Chennai, India, June 20, 2023: Orion Innovation (Orion), a leading digital transformation and product development services firm, has announced its ambitious plan to contribute 10% of its revenue growth from the Financial Services vertical in India by the end of 2024.
As part of this aggressive growth strategy, Orion is making substantial investments in building domain capabilities in core banking, open banking, payment modernization, and digital banking. Recognizing the immense potential in India’s financial services sector, the company aims to position itself as a key player in the market.
To support this growth trajectory, Orion will be significantly expanding its technology expertise in areas such as Data & Analytics, Cloud Modernization, DevSecOps, Artificial Intelligence (AI) and Machine Learning (ML), and Digital Customer Experience. There is a strong push towards strengthening DigtialOps and Digital Assurance teams. These investments will empower Orion to deliver cutting-edge solutions and services to its clients in the financial sector, enabling them to stay ahead in an increasingly digital landscape.
“Digital transformation has rapidly accelerated within India’s BFSI sector over the past decade, ushering in a new era of improved business insights, streamlined workflows, and cost efficiencies. The demand for cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) has soared, presenting Orion Innovation with exceptional prospects in the Indian market. With our extensive experience in the financial services domain, we firmly believe that we have arrived at the opportune moment to leverage these advancements and make a substantial impact,” said Anoop Gala, Global Head of Financial Services at Orion Innovation.
The financial services industry, both globally and in India, is undergoing a rapid and transformative evolution. Traditional cash transactions are being revolutionized by the surge of digital wallets, while online lending is outpacing traditional bank loans. Challenger banks are disrupting the market share of established players, and robo-advisers are automating investment portfolios. These groundbreaking shifts are propelled by constant exposure to newer technologies, elevating customer expectations to new heights. As a result, a plethora of new business segments and revenue opportunities are emerging, paving the way for an era of unprecedented growth and innovation.
India’s fintech adoption rate today stands at 87% compared to the global average of 64%.
Orion firmly believes that financial institutions must proactively adapt their business models to not only survive but thrive in the face of today’s dynamic and ever-evolving landscape. With a relentless focus on helping clients ideate, innovate, and accelerate, Orion empowers organizations to stay at the forefront of the competition. By embracing a digital-first mindset and possessing a deep understanding of compliance requirements in the financial services industry, Orion uniquely positions itself to assist financial institutions in rethinking, reimagining, and reinventing their businesses.
With extensive financial services domain experience, Orion’s suite of advisory services and technology solutions are driving client success across four strategic pillars:
- Behavioral Science-led Human-Centric CX
- Creating Trusted, Engaging Financial Products
- Realizing Emerging Financial Services Revenue Opportunities
- Rapid Market Entry into New Business Segments
“At the end of the day, it’s all about enhancing the customer experience. That’s why digital transformation is unquestionably the need of the hour for the BFSI industry. Embracing digital technologies, platforms, and solutions has the remarkable potential to accelerate operations and enhance overall operational efficiency. By leveraging the power of digital transformation, financial institutions can unlock new avenues of growth, optimize processes, and deliver seamless experiences that meet the ever-evolving expectations of their customers,” adds Gala.
