NEW YORK, Aug. 2, 2016 /PRNewswire/ -- Genpact (NYSE: G), a global leader in digitally-powered business process management and services, today announced that HfS Research, a leading industry analyst firm, has recognized Genpact in the 2016 Winner's Circle for banking and financial services analytics.
With pressures around profitability, regulatory scrutiny, and customer churn, major banks and financial institutions are intensifying their focus on the next generation of analytics models, tools, and skillsets. Yet embedding analytics-driven insights into the actual running of banking operations is still trailing behind its potential.
HfS' Blueprint report evaluates 14 firms as recognized by their clients in eight areas of execution and innovation. HfS specifically cites Genpact's mature banking and financial services analytics offerings in fraud, risk, and compliance. The report highlights Genpact's mission to create a more effective technology-enabled analytics capability, with proprietary models and platforms that are industry-specific to address critical industry challenges. Examples include the company's model governance and validation tool, a regulatory gap analyzer, and dual time dynamics with new stress-testing practices.
"Genpact earns its place in our Winner's Circle through its superior strategic investments in transformation through technology, deep domain expertise, proactive talent development, and its strategic use of alliances and partnerships," said Phil Fersht, founder and chief executive officer, HfS Research.
Genpact's Lean DigitalSM approach combines process-centric technology, Lean management principles, customer-focused design thinking methodology, and deep domain expertise. As a result, analytics and other technology solutions are more closely aligned to true business outcomes.
For example, Genpact's contact center analytics helped a Fortune 100 financial services firm reduce operating costs by approximately 7 percent year-over-year and achieve $40 million in savings using data-driven analytics and intelligent reporting. For a leading Canadian bank, Genpact delivered $14 million in annual cost savings within a year through interactive voice response and first call resolution optimization, call elimination, and customer experience improvements.
To address the analytics talent gap, especially in the financial risk services area, Genpact has an academic alliance strategy that includes contributing to curriculum development at multiple universities to create a more industry-ready workforce for niche specializations, such as commercial credit reviews and financial analysis. Genpact also has created a "Risk Academy" with career paths for risk, compliance, and financial crimes, as well as a certification program with the Global Association of Risk Professionals.
"We're proud to be in HfS' Winner's Circle for our banking and financial services analytics capabilities, which recognizes our innovative data-to-insight-to-action solutions for leading Fortune 500 clients," said Mohit Thukral, senior vice president and business leader, Banking, Financial Services, and Insurance, Genpact. "Our Lean Digital approach aligns our analytics solutions to business outcomes, and ensures the middle and back office support the front, which delivers the most return on investment for our clients."
More information about Genpact's global banking and financial services analytics business is available at http://www.genpact.com/what-we-do/capabilities/analytics/financial-services-analytics. To access a summary of HfS Research's report, see http://www.genpact.com/downloadable-content/hfs-blueprint-bfs-analytics-excerpt-for-genpact.pdf.
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 model 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 70,000 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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