Banking, Financial Services & Insurance

Banking, Financial Services & Insurance

Banking, Financial Services and Insurance that provide a range of products/services which is commonly managed by IT/ITES/BPO companies and technical/professional services companies that extensively manage the data processing, application testing and software development activities in BFSI domain. Indian financial market comprises of primary market, FDIs, alternative investment option, the pension sector, asset management segment as well. Technology is accessing the BFSI industry to reach out to new markets and offer novel products and services through efficient delivery mode. Cyber Security and availability of classified information updates is critically essential to the banking and insurance business, mandating high network , rapid fault detection and quick fault resolution. The banking and financial industry is also challenged by the large number of existing legacy systems in its infrastructure and system SEGMENTS OF BFSI SECTOR :- Banking Technology, Depository and Registry, Reconciliations, Retail Banking, Investment Banking, Corporate Banking, Risk and Compliance, Surveillance, Wealth Management, Life Insurance, General Insurance.

Key Challenges in BFSI:

  • Penetration of banking in rural areas.
  • Demand-supply mismatch.
  • Credit disbursement to the priority sector.
  • Managing asset quality.
  • Advance risk management Function.
  • Competition between financial Institution
  • Technology adoption by financial Institution
  • Regulatory pressure on Banks

Services:

  • Artificial Intelligence & Cloud: Artificial Intelligence & Cloud: – Artificial intelligence (AI) automation is progressing very rapidly. It consist machine learning, automation capabilities, Monitoring capabilities, business & knowledge Management.
     
    AI provide tremendous support in healthcare enterprises in patient data management, clinical trials, Surgical instruments, improve the quality of life, biggest support to patient health improvement on faster rate and reducing healthcare cost & maintains all AE records.
  • IOT ( Internet of things):IOT workflow and integration to become a collection of technologies for Improving business processes. Process modelling allows a process analyst to create graphical, flowchart Like process definitions, which can contain both human and automated. Structured process execution Runs the predefined process model for each new case, with little variation. Human tasks are assigned to people or roles. Enables hospitals to take full advantage of the early payment discounts. Vendors get the maximum advantage with shorter invoice processing cycle. Eliminated the problem of misplaced, mishandled or forgotten invoice.
  • BPM ( Business Process Management): BPM has expanded from its roots in workflow and integration to become a collection of technologies for improving business processes. Process modelling allows a process analyst to create graphical, flowchart like process definitions, which can contain both human and automated. Structured process execution runs the predefined process model for each new case, with little variation. Human tasks are assigned to people or roles. Enables hospitals to take full advantage of the early payment discounts. Vendors get the maximum advantage with shorter invoice processing cycle. Eliminated the problem of misplaced, mishandled or forgotten invoices.
    • 50% Reduction in cost per invoice
    • 100% Streamlined invoice approval cycle
    • 5X Optimized invoice capture with minimal investment & disruption
  • RPA ( Robotics Process Automation): Automating Patient Data Retrieval For Billing Using RPA To automate processes for importing patient demographic files from multiple systems at hospitals and mapping them to database for billing purposes .The RPA Solution provides reliable automated front-end processes for importing, unzipping, decrypting, and printing encrypted data for hospital-based practice management..

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