The BFSI sector is an umbrella term for companies that provide a range of financial products or services, including banking, financial services, and insurance. The sector comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds, and other smaller financial entities. The banking part of BFSI may include core banking, retail, private, wealth, corporate, investment, and cards, while financial services may include stock-broking, payment gateways, wallets, and mutual funds. Insurance covers life insurance, term insurance, and general insurance. The BFSI sector is responsible for providing money to the market by transferring funds from savers and investors to other entities in the form of loans and investments. The sector has transformed on a global level and is now being driven by technology, with digitization being the primary factor responsible for the BFSI revolution. The BFSI industry faced serious turmoil during the early 21st century, when a series of crises like the subprime mortgage crisis in the US and the Great Recession worldwide gave a huge setback, resulting in negative growth. However, a 2013 report said that the industry was coming back on track.