Several enterprises in the global banking, financial services, and insurance (BFSI) sector have made significant investments in digital transformation.
Leading banks and insurance companies and their CIOs and CDOs are stepping up their focus on digital transformation in order to meet customer expectations, regulatory changes, cybersecurity needs, and competitive pressure from fintechs. They are reengineering their operations around data, automation, and artificial intelligence.
Spending on digital transformation in BFSI market is projected to reach $310.67 billion by 2032 from $68.21 billion in 2022, at a CAGR of ~16.6 percent, Allied Market Research report said.
Global ICT spending by BFSI is expected to exceed $623 billion in 2023, according to PwC report.
From cloud-native banking platforms to AI-assisted client services and automated underwriting, top BFSI companies are investing in next-generation digital infrastructures to enhance agility, resilience, and profitability.
Digital-transformation plans of top 10 global BFSI firms
Below are the digital-transformation plans deployed by ten leading global banks / insurers, and their tangible achievements / metrics.
JPMorgan Chase
JPMorgan Chase has implemented a multi-cloud and AI-driven modernization strategy, building massive data lakes and deploying over 300 AI/ML models that have generated more than $1.5 billion in business value while accelerating migration to public cloud and generative-AI applications. Lori A. Beer, Global Chief Information Officer, leads JPMorgan Chase’s multi-cloud and AI-driven modernization strategy to enhance agility and cybersecurity.
Bank of America
Bank of America pursued a mobile-first digital transformation anchored by its AI-powered assistant Erica, which now serves over 50 million users and has completed more than 3 billion interactions, significantly boosting self-service adoption and operational efficiency.
Hari Gopalkrishnan is the Chief Technology & Information Officer of Bank of America, overseeing the firm’s digital platforms and AI-powered customer engagement initiatives such as Erica.
Citigroup
Citigroup rolled out enterprise-scale AI and developer productivity tools such as Stylus and Assist, freeing approximately 100,000 developer hours per week and automating one million code reviews annually, while also piloting client-facing AI services like FX hedging solutions, Reuters report said.
Jonathan Lofthouse, Co-Chief Information Officer of Citigroup, directs Citi’s enterprise AI, developer productivity, and technology infrastructure modernization programs.
HSBC
HSBC undertook a comprehensive cloud and open-banking transformation, simplifying legacy systems and expanding data platforms and API ecosystems—resulting in faster product rollouts and stronger cross-border digital capabilities.
Stuart Riley, Group Chief Information Officer, manages HSBC’s global technology transformation, including its cloud-first and open-banking strategy.
BNP Paribas
BNP Paribas launched an industrialised AI and cloud-first programme, deploying more than 800 AI use cases across business lines and targeting €750 million in value creation by 2026 through digitisation initiatives.
Marc Camus, Group Chief Information Officer of BNP Paribas, is driving the industrialisation of AI and cloud adoption across BNP Paribas’ international operations.
Banco Santander
Banco Santander developed Gravity, its proprietary cloud-native core banking platform, and scaled Openbank into one of Europe’s largest digital banks—now integrating it with consumer finance operations to create a unified digital ecosystem.
Nitin Prabhu, Global Head of Digital Consumer Bank of Banco Santander, leads the integration of Santander’s digital and consumer finance businesses and expansion of Openbank.
ICBC
Industrial & Commercial Bank of China (ICBC) executed a nationwide digital banking strategy aligned with China’s fintech policy, expanding digital wealth, risk management, and data platforms that have earned multiple “Digital Bank of the Year” recognitions.
Lin Xiaoxuan, Chief Information Officer, spearheads ICBC’s large-scale digital banking initiatives aligned with China’s fintech strategy.
Goldman Sachs
Goldman Sachs advanced its institutional digital platforms through Marquee and digital asset infrastructure (GS DAP), transforming its internal technology into client-facing products that enhance analytics, trading, and data visualization.
Marco Argenti, Chief Information Officer of Goldman Sachs, oversees technology strategy including the Marquee digital platform and AI-driven productivity tools.
Allianz
Allianz SE accelerated digitalisation through automated claims, AI-based underwriting, and investments via Allianz X, resulting in greater operational efficiency and improved customer experiences across global insurance markets.
Mike Wood, Regional CIO, Allianz Australia, and global digital teams are advancing Allianz’s digital transformation, automation, and insurtech partnerships.
AXA
AXA Group is executing a multi-year digital acceleration plan (2024–2026) focused on cloud, data, and automated underwriting, delivering measurable gains in customer experience, operational efficiency, and return on equity.
Giovanni D’Aniello, Group Chief Information Officer, leads AXA’s cloud and data modernization agenda to digitize underwriting and customer services globally.
Investment trends in digital transformation show how modern financial institutions compete to grab more customers and achieve business growth. Leading players are using data, AI, and cloud platforms to reinvent their operating models, improve regulatory compliance, and deliver hyper-personalized customer experiences.
Consumer issues
While global banks and insurers have achieved remarkable progress in their digital transformation programs, customers continue to face a range of challenges stemming from the pace and complexity of technological change.
Complex Onboarding and Verification
Despite AI-driven onboarding tools, customers at major banks such as HSBC and Citigroup report friction in digital KYC (Know Your Customer) and identity verification processes, often due to multi-jurisdictional regulatory requirements and inconsistent document recognition systems.
Digital Experience Fragmentation
Large institutions like JPMorgan Chase and BNP Paribas operate across multiple digital platforms and legacy systems, leading to fragmented user experiences. Customers switching between retail, wealth, and corporate interfaces often face inconsistent interfaces and login procedures.
Cybersecurity and Privacy Concerns
As digital adoption grows, phishing, account takeover, and data privacy concerns persist. Banks including Santander and ICBC have faced customer anxiety about data storage in cloud environments and AI-driven decision systems, raising questions about transparency and consent.
Limited Personalization Across Channels
Although AI-powered assistants like Erica (Bank of America) and smart analytics tools improve engagement, many users still feel personalization is confined to basic alerts or recommendations rather than fully adaptive financial guidance.
Outages and Service Downtime
Rapid migration to cloud and API-based platforms has occasionally led to outages during peak usage—impacting customer trust. Some clients of European banks such as Santander and BNP Paribas have reported temporary service disruptions during system upgrades or cloud migrations.
Accessibility and Digital Inclusion Gaps
Senior citizens and customers in rural or emerging markets face challenges using advanced mobile apps and biometric systems. Banks like ICBC and Allianz are expanding simplified “lite” apps, but digital inclusion remains uneven.
AI Explainability and Fairness
As credit and underwriting processes become automated, customers increasingly demand transparency in AI-based credit scoring and risk assessment. Financial regulators have also started questioning algorithmic bias and accountability in decision-making systems.
Cross-Border Consistency
Global customers managing multi-currency or cross-border accounts with banks like Citi, HSBC, and JPMorgan often find differences in service levels, app functionality, and support language across geographies—impacting user satisfaction.
The next phase of transformation will focus on generative AI, open finance ecosystems, cybersecurity resilience, and sustainability integration. As these organizations continue to evolve, their investments in technology will not only determine their profitability but also shape the future of the global financial system.
Rajani Baburajan
