Banking, Financial Services and Insurance
Banking, Financial Services and Insurance (BFSI) sector has been pioneers in both outsourcing and offshoring. Competition, consolidation, compliance, geographical diversification, new product introduction are key drivers for BFSI firms driving them to become both efficient and innovative.Total BPO spending by this vertical is estimated to be anywhere between US$ 60 to 75 billion and growing at a healthy rate. BFSI firms also operate one of the largest numbers of shared services and captive centres in offshore locations such as India, Philippines, and China among others.With access to banking and financial products on rise in emerging markets including Africa, BFSI vertical would continue to be a key buyer of BPO services. In our assessment, Uganda has a potential opportunity in providing customer service services, Telemarketing, data entry in the Banking sector and in the future in Policy Administration services in the insurance sector covering policy setup, maintenance and claims management. Due to a smaller size of the Insurance sector in Uganda, there is limited potential currently with insurance clients, but with the rapid growth witnessed in the recent past; this could become a large domestic area with potential for outsourcing.