BFSI stands for Banking, Financial Services and Insurance. It is basically an industry term which offers a variety of financial products and services including Universal Banks which offers different financial services to the organization that works in one or more of these sectors. The industry structure is in transition phase at a rapid pace & is due to the increment in per capita income.
BFSI domain in India gained a considerable degree of stability and maturity in the recent past. Regular innovation in the technologies, distribution expansion, networking and awareness of financial products among the population helped in achieving this milestone.
The Banking and Financial Services industry is witnessing a rapidly changing landscape, the rise of finch companies being the catalyst. Traditional banking products, services, and channels are losing relevance as customers, increasingly influenced by technological advancements in other spheres and social media, have started demanding better customer experience and convergence in financial services.
Changing regulatory environment and macroeconomic indicators have also contributed to make this a never-before opportunity for banks and financial institutions to embrace and leverage digitization. Partnership with finch companies can help banks and financial services organizations harness digital technologies, advanced analytics, and personalization for cutting-edge solutions that improve customer experience.
The wealth and asset management industry is facing increased regulatory supervision and new competition from rising finch companies and their innovative services. Multiple challenges such as weak growth in developed economies and robust growth in developing markets have contributed to greater volatility. Investment management firms that execute plans that help them anticipate demographic shifts, improve efficiency and decision making with technology, and keep pace with regulatory changes will likely find themselves ahead of the competition.
The rapidly changing environment demands seamless digital channels of communication and access to portfolio management, driving firms to digital transformation. Increased focus on cybersecurity, application of artificial intelligence (AI) and analytics are some of the emerging trends.
AMG is a trusted partner to many of today’s largest financial services institutions. We engage at all levels, including technologies, cultures and business models, to ensure successful enterprise-class digital transformations. Our services are defined by integrated approaches, an innovative mindset and strong strategic advisory capabilities.
AMG offers necessary innovative and futuristic solutions to banks and financial institutes of the modern world. Many of our customers are medium to large institutes leveraging the possibilities of our software solutions. We have helped many modern day economy churners by automating their operations in one or many segments
Financial institutions of all sizes are facing new challenges in security and user experience as more consumers enter the market with expectations that mirror their online experiences. Digital transformation is critical now to gain new customers and maintain current ones.
There are varied functional areas for retail business. Today Retail is one of the most promising businesses all over the world. Many major companies have diversified in to retail operations as it is being perceived as one of the most happening business globally. Today retail business operates in various ways and forms and also with increasing complexities in order to stay ahead of the competition. But, to manage these activities one needs to have a dedicated and a reliable integrated business application which can integrate both stores operation in the front-end and back-office at the back-end. Though the organizations have a legacy system running but these applications are not integrated, duplication of work cannot be avoided and hence on-line, accurate and up-to-date reporting is ruled out.
Hence there is a dire need to put in place an Integrated Business Solution that would present to the process owners and decision makers of organizations a seamless view of various functional domains viz. Retail Management, store management, sales management, purchase management, inventory & warehouse management and financial management with proper
The Integrated Business Solution is expected to fetch the following business benefits for the organization