Thales’ Snapshot: The State of Identity in BFSI reveals that identity has become a top boardroom concern in banking and financial services. Ninety percent of leaders see identity as critical to high-priority initiatives, while 80% view workforce identity as a strategic asset. However, 75% say legacy identity systems hinder innovation, creating integration and productivity challenges. BFSI firms use an average of four identity vendors, with 89% seeking to consolidate and 93% prioritizing modernization. IAM budgets are rising by about 11.5% for workforce and 11.4% for CIAM, driven by goals like efficiency, risk reduction, and improved customer experience.

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