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iGATE - Capital Markets BPO

Vendor Analysis

by Andy Efstathiou

published on Nov 04, 2013

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Report Overview:

This NelsonHall assessment analyses iGATE's offerings and capabilities in capital markets BPO. iGATE is one of a number of capital markets BPO companies analyzed in NelsonHall's comprehensive industry analysis programs.

Who is this Report for:

NelsonHall's Retail Banking BPO Vendor Assessment for iGATE is a comprehensive assessment of iGATE's retail banking BPO (RB BPO) offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for CM BPO 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 iGATE's capital markets BPO 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:

iGATE started its capital markets BPO business in 2005 with an engagement for a Swiss based hedge fund. The hedge fund was a client for IT services (converting IT operations onto an acquiring tier 1 bank platform). The first CM BPO engagement was in reconciliation for the hedge fund. Over time the reconciliation engagement expanded to providing reconciliation for the tier 1 bank parent, as well as reconciling a broader range of securities trades.

CM BPO is a part of iGATE's financial services line of business, and works with clients in retail and commercial banking.

iGATE's primary targets are:

  • Tier 1 banks headquartered in U.S. and Canada
  • Tier 1 investment banks and broker/dealers headquartered in U.S.
  • Capital market service providers
  • Asset managers (all sizes) headquartered in the U.S.

iGATE CM BPO delivers services from four primary delivery centers:

  • Bangalore
  • Mumbai
  • Noida
  • Hyderabad.

iGATE's key differentiators are:

  • Strong Canadian banking market penetration: iGATE has 3 of the top 5 banks in Canada as clients. Its largest client is RBC
  • iTOPS: an integrated IT BPO model for providing service to clients that delivers more than labor arbitrage savings
  • Platform expertise (for the North American market): the experience of working with key North American platforms (e.g., Omgeo, Netezza, SmartStream, and AVOX).

iGATE intends to drive client acquisition and revenue growth in the next several years by expanding three key areas of its services:

  • Capital markets analytics
  • Compliance offerings
  • Developing cloud based hosted offerings in partnership with platform vendors to offer clients the opportunity to choose an external hosting model
  • Platform BPO for tier 2 clients.

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