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Crisis management is the application of strategies that help an organization to deal with a significant and sudden negative event. A crisis occurs as an outcome of an unexpected consequence of some event that had been considered as a potential risk. Crisis management helps the organizations to make the decisions quickly to limit damage to the organization.
BFSI crisis management is the project of managing or preventing a crisis in the business such as banking, insurance, and finance. It is important for companies to be prepared for any potential crisis so they can ensure customers are satisfied with how they handled it.
Increase in dependency on crisis management software & solutions among financial institutions and banks acts as a major driving force of the market growth, as it provides digitalized solutions, including fraud detection, minimizing business risks, and incident & compliance management.
The COVID-19 outbreak had led to partial or complete shutdown of production facilities in certain countries. It led to closure or suspension of production activities in industrial units around the globe. Due to the pandemic, various industries have either suspended or closed their operations in most parts of the world.
However, BFSI crisis management has witnessed a significant demand due to the increased use and adoption of online and traditional financial products and services across various countries. Several regions took actions against the spread of coronavirus, making BFSI crisis management providers more popular for developing innovative strategies to protect businesses dealing with large sums of money.
Advancement in customer experience toward availing financial products and services might provide beneficial opportunities. Also, several banks and financial institutions are investing in BFSI crisis management solutions for their business processes to increase a product line, which provide a profitable opportunity for the market growth.
The report will cover the following key insights:
Based on end-user, the market has been studied for banks, insurance companies, and financial service providers. The banks segment is expected to hold the largest share in the global BFSI crisis management market due to adoption of digital platforms and networked solutions.
Furthermore, key players in the market are providing crisis solutions to the banking sector to analyze and minimize business risks, improve incident, and detect fraud improve incident and document management. Crisis management in the banking sector offers automated solutions to boost customer satisfaction and efficiency.
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The global BFSI crisis management market is divided into five regions, North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is estimated to hold a major BFSI crisis management market share due to the presence of prominent crisis management services and software providers, increasing adoption of cloud-based solutions, and the COVID-19 pandemic.
The key players in the market include NCC Group, LogicGate, Inc., MetricStream, 4C Strategies, IBM, CURA, Everbridge, SAS Institute Inc., Deloitte, RQA Europe Ltd. and others.
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