What is the full form of BFSI

BFSI: Banking, Financial Services, and Insurance

BFSI stands for Banking, Financial Services, and Insurance. It is an industry term that refers to companies that provide a wide range of banking services, financial products and services, and insurance products. Such companies have more chances of growth in developing nations like India, which are the fastest-growing economies in the world.

So, BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds, and similar organizations. Bajaj Finance Limited, Muthoot Finance, Tata Capital, Mahindra & Mahindra Financial Services Limited are some examples of BFSI companies.

The banking part of BFSI may include core banking, retail banking, saving account, etc.; financial part may include share market, payment gateways, mutual funds; and insurance products cover both life insurance and general insurance.

Job Roles in BFSI:

• Insurance Agents
• Bank and Financial product sales executive
• Equity product sales executive
• Investment representatives
• Stockbrokers

The BFSI industry in India is valued at over Rs. 80 trillion and is expected to become the fifth largest in the world by the year 2020 and third largest by the year 2025. Furthermore, technology has enabled the BFSI industry to reach out to new markets and offer innovative products and services through delivery channels.

Benefits of working in the BFSI sector:

This sector offers you the following advantages:

• Rapid sector growth
• Good employment opportunities
• Rapid career growth
• Multiple roles
• Easy to switch from one company to another company
• Global opportunities
• Dynamic work culture
• Geographical spread
• Entrepreneurial opportunities

Skills and Competencies required in the BFSI sector:

• Communication
• Teamwork
• Problem-solving
• Initiative
• Planning and Organizing
• Self-Management
• Technology