Over the past couple of decades, digitalization, automation, and centralization in the banking sector have been increased robustly over the past couple of decades. In addition to this, the growing prevalence of E-commerce activities has increased a need to outsource business process services to the information technology firms to employ automation in banking operations. Also, the adoption of banking BPS has also reduced the manpower required which in turn has fuelled quality and affordability of the banking services. Banking BPS is mainly adopted by the Tier I banks, where these firms outsource a number of banking services to the third parties to increase feasibility and efficiency in banking services. These services also minimize the risk as well as improved consumer satisfaction.
According to AMA, the market for Banking BPS is expected to register a CAGR of 9.19% during the forecast period to 2027.
|High Growth Market||Asia Pacific|
|Unit||Value (USD Million)|
|Key Companies Profiled||Atos SE (France), Avaloq group AG (Switzerland), Capgemini SE (France), Cognizant Technology Solutions Corporation (United States), Concentrix Corporation (United States), Firstsource Solutions Limited (India), Fidelity National Information Services, Inc. (FIS) (United States), Genpact Limited (Bermuda), HCL Technologies Limited (India), Hexaware Technologies Limited (India), Infosys Limited (India) and NIIT Limited (India)|
This growth is primarily driven by Provides Flexibility and Operational Simplicity to the Banks and Increasing Digitalization and Industrialization across the Globe.
Globally, a noticeable market trend is evident Growing Adoption of E-Banking Operations and Banking Automation
The Data Processing & Outsourcing sector in the North Amercia region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Atos SE (France), Avaloq group AG (Switzerland), Capgemini SE (France), Cognizant Technology Solutions Corporation (United States), Concentrix Corporation (United States), Firstsource Solutions Limited (India), Fidelity National Information Services, Inc. (FIS) (United States), Genpact Limited (Bermuda), HCL Technologies Limited (India), Hexaware Technologies Limited (India), Infosys Limited (India) and NIIT Limited (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On April 16, 2019, Global fintech leader Avaloq has launched 'avaloq.one' which is a new, intuitive and collaborative platform to help the financial services industry in their efforts working more effectively with fintechs. 'avaloq.one' is aiming seamlessly to connect leading fintechs and their solutions, to Avaloq’s global financial clients. This solution will speed up and streamlines implementation for all parties through standardized Open Application Program Interfaces (APIs), with fintechs benefiting from a partnership with the ability to self-onboard to the platform.
On May 16, 2019, a global leader in digital transformation, 'Atos' has launched its brand new Hardware Security Module (HSM) for IoT, a high-performance security device designed to protect IoT ecosystems through cryptographic features. The new HSM, part of the Horus portfolio, combines ‘as-a-Service’ access, centralized key management system and IoT security services for a fully-integrated solution.
Growing Adoption of E-Banking Operations and Banking Automation and Rising Strategic Alliances of IT companies with Tier I Banks
Market Growth Drivers:
Provides Flexibility and Operational Simplicity to the Banks and Increasing Digitalization and Industrialization across the Globe
Lack of Technologically & Financial Expert Professional with respect to Escalating Need
Robust Competitive Rivalry Amongst the World Leading Banks and Lack of Automation Infrastructure from Underdeveloped Economies might Stagnate the Demand
Continues Technological Advancements and Growing Demand for Technology-Based Banking Solution Providers and Growing Number of Banking Business Service Process Providers and Minimized Prices
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Banking BPS Market
- Analysis about New Entrants in Banking BPS Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Banking BPS Study Sheds Light on
The Banking BPS Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Banking BPS industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Banking BPS industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.