Capital Markets BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2016

5 Aug 2016
by Manu Aggarwal, Rajesh Ranjan, Robin Jain

Capital markets BPO continued to grow rapidly and achieved close to 15% revenue growth in 2015, led by investment banking. While the major growth regions are still the mature markets such as North America, United Kingdom, and Continental Europe, increased traction is being witnessed in Asia Pacific as more players look to develop a footprint in this fast-growing region.

The capital markets BPO landscape is undergoing a significant shift with technology trends such as Robotic Process Automation (RPA) disrupting the norm. Primary areas for RPA adoption are those activities that are rule-based and involve little role for judgment. As more and more of such activities get automated, service providers are looking for new avenues of growth such as more judgment-intensive offerings and utility-driven solutions. The service providers’ role has been broadened from a cost-reducing entity to an enabler of transformation through technology and innovation. Buyers are now looking to service providers to take a more consultative approach and move up the value chain by emphasizing on the value addition they can bring.

Scope and Methodology

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

  • Relative positioning of 19 service providers on Everest Group’s PEAK Matrix for capital markets BPO
  • Service provider capability assessment across key dimensions
  • Service provider comments


This report will assist key stakeholders (financial institutions, service providers, and technology providers) understand the changing dynamics of the capital markets BPO service provider landscape. It will also help them identify market Leaders, Major Contenders, and Aspirants for 2016. The report provides detailed analysis of the service provider market share, relative position on the Everest Group PEAK Matrix, and capability assessment. Some of the findings in the report are:

  • Cognizant, TCS, and Wipro emerged as the Leaders
  • Avaloq, Broadridge, Capgemini, eClerx, EXL, Genpact, HCL, Infosys, Mphasis, Syntel, Viteos, WNS, and Xchanging emerged as the Major Contenders
  • Hexaware, NIIT Technologies, and Tech Mahindra are the Aspirants on the PEAK Matrix for the capital markets BPO
  • With a strong performance during 2014-2015, Avaloq, Cognizant, and TCS were conferred the “Star Performers” title on the capital markets BPO PEAK Matrix for 2016
  • Avaloq is the largest capital markets BPO provider by revenue, while Xchanging has the highest number of clients
  • Cognizant, TCS, and Wipro together accounted for close to 55% of the total revenue growth that took place in the last year (2014-2015) in capital markets BPO by revenue
  • Cognizant and Wipro both witnessed a YOY revenue growth of over 20% in the capital markets BPO
  • “Leaders” appear consistently across most LoBs as the top providers by market share
  • North America is the largest buyer geography for capital markets BPO by revenue
  • “Leaders” have a significant presence as well as a more balanced footprint across major geographies

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