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BFSI sector biggest adopter of digital twin technology
August 17, 2023
According to a global survey conducted by Altair, the banking, financial services, and insurance (BFSI) sector is among the leading adopters of digital twin technology and are using it 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.
Altair conducted a survey of more than 2,000 professionals throughout several industries and across 10 countries and 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.”
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