Financial institutions are embracing digitalization to upgrade their commercial businesses to remain competitive in the face of increasing demand for simpler and rapid commercial operations. In addition, with companies investing heavily in big data analytics skills, the global financial services industry is estimated to grow at a 6% CAGR between 2022 and 2027.
Adding to the positives, forthcoming interest rate increases could be a significant tailwind for the industry because higher interest rates allow financial institutions to boost their profits. Also, growing financial transactions and capital market activities amid a recovering economy should further drive the sector's performance.
