Vendor Analysis
published on Mar 29, 2017
Report Overview:
This NelsonHall assessment analyzes Genpact's offerings and capabilities in FinTech services for the banking industry. Genpact is one of a number of banking services vendors analyzed in NelsonHall’s comprehensive industry analysis programs.
Who is this Report for:
NelsonHall’s Retail Banking BPS Vendor Assessment for Genpact is a comprehensive assessment of Genpact’s FinTech offerings and capabilities for the banking industry designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of FinTech services and identifying vendor suitability for banking industry (consumer banking, commercial banking, and capital markets) FinTech services 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 Genpact’s FinTech services for banking offerings, capabilities, and market and financial strength, including:
- Identification of the company’s strategy, emphases and new developments
- Analysis of the company’s strengths, weaknesses 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 locations.
Key Findings & Highlights:
Genpact is a U.S. headquartered public company that provides technology and business services to global 2000 enterprises.
As of Q3 (ended September 31) 2016, Genpact derived 48.1% of its revenues from the banking industry (BFS).
Genpact’s FinTech services for banking started in 2014 because, based on its knowledge of how technology was developing in the industry, it saw the potential demand for autonomics from banks. Genpact's initial offering, which was deployed internally to support its own BPS operations, was for screen scraper automation. This was later deployed at clients for their internal operations. Its second offering was for automation services for solution development operations, which again has been subsequently deployed at clients.
Genpact’s FinTech services practice is part of its Lean Digital services. Genpact began its journey in automation at the end of 2014. Initially, its efforts were all focused on BPS delivery of its automation services; but now that it has developed its approach to automation, its focus has shifted to delivery in its client's internal shared services environments.
Genpact designed its Lean Digital strategy with three components:
- Enabling operations to work at the speed of customer-facing channels: Genpact has focused its Lean Digital efforts on enabling the legacy operations systems to operate at the same speed as the front-office
- New technology: enablement of a Lean Digital strategy would require new technologies such as RPA, NLP, NLG, translation, IoT, machine learning, and cognitive and AI; this requires Genpact to conduct due diligence on emerging technologies and partner with product vendors for delivery
- Domain and process definition: identifying the appropriate processes for enablement, and the appropriate solutions to achieve that enablement.
In April 2015, Genpact announced its Lean Digital offering, a four-component framework and began to actively pursue clients for this initiative.
Genpact's first two FinTech banking clients were a U.S. bank and an Australian bank. Each was looking for computational linguistics to automatically accept applications and move the applications through to workflow engines for processing and fulfilling. In both cases, Genpact worked with the venture capital arms of these banks to conduct due diligence on the technology and vendors which were selected to provide the software.