The Global BFSI BPO Services Market valued at US $98.02 Billion in 2022 is anticipated to reach a value of US $205.71 Billion in 2030, growing at a CAGR of 9.7%.
Banks use business process outsourcing (BPO) as a strategic strategy to help with account servicing and business expansion. The provider of third-party financial services may be located both on and off shore. This service has been extensively utilised for back-office tasks like order administration, accounting, production control, and inventory control, among others.
Each BPO module in a BPO system is concentrated on a certain departmental area, such as finance, human resources, material purchasing, marketing, inventory control, and accounting. These modules can be altered to fit the banks' particular business needs. BPOs have also seen a rise in usage since they provide efficient planning and data streamlining on a single platform, which reduces operational expenses, boosts sales, and improves decision-making. The usage of BPO services is anticipated to rise in the future years as banks and other financial institutions increase their attention on enhancing the effectiveness of their operational and business processes. This is expected to accelerate the demand for BFSI BPO services.
The rapid adoption of cloud-based BPO services, the rise in the demand for operational efficiency transparency in corporate operations, and an increase in demand for cost-saving on infrastructure technology are the main drivers influencing the growth of the BFSI BPO services market. Additionally, the COVID-19 pandemic's spike in demand for quicker and better bank services is anticipated to have an impact on the market growth for BFSI BPO services.
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Restrictions: Privacy and security concerns
One of the biggest issues with the adoption of BPO is security. The market's expansion is hampered by banks' ignorance of the risks associated with sharing account information and private data online. Additionally, the potential for illegal access to user accounts via compromised log-in credentials raises serious security and privacy issues for banks. Furthermore, banks' sharing of sensitive customer data with BPO service providers exposes the company to security risks and results in the disclosure of personal information. For instance, according to official BPO figures from the American government, there were over 3,500 cyberattacks against banks in the first seven months of 2019. As a result, this has grown to be a significant hindrance to market expansion.
Key Trends of Global BFSI BPO Services Market:
Technological advancement in BPO Services
Traditional BPO services have been deployed since several decades; however, increased adoption of advanced technologies such as IoT, AI, and robotics process automation have led to the growth of the industry. Increase in technological innovations in Asia-Pacific countries, which include India, China, Australia, and Singapore is expected to create several opportunities for the BFSI BPO services market. The integration of “Swiss Post Solutions” BPO services with IoT-based devices allows organizations, banks, and financial institutions to identify and eliminate issues such as unnecessary assets and lead to operational efficiencies, cost reductions, and optimal human resource deployment.
Segmental Analysis of Global BFSI BPO Services Market:
Based on Service type
• Customer Service
• Finance and Accounting
• Human Resource
• KPO
• Procurement and Supply Chain
• Others
The customer services segment dominated the market, with a revenue share exceeding 30%. The segment is expected to retain its dominance, registering the fastest CAGR during the forecast period. The dominance of the segment can be attributed to the increasing number of service centers across the globe that need both online as well as offline technical support.
Based on Enterprise Size
• Large Enterprises
• Small and Medium Enterprises
Based on End-user
• Banks
o Commercial Banking
o Retail Banking
o Cards
o Lending
Capital Markets
o Investment Banking
o Brokerage
o Asset Management
o Others
Competitive Landscape:
Accenture, Amdocs, Capgemini, CBRE Group Inc., HCL Technologies Limited, Infosys Limited (Infosys BPM), NCR Corporation, Sodexo, TTEC Holdings, Inc., and Wipro Limited.
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