BFSI is an acronym for Banking, Financial Services and Insurance and popular as an industry term for companies that provide a range of such products/services and is commonly used by IT/ITES/BPO companies and technical/professional services firms that manage data processing, application testing and software development activities in this domain. Banking may include core banking, retail, private, corporate, investment, cards and the like. Financial Services may include stock-broking, payment gateways, mutual funds etc. Insurance covers both life and non-life.
Technology is allowing the BFSI industry to reach out to new markets and offer novel products and services through efficient delivery channels. On the other hand, data security and availability of information updates is critical to the banking and insurance business, mandating high network uptime, rapid fault detection and quick problem resolution. The banking and financial industry is also challenged by the large number of existing legacy systems in its infrastructure. The vertical thus has a unique set of requirements and challenges and this section discusses them in detail.
This section provides an overview of BFSI domain and is designed to help learners understand key concepts, terminology, issues, and challenges associated with the BFSI Industry, and strategies employed to meet some of those challenges. It will identify the main sectors of the BFSI industry and its business drivers, and review the key aspects of the industry business model, its competitive environment, and the current trends in the industry. Banking, Financial Services and Insurance (BFSI Domain) section help learners build strong domain competencies and learn some of the industry best practices spanning Retail Banking, Corporate Banking, Insurance and Capital markets.
Some Segments of BFSI Industry:
- Banking Technology
- Retail Banking
- Investment Banking
- Risk and Compliance
- Corporate Banking
- Wealth Management
- Life Insurance
- General Insurance