Springboard also noted that the industry is looking into solutions that will help them identify fraud and money laundering activities. In the next two to three years, the research firm said BI and anti-money laundering solutions would be the key priority among BFSI enterprises. Currently, Indian organisations are already using high-end analytics to identify fraud and money laundering.

Springboard suggests that vendors specify a clearly defined and achievable unique selling proposition for the overall ecosystem.

"The Indian IT services market for BFSI (and overall) is highly competitive with limited top level differentiation. Vendors must now adopt a BFSI-specific template, 'productise' their service offerings to try to maximise the potential for lower price points delivering improved and sustainable margins," advised Phil Hassey, vice president for services at Springboard.