Scope of the Study
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.
The market study is being classified by Type (Front Office (Customer Management Services, Document Management, Sales and Marketing Outsourcing), Middle Office (Insurance BPS, Banking BPS, Healthcare Providers BPS) and Back Office (F&A Outsourcing, Procurement)) and major geographies with country level break-up. According to AMA, the Global Banking BPS market is expected to see growth rate of 9.19% and may see market size of USD18070.02 Million by 2024.
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) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are SLK Software Services Pvt. Ltd. (India), Tata Business Support Services (India), Tata Consultancy Services (India), Wipro Limited (India) and WNS Global Services (India).
The Players having a strong hold in the market are Atos SE, Avaloq, Capgemini, Cognizant, and Concentrix. Research Analyst at AMA predicts that Indian Players will contribute to the maximum growth of Global Banking BPS market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Banking BPS market by Type, Application and Region.
On the basis of geography, the market of Banking BPS has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North Amercia region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Mortgage and Loan BPS, the sub-segment i.e. Origination Services BPS will boost the Banking BPS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Core Banking BPS will boost the Banking BPS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Securities Processing BPS, the sub-segment i.e. Portfolio Services BPS will boost the Banking BPS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Payment Services BPS, the sub-segment i.e. Cheque Processing BPS will boost the Banking BPS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Provides Flexibility and Operational Simplicity to the Banks
- Increasing Digitalization and Industrialization across the Globe
- Growing Adoption of E-Banking Operations and Banking Automation
- Rising Strategic Alliances of IT companies with Tier I Banks
- Robust Competitive Rivalry Amongst the World Leading Banks
- Lack of Automation Infrastructure from Underdeveloped Economies might Stagnate the Demand
- Continues Technological Advancements and Growing Demand for Technology-Based Banking Solution Providers
- Growing Number of Banking Business Service Process Providers and Minimized Prices
- Lack of Technologically & Financial Expert Professional with respect to Escalating Need
Market Leaders and their expansionary development strategies
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.
Key Target AudienceBanking BPS Service Providers, Banking Industry Associations, Financial Research Organizations, Banking Organizations, FinTech Companies, Government Agencies and Others
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