New York, NY, May 14, 2019 (GLOBE NEWSWIRE) -- 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 through 37 Tables & 20 Figures spread over 110 Pages and in-depth TOC on “Global Banking BPS Market: By Services, Industry Size, Share, Trends, Growth Opportunities, Analysis and Forecast, 2018–2025”.
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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).
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The North American banking BPS market is likely to grow in the future due to the increase in the region’s digitalization, centralization, and competition in the banking sector. Additionally, the adoption of technological advancement by the banking sector, increasing government initiatives, growing BPS awareness, and a high literacy rate of the regional population are also driving the banking BPS market in this region.
The European Banking BPS market is projected to show rapid growth in the years ahead. The banking BPS market in UK and Germany is matured, 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 focus from product to customer, including customer value maximization (mature markets) and customer acquisition (emerging markets).
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
Vendors in the emerging economies of Asia Pacific, such as India and China, are now focusing on developing new technologies that could offer omnichannel access, scale cost-efficiency, and standardized operations. These vendors are also beginning to target regional/community banks with BPaaS-based services. This, in turn, will further drive the Asia Pacific banking BPS market in the upcoming years.
In recent years, the banking sector of many Latin American countries experienced rapid structural changes, owing to improvements in the efficiency and rigidity of their financial systems through deregulation, development of domestic capital markets, privatization of state-owned financial entities, and encouragement of foreign banks’ entry. The Latin American banking BPS market is also fuelled by consolidation, regional financial integration, and overall financial innovations among the banks.
The Middle Eastern and African countries are facing major challenges in their banking systems due to tighter global liquidity conditions, stronger U.S. dollar, and geopolitical and local instability. Several economies in the region, such as Saudi Arabia and UAE, are facing an overall stagnation in their lending activities.
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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.
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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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