BANKING FINANCIAL SERVICES & INSURANCE - Detailing the digital
safe house for internet users
Banking helps in supporting all the tasks that encircle money. The banking systems can be
considered as the backbone of all industries. Without money, nothing can be performed. Banks
lend money, offer loan and also saving accounts to users. The banking and finance industry has
been serving individuals as well as large organizations.
It offers different types of services to different people (or companies). With the help of financial
services, the countries can run smoothly. The budget is allotted keeping in mind the different
factors. All of these are streamlined by the major banks that act as the bridge between two
Technology has had a deep impact on different industries and BFSI is also one of the. The
increasing demand for cashless transactions, internet banking and UPI payments has started a
new revolution of finance industry.
It helps in serving even the unbanked population. Thus, with the help of smartphones the major
bank institutions have managed to serve the unbanked population across the globe. With the
introduction of new and improved business models, many new and established businesses are
looking for more capital to support this change. Here, the BFSI industry comes to the rescue.
All the monetary activities within the nations are controlled by the major banks. Moreover,
with the backing offered by local government, the BFSI industry will continue to dominate the
world. It is the link between different industries. Also, this industry cannot be replaced – only
the systems can be reshaped.
This industry started with barter system and now it has come a long way to offer cashless
transaction services. As the millennial generation is preferring digital mode of banking, the
entire banking industry is being pushed to level up with the latest market trends. Many banks
have started offering travel insurances to travelers. It helps ion covering all the major costs that