Banking and financial services are primarily designed to avail a large section if not the whole population in managing their finances. Further, the banking industry includes commercial banks, investment banks, and other financial institutions offering a broad range of services, such as savings accounts, checking accounts, credit cards, and loans. While commercial banks are the most common type of bank and provide services to individuals and businesses, including deposit accounts, loans, and credit cards, investment banks specialize in providing advice and assistance to corporations and governments on complex financial transactions, such as mergers and acquisitions, underwriting securities offerings, and managing large investment portfolios.
The insurance segment of financial services has off late been ridden with turbulences that are making it vulnerable to threats and disruption. The huge volume of data, its security and privacy concerns, managing false claims, growing digitization, the unpredictability of geo-political situations worldwide, lack of end-to-end oversight, and changing consumer expectations are challenging the insurance industry. Amongst false claims, life insurance is the top area of fraud, with a valuation of USD 74.7 billion, followed by property and casualty insurance valued at USD 45 billion as of 2021.
Nevertheless, there is no dearth of profitable growth and development. Considering the vastness of the industry and the incorporation of technology, humongous opportunities can be explored. Banks are already taking the technological route toward growth. With ‘Smart’ the newfound catchword for products and services, banks are also joining the bandwagon by adopting digital technologies for insurance-buying and claims processes. It includes online insurance marketing, online insurance quotes, mobile apps for managing policies and leveraging data analytics to make the process smooth and efficient. Moreover, a few banks are increasingly offering bundled service packages of banking and insurance services. This is going a long way in making customers manage their financial services conveniently in one place and thereby increasing customer loyalty. Apart from that the personalization and customization of insurance policies to suit every individual needs and preference is also a major boost to the insurance spectrum of banking and financial services. Banks are also collaborating with insurance companies and insurtech startups to offer customers better deals.
However, uncertainty still lurks as one shoe will not fit every foot. All these opportunities need to be accurately evaluated with proper research and in-depth analysis. We at Research Nester bring you in-depth market analysis based on current and estimated statistics to guide you in making well-informed decisions related to the banking and financial services industry. It prepares the groundwork with all the required global and regional data and statistics in its reports to facilitate on-point investments and better decision-making. With all the vital information, a strong foundation is laid out to go ahead with the road map of reduced risks and profitable investments.
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Rising concerns for inflation, fear of recession, contracting revenues, shrinking profit margins, and growing cost pressure on logistics and supply chain has posed a profound stress test for every business organizations globally. We’re helping our clients by delivering integrated solutions based on thorough research, benchmarking, analysis, and strategic discernment to help businesses overcome these challenges and unearth hidden opportunities for sustainable growth and value creation over the coming years.
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A Reputed Provider of Blockchain Services in BFSI, United States
We wanted to dive deep into blockchain and its opportunities for our organization. We reached out to Research Nester whose consultants provided us with a customized research solution. With both the organization’s leadership, we were able to expand our business portfolio.
Product Designer
A Prominent Insurance Service Provider, United States
Our team of leaders in the product designing department wanted to understand the dynamic regulatory standards applicable for sales of insurance products across nations globally. We thank Research Nester and their entire team who coordinated with our members as and when required and provided us with their research offerings.
Business Strategy Head
A Leading Financial Security Services Provider, United States
We had the need to understand the performance of one of our security solutions that we offer to financial organizations. We approached Research Nester who offered us their product analysis as well as supply and demand analytical reports. With these insights, we were able to frame effective strategies for our sales team.
Partner – Business Strategy
A Wealth Management Services Provider, Canada
We asked Research Nester to provide us with a customized research solution for one of our wealth management products. We were highly satisfied with their team’s professional approach and how effectively they stick to their deadlines.
Business Development Associate
Renowned Financial Services Provider, Germany
We needed comprehensive insights on financial acquisitions in our organization. Research Nester and their team of consultants, made sure to listen to our concerns, and feedback and provided us with an analytical report that helped us safeguard our financial interests. They are extremely professional and highly competent.
