Global Capability Centers (GCCs): Shifting Roles and Expanding Services in India’s Banking, Financial Services, and Insurance Industry

A recent study revealed that 86% of Global Capability Centers (GCCs) in India and approximately 80,000 to 85,000 digitally skilled graduates believe that possessing the right skills is crucial for achieving success. In comparison to 2018, there has been a significant increase in the number of GCCs (74% in 2020 compared to 52% in 2018) who believe that cyber and technology-related risks should be managed across different time zones. This indicates the growing importance of being operational around the clock.

In addition to their traditional roles, GCCs have evolved into strategic partners within organizations and have established Centers of Excellence (CoEs) for niche capabilities. These CoEs are driving innovation across the entire enterprise by focusing on high-value activities such as automation, risk data aggregation, cloud security, and governance.

The cyber and technology risk functions within BFSI (Banking, Financial Services, and Insurance) GCCs in India have also expanded their services significantly. With 41% of GCCs having a quarter of their information security staff located in India, there has been an increase in the number of security services managed from India. These services include cyber strategy, governance, risk assessment, threat response, crisis management as well as new-age functions like emerging technology risk, cyber resilience, cloud security, cybersecurity operations and automation.

When it comes to budget allocation within different cyber GCCs prioritize different functions based on organizational priorities and available resources. Despite aligning with global headquarters priorities not all GCCs prioritize the same functions showcasing the diverse approaches taken within the industry.

Overall this article highlights how GCCs have evolved from traditional roles to strategic partners within organizations while also expanding their services to include new-age functions like emerging technology risk management among others.