Evolution of Financial Services in the Last Decade

Abstract

Change is inevitable, but how frequently? Due to various organizational environments and technological advancements, Banking & Financial Services (BFS) has seen more changes than predicted in the last decade. Given the high amount of investment in conceptualizing and implementing new initiatives and unavoidable shortterm instability that follows, what led to these recurrent changes in the BFS industry? In this article, we examine the current state of the banking and financial sector, their transformation initiatives, and the challenges they face in evolving to a modern, agile and customer-focused organizations. Before analyzing changes in the industry, it's imperative to know, in a nutshell, what constitutes a Banking and Financial Services Industry, what services are offered, and who are the market leaders, both globally and in India. Specifically, let us discuss commercial banks, neobanks, investment banks, digital payment platforms & gateways, asset management companies, private equity firms, exchanges & broker platforms, and regulatory bodies.