Banking, Financial Services and Insurance
Banking, Financial Services and Insurance (BFSI) is one of the four strategic verticals of TMV Banking, Financial services and Insurance (BFSI) is an industry term for companies that provide a range of such financial products/services such as universal banks. BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pensions funds, mutual funds and other smaller financial entities.
The global BFSI Industry faced serious turmoil during the early 21st century, when a series of crisis like 'Subprime mortgage crisis' in US, and the Great Recession worldwide, that began in Q3-2008 and ended in Q1-2009, gave a huge setback, resulting in negative growth.
Key Challenges in BFSI
Banks :
Insurance :
Mutual Funds :
Banking, Financial Services and Insurance (BFSI) is a sector that is highly affected with evolving regulatory and socio-economic changes. In order to stay profitable and grow business, BFSI organizations need to reduce customer churn and provide effective customer service, while maintaining or growing margins.
The financial services industry is currently in the midst of a massive digitalization wave. Mobile devices have become ubiquitous, tech-innovation and artificial intelligence (AI) is at the core of the transformation, with a new generation of millennial customers demanding enhanced, value-added services and enriched experiences. In light of this new ‘experience economy’ modern businesses must aspire towards becoming 21St Century Enterprises – companies driven by ‘experience-centricity, agility, service and outcome based orientation’. Additionally, a number of Fintech trends are gaining a quick foothold in the industry. It’s essential these ‘disruptive’ technology forces are assimilated by established financial enterprises, in order to better serve customers and cement brand loyalty. Application modernization is also at the forefront of this revolution, redefining customer experience.
TMV offers a smart, focused and differentiated financial IT services portfolio addressing the need of the hour - helping companies stay ahead of the game. ???’s IT solutions for financial services are targeted at rationalizing and converging IT and operations across regions and business divisions, to optimize cost, and bring agility with renewed focus on regulatory compliance and customer centricity.
TMV has developed a deep knowledge and has extensive experience in the BFSI sector. We provide creative solutions to various institutions, supporting several clients globally across a wide spectrum of their needs. Our expert team of BFSI service understands your needs and challenges, and partner with you to develop tailored solutions to address your challenges.
TMV provides cost-effective services such as application development, application support, product customization and implementation, migration services, and business process sourcing from onsite, offshore, or a proven onsite/offshore model. TMV ’s BFSI services professionals provide in-depth knowledge of the technology required to give our clients the competitive edge.
We have extensive experience in delivery solutions related to:
Mutual Funds :
