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Digital transformation is impacting banks, financial services, and insurance companies (BSFIs). Advancements in artificial intelligence (AI), machine learning, mobile, robotics, and data-driven technologies are changing business fundamentals across these industries. 

Rapid developments in smartphone technology have mostly replaced ATMs and physical branch units across developed nations while enabling establishments to provide services to the tens of millions of unbanked customers in developing parts of the world.

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In the intricate domain of finance, the dependency on conventional data integration methods has birthed an array of formidable challenges. Financial entities find themselves ensnared in a web of impediments, grappling with protracted onboarding procedures that hinder business growth, navigating through a labyrinth of convoluted data-related problems, contending with escalated operational costs, and facing the grim reality of sluggishly growing revenue streams.

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In the rapidly evolving landscape of financial services, the ability to deliver on the promises made to customers is paramount. Whether it’s ensuring secure and swift transactions, providing personalized investment advice, or simplifying the mortgage application process, financial institutions are under increasing pressure to meet and exceed customer expectations.

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Being legacy-bound, financial organizations often remain behind the curve when it comes to attempts to digitally transform. In the last few years, because banks and other financial institutions worked to manage a complex and uncertain economic landscape, many digital transformation efforts were refocused on critical digital consumer-facing solutions or products.