NEW YORK, Oct. 13, 2015 /PRNewswire/ -- Genpact (NYSE: G), the architect of the Lean DigitalSM enterprise, today announced it has received a "Leader" designation in global banking business process outsourcing (BPO), which is the fourth year in a row it has secured this highest ranking from Everest Group, a top industry analyst firm.
Everest Group's report, Banking BPO – Service Provider Landscape with PEAK MatrixTM Assessment 2015, reviews 23 service providers in regard to market success, scale, scope, technology solutions and innovation, delivery footprint, and buyer satisfaction.
Everest recognized Genpact for its best-in-class scope and market success, as well as for being the second largest BPO firm based upon revenue and number of clients. The analyst firm specifically cited Genpact's breadth in various banking BPO lines of business, geographic reach, and buyer size as key strengths.
Competitive pressures, increasing regulation, and other industry demands are dramatically reshaping the operating model for banks and financial services enterprises, forging a greater need for business process transformation that often includes outsourcing and the automation of certain functions. The Everest Group report noted that buyers of banking BPO services increasingly look for providers to deliver more than cost savings.
"Banks' expectations from BPO services are fast evolving. Beyond traditional services, they increasingly seek risk management and regulatory support services and expect newer value levers of platforms, automation, and analytics to drive greater efficiency as well as better business outcomes," said Rajesh Ranjan, partner, Everest Group. "Our assessment shows that Genpact is making such investments to further enhance its broad capabilities and experience to help their clients meet these objectives."
Genpact stays ahead of industry trends to deliver what its clients need, and in the past year has significantly expanded services in risk and compliance and new technologies such as robotic process automation (RPA). In addition, Genpact's Lean DigitalSM approach addresses market demands by harnessing three complementary domains – digital process-centric technologies, design thinking methods, and Lean principles – to enable banks to rearchitect their middle and back office operations and achieve measurable impact such as growth, cost efficiency, and business agility. This methodology includes Genpact's patented Smart Enterprise Processes (SEPSM) framework, as well as Systems of EngagementTM solutions, digital integration services, and Data-to-ActionSM analytics that create intelligent bank operations able to sense, act effectively and efficiently, and learn from their actions.
For example, Genpact helped a leading financial service firm develop a new operating model to standardize, simplify, and streamline its risk and compliance processes. The efficiency improvements reduced annual costs and increased margins, while ensuring and enhancing regulatory compliance.
"We're proud of our leader position which underscores the trusted advisor role we have with our financial services clients, as attested by our high scores on relationship management, flexibility and operational excellence," said Mohit Thukral, senior vice president and business leader, Banking, Financial Services and Insurance, Genpact. "Our SEP methodology and Lean Digital approach allow banks to rearchitect operations and get the most return on their investments in business process transformation, regardless of their legacy systems."
More information about Genpact's global banking and financial services business is available at genpact.com/home/industries/banking-financial-services. For more details about Genpact's Lean Digital approach, see genpact.com/leandigital. To access a summary of Everest Group's report, see www.genpact.com/docs/default-source/resource-/banking-bpo-service-provider-landscape-with-peak-matrix-assessment-2015.
Genpact (NYSE: G) stands for "generating business impact." We architect the Lean DigitalSM enterprise through a unique approach based on our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients' middle and back offices to generate growth, cost efficiency, and business agility. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have grown to over 70,000 people in 25 countries, with key management and a corporate office in New York City. We believe we are able to generate impact quickly and power Intelligent OperationsSM for our clients because of our business domain expertise and experience running complex operations, driving our unbiased focus on what works and making technology-enabled transformation sustainable. Behind our passion for technology, process, and operational excellence is the heritage of a former General Electric division that has served GE businesses since 1998. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
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