The BSFI sector is emerging after facing serious turmoil in early 21st century. It is now recovering and gaining momentum owing to its need to support businesses by providing financial security. BSFI sector is providing interactive banking environment to enhance customer experience and build customer loyalty. Technological adoption and growing customer awareness are key driving factors of the BSFI industry. In addition, mergers & acquisitions and fierce competition in the market enforces companies and business owners to have a blend of technology and BSFI services. Big Market Research report on BSFI sector offers key insights on market drivers, challenges, and opportunities. Moreover, the report analyzes industry policies, changing market dynamics, and prominent companies. It assists stakeholders by offering significant market statistics to implement strategies and run businesses successfully.
No of Reports 106
The global insurance analytics market size was valued at $7.91 billion in 2019, and is projected to reach $ 22.45 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027. Insurance analytics engages in process of collecting, analyzing, and extracting relevant insights from various data sources. Moreover, insurance analytics largely help in pricing & risk selection, identifying customers at ...
IoT in insurance sector help insurers to collect granular data from a vast number of connected sensors to draw meaningful insights from the collected data. In addition, it delivers numerous benefits to insurance companies that include eliminating data duplications, speeding up and optimizing claims process, and removing customer frustrations. In addition, IoT-based equipment have been collecting a...
Safes and vaults are basically storage systems, which provide security to all the valuable commodities, including cash, jewelry, firearm, document, and others from high-risk circumstances. They are made up of thick metal panels in such a way that it is hard to cut or damage by applying force or external pressure. They are mainly used for safety against exposure to fire, moisture, chemicals, extrem...
Digital transformation is a method of using digital technology for changing current business approaches into more advance and technologically driven business approaches for increasing customer satisfaction and to enhance revenue opportunities. In addition to this, various banks, fintech and insurance companies are adopting digital banking platform for increasing transparency among the enterprises ...
Home insurance is an insurance that provides financial protection to an individual against losses and damages to an individual's residence, along with furnishings and other assets at home. Homeowners insurance also provides liability coverage against accidents at home or on the property. It is a package policy, which means that it covers both damage to property and liability, or legal responsibili...
Note sorter is the coin and note computing equipment that is widely used among the banks and financial institutions for counting and sorting of money. It includes ultraviolet and magnetic sensors that allow banks to detect counterfeit bill and improve the performance. Note sorter machine is widely used among the banks and fintech institutes where large volume of cash handling is done. In addition,...
BFSI security involves a set of technologies such as artificial intelligence, cloud computing, machine learning, and big data. In addition, the BFSI sector consists of a group of companies that are dealing in core financing products & services. Furthermore, BFSI security solution & services help to prevent unauthorized access by hackers, safeguard networks, and reduce risk of potential malware. Ri...
Boiler insurance is a form of insurance policy that covers maintenance and replacement of a home boiler. It also provides coverages for components of heating system, including plumbing and electrical equipment. There is also a limit to how much an insurer may pay for maintenance related costs for damages. Moreover, the demand for boiler insurance is relatively high in winters, owing to higher use ...
A distributed ledger is a database that is consensually shared and synchronized across multiple sites, institutions, or geographies, accessible by multiple people. Unlike traditional databases, distributed ledgers have no centralized database storage system, which enables bank authorities to check and eliminate error. In addition, blockchain enabled distributed ledger provides various benefits, wh...
Investment banking is a division of a financial institution, which provides consulting services to governments, corporations, and institutions in the market. It serves as middlemen for creditors and businesses in the market. It helps in assisting several factors such as rising capital for business expansions, projects, initial public offerings (IPOs), and facilitates mergers & acquisitions (M&A) o...
An insurance broker is an intercessor who sells, asks, or negotiates for insurance policies on behalf of their clients with multiple insurers. An insurance broker is completely different from an insurance agent. It is advisable to consumers and business owners to go for insurance policies through broker rather than on own because brokers have the experience to guide their clients to the right poli...
Lease is one of the important sources of financing for short and long –term, where the owner of an asset gives another person, the right to use that asset against periodical payments. The owner of the asset is known as lessor and the user is called lessee. The periodical payment made by the lessee to the lessor is known as lease rental. Under financial leasing, the lessee is given the right to u...
Trade credit insurance policy is largely purchased by a borrower of funds to overcome from events of a death, disability, unemployment, and others. It is generally marketed as a credit card feature and is largely available to credit card customers with the monthly cost charging a low percentage of the card's unpaid balance. Trade credit insurance engages in covering several commercial & political ...
Robo-advisor is a financial advisor who provides portfolio management and financial planning services online, without little or no human intervention. These services are offered by a wide variety of financial institutions. Robo advisors offer digital financial advice based on mathematical rules or algorithms, which are executed by software. Robo advisors exhibit various benefits over traditional i...
Revenue-based financing (RBF) or revenue-based investing (RBI) is a financing frequently used by entrepreneurs in conjunction with angel financing. RBF is largely used among growing companies such as business-to-business (B2B), SaaS companies, and technology service firms with high recurring revenue. Moreover, these category of firms with subscription-based agreements & long-term contracts are lar...
Contactless payment system is protected by multiple layers of security in coordination with Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies for making a secure payment. In addition, it enables tapping of contactless card or payment-enabled devices for executive payments. Moreover, contactless payments are used in BFSI, retails, energy & utilities, and number o...
Micro lending also called as micro finance is a type of banking service provided to low-income individuals, group, or unemployed people who do not have any other access to financial services. In addition, like conventional loan lenders micro lenders also charge interest on loan provided to the borrowers. Furthermore, various individuals are taking micro loans for setting up their business and to c...
Core banking solutions (CBS) is networking of branches, which enables execution of routine transactions such as withdrawal, passbooks, cash deposits, statements of accounts, and demand drafts. In addition, customers can avail banking services & operate their accounts from any branch of the banks on a single platform, provided by CBS network. Moreover, core banking solutions rely on computer & inte...
A gift card is similar to a prepaid debit card that consists of a specific amount of money that can be used for purchasing goods. Many gift cards have certain limit i.e., minimum and maximum initial loading amount. For instance, minimum amount is $10, and maximum is $500. Generally, gift cards are used to pay for a portion of a purchase with cash, debit, or credit to balance the expense. As a prec...
Digital lending refers to the use of online platform adopted by various banks and financial institutions for originating and renewing loans to industry verticals to decrease the loan processing time and to enhance customer services. In addition, various financial institutions are adopting digital lending platform, as this platform improves the productivity of employees; closes more loans; increase...
RegTech set of technologies enhances regulatory processes by using cutting-edge technologies such as artificial intelligence, cloud computing, machine learning, and big data. In addition, RegTech consists of a group of companies that helps businesses comply with main functions such as reporting, compliance, regulatory, and monitoring. Furthermore, RegTech helps in minimizing risk of human error by...
Mobile payment refers to a payment method in which money is transferred from various mobile devices such as smartphones, tablets and others smart devices for purchasing a product or services. In addition, various banks and financial institutions are providing mobile payment services as it provides bank customers with convenient, fast and secure payment processing systems. Furthermore, mobile payme...
Online banking is a facility offered by banks to manage bank account over the internet using a computer or mobile device. It provides online account statements, funds transfer & payments, deposit & processing services, merchant & utility bill payments, and others. Online banking has been widely used & accepted among consumers as it is easy to operate, offers convenience, real-time tracking, and ti...
Usage based insurance is a type of insurance in which the cost of the vehicle insurance is dependent on different factors which include usage of vehicle, distance covered by the vehicle and condition of the vehicle. In addition, various private and public companies across the globe are adopting usage-based insurance in order to provide insurance companies and public with better insurance policies....
A mutual fund is a professionally-managed investment scheme. It is one of the most popular investment options usually run by an asset management company (AMC). In addition, these AMCs bring together a group of people and pools investments from several individuals & institutional investors with common investment objectives. Moreover, these investments are made in several financial instruments such ...
Fuel card, also known as fleet card, is a payment card, which is used to manage different types of expenses associated with vehicles such as vehicle maintenance, fuel filling, vehicle servicing and others. In addition, major oil and other specialized credit card companies provide fuel card to provide their customers & employees with different benefits and improve their market value. Transporting c...
Auto insurance is an insurance policy for cars, trucks, motorcycles, and other road vehicles that protects customers against financial loss in the event of an accident or theft of vehicles and provides property coverage, liability coverage, and medical coverage. Furthermore, auto insurance is one of the largest revenue sources in the general insurance industry and accounted more than 35% in overal...
Chatbot is a computer program, which stimulates human conversations through Artificial Intelligence (AI). It is implemented across several industrial verticals to develop a communication link with their customers and help them with advice, actions, and plans to reach their goals. Moreover, applications are being developed that enable the chatbots to communicate with each other. These bots, setup o...
Car or automobile finance is a sum of money borrowed by consumers to purchase a car. It provides an option to buy vehicles upfront and pay later, in equated monthly installments. In addition, car finance depends on various factors such as income, credit score, and credit history of the borrower. Banks, original equipment manufacturers (captive finance), financial institution, and credit unions are...
The global contactless payment market forecast shall be $20,340.3 million by 2026, increasing from $8,700.0 million in 2018 at a significant CAGR of 11.2%. Contactless payment is a secure transaction for a buyer to purchase products by using NFC (near-field communication) or RFID (radio-frequency identification) technology. Contactless payment is a convenient and easy alternative to cash payment i...