The global business process outsourcing (BPO) market in the banking and financial services (BFS) sector witnessed sluggish growth of 9 to 10 percent in 2013. However, a rebound can be expected as the economy finds firmer footing and as service providers invest in emerging markets and high-end services such as analytics, digital banking solutions, and expertise in regulatory compliance and risk management.
New-age consumers of banking services–those who prefer banking using digital channels like the Internet and mobile apps–are forcing banks to change quickly, and these changes in turn are driving the shift for BFS BPO providers.
These findings and more are discussed in a new
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"We're seeing some holdover trends from 2013 picking up steam in BFS BPO in 2014," said
"We're also seeing emergence of onshore resourcing by service providers, mainly as a result of regulatory concerns, especially in lending. And in banking, we are seeing a strong emphasis on digital channels as these are finding increased favor with customers and banks continue to shutter brick-and-mortar branches."
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• BFS BPO continues its steady growth path.
• Increased activity from small and mid-sized players has resulted in declining ACVs in both banking and capital markets BPO
• Adoption of complex services in BFS BPO
• Regulatory downpour squeezing margins? Outsourcing to the rescue!
Read the full story at http://www.prweb.com/releases/everestgroup/BFSBPOAnnualReport/prweb12119142.htm
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