Back-office Outsourcing in Financial Services Market – Introduction
- Financial institutes are adopting back-office outsourced services to reduce expenses on IT infrastructures. Back-office outsourced service providers have in-house staff with technical expertise in different business operations. Outsourced business services help to increase the productivity of financial institutes with minimum expenses.
- Outsourced service providers offer accounting and multilingual services with international standards that cannot be performed by internal staff of banks and financial institutes.
- Back-office outsourcing services enable financial institutes to enter a new untapped market more efficiently and helps to introduce new financial products in a new market. Back-office outsourcing allows financial institutes to concentrate on customer requirements instead of focusing on the back-office document management process.
- By adopting human resource outsourcing, finance and accounting outsourcing, customer relationship management, and procurement outsourcing, back-office outsourcing in financial services allow financial institutes to invest more time on innovative and personalized products. Cost-effective outsourced services for back-office work in banks and financial institutes is expected to increase the demand for back-office outsourcing during the forecast period.
Purchase our Premium Research Report At:https://www.transparencymarketresearch.com/checkout.php?rep_id=79202<ype=S
Request a sample to get extensive insights into the Back-office Outsourcing in Financial Services Market
Key Drivers of the Back-office Outsourcing in Financial Services Market
- Increasing adoption of outsourcing back-office services to reduce the expenditure on maintaining in-house teams is expected to drive the growth of the back-office outsourcing in financial services market. Outsourced service providers offer end-to-end outsourced services to banks and financial institutes, which is expected to boost the demand for back-office outsourcing in financial services during the forecast period.
- Increasing adoption of outsourced business process outsourcing (BPO) services among banks and insurance companies is anticipated to create business opportunity for service providers of back-office outsourcing in financial services
Get More Press Releases by TMR: https://www.prnewswire.com/news-releases/thermoform-packaging-market-to-rise-at-us-82-billion-by-2027-high-demand-from-pharmaceutical-and-food-beverage-sector-to-generate-considerable-revenue—tmr-301318338.html
Poor outsourcing service in monthly reporting and client management expected to hinder the market
- Sometimes, the outsourcing services do not match client expectations in relation to monthly targets, client relationships, and monthly performance reporting, which may restrain the growth of the back-office outsourcing in financial services market.
- High attrition rate among outsourcing providing companies is also expected to hamper the growth of the back-office outsourcing in financial services market.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Impact of COVID-19 on the Global Back-office Outsourcing in Financial Services Market
- The increase in spread of COVID-19 across major countries of Europe and Asia Pacific is expected to impact the growth of the market.
- Demand for back-office outsourcing in financial services is decreasing during the lockdown situation across the world. Banks and financial institutes are not investing in outsourced solutions during the 1st quarter of the financial year 2020. Demand for back-office outsourcing in financial services is expected to increase in online payments and financial service sectors to establish temporary service solutions, which require the services for process execution in a short timeline.
North America to Hold Major Share of the Global Back-office Outsourcing in Financial Services Market
- North America holds prominent share of the back-office outsourcing in financial services market due to increasing adoption of outsourcing business solutions in cloud computing and virtualization solutions.
- The back-office outsourcing in financial services market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to increasing investment by banks and financial institutes for outsourced business services to maintain their position in the global market.
Key Players Operating in the Global Back-office Outsourcing in Financial Services Market
- Infosys Limited
Infosys Limited is specialized in developing and providing consulting and digital services. The company has 13 subsidiaries across the globe and presence in around 45 countries. The company caters to almost every rapidly expanding industry such as AI & automation, outsourced services, data analytics, block chain, engineering services, and Internet of Things (IoT).
- Hexaware Technologies Limited
Hexaware Technologies Limited provides its services globally in consulting, business process management, and software development. Further, it provides business intelligence and analytics solutions such as Big Data, cloud EDMA, analytics, data science, and Internet of Things.
Other key players operating in the global back-office outsourcing in financial services market include Capgemini SE, CGI Inc., Dell Technologies Inc., Endava PLC, and HCL Technologies Limited.
Global Back-office Outsourcing in Financial Services Market: Research Scope
Global Back-office Outsourcing in Financial Services Market, by Service Type
- Finance and Accounting Outsourcing
- Human Resource Outsourcing
- Customer Relationship Management
- Procurement Outsourcing
- Others
Global Back-office Outsourcing in Financial Services Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Back-office Outsourcing in Financial Services Market Segmentation, by Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Spain
- Nordic
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- Malaysia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
IT & Telecom
TMR’s solid presence in the market research space comprising an expert team of researchers makes for its exemplar solutions and strong relationships with clients for several years. The practice to deep dive and understand the dynamics of a business sector for market research solutions makes us stand apart. The ubiquity of information technology that provides frameworks for end-to-end business operations today, with the added support of 4G and 5G telecom networks that has led to double-digit growth rate of the IT &Telecom sector are well covered in our reports.
TMR is a leader in the market research space providing end-to-end business solutions and consulting services. TMR operates from its own office space of almost 10,000 sq. ft located in a prime commercial complex at Pune. We serve clients in 150 countries with an approach to deep dive into the economic aspects and geographical nuances for unfailing business intelligence.
Contact us:
Transparency Market Research
State Tower,
90 State Street, Suite 700,
Albany NY – 12207,
United States
Tel: +1-518-618-1030 Email: [email protected]
Website: https://www.transparencymarketresearch.com
https://todaysmarkettrends.wordpress.com
