Global Capability Centres of Banks in India: BFSI Growth
Why in the news
Digital-only banks and mid-sized banks are opening Global Capability Centres in India, seen as the next big growth wave in BFSI.
About GCCs
A GCC, also called a Global In-house Centre or captive centre, is an offshore or nearshore unit fully owned and run by its parent company, delivering services from IT and R&D to complex back-office work.
Why banks choose India
- Cost advantage and access to top engineering talent.
- High attrition, up to 70% at service providers, pushed banks to in-source work.
- Focus on AI, cloud, blockchain and digital banking.
BFSI GCC numbers
| Indicator | Figure |
|---|---|
| BFSI GCCs in India | 130 |
| People employed | 537,000+ |
| GCCs with under 500 staff | 22 |
| Top 10 banking GCCs’ staff | 285,553 |
| JP Morgan engineers | 21,000 |
Players expanding
| Group | Names |
|---|---|
| US banks | First Citizens Bank, PNC Financial, Fifth Third Bank |
| European banks | Natixis, Credit Agricole, Santander (France), UniCredit (Italy) |
| UK neo banks | Revolut, Monzo |
Exam angle
- GCC alias: GIC or captive centre.
- BFSI = banking, financial services and insurance.