BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)
BFSI is an industry term for companies that provide a range of such financial products/services such as universal banks. BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension’s funds, mutual funds and other smaller financial entities.
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 (Living) and non-life (Non Living).
NON-BANKING FINANCIAL COMPANIES ( NBFC )
Non-banking financial companies, or NBFCs, are financial institutions that provide certain types of banking services, but do not hold a banking license. Generally, these institutions are not allowed to take deposits from the public, which keeps them outside the scope of traditional oversight required under banking regulations. NBFCs can offer banking services such as loans and credit facilities, retirement planning, money markets, underwriting, and merger activities.
FinTech is a rapidly evolving segment of the financial services sector where tech-focused startups and other new market entrants are disrupting how the financial services industry traditionally operates. New FinTech companies and market activity are reconstituting the competitive landscape, blurring the definition of a player in the financial services sector.
India has experienced the emergence of numerous FinTech start-ups, accelerators and incubators over the last few years. India has everything going for it to establish itself as a global FinTech hub. With a large market of underserved / unserved customers, increasing mobile penetration, favorable demographics, an active start-up ecosystem and a large technology talent pool, India has a potent opportunity that is waiting to be seized in the FinTech space.
FinTech India practice is solely dedicated to this powerful merger between technology and financial services.