Vendor Analysis
published on Jul 08, 2016
Report Overview:
This NelsonHall assessment analyzes Hexaware’s offerings and capabilities in retail banking services. Hexaware is one of a number of retail banking services companies analyzed in NelsonHall’s comprehensive industry analysis programs.
Who is this Report for:
NelsonHall’s retail banking BPS vendor assessment for Hexaware is a comprehensive assessment of Hexaware’s retail banking BPS offerings and capabilities designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for retail banking BPS 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 Hexaware’s retail banking BPS offerings, capabilities, and market and financial strength, including:
- Identification of the company’s strategy, emphases and newdevelopments
- 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:
This NelsonHall assessment analyzes Hexaware’s offerings and capabilities in retail banking services. Hexaware is one of a number of retail banking services companies analyzed in NelsonHall’s comprehensive industry analysis programs.
Hexaware Technologies is a BPS and IT services firm founded in 1990 and headquartered in Navi Mumbai, India. Hexaware’s primary revenue sources are:
- BFS: 37.5% (both BPS and ITS)
- Americas: 81.3%
- ADM: 38.1%.
BPS accounts for 5.2% of Hexaware’s revenues. Hexaware’s BFS BPS revenues are primarily from capital markets firms.
This vendor profile focuses on retail banking BPS services. Hexaware started delivering IT services to retail banking clients fifteen years ago, with a tier one global retail bank which required testing services for application maintenance across retail, corporate, and private banking. This has grown in the past year to form Hexaware’s first BPS engagement, which is for payment investigations. The client has already outsourced many BPS processes for several years. Lower cost is not the driver of the engagement; the client is looking to have Hexaware automate its processes with RPA, and reduce the risk of RPA implementation through its Digital Managed Services engagement model. If the initial BPS engagement is successful, the BPS engagement is expected to significantly ramp up to deliver RPA enablement across many more banking processes.
Hexaware’s retail banking BPS service delivers services from two delivery centers, and onsite at the client:
- Chennai
- Mumbai.
Its recent contract with a global financial conglomerate will ramp up staffing to 1,000 FTEs in mid-2018, if successful.
Hexaware has four key tenets for retail banking BPS services delivery:
- Connect: improved customer engagement via social media, mobile channel, and multi-channel
- Innovate products and services: leverage client digital capabilities to use best in class customer engagement model
- Automate: transition to full STP with electronic capture, paperless back-office, e-risk management and use of industry utilities
- Decide: improved decision making from analytics for CRM, mortgage, and fraud.
Hexaware is platform agnostic and will work with both client and third party platforms. It employs proprietary methodologies, partnerships, and tools in support of retail banking BPS engagements. Hexaware uses Blue Prism’s
platform for its RPA capabilities.
Hexaware’s primary targets for retail banking BPS services are:
- Global universal banks
- Tier one retail banks.
In future, Hexaware will continue to target U.S., U.K., and German speaking financial institutions, where it currently has 12 retail banking ITS clients.