Even as the country clocked $11 billion in BPO revenues, new service lines are emerging within the BFSI (banking, financial services and insurance) segment and this calls for new technology and process requirements. The BFSI sector alone accounts for almost 40% of the revenues of this sector.
Says Ramit Sethi, senior vice-president, Wipro (WIPRO.NS : 432.3 0) BPO, "Banks will demand a more integrated BPO-IT offering as a way to generate cost optimisation. At Wipro, we are now also looking into more shared services,".
Commenting on the changing landscape of BPO services, Srinath Bolloju, managing director and COO India, Deutsche Bank, said, "Trends like globalisation, growth of capital market and global assets management continue to favour the industry."
According to industry sources, most BFSI companies are reworking their IT budgets. The IT biggies felt that BFSI segment under pressure to cut costs and will actually look forward towards increased spending on technology to deliver the benefits.
"The desire for cost savings is one of the key motivators for BPO buyers," said Stephanie Moore, chief marketing officer, UST Global.
The Indian economy is essentially services driven and is fundamentally different from some of the other economies.
The services industry constitutes about 60% of the pie, the agriculture industry about 18% and the manufacturing industry about 20% of the total economy.
Given such statistics, Adil Zainulbhai, managing director, McKinsey and Co said despite the global economic slowdown and various restructuring in the IT sector, India's long-term growth trend line of 7-8% will continue.
"This is because agricultural productivity was unaffected by the meltdown and a third of our sectors have nothing to do with what happened in the rest of the world." he added.