New Delhi, June 28 -- Enterprise Software as a Service (SaaS) is no longer optional for India's financial services firms, it is now a "condition for survival," according to a Multi-Act Equity Consultancy Private Limited report, as banks, insurers, AMCs, NBFCs and distributors race to meet regulatory complexity, rising consumer expectations and distribution demands.

"A majority of BFSI institutions we engaged with view B2B SaaS solutions as critical to their next phase of growth--especially in areas such as security, compliance, data management, and customer experience," the report said. Demand is strongest in banking, wealth, and payments, with "mid-sized players leading the charge on adoption." The key signal across institutions: "scala...