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Firstsource - Transforming Intelligent Automation in Banking
Vendor Analysis
published on Apr 06, 2023
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Report Overview:
This NelsonHall vendor assessment analyzes Firstsource’s offerings and capabilities in intelligent automation for the banking and financial services sector
Who is this Report for:
NelsonHall’s “Transforming Intelligent Automation in Banking” profile on Firstsource is a comprehensive assessment of Firstsource’s offerings and capabilities for the BFS sector, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of intelligent automation process services and identifying vendor suitability for intelligent automation services in banking RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the support services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Firstsource’s BFS-focused intelligent automation offerings, capabilities, and market and financial strength, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, challenges, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base, including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization, including the location of delivery centers.
Key Findings & Highlights:
Firstsource was initially spun out of a bank and has a primary focus on the banking industry. It generates 50% of its revenues from BFS. Firstsource focuses its BFS offerings on buying centers in lending and consumer cards. Over time it intends to expand its buying center coverage in banks to include deposits, payments, and auto finance.
Firstsource began delivering intelligent automation services for a U.K.-headquartered tier one bank in 2016. The client wanted to increase the operational efficiency of its factoring and commercial lending businesses. Firstsource delivered the engagement consisting of rearchitecting workflows and designing and deploying bots.
In the intelligent automation space, Firstsource focuses on the orchestration of business processes to deliver value. Its primary offering bundle is license and platform services, which focus on the delivery of document management and omnichannel engagement services.
Financial institutions that are looking to commit to a platform to support process automation for license/platform services and implementation/managed services should consider Firstsource.