Background and Context

Banking, Financial Services, and Insurance (BFSI) firms are facing multiple environmental and business challenges due to the need for increased transparency, accountability, and risk management. This strict environment has led to an augmented focus on global sourcing strategies.

While BFSI companies leverage different sourcing models as per their objectives, the GIC model continues to be an integral component of this evolution. Through this report, Everest Group provides BFSI GIC-specific developments and insights that will guide the global sourcing managers in their sourcing decisions.

Scope

This research leverages Everest Group’s proprietary GIC database, the industry’s most comprehensive database on GICs. The analysis is based on BFSI GICs providing offshore delivery of global services and excludes shared service centers that serve domestic operations.

• Data from the GIC database and Everest Group’s experience in the GIC segment has been supplemented by interactions with BFSI GICs on key themes of the study
• This report is relevant to a broad set of stakeholders – buyers / parent organizations, service providers, GIC organizations, and industry influencers (investors, industry bodies, etc.)

Contents

The report provides a detailed analysis of the BFSI GIC industry in terms of the sourcing model adoption trends, market landscape, key delivery locations leveraged, functions served, and strategic trends.

• The first section of this report analyzes the sourcing model strategies and the GIC model adoption in the BFSI sector
• The second section analyzes the overall BFSI GIC landscape along with banking, capital markets, and financial services subsectors in terms of size, growth drivers, buyer portfolio, scale, extent of diversification, and key delivery locations
• The subsequent two sections are a deep dive into the location portfolio across India, Philippines, Rest of Asia (RoA), and Central and Eastern Europe (CEE), and offshore penetration across industry-specific Business Process Services (BPS), analytics, corporate functions, contact centers, and IT-Application Development and Maintenance (ADM) across the three subsectors within the BFSI vertical
• The last section is an assessment of the strategic trends observed in the BFSI GIC market, covering analytics, hybrid GIC governance model, rebalancing sourcing portfolio, and measurement & quantification of business impact beyond arbitrage