The Banking, Financial Services, and Insurance (BFSI) industry is the largest employer of the offshore/nearshore Global Business Services (GBS) delivery model, employing approximately 35% of the total GBS Full Time Equivalents (FTEs) across 500+ centers. The industry heavily leverages the GBS model to deliver functions such as Business Process Services (BPS), Information Technology (IT), and digital services (e.g., analytics, cloud, cybersecurity), among others. Following the pandemic, BFSI enterprises have increasingly adopted the GBS model to go beyond the usual delivery of transactional services and drive digital transformation for the enterprise. Dedicated Centers of Excellence (CoEs) are being set up at these GBS centers to capitalize on the deep domain and technical skills at these locations. This research leverages Everest Group’s rich proprietary GBS database – the industry’s most comprehensive database on GBS centers – and studies BFSI GBS centers that provide offshore/nearshore delivery of global services. The report will be relevant for a broad set of stakeholders – buyers / parent organizations, service providers, GBS organizations, and industry influencers, such as investors and industry bodies. Scope • Industry: BFSI • Geography: global, with focus on India and Nearshore Europe • This report studies BFSI GBS centers that provide offshore/nearshore delivery of global services. It excludes shared service centers that service domestic operations Contents In this report, we study: The offshore/nearshore BFSI GBS market landscape, covering market size, growth (new setups and expansions), distribution by source and delivery geography and function, adoption levels of digital services (analytics, cloud, etc.) Key themes (hybrid workways, employee well-being, etc.) that gained importance in 2020-21 Major delivery geographies – India and Nearshore Europe; we share location snapshots, market footprint (key players, top locations, etc.), GBS center distribution and adoption trends by function, sub-function, and digital services delivered, and the key value propositions Key themes (such as agility and platform-led innovation) that are shaping and re-defining the role of BFSI GBS centers, complemented by use cases Membership(s) Catalyst™ Global Business Services (GBS) and Shared Services

This report is available only to GBS & Shared Services members. For information on membership, please contact us Global banking, financial services, and insurance firms are modernizing their IT systems by adopting enterprise platforms to create superior customer experience, reduce latency, improve efficiency, manage regulations, and adopt next-generation technologies. These firms, however, face significant challenges in adopting platform-based technologies due to the burden of legacy infrastructure, talent shortages, and resistance to change. Global Business Services (GBS) organizations are helping their parent enterprises resolve these issues and adopt a structured approach to platform modernization by investing in talent development, proprietary solutions and accelerators, thought leadership, and design thinking. Scope Industry: BFSI Geography: Predominantly India Content In this report, Everest Group highlights the growing importance of platformization, with special emphasis on the increasing role that GBS organizations play in the space. In particular, we address the following topics: What are the key themes driving platform adoption? What are the benefits and challenges that BFSI firms face in adopting enterprise platforms? How are GBS organizations addressing these challenges? Success stories and market perspective A platform modernization roadmap and approach

On July 23, Everest Group hosted a webinar titled, "Insourcing: New Motives and Best Practices for Success." As they plan recoveries and fortify business continuity plans, many business leaders are seeking to rebalance their sourcing model with a heavy emphasis on insourcing. If you are among the companies planning this shift of service delivery from third parties to a shared services / global business services model, you will want to gain a deep understanding of the potential strategic and operational benefits, as well as the pitfalls. Join us in this session to hear the range of considerations and best practices. You’ll get answers to questions such as: Why is insourcing on the rise? What are the traditional and current triggers to insource? What key factors should you use to determine if you should insource? What are the potential strategic and operational benefits of insourcing? How do you chart a successful insourcing journey? What are lessons learned from similar companies as they undertook insourcing journeys?

This report is available only to GICs & Shared Services members. For information on membership, please contact us GICs have a unique view that enables them to see their organizations both from the outside looking in and the inside looking out. As a result, they are able to offer strategic insights to orchestrate enterprise-wide innovation. Our emerging analysis shows that more and more enterprises are leveraging their GICs to partner with start-ups to source innovation ideas across their products and services portfolios. As enterprises/GICs leverage these partners across various stages of the innovation cycle, articulating the key objectives and defining what success looks like for the collaborating partners is increasingly critical. Scope and Content This Accelerator illustrates three critical aspects of designing and driving an effective collaboration program with startups The various roles GICs can play in driving collaboration with startups Key design elements that GICs must articulate and align with the overall enterprise objectives Pitfalls to avoid during the implementation stage

The GIC Setup Guide is available only to Strategic Outsourcing & Vendor Management and GIC & Shared Services members. For information on membership, please contact us As companies look to join the Do-It-Yourself (DIY) bandwagon through the Global In-house Center (GIC) model, a range of elements need to be considered to optimize the time and effort that goes into setting up a GIC and to achieve the desired objectives. Successful enterprises adopt an intentional approach to setting up the GIC, as they think long-term and articulate the role of the GIC and their business impact. During the implementation, enterprises evaluate different setup options available, assess the financial impact, and key risks inherent within each option. This document provides a summary of the key asks that every enterprise needs to think through before embarking on the journey of setting up a new GIC. These include: Understanding the potential of insourcing and the extent of market adoption Articulating the business objectives, the role that your GIC is likely to play, and the business impact that is expected to be delivered Defining the nature and complexity of services to be delivered by the GIC Evaluating different setup options (e.g., location, talent model, and commercial & legal options) and corresponding pros and cons Assessing the financial impact of setting up and operating a GIC Preparing the implementation blueprint (e.g., timeline, sequencing of activities, vendor selection & coordination, and operating & governance model) The document further illustrates select aspects of a new GIC setup in India including prevalent commercial setup options (e.g., SEZ) and pros and cons of setting up as a Limited Liability Partnership (LLP) vs. Wholly-Owned Subsidiary (WOS), and typical setup timeline for a de novo GIC.

Everest Group’s Next Wave Location Profiles provide crisp, yet insightful assessment of emerging / “Next-wave” countries or cities for services delivery. These reports help global sourcing practitioners or location strategy professionals stay ahead of competition in understanding global sourcing opportunities in “Next-wave” locations. This report on Johannesburg offers perspectives on key dimensions that impact its relative attractiveness, including: Key drivers, challenges and untapped opportunities for global sourcing industry Talent and skills availability (at both entry and experienced levels) Depth and maturity across functions Financial attractiveness (including wage inflation and attrition) Delivery presence of enterprises and service providers Key languages supported Key environment risks (e.g., macroeconomic, geopolitical, infrastructure, safety and security, legal and regulatory) Next Wave Location Profiles, along with other reports in Everest Group’s Locations Insider™ subscription, make up the industry’s most comprehensive resource on location trends and perspectives. Subscription to the Locations Insider™ provides up-to-date and actionable insights to base companies’ location decisions and strategy. Membership(s) Locations Insider™

Today, "customer-centricity" is the single most significant aspect of product development and service delivery. GICs, a quintessential part of the global service delivery ecosystem, are cognizant of this fact, and many are looking to achieve customer centricity through cross-functional collaboration across IT and operations to achieve benefits such as orientation to customer needs, faster time-to-market, and complimentary digital and transformation agendas of the enterprise. Most importantly, however, is the fact that driving collaboration across IT and operations is a sweet spot for GICs. Our continued focus on global services delivery and interactions with GICs in this space has helped us in understanding their approach and criteria for shortlisting opportunities for cross-functional collaboration. For many, achieving cross-functional collaboration through structural enablement, i.e., collapsing teams into newer functional units, is difficult given their tighter alignment with the global vertically-aligned Business Units (BUs). While there are other constraints as well (such as funding such initiatives at the GIC-level and internal resistance), GICs have successfully tested different approaches and continue to look beyond the challenges to provide the right environment for testing opportunities identified for cross-functional collaboration. This viewpoint discusses how GICs are the best placed to drive enterprises’ cross-functional collaboration agendas and explores different approaches GICs are practicing. Scope and Content This report presents views on the following topics: Cross-functional collaboration – key benefits and objectives Key attributes that GICs can leverage in driving the enterprise's cross-functional collaboration agenda Current market view on cross-functional collaboration in GICs – prevalent approaches to execution and best practices followed Cross-functional collaboration – future outlook Membership (s) Location Insider™ Market Vista™

Assessing relative differences in productivity across locations is of significant relevance to firms that leverage an integrated global delivery model across offshore, nearshore, and onshore locations. In addition, the looming prospect of increasing barriers to offshoring/nearshoring, such as border tax on services, immigration reform, and H-1B visas, is shifting the focus away from labor-arbitrage model to productivity gains. Everest Group conducted a targeted research to assess relative differences in productivity across locations. This covered leading enterprises, service providers, and Global In-house Centers (GICs) supporting contact center work. Our research highlights that while there are location-specific variations in resource (agent) productivity, there is no consistent trend of agent productivity varying by categories of locations (i.e., onshore vs. offshore/nearshore). Agent productivity in contact centers is influenced by multiple factors, of which average call handling time and agent utilization are location-dependent. Even after normalizing for other factors that are not significantly location-dependent (i.e., nature of business, work mix, and scale of operations), there is no evidence to suggest that agent productivity is higher in onshore locations compared to offshore/nearshore locations. This viewpoint explores location-dependent factors contributing towards resource productivity and concludes that it is important to recognize that most of the productivity is actually impacted by internal factors that firms can optimize and are not location-dependent. Finally, it is worth mentioning that no single metric is sufficient to fully capture productivity, and it is important to consider a holistic dashboard that incorporates both efficiency and effectiveness. Scope and Content This report presents views on the following topics: Why is there an increase in interest in assessing differences in productivity across delivery locations? Framework for the research The boundary conditions and key focus areas Components of resource (agent) productivity Location-dependent factors Key findings and takeaways from the research Membership (s) Contact Center Outsourcing Locations Insider Market Vista

Enterprises face many challenges as they seek next-generation models to add value and better manage risk. In addition, the external environment is no longer static anymore – there are technology disruptions, changes in the geopolitical arena, regulatory developments, etc., – all of which add to the complexity in formulating and implementing a global sourcing strategy. Therefore, it is no surprise that many enterprises today have (or aspire to have) a dedicated, high-performance global sourcing Center of Excellence (CoE) that understands the sourcing needs (demand), the risks associated with services delivery (supply), and, in some cases, even has the necessary buy-in from the enterprise to drive sourcing decisions (e.g., location strategy, vendor selection, and performance management) at multiple levels (e.g., deal, portfolio, and/or enterprise-level). At Everest Group, our continued focus on global services delivery and interactions with stakeholders in this space has helped us in understanding key responsibilities shouldered by CoEs of leading enterprises. In fulfilling these responsibilities, these CoEs take on one of the two distinct roles at the enterprise-level – “helper” or “shaper.” Our assessment further suggests that while most CoEs continue to play the role of a “helper” at an enterprise-level, many have transitioned to, or aspire to become advisors in select areas of expertise – a trend that is likely to continue over the next few years as global sourcing activities reach greater scale/saturation and complexity. This viewpoint explores the responsibilities that a global sourcing CoE is entrusted with, the typical roles played by it, and variations therein across enterprises. It also opines on the benefits that are likely to accrue to an enterprise by having CoEs that take on a more prominent role (“shaper”) as opposed to one (“helper”) where they are involved in mostly implementing global sourcing decisions. Scope and Content This report presents views on the following topics: Global sourcing Centers of Excellence (CoE) – key responsibilities Global sourcing Centers of Excellence (CoE) – key roles – “helper” vs. “shaper” Global sourcing CoEs – current role and future outlook Key benefits for an enterprise with a CoE Membership(s) Global Sourcing

Traditionally, offshoring in procurement function was limited as labor arbitrage was not a key value creation lever. However, over the recent years, adoption of the offshore in-house model for delivery of procurement services has gained acceptance and this is driven by factors invoking both pull and push forces. The Global In-house Center (GIC) market for delivery of procurement services is still nascent with a share of less than 5% in the overall GIC market (in FTEs).The market has evolved and continues to witness increasing penetration of transactional Procure-to-Pay (P2P) processes, improved collaboration with the F&A accounts payable function, and significant process ownership and management of spend across multiple, non-core spend categories. This market has grown consistently, although there are differences in achievement of procurement process maturity across GICs of different industry verticals. Additionally, there is differentiation amongst GICs across the key operating model elements, with the leading best-in-class GICs setting examples in technology adoption and use of analytics to perform activities beyond descriptive analytics. While GICs continue to face tough competition from service providers, they have demonstrated that, similar to other functions, they can play the role of a trusted value-adding partner in delivering procurement processes of both transactional and complex nature. This report provides an assessment that covers the current landscape of procurement services delivery from GICs, various themes of evolution of procurement services delivery, and operating model elements along with a forward-looking view of the expected transformation of delivery. Membership(s) Global Sourcing