Digital twin technology winning in BFSI sector

In a global survey conducted by Altair, the banking, financial services, and insurance (BFSI) sector ranks among the frontrunners in adopting digital twin technology. This innovation is being utilized within the industry to effectively address concerns like security, detection of fraudulent activities, the anticipation of behaviours, and more.

As per a worldwide survey conducted by Altair, the banking, financial services, and insurance (BFSI) industry stands out as one of the primary embracers of digital twin technology. This technology tackles issues such as security, fraud detection, predictive analysis of behaviour, and other related challenges.

Digital twin technology involves forming a digital portrayal of a tangible real-world entity or procedure. It aims at enhancing cooperation, information availability, and the process of decision-making.

Altair carried out a survey encompassing over 2,000 professionals across diverse sectors and spanning 10 nations. The survey aimed to evaluate the adoption of digital twin technology, analyze its application within organizations, explore the advantages it brings to businesses, and examine its influence on sustainability endeavours.

Sam Mahalingam, Chief Technology Officer at Altair, commented, The BFSI sector is currently met with a diverse set of challenges, spanning from emerging competitors to heightened customer expectations, addressing more stringent regulatory obligations, and combating progressively sophisticated illicit actions. All of this places significant pressure on the sector to deliver outstanding products and services.

The survey’s revelations underscore the swift and extensive integration of digital twin technology as a vital tool in assisting financial service establishments to combat these challenges and lay the groundwork for the future.

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