BFSI Sector Offshoring: Key Insights

• Extensive Offshoring: Over the past three decades, BFSI companies have leveraged offshoring extensively.
  

• KPMG-NASSCOM Report (June 2022): Provides deep insights into the BFSI sector and emerging trends.
  

BFSI Presence in GCCs:

• BFSI has the largest presence across the GCC landscape.
  

• Employs ~21% of the GCC workforce.
  

• Rapid digital and technological advancements require skilled and abundant talent.
  

• India is an attractive location for BFSI offshoring.
  

Offshoring Focus:

• Business process operations.
  

• Technology infrastructure, support, and application development.
  

Ideal Offshore Destinations:

• India and The Philippines:
  

  • Skilled accountants.
    

  • Latest finance and accounting software.
    

  • Assured security.
    

  • Low cost of labor.
    

  • Digital literacy.
    

  • Proficiency in English.
    

  • Robust infrastructure.
    

  • Conducive government policies.
    

Offshore Centers:

• Banks and financial institutions have set up offshore centers as team extensions.