The global BFSI Business Process Outsourcing market is anticipated to grow at a significant CAGR of 9.6 % during the forecast period. Technology is transforming the BFSI sector, providing better reach, customer engagement, and improved customer experience. Digital platforms have enabled speed, efficiency, and transparency to ensure high levels of end-user satisfaction. Furthermore, the increasing adoption of digitization by BPO companies during the pandemic enabled BFSI to regain customer trust and establish a connection with clients through affordable, accessible, and accurate business operations. Moreover, institutions are seeking to digitalize their core processes to leverage the advantages of operational efficiency and reduced costs. Outsourcing of BFSI digitalization can be beneficial for institutions to ensure a seamless digital transformation. SBL Corp. states that it has innovative solutions to meet the digitalization needs of the BFSI sector, developed through years of research and backed by extensive exposure to the vertical.
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Impact of COVID-19 Pandemic on Global BFSI Business Process Outsourcing Market
Every business across the world has been affected by the adverse impact of the Covid-19 pandemic. BFSI is rightly placed to help customers recover from the pandemic’s economic impact. Banks are simultaneously improving customer support by driving and sustaining the adoption of digital banking and encouraging outsourcing. Banks and other financial institutions are emphasizing optimizing their business operations by leveraging cloud-based applications and social media networking. Effective utilization and transformation of the data will assist the banks in gaining more customers and will improve customer satisfaction which will lead to long-term productivity.
Segmental Outlook
The global BFSI Business Process Outsourcing market is segmented based on the service type and enterprise size. Based on the service type, the market is sub-segmented into finance and accounting, HR, KPO, procurement, customer services, and others. Based on the deployment model, the market is bifurcated into the cloud and on-premises. Based on the enterprise size, the market is augmented into large size enterprises and small & medium-size enterprises. Among all segments, the HR segment is expected to hold a considerable share in the market. A surge in demand to perform billing services, accounts payable, receivables, and other financial services by HR managers is the key factor propelling the growth of the business process outsourcing market over the forecast.
by Service Type (Finance & Accounting, HR, KPO, Procurement, Customer Services, and Others),
by Deployment Model (Cloud and On-Premises), and
by Enterprise Size (Large Size Enterprises, and Small & Medium Size Enterprises) for the Forecast
Market Players Outlook
The major companies serving the global BFSI Business Process Outsourcing market include Accenture Plc, Capgemini SE, Genpact Ltd., Concentrix Corp., EXL Service, Firstsource Solutions Ltd., IBM Corp., Invensis, Intetics, NTT Data Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, BygC launched India’s first upskilling-focused community platform for banking and financial services. BygC’s mobile app (currently available on Android) is aimed at benefiting young aspirants keen on starting and building their careers in the country’s huge BFSI sector which includes banks, insurance companies, mutual funds firms, broking, wealth & portfolio management firms, BFSI GCCs (Global Capability Centres) and even fintech, among others.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global BFSI business process outsourcing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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