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!
What is Finance? Meaning, Definition & Features of Finance
Finance is the science around the management of money. Finance encompasses banking, credit, investments, assets, and liabilities. The finance function encompasses a variety of functions, activities, and processes. Finance also consists of financial systems. Acquisition, allocation, utilization, and channelizing the funds to maximize the shareholder's wealth. Finance includes public, personal, and corporate finance.
Banking Operations: Different Types of Payments & Payment Systems
Everyday people trade goods use services and need to make payments using cash as cash money is the major medium of exchange. Banks have developed various payment methods to facilitate the exchange of money that stimulates the growth of commerce, helps economic development and facilitates flexibility with lower transaction costs with security. Various payment systems exist today, ranging from cheque, wire transfer, cards to online transfer. In this article, we will discuss different types of payment methods that are available today with banking channels.
Trends in Banking Industry
Banking today is an exciting, fast-moving, around-the-clock, global activity. Changes in regulation, changes in technology, and changes in the competition have pushed banking, to become dynamic organizations that must respond rapidly to changing business circumstances. The advent of private sector banks, the rapid pace of globalization, emerging disruptive technologies are changing the dynamics of the banking industry as well as the competitive landscape. Read about some recent trends in the banking industry.
Banking Industry Value Chain: Basic Functions in Banking
Banks are commercial institutions and need to increase their business. Unlike other stores and shops, banks are selling services rather than products. Learn how banks get their funds and how they make money on services. Banks and other institutions play this critical role by performing services essential to the functioning of an economy. Safeguarding, transferring, lending, and exchanging money in various forms, along with evaluating credit-worthiness of customers, are the main functions that banks perform. Learn more about the role that banks play in shaping the economy.
Banking Industry Business Model - Understanding How the Banking System Works
Banks are commercial profitable institutions and need to increase their business, grow their revenue, and provide returns to their owners. Unlike other stores and shops, banks are providing services rather than selling their products. Learn how banks get their funds and how they make money on services. Read more to learn how the banks earn their profit!
