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A decade ago, one had to visit a bank physically for all banking needs. From withdrawing cash to transferring money to opening a fixed deposit account, we had to walk into a bank, wait in serpentine queues, and move from one counter to another to get a task done. Looking back, I marvel at how far we have come from those days. Today, that experience is almost unimaginable as we have undergone a revolutionary transformation in how consumers interact with their banks. The modernisation and digital transformation of traditional banking catalysed by technological investments has resulted in faster, seamless, convenient, and secure consumer interactions and enhanced accessibility and inclusion. That's a great proof point wherein innovation and process excellence have intertwined to produce the best business results, keeping customer-first ethos at the core.This transformation journey, moulding the dynamics of the financial services domain and many other sectors, is powered by Global Capabilities Centers (GCCs), thriving in India's burgeoning business landscape. The Indian GCC industry's triumph corroborates with an Ernst & Young report pegging the sector to reach $110 billion by 2030, led by software exports driving digital transformation globally.Three key trends will further strengthen the GCC play in India and cement the country's position as a leading economic powerhouse.

1) Innovation is core to business

Innovation is progress's lifeblood and pulsating within GCCs like never before. The key to embracing innovation lies in fostering collaborative upskilling. This approach not only enhances the technical acumen of teams it also cultivates an environment where innovation flourishes.Innovation is the quintessential starting point of the complete maturity curve—commencing with a meaningful idea backed by strong market research, leading up to end-to-end ownership of development and seamless delivery to clients. This transformational journey of GCCs has seen them evolve from cost-driven offshore support to innovation-driven powerhouses.

2) Evolving strategic role and impacting key metrics 

As business landscapes evolve, so does the role of GCCs. Beyond being mere support centres, they are strategically positioned to deliver elevated value. It extends beyond routine operations, such as leveraging emerging tech like AI and data, to understand intricate nuances of clients' unique needs and the dynamic landscapes in which they operate. Armed with this insight, they are not just fulfilling requirements, they are crafting customised solutions that resonate with clients' growth aspirations.
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This shift also reflects the growing recognition of GCCs as centres of excellence that contribute to the organisation's strategic goals. Today, there are several metrics that GCCs in India can directly impact—it could be topline growth, customer experience or satisfaction, new market acquisition or expansion, innovation, or productivity gains. GCCs have successfully identified areas for optimised innovation for their clients across process, product solutions, technology, and people, thus implementing cost-saving measures while adding value and driving substantial growth.

3) Driving customer centricity by delivering greater value 

GCCs have become integral to client success stories. With a deeper understanding of the client's business and that of their customers, the approach adopted by GCCs revolves around delivering outcomes aligned with the client's business objectives. When GCCs are aligned with the business goals, they become strategic partners.Talent brings it all together. It is imperative to empower high-performance borderless teams to break free from conventional moulds, encourage cross-functional learning, and provide platforms for experimentation that spark creativity and drive innovation. This transformation is not just a matter of strategy but a cultural evolution that nurtures a workplace environment where innovation thrives.
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The journey of GCCs in India is one of dynamic change. These trends aren't mere buzzwords but keystones of our success story. As we pioneer collaborative upskilling, innovation transcending product, process, and culture, embrace high-performance teams, focus on driving the top line, and shift from offshore support to innovation hubs, we are elevating India's role on the global stage.The writer is President, Global Services and Global Practice Leader for Implementations at Fiserv.

First Published: Dec 14, 2023, 10:35

Artificial Intelligence (AI)Ernst & YoungGlobal Capabilities Centersinnovation
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