The banking, financial services and insurance (BFSI) sector has been consistently driving the demand for financial applications. The industry uses financial performance and strategy management (FPSM) applications primarily for regulatory compliance and planning. These applications have been helping the banking sector respond faster to changes in the market without compromising on customer needs. The FPSM market has the highest demand from the BFSI sector accounting for about a 21 percent market share.
Financial accounting applications have also been seeing increased adoption in the banking and financial sectors. The global financial accounting applications market is expected to reach $15.7 billion by 2010. There is also an increased demand for off-premise solutions, which are hosted, outsourced, or offered as software as a service (SaaS). This demand is expected to keep growing due to visible cost advantage.
Key Market Trends:
· Mobile banking technologies are expected to see exponential growth across most regions
· Technologies such as Enterprise Document Management System (EDMS) are being increasingly adopted by organizations in a bid to be environmentally friendly
· Contactless cards have become popular for small payments especially in emerging markets such as Russia
TechNavio research has extensively worked on various areas of the Financial Services Industry. For a complete list of reports visit https://www.technavio.com/content/financials
Financial Applications Seeing Increased Adoption in BFSI Sector
