Banking & Insurance

Banking, financial services and insurance (BFSI) is an industry term for companies that provide a range of such financial products or services. This includes universal banks that provide a range of financial services or companies that operate in one or more of these financial sectors. BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pensions funds, mutual funds and other smaller financial entities. The Banking part of BFSI may include core banking, retail, private, corporate, investment and cards. Financial services may include stock-broking, payment gateways, mutual funds. Insurance covers both life insurance and general insurance. This term is commonly used by information technology (IT), information technology enabled services (ITES), business process outsourcing (BPO) companies and technical/professional services firms that manage data processing, application testing and software development activities in this domain.

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