Everest Group - Banking BPO Digital Capability Platform ... BPO Digital Capability Platform (DCP)...

EGR-2019-27-R-3115

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Banking BPO Digital Capability Platform (DCP) – Service Provider Landscape with Solutions PEAK Matrix™ Assessment 2019

Banking and Financial Services (BFS) - Business Process Outsourcing (BPO)Market Report – March 2019

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Copyright © 2019, Everest Global, Inc.EGR-2019-27-R-3115 2®

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Table of contents

Background and methodology 4

Summary of key messages 10

Section I: Everest Group Banking BPO DCP Solutions PEAK Matrix™ 12 PEAK Matrix™ for Banking BPO DCP 15 Service provider capability assessment

– Leaders 16– Major Contenders 17– Aspirants 18

Section II: Everest Group’s remarks on service providers 19

Appendix 39 Glossary of terms 40 Research calendar 41 References 42

Topic Page no.


Contents

Background and methodology

Summary of key messages

Everest Group Banking BPO DCP Solutions PEAK Matrix™

Everest Group’s remarks on service providers

Appendix


Our research methodology is based on four pillars of strength to produce actionable and insightful research for the industry

Market thought leadership Actionable and insightful research Syndicated and custom research deliverables

Proprietary contractual database of 600+ banking BPO contracts (updated annually) Year-round tracking of 25+ banking BPO service providers Large repository of existing research in banking BPO Dedicated team for banking BPO research, spread over two continents Over 20 years’ experience of advising clients on banking BPO-related decisions Executive-level relationships with buyers, service providers, technology providers, and industry associations

Robust definitions and frameworks(BFSI segmentation, third-party Business Process Services (BPS) market definition, PEAK Matrix, and market maturity)

Primary sources of information(Annual contractual and operational RFIs, service provider briefings, buyer interviews, and web-based surveys)

Diverse set of market touch points(Ongoing interactions across key stakeholders, inputs from a mix of perspectives and interests, supports both data analysis and thought leadership)

Fact-based research(Data-driven analysis with expert perspectives, trend-analysis across market adoption, contracting, and service providers)

1 2 3 4


Background and methodology of the research

Background of the researchAs the banking BPO industry shifts from arbitrage-first to digital-first model, buyers increasingly seek to understand the digital capabilities of service providers to eliminate/reduce human effort, improve efficiency, and drive better outcomes. While individual digital components (such as Robotic Process Automation (RPA) and analytics) are important, the impact is much higher when they are integrated and implemented collectively as a suite. Such a solution suite is referred to as Digital Capability Platform (DCP). The purpose of this research is to understand and assess service providers based on such solutions offered by them in the banking BPO market.

In this research, we focus on: Everest Group Solutions PEAK Matrix™ evaluation, a comparative assessment of DCP solutions of 19 banking BPO service

providers Service provider digital capability assessment Remarks on key solution capabilities across the automation, insights, and interaction layers for each banking BPO service

provider


This report is based on various sources of proprietary information

The source of all content is Everest Group unless otherwise specifiedConfidentiality: Everest Group takes its confidentiality pledge very seriously. Any information we collect that is contract specific will only be presented back to the industry in an aggregated fashion

Everest Group’s proprietary database of banking BPO DCP capabilities of 19 providers The database, developed through a comprehensive Request For Information (RFI) exercise, tracks each service provider’s capability along elements such as: Clients with DCP deployments, DCP Proof of Concepts (POCs), and case studies DCP client portfolio across buyer sizes and geographies DCP vision & strategy, top DCP solutions, their value propositions, and technology

features such as RPA, Artificial Intelligence (AI), and analytics Technology partnerships and collaborations with academic institutes Innovations and investments specific to DCP Engagement & commercial models

Service providers assessed

Service provider briefings and demonstrations– Detailed briefings and demonstrations with service providers for a comprehensive

view of their solutions– Vision and strategy for DCP– Current state of the market– Opportunities and challenges– Expected direction of movement in the industry– Emerging areas of investment (e.g., focus on AI and cognitive solutions)


Retail financial services (B2C1)– Retail banking– Lending– Cards

Commercial banking (B2B2)

Banking

This report focuses on banking BPO

Investment banking

Asset management

Custody & fund administration

Brokerage

Capital markets

Property insurance

Casualty insurance

Reinsurance

Others

P&C insurance

Banking, Financial Services, and Insurance (BFSI)

Life insurance

Pensions and annuities

Reinsurance

Others

L&P insurance

Focus of this report

1 Business to consumer2 Business to business


Everest Group’s definition of Banking BPO – Digital Capability Platform (DCP)Everest Group defines DCP as an integrated digital solution, comprising of multiple of the following components

Objectives

PartnersCustomersWorkforce

Business intelligence

Interactive applicationsVirtual agentsDevices

Process mining

IT applicationsBusiness softwareProcess automation

CloudNetwork & security C

ogni

tive

/ Arti

ficia

l Int

ellig

ence

DevOPs

Drive stakeholder experience

Drive decisions

Drive process efficiency

Interaction layer

Insights layer

Automation layer

Performance layer

Analytics

Drive scalability and performance

Digital Capability PlatformU

sers

IoT

API ecosystem

Innovation ecosystem

Enab

lers

Digital components considered for this PEAK assessment


Contents



Everest Group Solutions PEAK Matrix™ for Banking BPO DCP


Appendix



Everest Group classifies Banking BPO DCP solution providers on the Everest Group PEAK MatrixTM into the three categories of Leaders, Major Contenders, and Aspirants

The PEAK MatrixTM for solutions is a proprietary framework used to assess the market impact and overall vision & capability of service providers

Based on Everest Group’s comprehensive evaluation framework, the PEAK Matrix, 19 Banking BPO DCP solution providers are segmented into three categories:– Leaders: Cognizant, Genpact, TCS, and Wipro – Major Contenders: Capgemini, Concentrix,

Conduent, Exela Technologies, EXL, FIS, HCL Technologies, Infosys, Mphasis, NTT DATA, Sutherland Global Services, and WNS

– Aspirants: Conneqt, Datamatics, and Tech Mahindra

R

Leaders Major Contenders Aspirants

Everest Group Banking BPO Digital Capability Platform (DCP) Solutions PEAK Matrix™ Assessment 2019

HighLeaders

Mar

ket I

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LowLow High

Wipro

TCS

Cognizant

Genpact

Mphasis

HCL Technologies

Capgemini

Sutherland Global Services

NTT DATA

Exela Technologies FIS

EXL

Infosys

ConcentrixConduent

WNS

Aspirants

Datamatics

ConneqtTech Mahindra

Vision & capability(Measures ability to deliver solutions successfully)

Major Contenders

Note: Service providers scored using Everest Group’s proprietary scoring methodology




Everest Group Banking BPO DCP Solutions PEAK Matrix™– PEAK Matrix™ for Banking BPO DCP– Service provider capability assessment


Appendix

Contents


™

®Everest Group PEAK Matrix™ is a proprietary framework for assessment of market impact and vision & capability

Everest Group PEAK Matrix

Vision & capabilityMeasures ability to deliver solutions successfully

High

LowLow High

Leaders

Aspirants

Mar

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ed in

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Major Contenders


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®Solutions PEAK Matrix™ evaluation dimensions

Measures impact created in the market –captured through three subdimensions

Market adoption

Size and growth of deployments across the solution portfolio

Portfolio mix

Solution footprint across geographies, industries, and buyer size segments

Value delivered

Value delivered to the client based on customer feedback and other measures

Vision and strategy

Vision for the client and itself; future roadmap and strategy

Technology capability

Technical sophistication and breadth/depth across the technology suite

Engagement and commercial model

Progressiveness, effectiveness, and flexibility of engagement and commercial models

Innovation and investments

Innovation and investment in the solution suite

Services capability

Effectiveness and breadth/depth of services portfolios across the services suite

Mar

ket i

mpa

ct

Measures ability to deliver solutions successfully.This is captured through five subdimensions

Vision & capability

Major Contenders

Leaders

Aspirants


™

®Everest Group PEAK Matrix™Banking BPO Digital Capability Platform (DCP) Solutions PEAK Matrix™ Assessment 2019

HighLeaders

Major Contenders

Aspirants

Everest Group Banking BPO Digital Capability Platform (DCP) Solutions PEAK Matrix™ Assessment 2019

Leaders

Note: Service providers scored using Everest Group’s proprietary scoring methodology

Mar

ket I

mpa

ct(M

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res

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reat

ed in

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ket)

LowLow High

Wipro

TCS

Cognizant

Genpact

Mphasis

HCL Technologies

Capgemini


NTT DATA

Exela Technologies

FISEXL

Infosys

Concentrix

Conduent

WNS

Aspirants

Datamatics

Conneqt

Tech Mahindra

Vision & capability(Measures ability to deliver solutions successfully)

Major Contenders


Summary dashboard | Market impact and vision & capability assessment of providers for Banking BPO DCP 2019Leaders

Measure of capability: High Low

Service provider

Market impact Vision & capability

Market adoption

Portfolio mix

Value delivered Overall

Vision & strategy


Services capability

Innovation & investments

Engagement & commercial

model Overall

Cognizant

Genpact

TCS

Wipro


Summary dashboard | Market impact and vision & capability assessment of providers for Banking BPO DCP 2019Major Contenders

Service provider


Market adoption

Portfolio mix


Vision & strategy


Services capability



model Overall

Capgemini

Concentrix

Conduent

Exela Technologies

EXL

FIS

HCL Technologies

Infosys

Mphasis

NTT DATA


WNS



Summary dashboard | Market impact and vision & capability assessment of providers for Banking BPO DCP 2019Aspirants


Service provider


Market adoption

Portfolio mix


Vision & strategy


Services capability



model Overall

Conneqt

Datamatics

Tech Mahindra


Contents





Appendix



Market adoption Portfolio mix


Vision & strategy


Services capability



model Overall

CapgeminiEverest Group assessment – Major Contender


Automation layer

Capgemini’s merchant onboarding solution automates requisite data sourcing and processing tasks for the onboarding of merchants, while offering integrated systems information and accelerated merchant onboarding

Its solutions also leverage cognitive and Artificial Intelligence (AI) capabilities for document categorization and data processing

Insights layer

Capgemini offers various customer-centered analytics solutions aimed at reducing fraud, enhancing payment collections, and improving overall customer satisfaction

Interaction layer

It has partnered with “ClickFox,” a provider focusing on identifying human behavior and improving the customer experience by analyzing every step of the customer journey. This will help Capgemini strengthen its solution offerings for customer interaction

Other remarks

Its strong consulting-led approach to digital transformation gives it an upper hand in conversations with its client prospects, thereby enabling it to outshine few of its peers

Developing more sophisticated solutions with greater leverage of Machine Learning (ML) and AI can help it gain greater market traction





Vision & strategy


Services capability



model Overall

CognizantEverest Group assessment – Leader


Automation layer

It has a robust set of offerings in the automation layer that includes an array of Business Process Management (BPM) tools to increase process efficiency, RPA solutions, and Optical Character Recognition (OCR) solutions

It leverages its command center solution to provide a centralized view of the robots running in production along with operational analytics

Insights layer

It provides analytics solutions for fraud detection and loan prioritization that are designed as per client’s specific business needs

Interaction layer

While Cognizant has a good mix of solutions that cut across the automation and insights layers, its solution portfolio is relatively less strong on the interaction layer side. It should try to inculcate more solutions that involve both front-office and back-office

Other remarks

Cognizant has a reasonably high number of digital deployments and is able to offer solutions that appeal to all buyer categories, i.e., small-, medium-, and large-sized buyers

It has made heavy investments in the solution space that include alliances and partnerships with multiple companies such as RPA technology vendors and its strategic partnership with ReD Associates, a consulting firm that specializes in the use of human sciences. Moreover, it has made focused efforts to lead several in-house initiatives and development of CoEs that include an AI lab and an automation experience center





Vision & strategy


Services capability



model Overall

ConcentrixEverest Group assessment – Major Contender


Automation layer

Concentrix’s automation capabilities on the front-end include its Cognitive Customer Engagement (CCE) solution that enables it to leverage both RPA and AI to solve customer challenges and bring a single and unified view of the customer

While it has effective automation solutions focused on front-office side, it needs to bring in more solutions tailored to improve efficiency for back-office functions

Insights layer

It has been able to develop multiple analytics solutions focused on improving the customer experience. These include cross-channel analytics solutions to capture the voice of the customer & track customer journey and predictive analytics solutions for customer churn reduction and fraud detection and mitigation

Interaction layer

Concentrix has been successful to bring omnichannel capabilities in most of its solutions, which helps it in solving client’s challenges on the front-end and improve customer interaction

In addition to improving experience for end-customers, there are solutions targeted to improve workforce experience as well, an example being “Genius Academy”, its role-play based training gamification solution to incentivize employees to better understand the complexities of banking/finance

Other remarks

Its solutions are modular to a large extent, which in turn allows it to offer a majority of these as stand-alone solutions It needs to increase the leverage of AI and machine learning in its solutions, and thereby bring in more sophistication





Vision & strategy


Services capability



model Overall

ConduentEverest Group assessment – Major Contender


Automation layer

Conduent offers automation solutions such as “Conduent Automation Platform (CAP)” that can be used to compose business workflows and its “BlitzDocs” solution that leverages RPA, OCR, and ML to enable paper-free mortgage loan processing

Insights layer

Most of Its solutions in the insights layer are centered around “customer” analytics such as its solutions for customer churn analysis, loan default prediction, and customer experience improvement

Interaction layer

It also offers an “omnichannel communication platform,” which enables self-service and integrates customers communications across multiple channels resulting in a consistent and personalized experience

Other remarks

Conduent should consider diversifying its client mix, both in terms of geography and buyer size





Vision & strategy


Services capability



model Overall

ConneqtEverest Group assessment – Aspirant


Automation layer

Conneqt’s solutions leverage basic automaton capabilities for data import, data reconciliation, and data upload

Interaction layer

Driven by its strong customer orientation, most of its solutions incorporate elements along the interaction layer and are targeted toward augmenting customer experience and enhancing agent productivity

Other remarks

It needs to further develop its automaton and analytics capabilities so as to position itself as a broad-based digital solutions provider with significant capabilities across all the three layers

Its offerings are restricted to Asia Pacific and it ends up losing significant client opportunities in other larger geographies such as North America and the United Kingdom

Its current solutions are focused on solving client challenges related to the front-office and it can do better by also bringing in solutions with a back-office orientation





Vision & strategy


Services capability



model Overall

DatamaticsEverest Group assessment – Aspirant


Automation layer

Datamatics’ automation capabilities revolve around its proprietary “TrueBot” solution that leverages OCR capabilities for data capture, data classification, and data conversion

Insights layer

Datamatics also provides reporting, dashboarding, and data visualization capabilities with its “TruBI” solution

Other remarks

Its solutions are primarily focused on clients in the Asia Pacific region and it needs to further expand its presence in larger markets, such as North America and Europe, for gaining higher market adoption

It needs to bring in more sophisticated solutions that leverage advanced analytics, ML, and AI, and which can address a broader range of complex client issues

Its digital offering needs to be more holistic, with more of its solutions also encompassing elements of customer experience





Vision & strategy


Services capability



model Overall

Exela TechnologiesEverest Group assessment – Major Contender


Automation layer

Exela Technologies offers several automation solutions such as “JET” for automated mining, extracting, classification, and summarization of unstructured data, and an RPA suite to automate rule-based activities

Its “TMS” solution incorporates multiple process efficiency components such as BPM workflows, OCR to extract check and payment information, RPA to automate repetitive tasks in customers' legacy systems, and operations analytics and reporting

Insights layer

Exela Technologies offers a number of solutions that have elements of operations analytics and reporting built into them such as “Athena”, its web- and mobile-based business management platform built to organize client data and drive actionable intelligence. However, it does not offer too many advanced analytics-led solutions centered around predictive and prescriptive modeling

Interaction layer

Exela Technologies is able to bring in solutions involving interactions with the end-customer such as its proprietary solution “Zuma”, a mobile- and web-based platform that provides account origination, servicing, support, and bill capture & payment features, thereby enabling users to complete the entire loan process on their phones

Other remarks

It excels at offering a majority of its solutions in a cloud-based deployment model, which makes the adoption easier and cost-effective for its clients Given their focus on building broad-based solutions that are easily replicable across different clients, their ability to cultivate individual client relationships

gets impacted in scale. Bringing in more “customized” solutions that are structured as per the client’s specific business problem would further help it position itself as a transformation partner to its clients





Vision & strategy


Services capability



model Overall

EXLEverest Group assessment – Major Contender


Automation layer

EXL offers a mix of OCR and RPA solutions such as “eFAB”, its OCR-driven solution for financial spreading and its solution specific to KYC that incorporates automation, AI, and other advanced analytics techniques such as Natural Language Processing (NLP) to help banks and financial institutions identify, sort, and verify large amounts of data to meet KYC research requirements

With a majority of its solutions centered around advanced analytics, there is an opportunity to further improve its automation-based offering

Insights layer

EXL is known to solve complex client challenges by leveraging its strong expertise in analytics Most of its solutions incorporate advanced analytics & machine learning and leverage predictive/prescriptive modeling to unravel business insights, key

examples being its “SmartCollect" solution to improve collection outcomes and its solution to forecast and reduce credit loss

Interaction layer

While EXL has a few solutions for front-office such as a solution for improving collections rate, its focus has largely been on solving problems related to the back-office and it needs to bring in more solutions that also involve interaction with customers

Other remarks

The solutions offered by EXL are pointed in nature and well-aligned with the market demand. This allows them to take these to multiple clients at a time EXL demonstrates a high degree of flexibility in its commercial approach and a large chunk of its solutions employ gainsharing and other outcome-based

pricing constructs





Vision & strategy


Services capability



model Overall

FISEverest Group assessment – Major Contender


Automation layer

FIS is a financial services firm with a strong focus on banking and very relevant industry expertise which helps it in delivering effective RPA and BPM solutions, especially for cards operations and retail banking

FIS with its BIG EYE solution also provides services workflow orchestration and interoperability of tasks between bots and humans with a centralized administration console

Insights layer

FIS brings strong analytics capabilities with its AI-based ATM cash forecasting solution and volume forecasting solution for retail banks It also offers behavior and AI-based fraud detection solutions for payments processing

Interaction layer

FIS offers omnichannel capabilities with chatbots, email, and mobile app options aimed at improving experience for end-customers and for employee/agent experience enhancement

FIS has relatively limited presence in the customer experience space, and it should develop more front-end solutions to become a holistic service provider

Other remarks

FIS solutions are centered around payments and cards processing. It should expand its solutions coverage in other areas such as lending and commercial banking





Vision & strategy


Services capability



model Overall

GenpactEverest Group assessment – Leader


Automation layer

Genpact offers robust automation solutions under its “Cora” umbrella, most of which leverage AI and machine learning to provide high operational efficiency to its clients

Insights layer

It uses advanced analytics for helping its client achieve their business outcome, key examples being its fraud and dispute management solution aimed at fraud reduction & reporting and its “Cora Live Wealth” solution that provides a 360-degree view of the wealth portfolio for high net worth clients

Genpact has developed multiple analytics tools which can be easily plugged into other solutions. This enables it to embed advanced analytics components into most of its solutions

Interaction layer

Genpact offers advanced analytics-driven solutions aimed at improving customer experience, for example, its campaign management solution that uses ML to predict customer affinity & optimize touch points across channels, and its omnichannel interaction management suite that provides insights on customer retention and customer experience enhancement

Other remarks

Driven by its strong domain and operational expertise, Genpact brings specialized solutions that provide good coverage of the entire banking value chain Most of its solutions cut across the three digital capability layers (automation, interaction, and insights), thereby enabling it to address client challenges in

a holistic manner





Vision & strategy


Services capability



model Overall

HCL TechnologiesEverest Group assessment – Major Contender


Automation layer

HCL automation capabilities include its proprietary AI-based information extraction tool “Exacto” and BPM tools such as Toscana to provide back-office, contact center, mail room, and compliance services

Insights layer

HCL uses speech, database, and text analytics to drive insights for customer acquisition, customer services, relationship development, and customer retention. It should offer more predictive solutions in other areas to deliver even greater value to its clients

Interaction layer

HCL’s online apps and multi-channel integration solutions can help its clients in improving customer satisfaction It has also implemented multi-lingual chatbot-based cognitive virtual agent solutions to increase agent productivity and improve customer satisfaction

Other remarks

HCL should invest in and enhance its insights and interaction layer capabilities to become a more holistic end-to-end solutions provider To effectively compete in the market, HCL should also relook at its pricing strategy and offer more usage-based and gainsharing-based pricing options





Vision & strategy


Services capability



model Overall

InfosysEverest Group assessment – Major Contender


Automation layer

Infosys has robust automation capabilities that include its proprietary solution, “AssistEdge”, a multi-module RPA platform that provides both assisted and un-assisted automation, an intelligent chat module, a unified desktop environment, and desktop monitoring capabilities to automate a variety of tasks and processes

Insights layer

It brings in data-driven solutions that leverage advanced analytics and machine learning such as its “NIA Loan Loss Mitigation” solution for loan loss mitigation, smart application processing, loan lead management, loan credit qualification, intelligent underwriting, and smart loan servicing

Interaction layer

The penetration of the solutions is lesser on the user experience side and there is scope for improvement on this front

Other remarks

While it has good digital capabilities in automation and analytics, it lags the Leaders in terms of market adoption of its solutions. It needs to further improve the translation of its capabilities into more client opportunities

It needs to build more third-party alliances and partnerships and scale up its investments in order to bring in more sophistication to its current digital capabilities, and thereby outshine its peers





Vision & strategy


Services capability



model Overall

MphasisEverest Group assessment – Major Contender


Automation layer

Mphasis' automation offerings involve deployment of third-party RPA tools, its proprietary document identification and digital data extraction solution named “Luminate”, and BPM tools, most of which can be easily integrated with other solutions

Insights layer

Mphasis offers a cognitive intelligence platform named “DeepInsights” that incorporates ML & NLP and serves to enable clients to gain faster and more effective access to insights from data

Interaction layer

While Mphasis’ current solutions are effective in driving process efficiency and unravelling business insights, there lies scope to incorporate more Customer Experience (CX) elements into their existing solutions

Other remarks

A large number of Mphasis’ solutions are focused on lending. It needs to bring in more diverse solutions addressing the entire banking value chain Its solutions currently cater to clients primarily in North America. It can do well by either taking some of these solutions or developing new solutions

focused on other geographies such as the United Kingdom & Continental Europe While a good number of its solutions can be easily bundled with the broader banking services contracts, positioning more of these as stand-alone

solutions will add to its credibility and market adoption





Vision & strategy


Services capability



model Overall

NTT DATAEverest Group assessment – Major Contender


Automation layer

NTT DATA’s offerings on the process efficiency side include its cognitive automation engine, “D’REAP,” that has OCR and NLP capabilities for document analysis

It also has Virtual Resource Monitoring System (VRMS) capability for bot monitoring and reporting along different parameters

Insights layer

NTT DATA offers solutions targeted at business areas such as KYC/AML reporting and risk management

Interaction layer

NTT DATA has a relatively limited presence along this layer, and it should focus on further investing and developing user experience capabilities and incorporate these in its existing solutions to compete with larger players in the market

Other remarks

While NTT DATA offers credible solutions such as its customer onboarding solution in the market, it can do better by providing more broad-based solutions targeted at solving clients’ business challenges across multiple areas

It should try developing more stand-alone solutions to gain market share and win new clients





Vision & strategy


Services capability



model Overall

Sutherland Global Services (SGS)Everest Group assessment – Major Contender


Automation layer

Sutherland offers several solutions under its Smart umbrella that includes its “SmartXtract” solution for efficient document management and “SmartRPA” solution for process optimization

Insights layer

Sutherland’s acquisition of “Nuevora” has helped it in expanding its analytics capabilities and enabled it to offer more competitive analytics solutions Most of its analytics solutions are targeted toward enhancing customer satisfaction such as its solutions for collection optimization and agent assistance It also uses advanced ML to predict propensity for delinquency and to prioritize which customers are to be contacted for collections while also suggesting

the best mode and time of communication

Interaction layer

Sutherland’s leverage of customer journey mapping and design thinking principles enhances its capability to address customer pain points via its chatbot, smart assist, and other solutions

Other remarks

The focus of its solutions is restricted to small-sized clients. It should expand its target segment to also include more mid- and large-sized clients Sutherland offers a large number of solutions on a stand-alone basis and is quite flexible in terms of offering multiple pricing options to its clients





Vision & strategy


Services capability



model Overall

TCSEverest Group assessment – Leader


Automation layer

TCS‘s RPA solution suite provides a model-based approach to design and capture business process automations that can subsequently be executed by unattended software “robots” without manual intervention. This suite offers functions such as robot health check, bot absenteeism control, and bot failure & recovery

Its cognitive extraction suite uses machine learning and NLP abilities for digital extraction of information from structured documents, recognizing handwritten documents and helping in the straight through processing of information. It also comes with utilities such as signature check and signature processing

Insights layer

Its cognitive solution “Ignio” leverages supervised/unsupervised machine learning, NLP, and Natural Language Generation (NLG) techniques to generate intelligent business insights

It also offers “Vitellus,” which is a web-based and ready-to-use GUI tool to choose and generate advanced data visualizations, and serves to improve the visual analytics experience

Interaction layer

It needs to bring in more solutions that have components along the interaction layer and are targeted to improve customer and employee experience

Other remarks

While it is able to bundle a lot of its solutions effectively as part of its broader banking deals, it needs to improve upon offering more of these as stand-alone solutions

Its solutions have a broad-based coverage across the entire banking value chain and address a multitude of areas such as customer onboarding, credit underwriting, trade finance, payments, and dispute management





Vision & strategy


Services capability



model Overall

Tech MahindraEverest Group assessment – Aspirant


Automation layer

Tech Mahindra offers “UNO,” an automation solution with unified desktop and front-office automation capabilities Most of its automation capabilities are focused upon front-office automation and it also needs to solve more client challenges on the back-office side

Insights layer

The analytics solutions offered by Tech Mahindra largely revolve around “customer analytics” such as its “iDEP” solution that seeks to provide a 360-degree view of the customers by capturing & analyzing information from banks’ internal databases and integrating this with external data such as social media, click stream, and credit rating data

Interaction layer

Given Tech Mahindra’s strong focus on front-office, most of its solutions are primarily focused around improving the customer experience

Other remarks

It needs to develop deep BFS-specific domain expertise and bring in more sophisticated solutions targeted toward solving clients’ complex business challenges

Its portfolio is focused around the United Kingdom and APAC and it can do well by diversifying to other geographies such as North America





Vision & strategy


Services capability



model Overall

WiproEverest Group assessment – Leader


Automation layer

Wipro’s AI platform “Holmes” leverages algorithmic intelligence and cognitive computing capabilities to help enterprises enhance their operational efficiency, effectiveness, and user experience across various business processes

Its RPA toolset has both attended and unattended automation capabilities. It has also developed a bot monitoring solution that can be integrated with any existing RPA tool and provides several business insights along with the task execution status of the robotic processes

Insights layer

While most of its solutions have in-built data analytics components, it can do better by bringing in more sophisticated solutions with predictive/prescriptive capabilities aimed at solving complex client challenges in multiple areas

Interaction layer

It offers a number of solutions with capabilities along the interaction layer such as its customer experience transformation solution suite that seeks to provide a superior customer & employee experience and its chat solutions aimed at providing a seamless chat experience to customers

Other remarks

It excels in taking its digital solutions to their existing BPO clients. This is illustrated by high adoption of its solutions in North America, the United Kingdom, and Europe, and also in other geographies such as APAC, LATAM, and MEA





Vision & strategy


Services capability



model Overall

WNSEverest Group assessment – Major Contender


Automation layer

Its automation offering involves deployment of third-party RPA technology solutions to increase operational efficiency

Insights layer

It brings a number of advanced analytics-led solutions that include its automated financial spreading solution “Kwilo” for financial data extraction, summarization, and analysis aimed at helping financial institutions make faster credit decisions and its proprietary big data platform “Agilius” that integrates various customer data sources to help banks consume business insights faster

Interaction layer

Its solutions are inclined more toward solving back-end business challenges and it needs to incorporate more customer interaction elements in these solutions

Other remarks

WNS needs to invest more in developing advanced cognitive/AI capabilities and bring in greater sophistication to its solutions, which would make them appealing to a larger set of clients

WNS is focused exclusively on the small- and mid-sized buyer segments. It could also start targeting some large-sized buyers to accelerate its market adoption

Given WNS’ robust analytics capabilities, most of its solutions are centered around the insights layer and there is scope to expand its portfolio further from an automation and interaction layer perspective






Appendix– Glossary– Research calendar– References

Contents


Glossary of terms

Term Definition

Artificial intelligence Ability of machines to use cognitive computing to mimic human intelligence, such as visual perception, speech recognition, decision-making, and language translation

Advanced analytics These solutions go beyond reporting the as-is state and show to-be scenarios using predictive models to aid in decision making and sometimes suggest next course of action to be performed

BPM tools These are process optimization solutions with capabilities of process design, execution (through workflows and orchestration of different BPS technology systems), and monitoring (through analytics)

BPO Business Process Outsourcing refers to the purchase of one or more processes or functions from a company in the business of providing such services at large, or as a third-party provider

COE Center of Excellence is a competency or capability center that specializes in some particular areas of focus such as a technology, skill, or discipline

Cognitive computing Cognitive computing involves self-learning systems that use data mining, pattern recognition, and NLP to mimic the way the human brain works

Machine learning A type of artificial intelligence that provides the computers with learning capabilities without explicit programming

NLP Natural Language Processing refers to the machine’s ability to interpret human languages

RPA It refers to a type of automation, which interacts with a computer-centric process through the User Interface (UI) / user objects of the software application supporting that process. It is typically deployed on virtual machines and can enable end-to-end process automation without the need for human triggers

Semi-structured data Semi-structured content is one which does not conform to the pre-defined structure of content, but nonetheless, contains tags / other markers to separate semantic elements and enforce hierarchies. In short, it has a self-describing structure. The placeholders of the content can be in varied sequences

Transaction-based pricing Output-based pricing structure; priced per unit transaction with significant price differences between onshore and offshore


Mortgage BPO – Service Provider Profile Compendium 2018 February 2018

Banking BPO – Service Provider Landscape with Services PEAK Matrix™ Assessment 2018 March 2018

Know Your Customer-Anti Money Laundering (KYC-AML) BPO – State of the Market with Services PEAK Matrix™ Assessment 2018 June 2018

Banking BPO Annual Report 2018: Digital Transformation or Digital Washing: Looking Beyond the Hype July 2018

Banking BPO – Service Provider Profile Compendium 2018 August 2018

Mortgage BPO – Service Provider Landscape with Services PEAK Matrix™ Assessment 2019 January 2019

Banking BPO Digital Capability Platform (DCP) – Service Provider Landscape with Solutions PEAK Matrix™ Assessment 2019 March 2019Mortgage BPO Annual Report 2019 April 2019

Banking BPO – Service Provider Landscape with Services PEAK Matrix™ Assessment 2019 Q2 2019

AML/FCC – Service Provider Landscape with Services PEAK Matrix™ Assessment 2019 Q3 2019

Research calendar – Banking and Financial Services (BFS) – Business Process Outsourcing (BPO)

PlannedPublished Current release

Note: For a list of all BFS BPO reports published by us, please refer to our website page

Trade Finance of the Future – A Blockchain Story July 2017

Blockchain: Is it the Silver Bullet? April 2018

Think Banks Have Gotten the Most Out of Automation - Think Again February 2019

Buyer Satisfaction In BFS – What Makes the Banks Frown? Q2 2019

Makings of a Successful Sourcing Relationship – Deal Trends in Banking Q2 2019

Achieve the most out of our Analytics Spend – Analytics Success Stories in BFS Q3 2019

The Truth about BPaaS – Report on Current Adoption and Future Direction of BPaaS Solutions Q3 2019

Thematic BFS BPO reports

Flagship BFS BPO reports Release date

https://www2.everestgrp.com/reports?Cat0=1085


Additional BFS BPO research references

The following documents are recommended for additional insight into the topic covered in this report. The recommended documents either provide additional details on the topic or complementary content that may be of interest

1. Banking BPO Annual Report 2018: Digital Transformation or Digital Washing: Looking Beyond the Hype (EGR-2018-27-R-2706); 2018. This report assists key stakeholders (buyers, service providers, and technology providers) in understanding the changing dynamics in the banking BPO market and identifying recent trends and the future outlook. In this backdrop, this report tries to investigate the levers of true digital transformation and identifies the difference between transformation and washing when it comes to digital

2. Banking BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2018 (EGR-2018-27-R-2591); 2018. This report assists key stakeholders (buyers, service providers, and technology providers) in understanding the changing dynamics of the banking BPO space and helps them identify the recent trends and future outlook. In this backdrop, the report provides comprehensive coverage of the global banking BPO space including detailed analysis of the state of the market, market trends and solution characteristics, service provider landscape, and the future outlook

3. Capital Markets BPO – Service Provider Profile Compendium (EGR-2019-27-R-3051); 2019. The objective of this compendium is to provide key stakeholders a snapshot of the offerings and capabilities of 23 major capital markets BPO service providers. Specifically, the report allows service providers to compare their areas of strength and those of development with other service providers in the marketplace. It also helps existing and potential buyers of capital markets BPO services to assess the service providers on the capabilities that they desire

4. Mortgage BPO – Service Provider Profile Compendium (EGR-2019-27-R-3026); 2019. The objective of this compendium is to provide key stakeholders a snapshot of the offerings and capabilities of 20 major mortgage BPO service providers. Specifically, the report allows service providers to compare their areas of strength and those of development with other service providers in the marketplace. It also helps existing and potential buyers of mortgage BPO services to assess the service providers on the capabilities that they desire

Website: www.everestgrp.com | Phone: +1-214-451-3000 | Email: [email protected]

For more information on this and other research published by Everest Group, please contact us:

Manu Aggarwal, Practice Director: [email protected]

Robin Jain, Practice Director: [email protected]

Rohit Sharma, Senior Analyst: [email protected]

https://www2.everestgrp.com/reportaction/EGR-2018-27-R-2706/toc




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About Everest Group

Everest Group is a consulting and research firm focused on strategic IT, business services, and sourcing. We are trusted advisors to senior executives of leading enterprises, providers, and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empower clients to improve organizational efficiency, effectiveness, agility, and responsiveness. What sets Everest Group apart is the integration of deep sourcing knowledge, problem-solving skills and original research. Details and in-depth content are available at www.everestgrp.com.

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