Altair Global Survey Reveals Growing Impact of Digital Twin Technology in Banking, Financial Services, and Insurance Industries
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
Personalization, real-time monitoring, and safety rank high
Sustainability cited as top benefit
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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SOURCE Altair
