Finance: banking, insurance, markets

Stratum 5 · Information and capital

Finance: banking, insurance, markets

Finance moves, stores, lends, insures and invests money for households, firms and governments, through banks, insurers, markets and the payment and settlement rails beneath them. Banks earned about US$ 6.4 trillion in revenue before risk costs in 2025 and net income of about US$ 1.3 trillion (McKinsey), and insurers wrote about US$ 7.8 trillion of premiums in 2024 (Swiss Re). Fintechs now take 17% of the combined revenue of the top 1,000 banks and fintechs, up from 10% in 2021.¹

India. India's digital payments rail is world class: UPI processed about 241.6 billion transactions worth ₹314 lakh crore in 2025-26⁴. Insurance is the gap: India is the 10th largest market at US$ 141 billion of premiums in 2024², but penetration has been stuck at 3.7% of GDP³.

Where ₹100 of finance: banking, insurance, markets output goes

Where ₹100 of finance: banking, insurance, markets output goes Every rupee of sales is paid out to someone along the chain. This splits ₹100 of output by who finally receives it, so you can see how exposed the industry is to commodity, chemical and energy prices. Commodities ₹1.3 Chemicals ₹0.1…

Price links with supplier industries

Price links with supplier industries How the industries this one buys from shape its prices: the share of its costs they make up, and how their prices have moved together. Tap a row for the charts. Hover or tap ? for what each measure means. Supplier industry Cost share Raw-material mix…

Follow one offering through the chain

Follow one offering through the chain 5 Example story · 6 steps · India A monthly mutual fund SIP paid by UPI Follow one month's SIP instalment from the RBI's rulebook to units in your name. 1 / 6 · Rules and money The RBI writes the auto-debit rules ₹1 lakh OTP-free limit for fund SIP debits Your…

Buys directly from

Buys directly from Software and IT services Real estate Depends on through its suppliers Building materials Computers and electronics Construction and infrastructure Data centres and cloud Electrical equipment Machinery and equipment Metal products Plastic and rubber products Semiconductors…

Value chain, from upstream to the customer

Value chain, from upstream to the customer Criticality to the chain: 5 · Chokepoint 4 · Critical 3 · Important 2 · Supporting 1 · Commodity service Stage 1 Rules and money Central banks and financial regulators 5 · Chokepoint Issue currency, set interest rates, supervise banks, insurers and…

What the whole chain draws on

What the whole chain draws on Every commodity, chemical and energy tile named by the enterprises above; ×n shows how many of them depend on it. Open any tile for its full detail. Commodities (2) Au Gold ×4 Ct Cotton Chemicals (2) Pig Organic pigments PVC PVC Energy (4) DC Data centres ×9 Bld…

Chokepoints and risks

Chokepoints and risks Payment-rail concentration: UPI runs through one operator, and two apps (PhonePe and Google Pay) carried 79% of its volume in May 2026 4 , 5 . Cyber and cloud dependency: banks spend more on technology than the next four sectors combined, so a vendor or cloud outage can…

Sources

Sources Global Banking Annual Review 2026: Precision with speed McKinsey & Company, 2026 Global insurance market 2024 turnover (reporting Swiss Re sigma 2/2025) Atlas Magazine, 2025 India's insurance penetration needle remains flat at 3.7% in 2024-25 (reporting IRDAI Annual Report 2024-25)…

Relationship cards

• Software and IT services: Banks, insurers and payment systems run on software, and they are in turn the largest client group of India's IT firms: banking, financial services and insurance were about a third of TCS revenue in Q2 FY26, while a single vendor failure in 2024 cut off payments at hundreds of small banks. (researched)
• Gold: Gold is a financial asset as much as a metal: central banks hold it as reserves, funds hold it for clients, and Indian lenders take it as loan collateral, so the gold price moves reserve values, fund flows and the size of India's gold loan book together. (researched)
• Real estate: Real estate runs on borrowed money and finance runs on property collateral: home loans were about a sixth of Indian bank credit in FY25, so property prices and RBI risk weights feed straight into bank capital and lending. (researched)
• Computers and electronics: Finance: banking, insurance, markets buys from Computers and electronics; computers and electronics buys from Finance: banking, insurance, markets; computers and electronics depends on finance: banking, insurance, markets; finance: banking, insurance, markets depends on computers and electronics.
• Data centres and cloud: Finance: banking, insurance, markets buys from Data centres and cloud; data centres and cloud buys from Finance: banking, insurance, markets; data centres and cloud depends on finance: banking, insurance, markets; finance: banking, insurance, markets depends on data centres and cloud.
• Telecommunications: Telecommunications buys from Finance: banking, insurance, markets; finance: banking, insurance, markets buys from Telecommunications; telecommunications depends on finance: banking, insurance, markets; finance: banking, insurance, markets depends on telecommunications.
• Vehicles, ships, rail, aircraft: Finance: banking, insurance, markets buys from Vehicles, ships, rail, aircraft; vehicles, ships, rail, aircraft buys from Finance: banking, insurance, markets; vehicles, ships, rail, aircraft depends on finance: banking, insurance, markets; finance: banking, insurance, markets depends on vehicles, ships, rail, aircraft.
• AI and digital platforms: AI and digital platforms buys from Finance: banking, insurance, markets; AI and digital platforms depends on finance: banking, insurance, markets.
• Aerospace and defence: Aerospace and defence buys from Finance: banking, insurance, markets; aerospace and defence depends on finance: banking, insurance, markets.
• Building materials: Building materials buys from Finance: banking, insurance, markets; building materials depends on finance: banking, insurance, markets.
• Construction and infrastructure: Construction and infrastructure buys from Finance: banking, insurance, markets; construction and infrastructure depends on finance: banking, insurance, markets.
• E-commerce and digital marketplaces: E-commerce and digital marketplaces buys from Finance: banking, insurance, markets; E-commerce and digital marketplaces depends on finance: banking, insurance, markets.
• Education and research: Education and research buys from Finance: banking, insurance, markets; education and research depends on finance: banking, insurance, markets.
• Electrical equipment: Electrical equipment buys from Finance: banking, insurance, markets; electrical equipment depends on finance: banking, insurance, markets.
• Food and beverage processing: Food and beverage processing buys from Finance: banking, insurance, markets; food and beverage processing depends on finance: banking, insurance, markets.
• Furniture: Furniture buys from Finance: banking, insurance, markets; furniture depends on finance: banking, insurance, markets.
• Healthcare services: Healthcare services buys from Finance: banking, insurance, markets; healthcare services depends on finance: banking, insurance, markets.
• Hospitality and tourism: Hospitality and tourism buys from Finance: banking, insurance, markets; hospitality and tourism depends on finance: banking, insurance, markets.
• Household and personal care: Household and personal care buys from Finance: banking, insurance, markets; household and personal care depends on finance: banking, insurance, markets.
• Machinery and equipment: Machinery and equipment buys from Finance: banking, insurance, markets; machinery and equipment depends on finance: banking, insurance, markets.
• Medical devices: Medical devices buys from Finance: banking, insurance, markets; medical devices depends on finance: banking, insurance, markets.
• Metal products: Metal products buys from Finance: banking, insurance, markets; metal products depends on finance: banking, insurance, markets.
• Paper and packaging: Finance: banking, insurance, markets buys from Paper and packaging; finance: banking, insurance, markets depends on paper and packaging.
• Pharmaceuticals: Pharmaceuticals buys from Finance: banking, insurance, markets; pharmaceuticals depends on finance: banking, insurance, markets.
• Professional services: Professional services buys from Finance: banking, insurance, markets; professional services depends on finance: banking, insurance, markets.
• Public administration, defence and security: Public administration, defence and security buys from Finance: banking, insurance, markets; public administration, defence and security depends on finance: banking, insurance, markets.
• Transport and logistics: Transport and logistics buys from Finance: banking, insurance, markets; transport and logistics depends on finance: banking, insurance, markets.
• Waste and recycling: Waste and recycling buys from Finance: banking, insurance, markets; waste and recycling depends on finance: banking, insurance, markets.
• Water and sanitation: Water and sanitation buys from Finance: banking, insurance, markets; water and sanitation depends on finance: banking, insurance, markets.
• Wholesale and retail trade: Wholesale and retail trade buys from Finance: banking, insurance, markets; wholesale and retail trade depends on finance: banking, insurance, markets.
• Wood products: Wood products buys from Finance: banking, insurance, markets; wood products depends on finance: banking, insurance, markets.
• Cotton: Finance: banking, insurance, markets depends on cotton.
• Data centres: Finance: banking, insurance, markets depends on data centres.
• Distribution grids, mini-grids and interconnectors: Finance: banking, insurance, markets depends on distribution grids, mini-grids and interconnectors.
• Energy in buildings: Finance: banking, insurance, markets depends on energy in buildings.
• Internal combustion engines and gensets: Finance: banking, insurance, markets depends on internal combustion engines and gensets.
• Organic pigments: Finance: banking, insurance, markets depends on organic pigments.
• PVC: Finance: banking, insurance, markets depends on PVC.