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29 - 31 May 2024
Singapore Expo


Digital Innovation in the Banking, Financial Services & Insurance (BFSI) Industry

Focus on the Asia Pacific Region



March 2023


Digital Innovation in the Banking, Financial Services & Insurance (BFSI) Industry

Banking, financial services, and insurance (BFSI) organizations are scrambling to develop products and services that will help them attract and retain customers in a rapidly changing world. To get a better sense for how BFSI organizations in the Asia-Pacific region are dealing with these challenges, Informa Tech recently conducted an online survey. The report profiles valuable insights in digital innovation to help guide the banking, financial services & insurance (BFSI) industry.

KEY FINDINGS: Key Barriers to Digital Innovation, Ranked

These responses may reflect BFSI organizations’ heavy reliance on cloud- and API-based platforms, many of which are still in some stage of development. Just under half (46%) say they have completely migrated or are in the process of migrating their systems to the cloud.

"72% of firms say they will increase their digital innovation budgets in the coming year."


Virtusa Corporation is a global provider of digital engineering and technology services and solutions for 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. At Virtusa, digital engineering is at the heart of everything we do. We are 35,000 builders, makers, and doers that partner with customers to reimagine enterprises and creatively build solutions to the most pressing business challenges that move them to the forefront of their industries. Virtusa’s unique “Engineering First” approach means never presenting an idea we can’t execute. With deep industry expertise and empowered agile teams made up of world-class talent, we think about execution early in the process, because the earlier you think about execution the earlier an idea can have an impact. Solving from the inside out enables businesses to respond swiftly to changing needs with improved quality, lower costs, and lasting results.