Banking, Financial Services
&Insurance
- Banking, Financial Services, and Insurance (BFSI) Mortgage is the branch of banking and
financial services that involves lending money to individuals and businesses to purchase
real estate. The mortgage market is enormous, with a global market size of $2.3 trillion
in 2016. The U. S. mortgage market alone is worth around $1.5 trillion. The primary
function of a BFSI mortgage lender is to provide funding for the purchase of property by
an individual or business. The lender then retains ownership of the property until it's
repaid or sells it on behalf of the borrower if they default on their repayments. A
mortgage loan may be provided by a bank, credit union, building society, or other
lending institution. Due to technological advancements, the banking, Financial Services,
and Insurance (Mortgage) industries have been evolving rapidly over the last few
decades. In addition, introducing new technologies such as A.I. has changed how this
industry operates daily. With AI assistance, banking, Financial Services, and Insurance
mortgage companies can focus more on what they do best-creativity and emotions instead
of wasting time on skill sets they don't have, such as data management or data analysis.