The FCC operations space is a fast-growing area within the banking and financial services segment. Banks and other financial institutions are grappling to meet the tightening regulatory norms as well as safeguard themselves from financial crimes, all while maintaining their operational costs. Increasing sophistication of money laundering activities, followed by an increasing severity of repercussions of being non-compliant with regulations, is causing a strain on Financial Institutions. The evolving regulations in the financial sector call for a dynamic regulatory compliance check, which is difficult for these institutions to manage globally. Enterprises are looking for support to meet these challenges as well as fight financial crime while maintaining costs.
The growing requirement for FCC support has opened opportunities for service providers to further augment their capabilities and add offerings for fraud management and chargeback processes, in addition to the traditional Know Your Customer (KYC) and Anti Money Laundering (AML) offerings. The demand to increase efficiency and productivity by reducing false positives and manual intervention remain of prime importance to buyers. Service providers have the opportunity to incorporate digital elements into their solutions and add value to their services in a client relationship.
In this research, we analyze the global FCC operations service provider landscape. We focus on:
This report examines the global FCC operations market and its service provider landscape. It provides detailed analysis of the capabilities and market performance of service providers and their relative position on the Everest Group PEAK Matrix and will assist key stakeholders (banks, non-banking financial institutions, technology providers, and service providers) understand the current state of the FCC operations service provider landscape.
Banking and Financial Services (BFS) - Business Process Outsourcing (BPO)