The financial services market consists of the revenues of monetary or money related services by entities which engage in financial services related activities like lending, investment management, insurance, brokerages, payments and fund transfer services. The financial services industry is categorized on the idea of the business model of the firms present within the industry. Most firms deal with multiple services. Revenues include fees, interest payments, commissions or transaction charges. Financial services application is demarcated as the products and services offered by institutions for various financial transactions and other related services in the world of finance, like Consulting Services, Integration Services and audit, risk, and compliance management, among others. Financial services deal with the management of money. Any company involved in the management money is banks, credit unions, credit card companies, insurance suppliers, and consumer finance, brokerage, and investment funds. Financial Services is an indicator about the socio economic health across different countries.
Rise in effect of globalization, financial services application providers have faced demanding task to provide end users with applications which are compliant free, risk free and data driven. To cater to new demand organizations further needs to transform themselves from the traditional product based firms to customer centric firms. In order to achieve such transformation the use of digitization of financial services, evolution & development for the consumer centric processes and concentration as the core competencies is necessary to be developed.
According to the study “Financial Services Global Market Report 2019” Some of the key companies operating in the market are United Health Group, Industrial and Commercial Bank of China, AXA, Agricultural Bank of China, and Bank of China.
Global Financial Services enables organization for using financial data with software to plan, optimizing the operations and discovering of new opportunities. Increase in magnitude of financial transactions, it is further important to systematizing the processes by the help of software applications. Moreover, organizations these days are concentrating on the areas of Audit, Risk & Compliance Management, BI & Analytics Applications, and Customer Experience among others. With changing economic and regulatory environment an increased need to shift from traditional policies has been observed.
With the utilization of technology, the banking and financial sector has been incorporating risk into mainstream deciding , promoting a culture that comes with risk management, consistently monitors performance, provides relevant market intelligence, and delivers business and profitability insights. Non-cash payments have grown have significantly over a period. The wide scale is increase in internet and mobile penetration in the emerging geographies, continued economic recovery and growing adoption of mobile-based payments in the mature markets is further supporting the expansion of non-cash payments with shift towards cash schemes to drive financial services market over the forecast period. Businesses across the planet require systems that will utilize the customer data for comprehensively analyzing the usage patterns, demand peaks, and consumption fluctuations and reach a choice. All of this has increased the requirement for a system that manages big data effectively and demand for business analytics tools is driving the market financial services market.
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Ankur Gupta, Head Marketing & Communications