# BFSI

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{{Short description|Umbrella term for companies which provide a range of financial products}}
{{refimprove|date=December 2018}}{{Update|part=|date=February 2021|reason=}}

'''Banking, financial services and insurance''' ('''BFSI''') is the industry's umbrella term for companies that provide a range of such financial products or services.  This includes [universal bank](/source/universal_bank)s that provide a range of financial services or companies that operate in one or more of these financial sectors. BFSI comprises [commercial bank](/source/commercial_bank)s, [insurance companies](/source/insurance_companies), [non-banking financial companies](/source/non-banking_financial_companies), cooperatives, pensions funds, [mutual fund](/source/mutual_fund)s and other smaller financial entities.

The Banking part of BFSI may include [core banking](/source/core_banking), retail, private, wealth, corporate, investment and cards.  Financial services may include stock-broking, [payment gateway](/source/payment_gateway)s, wallets, mutual funds.  Insurance covers [life insurance, term insurance](/source/life_insurance) and [general insurance](/source/general_insurance).

This term is commonly used by [information technology](/source/information_technology) (IT), information technology-enabled services (ITES), [business process outsourcing](/source/business_process_outsourcing) (BPO) companies and technical/professional services firms that manage data processing, application testing and software development activities in this domain.<ref>{{cite news |url=https://financialplanning24.com/bfsi-security-market-poised-to-expand-at-a-robust-pace-over-2017-2023/ |title=BFSI Security Market Poised to Expand at a Robust Pace Over 2017-2023 |date=July 16, 2019 |publisher=Financial Planning |author1=Anshul |url-status=dead |archive-url= https://web.archive.org/web/20190720004147/https://financialplanning24.com/bfsi-security-market-poised-to-expand-at-a-robust-pace-over-2017-2023/ |archive-date= Jul 20, 2019 }}</ref>

==History==
The global BFSI Industry faced serious turmoil during the early 21st century, when a series of crises like the [subprime mortgage crisis](/source/subprime_mortgage_crisis) in the US, and the [Great Recession](/source/Great_Recession) worldwide, that began in 2008, gave a huge setback, resulting in negative growth. A 2013 report <ref>{{cite web |url=http://www.capgemini.com/resource-file-access/resource/pdf/trends_in_the_global_banking_industry_2013.pdf |title=Trends in the Global Banking Industry 2013 |date=2013 |publisher=[Capgemini](/source/Capgemini) |url-status=dead |archive-url=https://web.archive.org/web/20170830062404/https://www.capgemini.com/resource-file-access/resource/pdf/trends_in_the_global_banking_industry_2013.pdf |archive-date= Aug 30, 2017 }}</ref> said that the industry was coming back on track.

==See also==
* [Financial technology](/source/Financial_technology) (FinTech)
* [Alternative financial services](/source/Alternative_financial_services)
* [Online banking](/source/Online_banking)
* [Open banking](/source/Open_banking)

==References==
{{Reflist}}

Category:Financial services organizations

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Adapted from the Wikipedia article [BFSI](https://en.wikipedia.org/wiki/BFSI) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/BFSI?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.