Data highlights sector's broad use of digital
twins for behavior modeling, personalization, fraud prevention, and
more
TROY, Mich., Aug. 15, 2023 /PRNewswire/ -- Altair
(Nasdaq: ALTR), a global leader in computational science and
artificial intelligence (AI), released results from a global survey
that reveals the widespread use of digital twin technology in the
banking and financial industries. Although digital twin technology
is typically associated with designing physical products, according
to the survey, the banking, financial services, and insurance
(BFSI) sector is among the leading adopters of digital twins, using
the technology to address challenges like security, fraud
detection, behavioral prediction, and more.
Digital twin technology creates a digital representation of a
physical, real-world object or process to improve collaboration,
information access, and decision-making. The global survey of more
than 2,000 professionals throughout several industries and across
10 countries gauged digital twin technology adoption and assessed
how organizations are utilizing it, its business benefits, and
impact on sustainability initiatives.
"The BFSI sector today faces a range of challenges – from new
competitors to heightened consumer expectations to addressing
increased regulatory demands and combatting ever-more sophisticated
criminal activity. All this puts the sector under extreme pressure
to deliver exceptional products and services," said Sam Mahalingam, chief technology officer,
Altair. "This survey's findings underscore how quickly and broadly
digital twin technology has become a critical tool in helping
financial services organizations battle these challenges and
prepare for the future."
According to the survey, the BFSI sector's top three
applications for digital twin technology are optimizing business
processes (54%), digitally monitoring real-time behavior (51%), and
predicting future behavior using predictive analytics (51%). BFSI's
emphasis on applying digital twin technology for monitoring and
predicting is unsurprising, since these functions allow teams and
organizations to better prevent fraud, monitor and predict
customer/borrower behavior, track customer satisfaction, and
more.
Additional key findings include:
- Adoption is widespread
-
- 71% of BFSI respondents said their organizations already
leverage digital twin technology, trailing only the automotive and
heavy equipment industries.
- Overall, BFSI respondents were the most likely industry to say
they are "highly knowledgeable about digital twin technology" at
64% – a number 14 points higher than the overall survey average
(50%).
- Of BFSI respondents who said their organization currently
leverages digital twin technology, 97% said the technology was
"important" to their organization, and 71% of those respondents
said digital twin was "very important" to their organization — tied
for the highest in the survey and eight points higher than the
overall average (63%).
- Personalization, real-time monitoring, and safety rank
high
-
- BFSI respondents were the most likely of any industry to say
digital twin technology had the greatest positive impact on
"personalization of products and services" at 32%.
- The data also confirms the industry's emphasis on using digital
twins for "real-time monitoring and control" at 38% and "efficiency
and safety" at 33%, which are important factors when tied to
predictive analytics regarding customer behavior.
- Compared to the other 11 industries surveyed, the BFSI sector
is much more likely to use digital twin technology for behavioral
modeling (50% vs. 30% survey average).
- Sustainability cited as top benefit
-
- 93% of BFSI respondents whose organization currently uses
digital twins said it helps them create more sustainable financial
products and processes — the third-highest proportion among the
other industries within the overall surveyed (behind consumer
electronics and the architecture, engineering and construction
sectors). This is consistent with the recently reported uptick in
consumer interest for greener banking products and services that
promote sustainable practices and investments.
- 83% of BFSI respondents said their organization is either
currently using, or plans to use, digital twins to reach their
sustainability objectives with 56% of those respondents'
organizations currently using the technology.
To learn more about the survey methodology and to access the
full report, visit https://www.altair.com/one-total-twin/bfsi. And
to learn more about Altair's digital twin solutions, visit
https://altair.com/digital-twin.
About Altair
Altair is a global leader in computational science and artificial
intelligence (AI) that provides software and cloud solutions in
simulation, high-performance computing (HPC), data analytics, and
AI. Altair enables organizations across all industries to compete
more effectively and drive smarter decisions in an increasingly
connected world – all while creating a greener, more sustainable
future. For more information,
visit https://www.altair.com/.
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