RnRMarketResearch.com includes Global Back Office Outsourcing Market in the Financial Services Sector 2016-2020 a new research reports in its store. The analysts forecast Global Back Office Outsourcing Market in the Financial Services Sector to grow at a CAGR of 7.46% during the period 2016-2020.
Complete back office outsourcing market in the financial services sector report is available at http://www.rnrmarketresearch.com/global-back-office-outsourcing-market-in-the-financial-services-sector-2016-2020-market-report.html .
An emerging trend in this market is the increased adoption of digital and mobile solutions. Digital technologies have enabled a diverse range of banking innovations, which include innovative identification methods utilizing biometric, Near Field Communication (NFC) systems allowing contactless payment systems, other technologies such as PayPal's Beacon and Apple's iBeacon which operates on user proximity-based Bluetooth connections.
According to the report, a key growth driver for this market is the need for greater efficiency and productivity. Given the limited workforce and budget allocation, there are always few specific business operations that a company is not able to focus on properly. Expansion through outsourcing of these resource intensive back office functions, such as monitoring budgets, maintenance of database, fielding queries helps companies to refocus on activities that are integral to the company's growth. Also, a huge chunk of the burden of employees is also brought down through the outsourcing of these administrative and procedural back office responsibilities. This, in turn, helps them to utilize the saved time in working towards core competencies of the company.
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The report, Global Back Office Outsourcing Market in the Financial Services Sector 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Outsourcing refers to the transfer of business functions or services to a third-party service provider on a contractual basis. Companies primarily outsource to reduce costs and reap potential benefits such as gaining access to skilled expertise, flexible staffing, reduce turnaround time, improve efficiency, and generate more profits.
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The report covers the present scenario and the growth prospects of the Global Back Office Outsourcing Market in the Financial Services Sector for 2016-2020.
Key players in the Global Back Office Outsourcing Market in the Financial Services Sector: Accenture, IBM, Infosys, and TCS. Other Prominent Vendors in the market are: Aegis, Attra Infotech, Birlasoft, Capgemini, CGI, Cognizant, CSC, Dell, eClerx, Endava, EPAM, EXL, HCL, Hexaware, HP, iGate, Infosys, ITC Infotech, L&T Infotech, Luxoft, Mindtree, Mphasis, NIIT Technologies, Polaris Consulting and Services, Serco Global Services, Softtek, Sutherland Global Services, Syntel, Tech Mahindra, Unisys, Virtusa, Viteos Fund Services, Wipro, WNS, Xchanging, Xerox, and Zensar.
Further, the report states that one challenge that could hamper market growth is the high attrition levels and employee turnover in BPO companies.
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