COVID-19 changed how we thrive and survive, putting the BFSI sector under extreme pressure as revenue sources tumbled and credit risks rose exponentially. The BFSI industry faced unprecedented economic disruption with competitive market distribution, rising customer expectations, and external forces exploring new business models centered around digital solutions. While the sector has always been ahead of the curve when it comes to digitization, more than 90 percent of customers in the retail banking space were technology friendly even before the COVID-19 pandemic hit. But, in the age of Amazon and Netflix, where customer expectations have hit new highs the sector grapples with new challenges daily. While new business models and service offerings have been adopted to embrace the power of open banking, some digital tools can be further used to manage risk, modernize payments, secure transactions, and offer an enhanced customer experience. Indeed, a true culture of innovation is a matter of survival through, and beyond. Having said this, we at Sapphire Connect are pleased to announce the First Edition of BFSI Connect Summit 2023 and this summit will focus on the success of the next-generation innovation that will rest on the ability to elevate the human experience.

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