Banking | Finance | Insurance & IT in BFSI

In countries such as India and China, banks and other monetary institutions have been receiving governmental support for the past few years to expand their presence in rural areas. For instance, the Reserve Bank of India launched a priority sector lending scheme, wherein scheduled commercial and cooperative banks are compelled to give out loans to certain industries facing liquidity crises. At the same time, the increasing penetration of the Internet has led to the emergence of a new type of banking that focuses on the delivery of financial services using digital technologies. In countries such as the US, the UK, Germany, China, India, etc., the model of neo and challenger banks has become especially popular with the launch of 5G services. Neo and challenger banks improving the range of financial services Recently, Allied Market Research published a report on the neo and challenger bank market which states that the industry is expected to gather a revenue of $471.0 billion by 2027

In the post-pandemic period, almost all major developed and developing countries have introduced digital technologies in financial services to facilitate smooth transactions and complete payment without any hassle. As a result, many new systems such as POS machines have become quite common in retail outlets, supermarkets, hypermarkets, departmental stores, etc. While POS systems have largely simplified financial transactions, certain issues related to privacy and security have come up, thereby creating trust issues among customers. To address these concerns, comprehensive POS security solutions have been developed that help keep customer data safe from any breaches and leaks. Ensuring POS security through the deployment of advanced technologies Over the years, several large organizations in different end-use industries have started using POS systems to help customers make purchases and complete transactions. Naturally, these systems hold large amounts of important data regarding custom

In the evolving financial landscape, insurance brokerage plays an important role. It acts as an intermediary between clients seeking insurance coverage and insurance companies. Insurance brokers are professionals that help individuals find the best policy to meet their needs. They make money by earning commissions from selling insurance to individuals or businesses. These brokers sell all types of insurance including health insurance, homeowners' insurance, life insurance, and annuities. How are insurance brokers enabling clients to find the best coverage? The primary role of insurance brokers is to give advice to businesses, organizations, and individuals about various insurance products. One of the key responsibilities of these brokers is to compare a wide array of products from different insurers based on factors including financial stability, contract management, claim processing efficiency, and the overall quality of their product. Moreover, having access to numerous pro

In recent years, the growing presence of electric vehicles (EVs) on the roads has led to a higher need for insurance companies to offer specialized coverage for these vehicles. The EV insurance industry is a new development that articulates the precise requirements of EV owners. This kind of insurance affords coverage for various aspects of owning an EV, such as battery damage, unintentional harm, charging station liability, fire, natural disasters, riots, robbery of the insured vehicle, and injuries or damages to third parties' properties. Furthermore, EV insurance provides a key benefit for EV owners by reducing insurance costs because of the lower maintenance expenses and decreased risk of accidents linked to electric vehicles. In addition, EV insurance vendors regularly include extra benefits like roadside assistance for EV-associated issues and discounts on charging station usage. Moreover, the global EV insurance sector is an innovative solution that meets the evolving n

Customer experience impacts the banking sector in multiple ways. Automation technology holds a major share in enhancing this experience. From digital transactions and open banking to chatbots, banks have witnessed the next level of transformation in the past decade.    Chatbots in BFSI are AI-powered financial assistants designed to address users' queries and provide real-time response solutions. They help customers track card activation, credit scores, transaction history, and account balances. They further make users aware of the latest banking services and products.   According to the research by Allied Market Research, the chatbot market in BFSI is predicted to cite a notable CAGR of 27.5% by 2032. The rise in the integration of chatbots with social media and a surge in demand for better CRM (Customer Relationship Management) contribute to the growth of the industry.  Bank employees can utilize chatbots as tools to help with essential tasks. For instance, if the virtual ag

In the modern era, where traveling has become an integral part of daily life for many individuals, the India travel insurance industry has witnessed a tremendous rise in popularity. Once considered a luxury option , travel insurance has now become a necessary protection for many Indian travelers, whether they are going abroad or exploring the country. This change is influenced by growing awareness, enhanced access to digital platforms, and the increasing need for effective risk management in a complex global landscape. With India establishing itself as a prominent player in the global travel industry, its insurance landscape is adapting to offer customized solutions that cater to various traveler needs, such as medical emergencies and trip cancellations.   This constantly evolving industry is redefining how Indians safeguard their journeys, establishing new benchmarks for innovation and customer-focused services in travel insurance. By offering extensive coverage and catering to th

In the complicated real estate sector, landlord insurance has become an essential safety net for property owners. This specialized coverage is designed to address the unique risks associated with rental spaces, which are not covered by standard homeowners' insurance. Landlord insurance safeguards property owners against various risks, including asset damage caused by tenants or natural disasters, lost rental income, and legal liabilities.  With the expanding rental sector and the growing recognition of associated risks, there is an increasing need for landlord insurance. Moreover, there is a rising awareness of the legal responsibilities that come with being a landlord, as well as the uncertain nature of tenant-related issues, highlighting the importance of this insurance. Innovations such as customizable policies, digital claim processing, and AI-driven risk assessment are anticipated to drive significant growth in the landlord insurance sector, making it a key focus area for prop