IMPACT OF DISRUPTIVE TOOLS ON BANKING & INSURANCE SECTOR”

Abstract

During the course of this project, we aim to understand how certain tools that causes disruptions in various other industries impact the financial sector with special focus on Banking and Insurance. We try to understand the current processes being followed in these industries and how adopting these disruptive tools may increase efficiency and productivity of this industry. Financial Services refer to the services provided by the finance market, and also used to describe organizations that deal with the management of money. Today’s financial services institutions are under increasing pressure. Growing consumer confidence, regulatory change and the rise of fresh-faced FinTech startups means competition in the space is stiffer than ever before. As a result, businesses have to work harder and smarter to attract and retain clients. The project aims to understand the impact of Disruptive Tools on the Banking and Insurance Sector. Adopting these tools is the need of the hour to sustain in this highly competitive industry, grow profits and meet shareholders’ expectations as well as ensure that the customers’ demands are met with high levels of satisfaction at a minimum cost. This study identifies the level of inefficiency in the Banking & Insurance Industry, the current levels of adoption of these tools, and how adopting these tools will lead to increase in efficiency. Keeping these things in mind, the project was undertaken and careful analysis was done to measure the benefits and impact of the changes.