The BFSI segment collectively includes organizations that are into banking services such as core banking, corporate, retail banking, investment, private, and card banking; financial services such as payment gateways, stock broking, and mutual funds; and insurance services covering both life and general insurance policies.
The risk level in the BFSI sector is always high as it deals with critical financial data. The BFSI sector provides substantial opportunities for the growth of hybrid integration platform market due to the need of complex integration between cloud services and on-premises systems. Today, every financial transaction has shifted from paper to digital form. Partners and customers demand transactions, fund transfers, credit approvals, and other activities to be performed anytime, anywhere, on any device. Hybrid integration platform can meet these demands by allowing financial organizations to integrate complex data flows from different sources within no time.
Banks are investing into hybrid integration as a key enabler of centralized management of all integrated processes and improved cost efficiencies to support their business strategies. The BFSI business is expected to hold significant share of the overall industry in the said market because of the different advantages offered by integration technologies such as improved performance, reduced total cost of ownership, real-time integration, and standard industry practices. The hybrid integration platform in banking and financial sectors enables the development, execution, and governance of integration workflows among on-premises and cloud-based applications to enhance data quality and security. Companies such as Dell Boomi, Cleo, Oracle, IBM, Liaison Technologies, and Informatica are the major players offering hybrid integration platform in the BFSI sector.