Banking and Finance Industry

Overview of Banking and Finance Industry

A bank is a financial institution that provides banking and other financial services to their customers. Banks are a subset of the financial services industry and play an important role in the global economies. They are a key player in stimulating economic growth. The main aspects of this system include commercial lending banks or financial institutions and investment banks, also referred to as brokerage houses.

The financial services industry, consisting mainly of brokerage companies who provide capital opportunities to corporations and governments. The Federal Reserve Board, through the Federal Open Market Committee, buys and sells bonds and other debt instruments used to finance the government. In fact, the Federal government is one of the largest and most active players in the securities markets.

Financial Industry Services


The banking industry is the backbone of India’s financial services industry.

  • Individual Banking (checking accounts, savings accounts, debit/credit cards, etc.)
  • Business Banking (merchant services, checking accounts and savings accounts for businesses.)

Financial services offerings in this segment are primarily offered across two categories:

  • General Insurance (automotive, home, medical, fire, travel, etc.)
  • Life Insurance (term-life, money-back, unit-linked, pension plans, etc.)
Tax and Audit Consulting

This segment includes a large portfolio of financial services within the tax and auditing domain.

  • Tax – Individual (determining tax liability, filing tax-returns.)
  • Tax – Business (determining transfer pricing analysis and structuring, GST registrations.)

Business Intelligence

Business Intelligence (BI) is responsible for enhancing the banking operations like identifying patterns, analysing connections, addressing and resolving issues in real-time etc.

Business Intelligence solutions are not new to the Banking, Financial Services, and Insurance (BFSI) domain. They help enhance the operations for banking and financial sector by identifying, analyzing, addressing and resolving issues in real-time and more.

Also, while many financial institutions have already started benefitting from the BI, the full potential of this technology is yet to be discovered. Real-time business intelligence makes information processing convenient and for decisions to be made faster with accuracy.