About BFSI (Banking, Financial Services & Insurance) Industry
Banking, Financial services and Insurance (BFSI) industry includes organizations that sell a range of various different kinds of financial services and/or products, such as for example, all-inclusive banks. BFSI contains business banks, mutual funds, insurance agencies, cooperatives, pension funds, non-banking money monetary organizations and other small scale budgetary elements. Finance includes stock trading, stock broking, selling options, payment gateways services, securities trading, and so on. Banking includes retail banking, core banking, private banking, debit card services, credit card services, corporate banking and similar other investment products. Insurance companies sell various kinds of insurances such as medical insurance, life insurance, accident insurance i.e. it covers both; the life insurance as well as general insurance.Utilization of innovation and technology has quickly expanded in BFSI industry. Imaginative items like virtual check cards and various other services like branch-less and portable management of banking accounts require a mammoth IT foundation. BFSI industry is expanding its impression by using IT infrastructure to deliver services via mobile and internet. IT infra is also used for e-insurance accounts.