BFSI GICs: Orchestrating Their Way to Digital Growth

While digital adoption has been part of the strategy of BFSI GICs for some time, its broad-based emergence in the past few years is offering a new and powerful tool to the GICs to create compelling avenues for next wave of productivity and value addition for their parent enterprises. Digital adoption not only holds the promise of providing unique opportunities to transform low-value work for GICs, but also offers new ways to generate higher-value activities and drive innovation. During 2015-2017, GICs, especially in the BFSI vertical, have made multiple rounds of investments to embrace digital technologies, recalibrate talent models and foster a culture of innovation in their organizations. This report looks at the evolution of their journeys, current state of digital adoption, key challenges faced and best practices adopted. The report would assist BFSI enterprises and GIC leadership to understand the next wave of opportunities offered by this disruptive wave of digital services and associated challenges faced by peer GICs.

Scope and methodology

  • The scope of the analysis includes six digital segments – social & interactive, mobility, analytics, cloud, Robotic Process Automation (RPA), and miscellaneous (e.g., Internet of things and cybersecurity)
  • The research is anchored on interactions and/or RFIs with 15+ leading BFSI GICs, augmented with Everest Group’s expertise and proprietary GIC databases that are updated quarterly with new setups and expansions/contractions of both GICs and service providers
  • The report analyzes the overall landscape and current state of digital adoption in BFSI GICs in terms of market size and key trends by digital segments, sourcing models, and delivery geographies
  • The report also assesses digital maturity of GICs across five key dimensions – size & adoption, talent, organization & governance, ownership & demand management, and innovation
  • Further, the report covers major challenges to deployment of digital adoption in BFSI GICs and case studies about best practices adopted by leading GICs
  • Finally, the report highlights calls-to-action for BFSI GICs with regards to adoption of digital services and lays down our predictions for the market

Contents

The report provides detailed information and analysis of the current landscape of the digital service delivery across BFSI GICs and is structured along the following sections:

  • Market overview of digital adoption in BFSI GICs (This section includes split of GIC digital market and BFSI GIC digital market by sourcing model, digital segments, and delivery geographies)
  • Digital maturity assessment across both subverticals – Banking & Financial Services (BFS) and Insurance
  • Framework to assess GIC digital maturity across five key dimensions
  • Challenges and learnings from best-in-class BFSI GICs
  • Call to action for GICs and Everest Group’s perspectives on industry’s outlook

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