To make financial services easily available to every Indian, India’s top professionals came together under the Bankers Meet Forum to create BFSI Vision 2022. The deliberations led to a unanimous conclusion that future growth of financial services will be rooted in a BFSI Ecosystem that enables, educates and empowers every Indian to carry out essential financial transactions. 5 most common financial transactions required every day are,
Pay – The most ancient financial transaction of paying a currency in barter for goods or services.
Save – Keeping aside a part of present income in cash or equivalent assets for known and unknown future financial needs.
Invest – Using money to purchase assets with the aim of earning future returns or price appreciate
Insure – A small risk premium paid against the promise of compensation for a specific potential future loss.
Borrow – A transaction in which the borrower takes a payment with a promise of returning it with interest in smaller repayments over a fixed schedule.
Creation of such an ecosystem will require concentrated efforts on 4Ps of BFSI