Assessment cites Genpact’s comprehensive technology-led solutions, analytics capabilities, and deep industry expertise as key to its success in transforming clients’ banking operations
Everest Group, a leading research firm, has named Genpact, a global professional services firm focused on delivering digital transformation, a Leader in its Banking Operations — Services PEAK Matrix® Assessment 2022.
With the pandemic’s ongoing disruption of the banking industry, many financial institutions are focusing on how to become future-ready, agile, and resilient to manage volume fluctuations and staff shortages. These institutions are now actively pursuing solutions embedding robotic process automation, artificial intelligence, advanced analytics, and machine learning to transform their operations. Fintechs have also emerged as a key constituent looking for transformative solutions, especially within the financial crime and compliance management and advisory fronts.
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As a result, Everest Group recognizes the need for providers that offer business-process-as-a-service (BPaaS)-led transformative solutions, combined with industry expertise and an advisory-led approach. Additionally, Everest also highlights that leading digital transformation companies should augment their capabilities by actively leveraging partnership ecosystems and engaging in strategic acquisitions to help speed time-to-market for their offerings.
The Everest Group Banking Operations – Services PEAK Matrix is a proprietary framework used to assess market impact and overall vision and capabilities of banking operations service providers. The report evaluated 31 companies in areas such as market adoption, portfolio mix, value delivered, vision and strategy, scope of services offered, innovation and investments, and delivery footprint.
“Banks are walking a tightrope trying to balance between regulatory compliance, costs, and operational efficiency amidst intensifying competition from non-banks and shifting consumer preferences,” said Manu Aggarwal, Partner, Everest Group. “Genpact with its global client portfolio and operational expertise across both retail and commercial banking segments, coupled with continued investments to enhance its customer-centric solutioning, technology, and risk offerings, is well equipped to enable its clients to become future-ready. As such, it has been recognized as a Leader in Everest Group’s Banking Operations PEAK Matrix Assessment 2022.”
The report highlights Genpact’s strong focus in areas such as customer experience transformation from the acquisitions of Something Digital and Rightpoint as well as strength in financial crime risk and compliance management space backed by riskCanvas.
“The pandemic accelerated the need to digitize financial services. Financial institutions are looking to partner with service providers that can provide strategic support in the form of proactive guidance on industry best practices, customer experience design, and more efficient transformative models,” said BK Kalra, global head of banking and capital markets, Genpact. “Our advisory, data and digital capabilities, ecosystem of partners, deep analytical and operational expertise, which enables real-time benchmarks, positions us well to transform and digitize front to back banking operations.”
Genpact has been positioned as a Leader in this important assessment for four consecutive years.
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