Global Banking Business Process Services Market - Introduction

  • Banking business process services are services that specialize in outsourced business activities. These services provide greater flexibilities in terms of managing operations as well as finances.
  • Banking business process services make the operation process easier and covers the entire spectrum, from simple task-based processes such as document management, payment processing, landing services, and many others. Banking business process services are integrated with various novel technologies such as artificial intelligence, Internet of Things (IoT), and Blockchain to build tailor-made solutions and co-create custom workflows across banking sectors worldwide.
banking business process services market

Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report

Growing Demand for Data Analytics across Banking Enterprises: Key Driver for Banking Business Process Services Market

  • Data analytics is transforming the current banking industry as it provides banks with the capability of gaining insights about customers and understand the needs of high potential customers. Data analytics helps banks in risk management, marketing & sales automation, customer profitability, performance analytics, budgeting & product innovation, historic analysis, and maintaining regulatory compliance. Moreover, data analytics in cloud helps to track all types of social media engagement platforms and the information available on the individual server over clouds.
  • Moreover, Software as a Service is a highly recommended platform for cloud data analysis as it allows users to access software remotely from web browsers and reduces the need for user machines to finish a task. Apart from this, some very basic and attractive benefits of data analytics are it helps in interpreting social media activity, tracks products across the series of warehouses, helps to track consumer preference based on their past activities, and keeps records and processing of data regardless of proximity to local servers.
  • Therefore, growing demand for data analytics across banking enterprises is significantly driving the growth of the banking business process services market.

Data Security Concerns Expected to Hamper the Global Banking Business Process Services Market

  • Cloud computing continues to transform due to an increase in the amount of data, and sharing the huge amount of data in banks via public clouds. Security of data shared over public cloud is a matter of concern for cloud users. To overcome this issue, clouds use virtualization as the chief mechanism for security to protect infrastructure and data from various attacks. However, restrictions and bugs in virtualization software or incorrect network virtualization gives attackers access to important portions of the provider’s stored information. Thus, this type of activity in the virtualization process is the symptoms and enhance the possibilities of data breaches and also increase the security concerns of bankers.
  • Hence, lack of awareness about novel technologies is expected to hamper the banking business process services market.
banking business process services market 1

Looking for exclusive expert insights from business experts? Request a custom report here

North America to Account for Major Share of the Global Banking Business Process Services Market

  • In terms of region, the global banking business process services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
  • North America is anticipated to account for major share of the global banking business process services market during the forecast period due to increasing online banking transactions coupled with adoption of cloud-based services specifically in private sector banking, indicating potential growth of the banking business process services market in the region. Europe is expected to be the second largest market for banking business process services from 2019 to 2027.
  • Asia Pacific is projected to be a rapidly growing market for banking business process services during the forecast period due to increasing digitalization in banking services, specifically in India, Japan, and China.

Key Players Operating in the Global Banking Business Process Services Market

  • Pegasystems Inc.
  • HCL Technologies Limited
  • IBM Corporation
  • Mphasis
  • Tata Consultancy Services Limited
  • Tech Mahindra
  • NIIT Technologies
  • DATAMARK INC
  • DXC Technology Inc.

Global Banking Business Process Services Market: Research Scope

Global Banking Business Process Services Market, by Service Type

  • Mortgage & Lending Services
  • Cards & Payment Services
  • Document Management
  • Risk & Compliance Services
  • Analytics Services
  • Customer Management Services
  • Others

Global Banking Business Process Services Market, by Function

  • Core Function
  • Support Function

Global Banking Business Process Services Market, by End-user

  • Retail Banking
  • Wholesale/Corporate Banking
  • Investment Banking
  • Private Banking

Global Banking Business Process Services Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America
banking business process services market 2

 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Banking Business Process Services Market

Pre Book