NEW YORK, Sept. 27, 2016 /PRNewswire/ -- Genpact (NYSE: G), a global leader in digitally-powered business process management and services, today announced that Everest Group, a leading industry analyst, has recognized Genpact as a "Star Performer" and "Leader" in the 2016 PEAK Matrix™ for Banking Business Process Outsourcing (BPO).
Genpact is one of only three service providers, out of 24 evaluated, to receive the highest designations based on Everest Group's Performance, Experience, Ability, and Knowledge (PEAK) criteria. The PEAK Matrix assesses absolute market success and overall capability of service providers. Everest Group specifically cited Genpact's global delivery capabilities and investments in enhancing technology and innovation, such as its mortgage origination solution. Everest also noted that Genpact was the leading contributor to the banking BPO market's revenue growth as a result of new clients and expanded scope of existing accounts.
Financial institutions' tremendous investment in legacy infrastructure used to be a barrier to entry; now it is a liability as these rigid operations prevent banks from delivering the optimal digital customer experience. Moreover, as banks continue to confront regulatory changes, they need to find new ways of operating and growing without using financial leverage. They must manage risks better while still delivering high customer expectations. Additionally, robotic process automation (RPA) is disrupting many traditional processes, with the impact higher in rule-based transactional activities such as credit cards and retail banking. As a result, enterprises look to BPO service providers to be more strategic, delivering not just cost savings but also transformation through technology and innovation.
Genpact's unique Lean DigitalSM approach harnesses three complementary domains – digital process-centric technologies, design thinking methods, and Lean principles – to reimagine businesses by extending the power of digital technology all the way through from the customer engagement in the front office (customer contact center), to the middle and back office where enterprises can achieve measurable impact such as growth, cost efficiency, and business agility. This is particularly important given the significant amount of legacy systems and processes in banks, which leads to heightened change management complexity.
As one of the key part of its Lean Digital approach, Genpact's RPA solution is among the most advanced in the world. Everest Group specifically cited Genpact's strength in this area as among the reasons for its high ranking in the report.
"Genpact also earned its place as a Star Performer and Leader as it is one of the largest providers in banking BPO by scale, has made substantial investments in domain expertise, and has a special focus on commercial banking, end-to-end mortgage originations, and commercial lending platforms," said Rajesh Ranjan, partner, Everest Group.
For example, Genpact helped a leading mortgage services company achieve a nine times increase in loan origination with an RPA solution that automated different workflows across the loan lifecycle, created a paperless environment, and increased transparency and accuracy of data while allowing for greater scalability. The solution also decoupled job functions and automated file/task assignments based on resource capability and capacity. The benefits of the implementation included growth and scalability, standardization and simplification, and adaptation and flexibility.
"We're proud to be recognized so highly by Everest Group, which is a testament to our continued success in delivering results to our banking and financial services clients, including innovation through RPA and other new technologies," said Mohit Thukral, senior vice president and business leader, Banking, Financial Services and Insurance, Genpact. "Our unique Lean Digital approach aligns technology with business outcomes to help our clients dramatically evolve their operations and achieve the most impact from their transformation investments."
More information about Genpact's Banking BPO services is available at http://www.genpact.com/what-we-do/industries/banking-financial-services. For more details about Genpact's Lean Digital approach, visit http://genpact.com/leandigital. To access a summary of Everest Group's report, see http://www.genpact.com/insight/report/everest-group-peak-matrix-for-banking-bpo-service-providers.
Genpact (NYSE: G) stands for "generating business impact." We are a global leader in digitally-powered business process management and services. We architect the Lean DigitalSM enterprise through our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients' operating models end-to-end, including the middle and back offices. This creates Intelligent OperationsSM that we help design, transform, and run. The impact on our clients is a high return on transformation investments through growth, efficiency, and business agility. For two decades, first as a General Electric division and later as an independent company, we have been passionately serving our clients. Today, we generate impact for a few hundred strategic clients, including approximately one-fifth of the Fortune Global 500, and have grown to over 75,000 people in 25 countries, with key offices in New York City. The resulting business process and industry domain expertise and experience running complex operations are a unique heritage and focus that help us drive the best choices across technology, analytics, and organizational design. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
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