India’s Global Capability Centres (GCCs) are actively taking the lead in transforming the banking, financial services, and insurance (BFSI) sector by functioning as hubs of innovation and operational excellence.
According to a NASSCOM report, the number of insurance-related GCCs in the country has increased by 15% over the past three years. This reflects their growth in managing complex processes such as claims handling, underwriting, and fraud detection.
“GCCs are enabling insurers to reimagine their operations,” said Shrinivas Ramanujan, chief operating officer at Opteamix. “With AI, blockchain, and predictive analytics, these centres are becoming essential for digital transformation and customer engagement.”
India’s BFSI GCC landscape is thriving, with 20–25% of all GCC professionals employed in this sector. The country also plays a vital role in digital banking innovation as it contributes to 30% of global digital banking products.
Cities like Bengaluru, which hosts 25-30% of BFSI GCCs, along with Hyderabad, Delhi-NCR, and Chennai, are emerging as major hubs. Hyderabad, in particular, has attracted Fortune 500 BFSI companies such as HSBC, Bank of America, Wells Fargo, and State Street.
Using Technology for Transformation
India’s 4.5 million-strong tech workforce enables GCCs to move beyond traditional middle and back-office functions and focuses on new product development and enhanced user experiences. GCCs have created specialised Centres of Excellence (CoEs) for areas such as financial planning, tax management, and global payments to improve performance and delivery quality.
Moreover, GCCs are using AI/ML and data analytics to develop innovative solutions. Robotic process automation (RPA) is widely used for tasks like customer onboarding, automating data collection, validation, and KYC checks to improve efficiency.
Although blockchain adoption in BFSI GCCs is still in its nascent stage, it is being explored to boost efficiency, enhance security, and lower costs.
India’s Leadership in Cybersecurity
India is home to a growing number of cybersecurity experts, including ethical hackers and security analysts, who help organisations strengthen their defences against cyber threats. The cybersecurity heads of most BFSI organisations are based in India, which highlights the country’s deep talent pool in the field.
According to an ANSR research report, India currently houses over 90 BFSI enterprises operating approximately 185 GCCs. The widespread presence of these centres underscores India’s strategic importance as a global hub for BFSI innovation and operations.
The post Indian GCCs Propel BFSI, Record 15% Growth in 3 Years appeared first on Analytics India Magazine.
