The BFSI is the backbone of the economic operations of the whole world as we know it. With trillions of dollars of assets under management, managing money effectively at a digital scale has become a lucrative opportunity and hence needs to be revisited due to some inefficiencies in the current systems that generally rely on traditional methods.
The following diagram depicts the relationship between stakeholders in the BFSI industry:
As shown in the preceding diagram, public consumers like you and me access capital and services through banks, insurance companies, and Non-Banking Financial Companies (NBFC). Also, note that companies and organizations that provide services to us also rely on these financial institutions.
Now, let's explore some of the issues faced by the BFSI industry.
Issues in the domain
The following are the top three issues faced by the BFSI industry:
- Access to capital: The unbanked...