Standard Chartered, the largest foreign bank by physical presence in India, has announced that it will slow down its branch expansion plans in the country. Instead, the bank will continue to strengthen and grow its Global Capability Centres (GCCs).
The bank is closely observing international trends that could influence its GCC operations. However, growth remains steady, with around seven new GCCs being added each month in the banking segment, according to PD Singh, CEO for India and South Asia at Standard Chartered.
Currently, the bank employs 24,000 people across Chennai and Bengaluru to support its worldwide operations.
Over the years, GCCs have become vital back-end support systems for global banks. These centres manage a variety of key functions including technology, data analytics, compliance, and risk management. As per data from Quess Corp, India is home to nearly 190 BFSI GCCs that employ more than 500,000 professionals, which makes up about one-fourth of the country’s total GCC workforce.
The journey began in the late 1990s and early 2000s when Citi and JP Morgan set up their centres in India. Today, it has become one of the leading GCC sectors, with almost every major financial institution establishing its presence in the country.
BFSI GCCs are also undergoing a transformation. They are moving beyond back-office work to playing a central role in developing critical products. A report by ANSR highlights that 30 per cent of digital banking products worldwide are now being built in India, supported by the strong fintech ecosystem.
The sector, valued at 40 to 41 billion dollars in 2023 by Quess, is projected to grow nearly three times, reaching 125 to 135 billion dollars by 2032.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
