Global Banking Business Process Services Market – Introduction
- Banking business process services are services that specialize in outsourced business activities. These services provide greater flexibilities in terms of managing operations as well as finances.
- Banking business process services make the operation process easier and covers the entire spectrum, from simple task-based processes such as document management, payment processing, landing services, and many others. Banking business process services are integrated with various novel technologies such as artificial intelligence, Internet of Things (IoT), and Blockchain to build tailor-made solutions and co-create custom workflows across banking sectors worldwide.
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Growing Demand for Data Analytics across Banking Enterprises: Key Driver for Banking Business Process Services Market
- Data analytics is transforming the current banking industry as it provides banks with the capability of gaining insights about customers and understand the needs of high potential customers. Data analytics helps banks in risk management, marketing & sales automation, customer profitability, performance analytics, budgeting & product innovation, historic analysis, and maintaining regulatory compliance. Moreover, data analytics in cloud helps to track all types of social media engagement platforms and the information available on the individual server over clouds.
- Moreover, Software as a Service is a highly recommended platform for cloud data analysis as it allows users to access software remotely from web browsers and reduces the need for user machines to finish a task. Apart from this, some very basic and attractive benefits of data analytics are it helps in interpreting social media activity, tracks products across the series of warehouses, helps to track consumer preference based on their past activities, and keeps records and processing of data regardless of proximity to local servers.
- Therefore, growing demand for data analytics across banking enterprises is significantly driving the growth of the banking business process services market.
Data Security Concerns Expected to Hamper the Global Banking Business Process Services Market
- Cloud computing continues to transform due to an increase in the amount of data, and sharing the huge amount of data in banks via public clouds. Security of data shared over public cloud is a matter of concern for cloud users. To overcome this issue, clouds use virtualization as the chief mechanism for security to protect infrastructure and data from various attacks. However, restrictions and bugs in virtualization software or incorrect network virtualization gives attackers access to important portions of the provider’s stored information. Thus, this type of activity in the virtualization process is the symptoms and enhance the possibilities of data breaches and also increase the security concerns of bankers.
- Hence, lack of awareness about novel technologies is expected to hamper the banking business process services market.
North America to Account for Major Share of the Global Banking Business Process Services Market
- In terms of region, the global banking business process services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global banking business process services market during the forecast period due to increasing online banking transactions coupled with adoption of cloud-based services specifically in private sector banking, indicating potential growth of the banking business process services market in the region. Europe is expected to be the second largest market for banking business process services from 2019 to 2027.
- Asia Pacific is projected to be a rapidly growing market for banking business process services during the forecast period due to increasing digitalization in banking services, specifically in India, Japan, and China.
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Key Players Operating in the Global Banking Business Process Services Market
- Pegasystems Inc.
- HCL Technologies Limited
- IBM Corporation
- Tata Consultancy Services Limited
- Tech Mahindra
- NIIT Technologies
- DATAMARK INC
- DXC Technology Inc.
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