BFSI GCCs play a pivotal role in shaping the businesses of the future and will act as a guiding map for organisations to start redesigning their offerings and influencing customer experiences.
The BFSI segment across the world has long been at the forefront of leveraging technology to drive its business. As the world was swept by the pandemic, it was no wonder that this industry was able to stand strong in the foundation of tech and rapidly enabled the world to turn digital.
BFSI GCCs in India have acted as a key lever to support the growing global needs and driving the transformation of the industry. 21 per cent of all GCC employees in India work in the BFSI sector, although BFSI GCCs only account for 12 per cent of the total number of GCCs. GCCs have served as engines for enterprise transformation and are gradually transitioning by reorienting their nature of work by moving from a volume to a value-based model by improving efficiency through AI/ML, automation and IoT, and establishing various niche global technology Centers of Excellence.
The repercussions were felt across industries such as technology, automotive, healthcare, travel, and retail, however the BFSI segment, despite being heavily regulated, was undoubtedly a leader in pivoting to an almost all-digital mode to maintain and enhance the connection with their customers.
The BFSI value chains are getting disrupted faster than ever
The global BFSI industry has experienced digital embedment across the business value chain while gearing up to provide an omnichannel customer experience while continuing to address emerging opportunities presented by new emerging players, the ESG focus and all while meeting the requirements of the regulators.
The Financial Services industry is at the epicenter of this change, influencing buying behavior, individual and business transactions across the global ecosystem. The industry has evolved and transformed its global service delivery model through establishing ‘Global Capability Centers’ (GCC). We intend to share how GCCs will be pivotal in shaping the businesses of the future and will act as a guiding map for organisations to start redesigning their offerings and influencing customer experiences.
Some of the other highlights of the BFSI GCC evolution include, the continued focus and specialization to meet regulatory compliance requirements and enforcement, consumerization demands, end-to-end experiences and personalization, excellence in cost containment and operational efficiency, facilitating the convergence of front and back-office operations through providing plug-and play platform services.
Led by India’s skilled talent-base and supportive government policies, BFSI GCCs in India have acted as a key lever to support the growing global needs and driving the transformation of the industry. This is accentuated by the fact that 21 per cent of all GCC employees in India work in the BFSI sector, although
BFSI GCCs only account for 12 per cent of the total number of GCCs
GCCs have served as engines for enterprise transformation and are gradually transitioning by reorienting their nature of work by moving from a volume to a value-based model by improving efficiency through AI/ML, automation and IoT, and establishing various niche global technology Centers of Excellence.
A NASSCOM KPMG in India Initiative, this report titled “BFSI GCCs – The Road Ahead” provides an overview of the BFSI-GCC landscape in India, how it has evolved and a sneak peek into the road ahead for this sector. The report has some interesting case studies of success stories and initiatives taken by BFSI GCCs around key transformation levers.
Download the report
About the Authors[author title=”” image=”http://”]Shalini Pillay is India Leader- Global Capability Centers Office Managing Partner, Bangalore KPMG in India
Sukanya Roy is Director GCC and BPM NASSCOM[/author]
Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members. This article was first published on KPMG India
