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.
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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
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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.
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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
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
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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