BFSI GCCs – The Road Ahead

The global BFSI industry has experienced digital embedment across the business value chain while gearing up to provide an omnichannel customer experience while continuing to address emerging opportunities presented by new emerging players, the ESG focus and all while meeting the requirements of the regulators.

The Financial Services industry is at the epicenter of this change, influencing buying behavior, individual and business transactions across the global ecosystem. The industry has evolved and transformed its global service delivery model through establishing ‘Global Capability Centers’ (GCC). This report intends to share how GCCs will be pivotal in shaping the businesses of the future and will act as a guiding map for organisations to start redesigning their offerings and influencing customer experiences.

Led by India's skilled talent-base and supportive government policies, BFSI GCCs in India have acted as a key lever to support the growing global needs and driving the transformation of the industry. This is accentuated by the fact that 21 per cent of all GCC employees in India work in the BFSI sector, although BFSI GCCs only account for 12 per cent of the total number of GCCs.

GCCs have served as engines for enterprise transformation and are gradually transitioning by reorienting their nature of work by moving from a volume to a value-based model by improving efficiency through AI/ML, automation and IoT, and establishing various niche global technology Centers of Excellence.

This report titled “BFSI GCCs – The Road Ahead” authored by KPMG in India, in partnership with NASSCOM provides an overview of the BFSI-GCC landscape in India, how it has evolved and provides a sneak peek into the road ahead for this sector. The report also has some interesting case studies of success stories / initiatives by BFSI GCCs around key transformation levers.