Redefining Financial Services Through Global Capacity Centers
Global Capacity Center: A Brief Context in the BFSI Industry
As the BFSI industry is reshaped by digital disruption, regulatory changes and customer expectations, Global Capacity Centers (GCCs) are becoming strategic levers of change in the BFSI industry, and are much more than cost arbitrage. Today’s GCCs drive innovation, digital excellence and future-ready operations. Global Capacity Centers (GCCs), formerly known as captives or global in-house centers (GICs), are offshore or nearshore locations leveraged by BFSI organizations to provide a full range of business and technology services. Unlike traditional outsourcing, GCCs are owned and operated by the enterprise. GCCs provide the entity with closer alignment, greater integration and control to the ultimate core business objectives.
Key Benefits of GCCs in the BFSI Industry
- Change Agents for Digital Transformation
- Today’s modern GCCs are holistically embedded across the digital transformation roadmap of BFSI organizations.
- GCCs have allowed BFSI organizations to more effectively leverage agile development and DevOps practices throughout their banking platforms, insurance services and investment tools.
- Key capabilities include, but are not limited to, artificial intelligence for fraud detection, intelligent automation and omnichannel customer experience delivery.
- Data-Driven Insights and Risk Management
- GCCs support complex analytics, risk modeling, and real-time decision making that are essential to today’s BFSI organizations.
- Modern Global Capacity Centers are built for speed. GCCs have proven as a reliable solution to reporting compliance risk, customer segment analysis, and portfolio analysis.
- Data policy, data security, data privacy, and data regulatory compliance stand as top business expectations from GCCs worldwide.
- Access to Specialized Talent Pools
- GCCs provide access to specialized skills, with dedicated attention on talent pipeline.
- Through GCCs, BFSI firms can increase capacity based on talent, reduce time-to-market, and increase velocity of innovation.
- GCCs embed upskilling and cross-training, as part of comprehensive strategy to enable futures thinking.
- Fintech Collaboration, Ecosystem Innovation
- GCCs function as sandboxes for fintech partnerships and emerging tech pilots.
- GCCs facilitate everything from building digital wallets to the testing of blockchain-based KYC, allowing finance, banking, and insurance to experiment and scale quickly.
- Modern Global Capacity Centers provide an environment that allows for the fintech agility, while providing a sense of enterprise compliance, commitment, and responsibility.
- Operational Resilience and Cost Optimization
- GCCs provide a decentralized, measurable, scalable model for business continuity, allowing for the quick transfer of responsibilities.
- GCCs reduce operational costs with access to lower-cost talent and infrastructure, while allowing for 24-hour delivery.
- Strong governance models ensure that the most appropriate parts of the business are engaged with, aligning IT, finance, compliance, and customer service in the decisions being made.
Global Capacity Centers: A Strategic Extension to the BFSI Industry
Global Capacity Centers are no longer support centers, rather, they are extensions of the BFSI enterprises. For BFSI players looking to modernize legacy systems, meet evolving regulatory standards, and create the future-ready digital ecosystem, GCCs offer a resilient, scalable, and innovation engine solution.
To know more about how PureSoftware can be an ideal partner for your BFSI enterprise please click here: Digital Banking Service Providers, BFSI Services & Solutions | PureSoftware
