New Delhi, Aug 21 (IANS) India’s Banking, Financial Services and Insurance- Global capabilities Centre sector (BFSI GCC) was valued at $40-41 billion in 2023 and is projected to grow to a staggering $125-135 billion by 2032, reflecting a CAGR of 12-13 per cent, a report said on Thursday.

India is home to nearly 190 BFSI GCCs, which employ nearly 540,000 professionals who account for one-fourth of the nation’s total GCC workforce, Quess Corp, a staffing and workforce solutions provider, said in its recent report.

According to the report, this robust growth highlights the country’s position as the global hub for GCC innovation, resilience and digital-first transformation.

The new developments, such as AI and data engineering, have accounted for almost 29 per cent of all new roles across BFSI GCCs.

AI is no longer restricted to pilots or innovation labs by companies but is being actively scaled for core functionality such as fraud detection, regulatory reporting, credit risk modelling and customer service automation, the report stated.

GenAI has evolved into production environments with applications such as KYC, reconciliation and predictive compliance, making XAI (explainable AI) a must-have layer for BFSI adoption.

“We have noticed that the BFSI GCC sector has moved beyond its traditional role to a new decisive phase of growth. These units are no longer back-office extensions but have transformed into the heart of innovation, compliance and resilience for the world’s financial ecosystem,” said Kapil Joshi, CEO – IT Staffing, Quess Corp.

AI, cloud and payments are no longer experimental skills but are core business functions that are being executed at scale by GCCs in India, he added.

The report highlighted that the BFSI GCCs are beginning to invest significantly in zero-trust architectures, advanced cryptography and regulatory technology.

With cyberthreats and regulatory scrutiny intensifying, AI-based fraud analytics, identity governance and compliance monitoring are among the fastest-growing areas of demand.

“Skilled professionals in this space are commanding premium salaries of 1.5x to 4x times over conventional IT roles, which underscores the importance of cybersecurity talent in India today,” according to the report.

ISO 20022 standards, real-time payments and embedded finance are being adopted rapidly by Indian BFSI GCCs.

This transition has given rise to industry demand for payments engineers, system integrators and compliance specialists, especially in tier-1 metros such as Bangalore and Chennai.

As per the report, Tier-2 cities are changing the way in which hiring is being viewed by companies, as these regions are showing a 42 per cent year-on-year growth in job postings, the report stated.

–IANS

aps/vd