With the aggressive pace of global expansion being adopted by several corporations, the role of the Banking, Financial Services and Insurance (BFSI) sector has become more crucial than ever. In line with client needs, BFSI service providers are creating customized products & platforms and expanding geographic presence globally, at a pace never seen before. On the retail BFSI front, many more products and concepts continue to emerge, giving individuals so much more to choose from in order to achieve their financial goals. Players in the BFSI sector have a wider canvas on which to paint, but equally strong competition and market forces to keep in mind.
Technology, for instance, has transformed the world of financial services. Those in the BFSI industry are required to offer their services on multiple platforms (online, mobile, even social media), while adhering to strict regulatory guidelines, countering data security threats and providing a consistently positive user experience. In addition to this, challenges such as maintaining asset quality, improving risk management mechanisms and the like remain, especially relevant in the post-recession era. This unique mix - of increased competition, stricter regulations, rapidly growing consumer needs and technology influx - make the BFSI world a truly challenging one to operate in.
Business Process Outsourcing offers immense scope for the BFSI sector to address these challenges, while bringing greater stability to a frenetic and competitive industry. From supporting customer acquisition initiatives, to providing integrated views of spending behaviours, boosting profitability and providing consistent customer service across channels, outsourcing has much to offer to the BFSI sector.
At Conneqt Business Solutions, we enable several reputed BFSI companies to take on the challenges of a changing world with a greater sense of assurance.