The financial services sector has been one of the pillars of the Indian economy and has contributed substantially to the country’s gross domestic product (GDP). The term ‘financial services’ refers to the entire spectrum of economic services that are provided by various financial institutions such as banks, insurance companies, trading houses, consumer finance companies and other government-funded organisations. Financial services industry is also very sensitive in the sense that the entire country’s economy is co-related to its growth path. Recent years have witnessed a high rate of growth for applications related to enterprise software and IT upgradation is a major part of the entire banking and retail finance scenario. What is also noticeable is an increased focus on financial and administrative services and customer relations. Faced with stiff competition, financial institutions have become much more customer-centric than before. Hide this