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.