presence in Indian cities like Bangalore, Pune, Mumbai, Delhi, and Chennai, Dassault Systèmes is fostering growth and collaboration, laying the groundwork for future expansion. Deepak explains: “We started with aerospace, but now we support most industries, including manufacturing, life sciences, and infrastructure. We provide a virtual world for customers to simulate, create better products, and continue to innovate.”
Addressing BFSI Challenges
India’s BFSI sector has undergone significant digital transformation, but challenges like cybersecurity threats, regulatory compliance, and the need for innovation in critical areas persist. The Reserve Bank of India has increased its scrutiny of banks’ IT systems due to concerns over technology-related outages. Taherah Kuhl, Vice President of Business Services at Dassault Systèmes, notes that “technology spending by Indian banks is expected to account for around 10% of their operating expenses due to the surge in digital transactions.”
Path Forward
Overall, India’s BFSI sector is poised for transformative growth, supported by technological innovation, government initiatives, and a focus on financial inclusion and diversity. As the digital payment ecosystem, led by platforms like UPI and IMPS, continues to expand, having the right technological infrastructure is non-negotiable. Dassault Systèmes, through its suite of solutions and technologies, is helping financial companies enhance their operations and achieve top performance by leveraging advanced analytics, data management, and collaborative tools.
For example, Dassault Systèmes is exploring new areas to drive innovation in its products and solutions, with sustainability being a key driver in the market. The 3DEXPERIENCE platform is helping customers, even in the financial services sector; harness the vast amounts of unstructured data generated by consumers. Proper analysis of this data through advanced analytics is essential for decision-makers to make informed choices. Analytics not only helps in understanding customers better but also plays a crucial role in product design.
Also, the 3DEXPERIENCE platform integrates various aspects of business operations, from customer relationship management to product lifecycle management. This integration fosters collaboration, streamlines processes, and leads to increased efficiency and reduced operational costs.
India’s financial sector is a dynamic and rapidly evolving landscape, encompassing a wide range of institutions including banks, insurance companies, non-banking financial companies (NBFCs), and the stock markets. As India progresses towards becoming one of the world’s largest economies, the financial sector continues to adapt and innovate to meet the demands of a growing and diverse population.
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it. This is a Brand Connect Initiative.
