Bangalore, India, January 28, 2015: Xchanging plc, the business process, procurement and technology services provider, announced today it has been identified as the largest Capital Markets business processing services globally in terms of market share by revenues, in Everest Group’s recent report titled, Banking and Financial Services (BFS) BPO Annual Report 2014 – Low on Growth, High on Regulations – BFS BPO Adapts to the “New Normal. The same report also identifies Xchanging as a significant player in the European BFS BPO market, with 23% market-share in the segment.
Furthermore, in its Capital Markets BPO – Service Provider Landscape with PEAK Matrix Assessment 2013 report, Everest Group identified Xchanging as a “Major Contender”, with the largest global market share by revenue (16%) and number of clients (30%) in the Capital Markets BPO space.
Capital Markets is the largest sector for Xchanging’s financial services business, which has over 900 employees and 200 customers globally.
Capital Markets BPO is one of the fastest growing financial services sectors, with growth of almost 20% in 2013, primarily led by investment banking, and custody and fund administration. North America and Europe continue to be the major drivers of expansion in this area, but activity has also increased in Asia Pacific, as more players look to develop a foot-print in the fast-growing region.
While the Financial Services BPO value proposition has historically been driven by cost-reduction, today regulatory consolidation, risk management and analytics are seen as the main drivers of increased BPO adoption.
“Capital Markets BPO is one of the fastest growing industry-specific segments as financial institutions increasingly partner with third-party providers to manage their margin, regulatory, and risk considerations,” said Rajesh Ranjan, Partner and Head, Business Process Services (BPS) research, Everest Group. “Our assessment shows that Xchanging is responding to these requirements quite well, especially in the European region, and has achieved high buyer satisfaction.”
Jon Stratford, Executive Director of Xchanging Financial Services, said: “We are delighted to have been recognised as the leading player in terms of market share in the global Capital Markets BPO space by Everest Group. Our financial services business has developed well over the past few years; we have recently secured a number of new customers as well as major contract renewals, and strengthened our strategy and offerings through the acquisition of AR/Kedrios in Italy. This puts us in a strong position to deliver growth in the future.”