BFSI Domain
BFSI Industry – Domain Knowledge
Looking for knowledge and key business information on the BFSI industry?
TechnoFunc brings to you BFSI industry overview, business model, value chain, competitive landscape, and latest trends. The Term 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.
Learn the various dynamics and challenges in the domain knowledge for BFSI Industry. Quickly enhance your business acumen and talk like an expert and impress your stakeholders in your next meeting!
Technology Risk – Example Banking IT
As per a recent study, on an average bank spends 10% of its revenue on IT Costs. IT and IT cost structure play a decisive role in the performance of any bank. This article examines the challenges around ensuring the effectiveness and efficiency of IT Spend. How to ensure that spending on IT translates into increased operational efficiency. Banks face greater risk if there is a misalignment between business and IT strategies. Technology risk holds strategic, financial, operational, regulatory, and reputational implications
Impact of Social Media in Banking
The high distribution of social media in the private environment drives banks to deal with the application possibilities, opportunities as well as threats posed by social media. Social media marketing has increased due to the growing active user rates on social media sites. As social networking becomes more popular among older and younger generations it becomes imperative for banks to understand the opportunities and potential threats from Social Media.
Migrating banking customers to digital channels
As banks are moving to new digital channels like the internet banking and mobile banking applications, they’re able to offer better customer engagement while lowering their operational costs. The modern-day customers are inclining towards the online banking channels more than ever. Still, for large traditional banks the penetration of customer based to online banking is still very low. This article discusses strategies adopted to overcome this problem.
The Opportunity of E-signatures in Banking
An electronic signature also called e-signature refers to data in electronic form, which is logically associated with other data in electronic form and which is used by the signatory to sign the document. The legal standing of this type of signature depends upon adherence to the exact requirements of the specific regulation under which it was created. If allowed, it could replace a handwritten signature. E-signature may find a lot of usage and acceptance in banking because of convenience, security, and business continuity. Read more to understand challenges around using e-signature in banking and some ideas to effectively use this technology.
Changes in the banking landscape and impact on country specific strategy
This paper deals with the formulation of a country-specific strategy for any banking company. How to identify the most challenging issues; understand the impact of recent economic and political trends on banking business in general. The paper gives a brief review of recent banking trends to focus on while devising the strategy and how to clarify the major competitive forces and main issues of the banking environment in the targeted country.
