5 Essential Financial Transactions

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

Read more articles by TKWsIBF