BFSI stands for Banking, Financial Services, and Insurance. It is an acronym used to define companies that provide a range of financial products or services. The BFSI industry comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds, and other smaller financial entities. The industry provides a range of financial services such as core banking, retail, private, wealth, corporate, investment, and cards. Financial services may also include stock-broking, payment gateways, wallets, and mutual funds. Insurance covers life insurance, term insurance, and general insurance.

The BFSI industry is heavily regulated by data security, privacy, anti-money laundering (AML), Know Your Customer (KYC) procedures, and financial reporting. The industry is complex and requires domain expertise to understand the various components and their interactions. The BFSI field generally prefers safety, traditionality, and practicality, but it has recently embraced more cutting-edge features like blockchain, AI, or biometric authentication.

In summary, BFSI is an acronym for Banking, Financial Services, and Insurance, which refers to companies that provide a range of financial products or services. The industry comprises various financial entities and provides a range of financial services such as core banking, retail, private, wealth, corporate, investment, and cards. The BFSI industry is heavily regulated and requires domain expertise to understand its various components and interactions.