Banking BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2015

31 Aug 2015
by Amardeep Modi, Rajesh Ranjan



Banking BPO is the largest and the most mature market within BFSI BPO. As regulatory bodies increase their oversight on banks’ activities, cost of compliance for banks will continue to rise, generating newer opportunities for BPO providers to help reduce the same. This, coupled with newer entrants in the space (for instance, small banks), is also causing a spike in the demand for banking BPO services. Buyers are now looking towards service providers to deliver more than just cost savings. Services and tools to ensure compliance and prevent banks from faltering in the future are increasingly gaining prominence. However, service providers still need to prove their capabilities to buyers, before a widespread adoption can be witnessed. As buyers mature, they will look at leveraging process automation as the next means of cost reduction and optimizing operational efficiency. With a progressively changing landscape, service providers will be required to make the right set of investments to innovate and stay competitive. At the same time, buyers need to identify the providers who clearly understand their unique business challenges and can help mitigate the same.

PEAK Matrix

Scope and Methodology

In this research, we analyze the global banking BPO service provider landscape. We focus on:

  • Relative positioning of 23 service providers on Everest Group’s PEAK Matrix for banking BPO
  • Analysis of service providers’ market shares
  • Service provider comments

Market Share


This report will assist key stakeholders (financial institutions, service providers, and technology providers) understand the changing dynamics of the banking BPO service provider landscape. It will also help them identify market Leaders, Major Contenders, and Aspirants for 2015. The report provides detailed analysis of the service provider market share, relative position on the Everest Group PEAK Matrix, capability assessment, and Everest Group’s remarks on service providers highlighting their key strengths and development areas.

Some of the findings in the report are:

  • Accenture, Genpact, TCS, and Wipro emerged as Leaders
  • Avaloq, Cognizant, CSC, Equiniti, EXL, HCL, HP, IBM, IGATE, Infosys, Mphasis, Serco, Sutherland Global Services, Syntel, WNS, and Xerox emerged as Major Contenders
  • NIIT Technologies, Polaris, and Tech Mahindra are Aspirants on the PEAK Matrix for banking BPO
  • TCS, Genpact, and Xerox are the top three largest banking BPO service providers by revenue, whereas Xerox, Genpact, and Wipro have the largest number of clients
  • HCL, Sutherland Global Services, TCS, and Wipro are identified as “Star Performers” on the banking BPO PEAK Matrix for 2015, based on their strong performance during 2013-2014
  • Genpact and TCS have a dominating presence across all banking BPO LoBs and invariably feature among the top two providers by market share
  • Lending shows the highest level of competitive intensity among all the banking BPO LoBs due to its larger size and broader set of requirements
  • Competitive intensity is the highest in developed geographies such as North America and United Kingdom, whereas the emerging geographies, such as Asia Pacific and Continental Europe, are dominated by a handful of players

Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.


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