08-May-2019 | Zion Market Research
Zion Market Research has published a new report titled “Banking BPS Market by Operations (Front Office, Middle Office, and Back Office) and by Service (Core Banking BPS, Mortgage & Loan BPS, Payment Services BPS, and Securities Processing BPS): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global banking BPS market accounted for USD 10,645 million in 2018 and is expected to reach approximately USD 19,712 million by 2025, at a CAGR of around 9.22% between 2019 and 2025.
Banking BPS is a matured, large-scale business, which is generally adopted by tier 1 banks in mature markets. Vendors are offering elemental processes that are mainly focused on reconciliation, disputes, and data management from distant locations. According to HCL Technologies, business process services are services outsourced to companies specializing in outsourcing activities. The business processes that are not a part of the core competencies of a company are outsourced to vendors that specialize in those particular activities. This gives those companies greater flexibilities in terms of managing both their finances and operations. Most global markets have matured the way business is delivered in this dynamic economy. Banking BPS services provide a low-risk approach to transform banking operations and improving their bottom line.
Browse the full “Banking BPS Market by Operations (Front Office, Middle Office, and Back Office) and by Service (Core Banking BPS, Mortgage & Loan BPS, Payment Services BPS, and Securities Processing BPS): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/banking-bps-market
Globally, the banking BPS market is growing due to the increase in the overall digitalization, centralization, and competition in the banking sector across the world. The banking BPS market is established in mature markets, such as the U.S. and UK, and is fuelled affordability and quality that improves accuracy, reduces TAT, and allows access to labor arbitrage. The need to increase revenues to offset margin declines is done by shifting the focus from products to customers, including customer value maximization (mature markets) and customer acquisition (emerging markets). However, the lack of professionals and technology in many parts of developing economies may restrain the global banking BPS market.
By operation, the market covers front office (customer management services, document management, and sales and marketing outsourcing), middle office (insurance BPS, banking BPS, and healthcare providers BPS), and back office (F&A outsourcing and procurement). By service, the market includes core banking BPS, mortgage, and loan BPS (origination services BPS and mortgage and loan administration BPS), payment services BPS (cheque processing BPS, credit card processing BPS, and EFT services BPS), and securities processing BPS (portfolio services BPS and trade services BPS).
In terms of revenue, North America holds the largest market share of the global banking BPS market. This growth of the North American banking BPS market is attributed to the adoption of technological advancement by the banking sector, increasing government initiatives, growing BPS awareness, and a high literacy rate of the regional population.
Some key participants operating in the global banking BPS market include Atos, Avaloq, Capgemini, Cognizant, Concentrix, FirstSource, FIS, Genpact, HCL, Hexaware Technologies, Infosys, NIIT, SLK, Tata BSS, TCS, Wipro, and WNS.
This report segments the global banking BPS market into:
Global Banking BPS Market: Operation Analysis
Global Banking BPS Market: Service Analysis
Global Banking BPS Market: Regional Analysis
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