BFSI

The BFSI (Banking, Financial Services and Insurance) industry is a pillar of the global economic growth, serving to ensure flow of capital, investment, protection of wealth and access of finance to an individual, business, or a government. It constitutes retail and commercial banking, investment services, wealth management, payment systems, lending services, fintech and e-payment technologies, life and general insurance, reinsurance, digital financial services etc. Due to increasing adoption of digitalization, evolving customer expectations and modernization of regulatory frameworks, the global BFSI markets are evolving rapidly.

The Banking industry sees tremendous traction for digital and mobile banking solutions, digital payment methods, open banking, embedded finance and AI-powered customer experience. The providers of Financial Services are moving to expand their service portfolio through wealth management solutions, alternative lending models, application of block chain technologies and data-driven financial advisory services. Life and General insurance business have witnessed growth due to rising demand for financial security products, innovation through insurtech, introduction of usage-based policy products and automated claims management.

The key focus of the institutions lies in developing robust measures and solutions for cyber security, fraud prevention, compliance management and data privacy, as the operations are moving increasingly toward a digital ecosystem. Concurrently, solutions like cloud computing, automation and big data analytics aid in boosting operational efficiency, personalizing customer experience and strengthening risk assessment capacities. Opportunities are emerging from the developing economies due to the increasing size of middle-class and adoption of formal financial solutions.

Consegic Business Intelligence brings comprehensive and relevant market intelligence and insights to help clients better understand the BFSI market, analyze competitive landscape and opportunities and make robust business strategies.