The Banking and Financial Services industry is undergoing a significant transformation while managing challenges on several fronts: elusive growth, thinning ROE and margins, evolving regulatory environment, changing customer needs and increased threats from non-traditional players. The Industry is facing the difficult task of providing applications and software that are complaint and risk-free owing to the rapid globalization across the globe. Leading BFS establishments are also looking beyond compliance to optimize their business and enhance financial performance despite all the risk and stringent regulations across the financial industry. It is also witnessing a transformation toward a consumer-centric environment to improve market liquidity and reduce business leverage. However, in the process to improve risk management capabilities, several factors are hampering the growth of this sector including stringent government regulations, growing frequency of digitization. With innovations taking place in the BFS sector, it becomes imperative for the banks and financial service companies to increase their infrastructure capabilities to ensure the operation runs smoothly. Organizations need to simultaneously devise new solutions to maximize value creation, while minimizing internal disruption. Moreover, with the growing competition in the BFS space, leading players must refine and modernize their existing models to spur agility and remain competitive in the marketplace.