Worldwide Advancements Places are Changing the Financial Area and Client Experience
Mohua is a digital evangelist, With over 25 years of diverse experience in the IT, banking, and financial services industry, brings a rich global expertise to Mashreq and she leads a team of professionals who collaborates with teams from the Middle East and global financial hubs. India has, over the past few decades, emerged as one of the largest exporters of all technology services(IT, BPO, KPOs)in the world.
The large talent pool in the country, the thrust on technology adoption, and the fact that India is one of the few bright spots in a gloomy economic environment combine to give India an excellent opportunity to become a hub for technology and innovation, not just for India’s needs but for the world’s. One of the important trends in this context is that an increasing number of multinational corporations are leveraging Indian talent through the establishment of their global innovation centers (GICs) in the country.
As per industry reports, as of September 2022, there were more than 1,500 GICs in India, including those of some of the largest companies in their sectors. For many large global corporations, India has the largest workforce by geography. Between 50-70 percent of their global technology and operations workforce are based out of these GICs.
The banking, financial services, and insurance (BFSI) sector is one of the most important pillars of the Indian economy, and BFSI GICs assume great importance from yet another perspective helping BFSI. GICs have helped the BFSI industry to transform its global service delivery model. GICs are not only influencing the global strategy of their parent companies but also helping them execute it.
GICs today help BFSI companies meet compliance requirements, enforce policies, enhance consumer experiences, enable personalization, contain costs, improve operational efficiency, and facilitate the convergence of front and back office operations. India is home to almost 170-175 BFSI GICs operated by 85-90 MNCs. Almost a fifth of all GIC employees in India work in the BFSI sector, although BFSI GICs only account for a tenth of the total number of GICs a statistic that underlines the demand for talent in one of the most important sectors in possibly the most transformative era in recent decades.
These GICs are powerful engines of enterprise transformation for BFSI companies and are reorienting their operations from a volume-based model to a value-based one. As an innovative challenger bank, Mashreq, through its MGN services, supports the bank’s global expansion through digitalization, innovation, and seamless customer experience.
The teams work closely across different business and functional groups towards building innovative products and services to deliver an unmatched customer experience. With more and more leadership positions and global roles coming to be based out of India, GICs are shaping up into business solution centers. BFSI value chains are evolving at a rapid pace, and GICs are helping the sector keep pace with these changes and find new ways to sustain and achieve growth.
By collaborating with finTech companies or technology partners for solutions in areas such as digital lending, payments, and risk surveillance, GICs are driving innovation at a furious pace in all the right directions. In the years ahead, BFSI GICs will continue to focus strongly on end-to-end digitalization, value-centric innovation, and risk management.
As an EY report in 2021 noted, GICs are well positioned to create greater business value for their parent organizations, who, in turn, will need to determine the best approach to collect and use data to predict uncertainties, mitigate risks, and reimagine their business models for faster growth. It is a great time for BFSI companies to find new ways of reaching out to consumers and designing new offerings.
correspondent by:
Comments
Post a Comment