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BFSI Crisis Management Market to Reach $30.46 billion by 2027 in the short run $72.3 billion by 2033 Globally at 16.7% CAGR: Allied Market Research

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The global BFSI crisis management market is experiencing rapid growth due to the increase in need for risk mitigation, rise in adoption of digital crisis response solutions, and surge in regulatory compliance requirements. Governments and financial institutions are strengthening crisis management frameworks, while innovations such as AI-driven risk assessment and blockchain for secure transactions enhance resilience, further driving market expansion.

WILMINGTON, Del., April 22, 2025 /PRNewswire/ — Allied Market Research published a report, titled, “BFSI Crisis Management Market by Component (Solution and Services), Application (Disaster Recovery & Business Continuity, Risk & Compliance Management, Crisis Communication, Incident Management & Response, and Others), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), and End User (Banks & Financial Institutions and Insurance Companies): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the “BFSI crisis management market” was valued at $15 billion in 2023, and is estimated to reach $72.3 billion by 2033, growing at a CAGR of 16.7% from 2024 to 2033.

Get a Sample Copy of this Report: https://www.alliedmarketresearch.com/request-sample/A11105

Report Overview:

The BFSI crisis management market focuses on solutions and services that help banks, financial institutions, and insurance companies handle emergencies such as cyberattacks, fraud, economic downturns, and regulatory changes. It includes risk assessment, business continuity planning, fraud detection, and cybersecurity solutions to protect financial operations and customer data. The growth of the BFSI crisis management market is driven by increasing cyber threats, stricter financial regulations, and rising cases of fraud.

However, data breaches, operational disruptions, and evolving regulatory requirements create challenges in the BFSI crisis management market. Nevertheless, surge in adoption of automation in risk assessment and the expansion of real-time monitoring solutions offer significant growth opportunities for market players.

Key Segmentation Overview:

The BFSI crisis management market is segmented on the basis of component, application, enterprise size, end user, and region.

By component: Solution, ServicesBy application: Disaster Recovery and Business Continuity, Risk and Compliance Management, Crisis Communication, Incident Management and Response, OthersBy enterprise size: Large Enterprises, Small and Medium EnterprisesBy end user: Banks and Financial Institutions, Insurance CompaniesBy Region:North America (U.S., Canada)Europe (Germany, UK, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA (Brazil, South Africa, UAE, Saudi Arabia, Rest of LAMEA)

Market Highlights

By Component, the solution segment dominated the market in 2023 and is expected to continue leading owing to an increase in the adoption of advanced risk management solutions.By Application, the risk and compliance management segment dominated the market in 2023 and is expected to continue leading due to stricter regulatory requirements and the growing need for proactive risk identification.By Enterprise size, the large enterprise segment dominated the market in 2023 and is expected to continue leading, driven by its higher budgets for advanced risk management tools and growing exposure to operational complexities.By End User, the banks and financial institutions segment dominated the market in 2023 and is expected to continue leading, owing to their high exposure to operational risks and strict regulatory compliance requirements.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$15 billion

Market Size in 2033

$72.3 billion

CAGR

16.7 %

No. of Pages in Report

414

Segments Covered

Component, Application, Enterprise Size, End User, and Region

Driver

Increasing Regulatory Compliance, Rapid Digitalization by Financial Institutions & Banks

Opportunity

Improved Customer Experience

Restraint

Compliance with Different Regulations, Complex Management of Network

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Factors Affecting Market Growth & Opportunities:

The rapid increase in digital banking and financial transactions has heightened the need for crisis management in the BFSI sector. Factors such as real-time threat detection, AI-driven risk assessment, and growing regulatory scrutiny are driving the market forward, as financial institutions seek advanced solutions to mitigate cyber risks, fraud, and operational disruptions.

Rise in Cybersecurity Threats and Fraud Risks: The BFSI sector is a prime target for cybercriminals, leading to increased investments in crisis management solutions. Cyberattacks such as ransomware and phishing have surged, prompting financial institutions to adopt advanced security measures. For example, JPMorgan Chase increased its cybersecurity budget to $15 billion in 2023, reinforcing the need for robust crisis management frameworks. In addition, the Financial Stability Board (FSB) has urged global banks to enhance their cyber resilience strategies to mitigate fraud risks.Opportunities from Open Banking and Digital Transformation: The growth of open banking and digital payments has created both new risks and new chances for better crisis management. Banks are now using tools like blockchain and real-time monitoring to improve safety and track problems quickly. For example, in 2023, HSBC introduced a blockchain-based system to help manage and reduce financial risks in international transactions.

However, challenges such as the high cost of implementing crisis management technologies, budget constraints, and growing concerns over data security and privacy continue to affect adoption in the BFSI sector. To manage these issues, financial institutions need to make strategic investments in cost-effective, scalable solutions, strengthen their cybersecurity infrastructure, and adopt transparent compliance frameworks.

Regulatory Landscape & Compliance:

The BFSI crisis management industry is subject to strict regulatory frameworks that vary by region. Moreover, governments and central banks are increasingly tightening guidelines to ensure financial stability and protect consumer data. For example, in 2023, the European Central Bank (ECB) urged major banks to strengthen their operational resilience and conduct regular crisis simulation exercises. In India, the Reserve Bank of India (RBI) mandated that financial institutions implement a board-approved Business Continuity Plan (BCP) framework with periodic audits.

Technological Innovations & Future Trends:

Financial institutions are increasingly using AI and machine learning for real-time threat detection and predictive risk analysis.Tools like Cyber Secure help banks detect vulnerabilities early and reduce response time to cyber threats, improving their ability to prevent and manage security incidents.Cloud platforms are gaining popularity for providing scalable, flexible disaster recovery solutions, helping reduce downtime and enabling faster recovery from operational disruptions.

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Regional Insights

In North America, factors such as high frequency of cyberattacks, strict regulatory requirements, and mature digital banking ecosystem drive the demand for crisis management solutions. In addition, increase in the reliance on digital channels and rise in customer expectations for uninterrupted service are pushing banks to invest in advanced crisis response and business continuity solutions.

In Europe, strong regulatory frameworks and rising cyber threats significantly drive the BFSI crisis management market expansion. The General Data Protection Regulation (GDPR) and the Digital Operational Resilience Act (DORA) require financial institutions to implement strict risk management, data protection, and business continuity measures. Rise in number of cyberattacks, especially on banks and insurance firms, is pushing organizations to invest in advanced cybersecurity and real-time monitoring tools.

The Asia-Pacific BFSI crisis management market is driven by rapid digitalization, rising cyber threats, and increased regulatory pressure. With the growing use of mobile banking and online payments, financial institutions are facing higher risks of fraud, system failures, and data breaches. Furthermore, an increase in investments in AI-driven monitoring tools and compliance solutions is also boosting the BFSI crisis management market growth in the region.

Key Players:

Major players in the BFSI crisis management market include 4C Strategies, Everbridge, IBM Corporation, METRICSTREAM INC., NCC Group, SAS Institute Inc, Cura Software Solutions. Ltd, Konexus, Noggin, LogicGate Inc, Aon plc, Riskonnect., LogicManager, Inc., RockDove Solutions, Inc., INTELLICON, Resolver Inc, F24, Ascent, Guidehouse, and Vested LLC

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Key Strategies Adopted by Competitors

In November 2024, Riskonnect partnered with Everbridge to enhance business continuity and critical event management. This collaboration enables organizations to respond more swiftly to crises by integrating business continuity program management with emergency communications within a single platform, benefiting financial institutions in managing critical events effectively.In November 2024, Guidehouse opened a new office in San Antonio, Texas, to expand its presence in key industries such as financial services, national security, and cybersecurity. This move strengthens its ability to serve clients in risk management, technology, and consulting while leveraging San Antonio’s growing industry hub.

Key Market Segments: 

By Component

ServicesSolutionDeployment ModeOn-premisesCloud

By Application

Risk and Compliance ManagementCrisis CommunicationIncident Management and ResponseOthersDisaster Recovery and Business Continuity

By Enterprise Size

Large EnterprisesSmall and Medium Enterprises (SMEs)

By End User

Banks and Financial InstitutionsInsurance Companies

By Region

North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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