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!
Why Learn Finance Domain?
If you are running a business, managing an IT project, designing, or improvising any business process, it’s very much likely that you will have to deal with financial concepts and financial lingo. Modern processes are integrating every aspect of the business from in receiving, warehousing, inventory control, production, sales, delivery, billing, and collection, in fact, the entire suite of accounting and management. Learn why you need to master finance.
Banking Operations: Understanding the Regulatory Framework
When a bank fails, the depositors suffer as much or more than the bank’s owners. Failure of one large bank can trigger losses across the boundaries of nations. This makes the banking industry an excellent candidate for government regulations. Bank’s lending policy directly impacts the economy, especially during economic downswing & upswings. Acting overly cautious, they restrict funds availability, and taking more risks can create the inflationary boom. Let us explore various banking regulations and how they safeguard our interests as consumers.
Overview of Insurance Sector
The insurance industry comprises companies and people who develop insurance policies and sell, administrate, and regulate them. Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. The insurance Industry manages the risk to people and businesses from the dangers of their current circumstances. Insurance policies are a safeguard against the uncertainties of life.
Importance of Insurance
Insurance policies are a safeguard against the uncertainties of life. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered. From a macro perspective Insurance industry turns capital accumulates as premiums into productive investments thereby promoting trade and commerce activities which result in the sustainable economic growth of the economy.
Types of Insurance
Insurance is categorized based on risk, type, and hazards. Logically, any risk that can be quantified can potentially be insured. Understand the importance of insurance and the different types of insurances like Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance.
