Banking, Financial Services, and Insurance GBS Market Landscape Report
Thematic Report

31 Aug 2021
by Vivek Bhatia, Arushi Gupta

The Banking, Financial Services, and Insurance (BFSI) industry is the largest employer of the offshore/nearshore Global Business Services (GBS) delivery model, employing approximately 35% of the total GBS Full Time Equivalents (FTEs) across 500+ centers. The industry heavily leverages the GBS model to deliver functions such as Business Process Services (BPS), Information Technology (IT), and digital services (e.g., analytics, cloud, cybersecurity), among others.

Following the pandemic, BFSI enterprises have increasingly adopted the GBS model to go beyond the usual delivery of transactional services and drive digital transformation for the enterprise. Dedicated Centers of Excellence (CoEs) are being set up at these GBS centers to capitalize on the deep domain and technical skills at these locations.

This research leverages Everest Group’s rich proprietary GBS database – the industry’s most comprehensive database on GBS centers – and studies BFSI GBS centers that provide offshore/nearshore delivery of global services. The report will be relevant for a broad set of stakeholders – buyers / parent organizations, service providers, GBS organizations, and industry influencers, such as investors and industry bodies.


• Industry: BFSI

• Geography: global, with focus on India and Nearshore Europe

• This report studies BFSI GBS centers that provide offshore/nearshore delivery of global services. It excludes shared service centers that service domestic operations


In this report, we study:

  • The offshore/nearshore BFSI GBS market landscape, covering market size, growth (new setups and expansions), distribution by source and delivery geography and function, adoption levels of digital services (analytics, cloud, etc.)
  • Key themes (hybrid workways, employee well-being, etc.) that gained importance in 2020-21
  • Major delivery geographies – India and Nearshore Europe; we share location snapshots, market footprint (key players, top locations, etc.), GBS center distribution and adoption trends by function, sub-function, and digital services delivered, and the key value propositions
  • Key themes (such as agility and platform-led innovation) that are shaping and re-defining the role of BFSI GBS centers, complemented by use cases



Global Business Services (GBS) and Shared Services


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