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Genpact - Wealth and Asset Management BPS

Vendor Analysis

by Andy Efstathiou

published on Mar 18, 2016

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Report Overview:

This NelsonHall assessment analyzes Genpact’s offerings and capabilities in wealth and asset management services. Genpact is one of a number of wealth and asset management services companies analyzed in NelsonHall’s comprehensive industry analysis programs. 

Who is this Report for:

NelsonHall’s Wealth and Asset Management BPS Vendor Assessment for Genpact is a comprehensive assessment of Genpact’s wealth and asset management BPS offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of Genpact market process outsourcing and identifying vendor suitability for Wealth and Asset Management 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 Genpact’s wealth and asset Management BPS 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 began delivering financial industry-specific processes to General Electric Capital in 1998 (two years after the founding of GECIS, which at the time was part of General Electric). The financial services experience gained with GE Capital allowed Genpact to bid for other financial services business.

Genpact began providing W&A BPS services to GE Capital Management in 2003, with accounting services for assets.  When GECIS went public as Genpact in 2005, Genpact began acquiring other financial institutions as clients for W&A BPS. Genpact’s second W&A BPS client was Centerra Capital, which bought services across the W&A spectrum or services.

Genpact’s wealth and asset management delivers services from six delivery centers:

  • Gurgaon
  • Noida
  • Hyderabad
  • Jaipur
  • Jersey City
  • Glasgow.

Genpact will be not be opening additional nearshore centers to support wealth and asset management BPS in the near future; instead it will be expanding the staffing levels in existing centers to support growth.

Genpact’s primary targets for wealth and asset management BPS are:

  • GE Capital
  • Top U.S., U.K., and Australian banks: wealth management divisions
  • Mid-tier U.S. banks: wealth management divisions
  • Large wealth management firms in the U.S.

In future, Genpact will continue to target U.S., U.K., and Australian financial institutions.

Genpact is looking to grow its wealth and asset management BPS business by:

  • Expanding its relationships with existing U.S. wealth manager clients, by providing ongoing Six Sigma process improvements
  • Expanding its presence in the U.K. market by promoting platform based services, using the OpenWealth platform 
  • Expanding its Australian presence with superannuation managers, using existing delivery capabilities.

The primary focus in the next 12 months will be:

  • Expanding onshore delivery for prospects and clients which do not want to offshore specific processes; starting with Europe (Scotland) in late 2015, and Asia (Australia) in early 2016
  • Expanding its compliance offerings as regulations change, especially with further development of customer onboarding (KYC/AML) tools
  • The integration of the OpenWealth platform for the U.K. marketplace, and eventually Continental Europe and the U.S. 

All of Genpact’s new engagements are expected to involve IT consulting and services, to support operational change as part of the wealth and asset management BPS relationship.  

Genpact has a large delivery network based onshore and offshore, though it has been receiving requests from clients and prospects for additional delivery locations beyond just an offshore option. It expects to increase actual delivery for wealth and asset management BPS, at client request, to include additional options from its existing network.

Table of contents:

Table of contents:

  • Background
  • Revenue Summary
  • Key Offerings
  • Delivery Capability and Partnerships
  • Pricing and Contracts
  • Platforms and Intellectual Property
  • Target Markets
  • Strategy
  • Strengths and Challenges
  • Strengths
  • Challenges
  • Outlook

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