BFSI
Umbrella term for companies which provide a range of financial products From Wikipedia, the free encyclopedia
Banking, financial services and insurance (BFSI) is the industry's umbrella term for companies that provide a range of such financial products or services. This includes universal banks that provide a range of financial services or companies that operate in one or more of these financial sectors. BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pensions funds, mutual funds and other smaller financial entities.
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The Banking part of BFSI may include core banking, retail, private, wealth, corporate, investment and cards. Financial services may include stock-broking, payment gateways, wallets, mutual funds. Insurance covers life insurance, term insurance and general insurance.
This term is commonly used by information technology (IT), information technology-enabled services (ITES), business process outsourcing (BPO) companies and technical/professional services firms that manage data processing, application testing and software development activities in this domain.[1]
History
The global BFSI Industry faced serious turmoil during the early 21st century, when a series of crises like the subprime mortgage crisis in the US, and the Great Recession worldwide, that began in 2008, gave a huge setback, resulting in negative growth. A 2013 report [2] said that the industry was coming back on track.
See also
References
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