Global BFSI outsourcing to grow 6.79% until 2020

Global BFSI outsourcing

The global banking, financial services, and insurance (BSFI) sector outsourcing market is forecast to grow at a compound annual growth rate of 6.7% during the period 2016-2020, according to a report released by Technavio, which identified Accenture, Genpact, IBM and TCS as key vendors of the BFSI sector outsourcing market. The report said organizations in the BFSI sector outsource both regulated and non-regulated activities to third-party service providers to reduce costs and identify key investment areas. Outsourcing also enables organizations in the BFSI sector to transfer their risks, meet changing regulatory compliances, improve customer services, and achieve cost-efficiencies.