This report provides businesses with a view of the banking process transformation services landscape. It begins with a summary of key enterprise and outsourcing trends and identifies the right service providers companies can engage with to reshape the banking BPO services. We continue with a detailed assessment of 24 service providers offering banking process transformation services. Each profile overviews a service provider, its key IPs and assets, a list of representative clients and partnerships, and brief case studies. Each profile concludes with analyst insights on the provider’s practice maturity, domain ecosystem, and investments and innovation.

Why read this RadarView?

Banks increasingly outsource strategic processes such as private banking, leveraging service providers’ advisory, portfolio management, and integrated banking expertise. Service providers utilize generative AI to enhance banking BPO processes, focusing on optimizing costs; typical use cases include fraud identification, knowledge management, and data mining. Revenue growth from risk and compliance services has increased 51% YOY, and service providers are investing in enhancing financial crime and compliance capabilities, evident from service providers allocating 58% of their investments toward R&D and inorganic growth.

The Banking Process Transformation 2024 RadarView aids companies in identifying top service providers to transform their banking services. It also analyzes each service provider’s technology and delivery support capabilities, enabling organizations to identify the right strategic partners for their banking process transformation.

Featured providers

This RadarView includes a detailed analysis of the following service providers offering banking process transformation services: Accenture, Capgemini, CGI, Coforge, Cognizant, Concentrix, Conduent, Datamatics, DXC, EXL, Firstsource, FIS Global, Genpact, HCLTech, IBM, Infosys, Mphasis, NTT DATA, Sutherland, TCS, Tech Mahindra, Teleperformance, Wipro, and WNS.

Methodology

Our evaluation of service providers is based on primary input from the providers, focused briefings, public disclosures, and Avasant’s ongoing market interactions. The assessment is across the three dimensions of practice maturity, domain ecosystem, and investments and innovation, leading to our recognition of those service providers that have brought the most value to the market over the past 12 months.

Table of contents

About the report (Page 3)

Executive summary (Pages 4–9)

• Definition and scope of banking process transformation
• Avasant recognizes 24 top-tier service providers offering banking process transformation services
• Provider comparison

Supply-side trends (Pages 10–15)

• Retail banking services continue to lead the demand for banking process transformation services, with an increased focus on risk and compliance.
• Large enterprises are driving banking outsourcing, while North America continues to dominate the banking BPO market.
• Enterprises are shifting to outcome-/KPI-based and hybrid pricing models to improve service quality control and enhance risk management.
• Providers are looking to expand their offerings by focusing on inorganic and R&D investments.
• Service providers are leveraging generative AI to help enterprises optimize their banking BPO processes.

Service provider profiles (Pages 16–64)

Detailed profiles for Accenture, Capgemini, CGI, Coforge, Cognizant, Concentrix, Conduent, Datamatics, DXC, EXL, Firstsource, FIS Global, Genpact, HCLTech, IBM, Infosys, Mphasis, NTT Data, Sutherland, TCS, Tech Mahindra, Teleperformance, Wipro, and WNS.

RadarView overview (Pages 65–68)

• RadarView assessment
• Methodology and coverage
• Interpretation of classification

Key contacts (Page 69)

Read the Research Byte based on this report.

Please refer to Avasant’s Banking Process Transformation 2024 Market Insights™ for detailed insights on demand-side trends.