New Delhi, June 28 -- Mid-sized financial institutions are driving the fastest adoption of B2B SaaS (Software as a Service) in India's BFSI sector, while MSMEs are emerging as the next growth engine, according to a new report by Multi-Act Equity Consultancy Private Limited.

"61% of the respondents believe that rapid adoption is taking place at the mid-sized level," the study found, with only 26% pointing to large institutions. "For mid-sized institutions, the play is obvious - they need to scale fast and tech acts as a key catalyst in their growth journey," said Niranjan Ananth, Vice President Marketing, Profinch, quoted in the report.

Large banks and insurers are burdened by legacy platforms, yet are beginning to see value. "Competitor...