Back Office Outsourcing in Financial Services Market to See Skyrocketing Growth by Cognizant, IBM and Concentrix

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HTF Market Intelligence has released a new 158-page research report titled “Global Back Office Outsourcing in Financial Services Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2027” with detailed analysis, forecasts and strategies. The study covers key regions such as North America, Europe or Asia and important players such as Accenture (Ireland), Cognizant (USA), IBM (USA), Genpact (United States United States), Infosys (United States), Concentrix (United States United States), EXL Service (United States), Tata Consultancy Services (India) and Invensis (India)

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Summary
What is back office outsourcing in financial services market
Back office outsourcing in financial services is the process by which the finance function of an organization is outsourced to a third-party service provider. An organization requires seamless coordination between different departments. It is usually a complicated process that involves a lot of time in the organization. Managing finances in an organization is a time-consuming process. Outsourcing the back office in financial services helps organizations reduce the tedious process of managing finances.

The market study is categorized by type (data entry services, payroll, human resources, IT support and marketing) and by major geographies with country-level breakdown.

Global back office outsourcing in financial services is a fragmented market due to the presence of different players. Players are focusing on investing in the launch of new services. These will strengthen their presence in the market. Companies are also planning strategic activities such as partnerships, mergers and acquisitions that will help them stay in the market and maintain their competitive edge.

Sector analysis
HTF MI analysts have segmented the market study of Global Back Office Outsourcing in Financial Services Market by Type, Application, and Region.

Based on geography, the financial services back office outsourcing market has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India , South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, UK, Netherlands, Rest of Europe), MEA (Middle East, Africa), South America North (United States, Canada, Mexico). Moreover, the growing demand from SMEs and various industry verticals gives enough cushion for the growth of the market.

Market factors
Increase the application of back office outsourcing in financial services to avoid operational risks by standardizing processes and monitoring

Market trend
Outsource financial services in middle and back office operations and accounting processes
Need for increased efficiency and productivity

Constraints
Lack of management skills to fulfill financial outsourcing responsibilities

Opportunities
Growing demand for back office outsourcing in financial services to increase revenue for businesses of all sizes

Challenges

Lack of IT infrastructure
High levels of attrition and staff turnover in BPO companies

Market leaders and some development strategies
In 2020, Cognizant acquired Collaborative Solutions, which specializes in Workday enterprise cloud applications for finance and human resources. The acquisition will add new finance and human resources consulting and implementation services to Cognizant’s cloud offerings.

Key target audience
Back office outsourcing to financial service providers, new entrants, regulatory bodies, potential investors, research and development institutes and others

Frequently Asked Questions (FAQ):
1. What factors would mainly drive back office outsourcing in financial services market
“Rising application of back office outsourcing in financial services to avoid operational risks by standardizing processes and monitoring” is considered one of the major growth drivers of back office outsourcing in the market financial services in the years to come.

2. Can we have a custom study for back office outsourcing in the financial services market
The study can be customized based on feasibility and data availability. Please contact our sales representative for more information.

3. Which region will lead the global financial services back office outsourcing market
will lead back office outsourcing in the financial services market in the coming years.

Show detailed table of contents @ https://www.htfmarketreport.com/reports/4150946-global-back-office-outsourcing-in-financial-services-market-8

Strategic Points Covered in TOC of Global Back Office Outsourcing in Financial Services Market Insights by Application, Product Type, Competitive Landscape and Regional Forecast Market 2027:
Chapter 1: Introduction, Market Driving Product Objective of Study and Scope of the Global Financial Services Back Office Outsourcing Market Overview by Application, Product Type, Competitive Landscape and Regional Forecast 2027 . (Introduction, Report Scope)Chapter 2: Exclusive Summary – The Basics of Global Back Office Outsourcing in Financial Services Market Insights by Application, Product Type, Competition

….Continued

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