India’s BFSI GCC Sector Expected to Reach $125 Billion by 2032
AI and data engineering drive 29% of new GCC roles in the BFSI space, powering fraud detection, regulatory reporting and credit risk modelling: report.
India’s Banking, Financial Services, and Insurance (BFSI) Global Capability Center (GCC) sector is projected to grow to US$125-135 billion by 2032, from US$40-41 billion in 2023, reflecting a compound annual growth rate (CAGR) of 12-13%, according to a report by Quess Corp, a staffing and workforce solutions provider.
The report highlights that 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. This robust growth underscores the country’s position as the global hub for GCC innovation, resilience, and digital-first transformation.
The BFSI GCC sector has moved beyond its traditional role to a new decisive phase of growth, with these units transforming 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.
The report notes that new developments, such as AI and data engineering, have accounted for almost 29% of all new roles across BFSI GCCs, with applications in areas like fraud detection, regulatory reporting, credit risk modelling, and customer service automation.
The adoption of AI is being actively scaled for core functionality, and 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.
The report highlights that BFSI GCCs are beginning to invest significantly in zero-trust architectures, advanced cryptography, and regulatory technology, with cyber threats and regulatory scrutiny intensifying. Skilled professionals in this space are commanding premium salaries of 1.5x to 4x times over conventional IT roles, underscoring the importance of cybersecurity talent in India today.
The report also notes that ISO 20022 standards, real-time payments, and embedded finance are being adopted rapidly by Indian BFSI GCCs, giving rise to industry demand for payments engineers, system integrators, and compliance specialists, especially in tier-1 metros such as Bangalore and Chennai. Additionally, tier-2 cities are changing the way companies view hiring, with a 42% year-on-year growth in job postings, the report stated.
