Banking BPO Market Forecast 2014-2018 - Nelson Hall

Banking BPO
Market Forecast:
2014 2018
NelsonHall 2013
Month Year
NelsonHall Proprietary Not for distribution without permission
BANKING BPO MARKET FORECAST: 2014-2018
About NelsonHall
NelsonHall provides buy-side and sell-side organizations with deeper research and analyses in front
office, mid-office and back office BPO than any other research firm in the world. The companys
subscription-based model provides subscribers with robust market analyses, case studies, vendor
assessments, contract analyses, market reports and access to a content-rich BPO contracts database.
The firm covers a wide range of industries including financial services, government and utilities sectors,
and tracks worldwide and regional BPO activity. NelsonHalls home page is www.nelson-hall.com.
The company tracks business services activity. In particular, NelsonHall focuses on the following business
services and process areas:
Front-office banking BPO

Middle Office industry-specific processing services such as network and work management
Back office support services such as HR services, finance & accounting services, and procurement
services
NelsonHall provides information to its clients in a variety of forms, including within:
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organization
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individual processes
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assist vendors in successfully taking BPO concepts to market.
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NelsonHall 2014
1
July 2014
Abstract
The purpose of this study is to provide vendors and users with a market forecast of the global banking
BPO market by geography and service type.
The study complements the market assessments and analyses that are produced within NelsonHalls
BPO Subscription Services, and is designed for:
Marketing, sales and business managers developing strategies to target service opportunities within
the BPO market
Executives in purchasing organizations seeking an understanding of:

Banking BPO market size & growth by geography
Banking BPO market segmentation
Banking BPO vendor market shares globally and by geography
Consultants advising clients on vendor selection

Financial analyst specializing in the support services sector.
The term business process outsourcing (BPO) is defined as the outsourcing of business functions or
processes. In order to qualify under this definition BPO contracts must involve the vendor taking
responsibility for operational management of the business activity. For the purposes of this definition, IT
services do not count as a business function.
Potential BPO activities include:
Front-office services
Document management including billing services
Customer management services BPO
Middle-office administration services

Industry-specific processing services e.g. card processing services
Back-office support services

Finance & accounting services, including purchase-to-pay, order-to-cash, and record-to-report
HR Services including payroll services, HR administration services, managed recruitment services
and training provision and administration
Services for procurement of indirect goods and services
Copyright 2014 by NelsonHall. All rights reserved. Printed in the United Kingdom. No part of the publication may be
reproduced or distributed in any form, or by any means, or stored in a database or retrieval system, without the prior
written permission of the publisher.
The information provided in this report shall be used only by the employees of and within the current corporate structure of
NelsonHalls clients, and will not be disclosed to any other organization or person including parent, subsidiary, or affiliated
organization without prior written consent of NelsonHall.
NelsonHall exercises its best efforts in preparation of the information provided in this report and believe the information
contained herein to be accurate. However, NelsonHall shall have no liability for any loss or expense that may result from
incompleteness or inaccuracy of the information provided.
NelsonHall 2014
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Table of Contents
Abstract
Introduction
A. Objectives
B. Scope and Definitions
C. Methodology
10
D. Structure of the Report
12
Banking BPO Forecast by Region
13
A. Global Overview
13
B. North America
14
C. EMEA
17
D. Asia Pacific
24
E. Latin America
25
Banking BPO Vendor Market Shares and Market Forecast by Service Type
26
A. Banking BPO
26
B. Core Banking
38
C. Mortgage BPO
41
D. Payment Services
47
E. Securities Processing
56
Appendix
62
A. EMEA
62
B. Asia Pacific
69
C. Latin America
73
Reconciliation
77
Global Overview
77
North America
78
United States
78
Canada
79
EMEA
79
United Kingdom
80
France
80
Germany
81
Italy
81
RoEMEA
82
Asia Pacific
82
Central and Latin America
83
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List of Exhibits
Banking BPO Market Forecast by Market Segment Global: 2014 2018
13
Banking BPO Market Forecast by Market Segment North America: 2014 2018
14
Banking BPO Market Forecast by Market Segment United States: 2014 2018
15
Banking BPO Market Forecast by Market Segment Canada: 2014 2018
16
Banking BPO Market Forecast by Market Segment EMEA: 2014 2018
17
Banking BPO Market Forecast by Market Segment United Kingdom: 2014 2018
18
Banking BPO Market Forecast by Market Segment Germany: 2014 2018
19
Banking BPO Market Forecast by Market Segment France: 2014 2018
20
Banking BPO Market Forecast by Market Segment Italy: 2014 2018
21
Banking BPO Market Forecast by Market Segment RoCE: 2014 2018
22
Banking BPO Market Forecast by Market Segment Africa & Middle East: 2014 2018
23
Banking BPO Market Forecast by Market Segment Asia Pacific: 2014 2018
24
Banking BPO Market Forecast by Market Segment Central & Latin America: 2014 2018
25
Global BPO Market Forecast by Region: 2014 2018
26
Estimated Banking BPO Market Shares Global: 2013
27
Estimated Banking BPO Market Shares North America: 2013
29
Estimated Banking BPO Market Shares United States: 2013
30
Estimated Banking BPO Market Shares Canada: 2013
31
Estimated Banking BPO Market Shares EMEA: 2013
32
Estimated Banking BPO Market Shares United Kingdom: 2013
33
Estimated Banking BPO Market Shares France: 2013
34
Estimated Banking BPO Market Shares Germany: 2013
34
Estimated Banking BPO Market Shares Italy: 2013
35
Estimated Banking BPO Market Shares RoCE: 2013
35
Estimated Banking BPO Market Shares Africa & Middle East: 2013
36
Estimated Banking BPO Market Shares Asia Pacific: 2013
36
Estimated Banking BPO Market Shares Central & Latin America: 2013
37
Global Core Banking BPO Market Forecast by Region: 2014 2018
38
Estimated Core Banking BPO Market Shares Global: 2013
38
Estimated Core Banking BPO Market Shares North America: 2013
39
Estimated Core Banking BPO Market Shares United States: 2013
39
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July 2014
Estimated Core Banking BPO Market Shares EMEA: 2013
40
Estimated Core Banking BPO Market Shares U.K.: 2013
40
Estimated Core Banking BPO Market Shares Asia-Pac: 2013
40
Global Mortgage BPO Market Forecast by Region: 2014 2018
41
Estimated Mortgage BPO Market Shares Global: 2013
42
Estimated Mortgage BPO Market Shares North America: 2013
43
Estimated Mortgage BPO Market Shares United States: 2013
44
Estimated Mortgage BPO Market Shares EMEA: 2013
45
Estimated Mortgage BPO Market Shares U.K: 2013
46
Estimated Mortgage BPO Market Shares Asia-Pac: 2013
46
Global Payment BPO Market Forecast by Region: 2014 2018
47
Estimated Payment BPO Market Shares Global: 2013
48
Estimated Payment BPO Market Shares North America: 2013
49
Estimated Payment BPO Market Shares United States: 2013
50
Estimated Payment BPO Market Shares Canada: 2013
50
Estimated Payment BPO Market Shares EMEA: 2013
51
Estimated Payment BPO Market Shares United Kingdom: 2013
52
Estimated Payment BPO Market Shares France: 2013
52
Estimated Payment BPO Market Shares Germany: 2013
53
Estimated Payment BPO Market Shares Italy: 2013
53
Estimated Payment BPO Market Shares RoCE: 2013
54
Estimated Payment BPO Market Shares Africa & Middle East: 2013
54
Estimated Payment BPO Market Shares Asia Pacific: 2013
55
Estimated Payment BPO Market Shares Central & Latin America: 2012
55
Global Securities Processing Market Forecast by Region: 2014 2018
56
Estimated Securities BPO Market Shares Global: 2013
57
Estimated Securities BPO Market Shares North America: 2013
57
Estimated Securities BPO Market Shares United States: 2013
58
Estimated Securities BPO Market Shares Canada: 2013
58
Estimated Securities BPO Market Shares EMEA: 2013
59
Estimated Securities BPO Market Shares United Kingdom: 2013
59
Estimated Securities BPO Market Shares Germany: 2013
60
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July 2014
Estimated Securities BPO Market Shares France: 2013
60
Estimated Securities BPO Market Shares RoCE: 2013
61
Estimated Securities BPO Market Shares Asia Pacific: 2013
61
Banking BPO Market Forecast by Market Segment Switzerland & Austria: 2014 2018
62
Banking BPO Market Forecast by Market Segment Eastern Europe: 2014 2018
63
Banking BPO Market Forecast by Market Segment Nordics & Finland: 2014 2018
64
Banking BPO Market Forecast by Market Segment Benelux: 2014 2018
65
Banking BPO Market Forecast by Market Segment Other Europe: 2014 2018
66
Banking BPO Market Forecast by Market Segment Africa: 2014 2018
67
Banking BPO Market Forecast by Market Segment Middle East: 2014 2018
68
Banking BPO Market Forecast by Market Segment China: 2014 2018
69
Banking BPO Market Forecast by Market Segment India: 2014 2018
70
Banking BPO Market Forecast by Market Segment Japan: 2014 2018
71
Banking BPO Market Forecast by Market Segment Other Asia: 2014 2018
72
Banking BPO Market Forecast by Market Segment Argentina: 2014 2018
73
Banking BPO Market Forecast by Market Segment Brazil: 2014 2018
74
Banking BPO Market Forecast by Market Segment Mexico: 2014 2018
75
Banking BPO Market Forecast by Market Segment Other Latin America: 2014 2018
76
Global Banking BPO Market Reconciliation by Service Type
77
North America Banking BPO Market Reconciliation by Service Type
78
United States Banking BPO Market Reconciliation by Service Type
78
Canada Banking BPO Market Reconciliation by Service Type
79
EMEA Banking BPO Market Reconciliation by Service Type
79
United Kingdom Banking BPO Market Reconciliation by Service Type
80
France Banking BPO Market Reconciliation by Service Type
80
Germany Banking BPO Market Reconciliation by Service Type
81
Italy Banking BPO Market Reconciliation by Service Type
81
RoEMEA Banking BPO Market Reconciliation by Service Type
82
Asia Pacific Banking BPO Market Reconciliation by Service Type
82
Central and Latin America Banking BPO Market Reconciliation by Service Type
83
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July 2014
Introduction
A. Objectives
The purpose of this study is to provide vendors and users with a view of the current and future market
size of the global Banking BPO marketplace by geography and market segment.
The study complements the market assessments and analyses that are produced within NelsonHalls
Banking BPO subscription program, and is designed for:
Marketing, sales and business managers developing strategies to target service opportunities within
the BPO market
Executives in purchasing organizations seeking an understanding of:

Banking BPO market size & growth by geography
Banking BPO market segmentation
Banking BPO vendor market shares globally and by geography
Consultants advising clients on vendor selection

Financial analysts specializing in the support services sector.
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July 2014
B. Scope and Definitions

This study covers industry-specific banking business process outsourcing (BPO).
Business process outsourcing is defined as the outsourcing of business functions or processes. In order
to qualify under this definition, BPO contracts must involve the vendor in taking responsibility for the
delivery of the function concerned. For the purposes of this definition, stand-alone IT services do not
count as a business function, though there may be a significant IT services component embedded within
a wider business process outsourcing service.
Core Banking BPO

Core banking BPO covers the outsourcing of core account administration in support of deposit services,
client data services (CIF), general ledger services, loan services, and reporting services. However, the
outsourcing of account administration services in support of mortgage processing, payments processing,
securities processing, and channel management services are specifically excluded from core banking
BPO and are included elsewhere within these definitions.
Mortgage & Loan BPO

This service line consists of BPO services in support of mortgage origination and administration services
for prime residential, sub-prime residential, and commercial mortgages and loan origination and
administration in support of personal loans e.g. automotive loans. The mortgage and loan BPO market is
broken down into two segments:
Origination Services, covering the outsourcing of customer acquisition, underwriting services

account set-up and data entry, and credit and compliance checking in support of mortgages and
personal loans
Sales, process of marketing and sales of mortgages and loans to consumers
Fulfilment services, process of gathering data, completing applications, conducting due diligence,
and closing mortgages and loans
Mortgage and loan administration, covering the outsourcing of:

Servicing, including both customer servicing such as name changes, customer service and
correspondence handling, and secondary market services, including securitization, portfolio
servicing, and investor reporting
Default and collections, including collections, payment processing, loan accounting, and
foreclosure services.
Payment Processing
This service line consists of the outsourcing of those processes involved in banking payment
processes including support for customer initiation and vendor validation of payment request,
transmission of payment to target institutions, and crediting of target accounts. The payments
processing BPO market is broken down into three segments:
Check processing, covering outsourcing of transaction capture, transaction execution including check
presentment, and transaction posting and reconciliation
Credit card processing, covering outsourcing of card issuing and merchant acceptance services in
addition to transaction capture, execution, and posting services
EFT services, covering the outsourcing of transaction capture, execution, and posting for electronic
funds transfer such as debit and credit transfers and ATM outsourcing.
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Securities Processing
Securities processing BPO consists of outsourcing elements of the processing of financial securities such
as shares. Securities processing BPO is broken down into two segments:
Portfolio Services, including the outsourcing of transfer agency, fund accounting and administration,
and custody services. This service line is further broken down into:
Reference data management, covering the management, processing, and distribution of
reference and pricing data, which are tables of static data (primarily price data) providing historic
information for future analysis
Portfolio accounting and reporting, consisting of
Reconciliation services, covering transaction and valuation dispute resolution. An

accounting process used to compare two sets of records to ensure the figures are in
agreement and are accurate
Other portfolio accounting, covering custody, transfer agency, securities lending,

securities positions, valuations, gains/losses, portfolio income, corporate actions
processing, shareholder accounting, portfolio reporting, compliance reporting, and
performance attribution/analytics.
Trade Services, including the outsourcing of trade execution & capture, order routing, and trade
matching and settlement services.
Geographic Coverage
North America
United States
Canada
EMEA
United Kingdom
France
Germany
Italy
Other EMEA
Asia Pacific
Latin America
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C. Methodology
NelsonHalls market sizing and forecasting for each service line is primarily carried out by analysts
specializing in, and constantly researching, the service line through ongoing senior executive interviews
and production of detailed service line market analyses and vendor assessments.
NelsonHall market sizing and forecasting is based on the following steps:
Establish base year BPO revenues for each vendor by service line
The first step in NelsonHalls methodology is to establish the base year (in this case 2012) global
revenues for each vendor by service line.
These base year vendor revenue figures are estimated for each service line in turn by the NelsonHall
analyst responsible for that service line. NelsonHall is unique in having analysts specifically dedicated to
each BPO domain, e.g. HR outsourcing, F&A outsourcing, procurement outsourcing, banking industryspecific BPO, insurance industry-specific BPO, government industry-specific BPO, banking BPO, with
recent market analysis studies typically having been carried out within the major service lines within
each BPO domain e.g. within HR outsourcing, NelsonHall has recently carried out market analyses and
vendor assessments for each of payroll outsourcing, benefits administration, recruitment process
outsourcing, and learning BPO.
The basis of the service line base year revenue estimate for each vendor is the following sources:
Published financial information from annual reports, SEC filings, and financial analyst presentations.
For example many of the leading banking BPO vendors such as Teleperformance and Convergys
publish financial accounts clearly showing their global CMS revenues. Elsewhere for example in many
areas of industry-specific BPO, F&A outsourcing, and HR outsourcing, this published financial
information is less available
Vendor senior executive interviewing by BPO service line, together with NelsonHalls vendor
assessments and market analyses by BPO service line. For example, each year a NelsonHall analyst
interviews all the major RPO vendors obtaining revenue estimates for their RPO businesses as part of
the production of RPO vendor assessments and the RPO market analysis. Similar senior executive
interviewing by service line takes place within NelsonHalls HR Outsourcing program for payroll
outsourcing, benefits administration, and learning BPO, with similar patterns of analyst activity across
NelsonHalls other BPO programs. This coverage of the individual service lines within BPO at the
market analysis and vendor assessment level is vital in supporting the base year vendor revenues by
service line, since this senior executive interviewing by the analyst responsible for the service line is a
primary source of vendor revenue data by service line. Accordingly NelsonHall has unequalled access
to detailed vendor BPO service line revenues due to its dedicated analyst focus on each of these
areas.
These base year figures by service line are then reconciled with the estimates of overall BPO revenues
for each vendor to ensure that double counting or other sources of error have not occurred and final
global BPO service line base year revenues are established for each vendor across all applicable BPO
service lines.
Establish base year BPO revenues for each vendor by service line and geography
Once the global base year revenue for each vendor has been established by BPO service line, then the
NelsonHall analyst specializing in that service line allocates the global service line revenues for each
vendor by geography.
This allocation is based as before on:
Published financial information from annual reports, SEC filings, and financial analyst presentations,
where available
Vendor senior executive interviewing by BPO service line, together with NelsonHalls vendor
assessments and market analyses by BPO service line. The NelsonHall analyst specializing in the
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service line will typically have already estimated vendor revenues by geography based on senior
executive interviewing when producing market analyses and vendor assessments for that service
line and this knowledge and experience is vital in establishing accurate vendor revenues by BPO
service line and geography
Vendor contract activity by service line and geography. Here NelsonHall analysts capture all available
(publicly or otherwise) contract data by service line and geography. Again the contracts are typically
captured by the analyst specializing in, and dedicated to, the individual service line
Establish base year market sizes by service line and geography
The steps above deliver a series of vendor revenues for each combination of service line and geography.
The next step is to produce base year market sizes for each combination of service line and geography.
This is done individually by country and service line with the NelsonHall market analyst specializing in
that service line estimating the market concentration (i.e. market share accounted for by the known
vendors in that market) for each combination of service line and geography. Again this is typically
supported by the fact that that the analyst has recently produced a global market analysis covering the
service line and so has already developed a perspective on the market concentrations within the service
line for each country.
Where necessary however, the market concentration is adjusted at this stage and correspondingly the
market size for the combination of service line and geography revised.
The individual service line market sizes by country and geography are then aggregated from the bottom
up to give regional and global market sizes by BPO service line.
At this point the base year market sizes and vendor market shares by service line are established by
country and region.
Subcontracting
Vendor revenues have been quoted including all revenues from contracts, including those where
services are subcontracted to other BPO vendor organizations.
Estimates
All vendor revenues quoted within this report are NelsonHall estimates, and have been rounded as
appropriate. In addition, all estimates are for the latest published financial year at the time the report
data was gathered.
Exchange Rates
All exchange rates used within this report are $1.24=1 and $1.52=1
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D. Structure of the Report

The report is structure into the following chapters:
Chapter I: Introduction
Chapter II: Banking Market Forecast by Region, including:
Global Overview
North America
EMEA
Asia Pacific
Latin America.
Chapter III: Banking Market Forecast by Service Type, including:
Banking BPO
Core Banking
Mortgage BPO
Payment Services
Securities Processing
Chapter IV: Appendix
Chapter V: Reconciliation
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Banking BPO Forecast by Region

A. Global Overview
Exhibit II-1 provides the estimated size and forecasted growth of the industry-specific banking BPO
market by market segment.
Exhibit II-1
Banking BPO Market Forecast by Market Segment

Global: 2014 2018
Est.
market
size 2013
Service Type
Banking
Est.
market
size 2014
Est.
market
size 2018
Growth
2013 2014
CAAGR
2014 - 2018
90,318
94,105
108,550
4.2%
3.6%
_Core Banking
4,024
4,177
4,850
3.8%
3.8%
_Mortgage and Loan BPO
8,961
9,287
10,665
3.6%
3.5%
__Origination Services
2,453
2,537
2,905
3.4%
3.4%
491
506
573
3.1%
3.2%
___Fulfilment
1,962
2,031
2,332
3.5%
3.5%
__Mortgage and Loan Administration
6,508
6,750
7,760
3.7%
3.6%
___Servicing
4,776
4,964
5,785
3.9%
3.9%
___Default and collections
1,732
1,786
1,975
3.1%
2.6%
31,820
32,886
37,593
3.3%
3.4%
1,556
1,525
1,407
-2.0%
-2.0%
__Credit card processing
27,023
28,010
32,357
3.7%
3.7%
___Merchant acquiring
18,352
19,147
22,681
4.3%
4.3%
___Card issuing
8,671
8,863
9,676
2.2%
2.2%
__EFT Services
3,241
3,350
3,830
3.4%
3.4%
_Securities
45,513
47,755
55,442
4.9%
3.8%
__Portfolio Services
37,439
39,316
45,368
5.0%
3.6%
425
454
555
6.7%
5.2%
37,014
38,862
44,813
5.0%
3.6%
560
590
728
5.4%
5.4%
36,454
38,272
44,085
5.0%
3.6%
8,074
8,439
10,074
4.5%
4.5%
___Sales
_Payment
__Check processing
___Reference data management

___Portfolio accounting and reporting
____Reconciliation services
____Other portfolio accounting
__Trade Services
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B. North America
Exhibits II-2 to II-4 provides details of the industry-specific banking BPO market forecasts by segment for
North America, incorporating the United States and Canada.
Exhibit II-2

North America: 2014 2018
Est. market Est. market Est. market
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
46,629
48,540
55,806
4.1%
3.6%
_Core Banking
1,136
1,175
1,346
3.5%
3.5%
5,901
6,114
7,010
3.6%
3.5%
1,282
1,325
1,513
3.4%
3.4%
___Sales
256
264
297
3.0%
3.0%
___Fulfilment
1,026
1,061
1,217
3.5%
3.5%
4,619
4,789
5,497
3.7%
3.5%
___Servicing
3,233
3,362
3,929
4.0%
4.0%
1,386
1,427
1,568
3.0%
2.4%
19,958
20,657
23,730
3.5%
3.5%
479
469
433
-2.0%
-2.0%
17,433
18,070
20,867
3.7%
3.7%
_Payment
__Check processing
11,691
12,213
14,527
4.5%
4.4%
___Card issuing
5,742
5,857
6,340
2.0%
2.0%
__EFT Services
2,046
2,118
2,430
3.5%
3.5%
_Securities
19,634
20,594
23,720
4.9%
3.6%
15,475
16,238
18,481
4.9%
3.3%
215
230
279
6.8%
5.0%
15,260
16,009
18,202
4.9%
3.3%
220
233
292
5.8%
5.8%
15,040
15,776
17,910
4.9%
3.2%
4,159
4,356
5,239
4.7%
4.7%

__Trade Services
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Exhibit II-3

United States: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
42,883
44,658
51,419
4.1%
3.6%
_Core Banking
1,033
1,069
1,227
3.5%
3.5%
5,726
5,934
6,809
3.6%
3.5%
1,226
1,268
1,449
3.4%
3.4%
___Sales
245
253
284
3.0%
3.0%
___Fulfilment
__Mortgage and Loan
Administration
___Servicing
981
1,015
1,165
3.5%
3.5%
4,500
4,667
5,360
3.7%
3.5%
3,150
3,276
3,832
4.0%
4.0%
1,350
1,391
1,527
3.0%
2.4%
18,552
19,208
22,110
3.5%
3.6%
400
392
362
-2.0%
-2.0%
16,245
16,842
19,484
3.7%
3.7%
10,894
11,384
13,576
4.5%
4.5%
___Card issuing
5,351
5,458
5,908
2.0%
2.0%
__EFT Services
1,907
1,974
2,265
3.5%
3.5%
_Securities
17,572
18,447
21,273
5.0%
3.6%
13,811
14,507
16,530
5.0%
3.3%
_Payment
__Check processing

___Portfolio accounting and
reporting
195
209
254
7.0%
5.0%
13,616
14,299
16,276
5.0%
3.3%
200
212
268
6.0%
6.0%
13,416
14,087
16,009
5.0%
3.3%
3,761
3,940
4,743
4.8%
4.8%
__Trade Services
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Exhibit II-4

Canada: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
3,746
3,882
4,387
3.6%
3.1%
_Core Banking
103
106
119
3.0%
3.0%
175
180
201
2.7%
2.9%
56
58
64
2.8%
2.8%
___Sales
11
11
12
2.0%
2.0%
___Fulfilment
45
46
52
3.0%
3.0%
119
122
137
2.7%
2.9%
___Servicing
83
86
97
3.0%
3.0%
36
36
40
2.0%
2.6%
1,406
1,449
1,619
3.1%
2.8%
79
77
71
-2.0%
-2.0%
_Payment
__Check processing
1,188
1,228
1,383
3.3%
3.0%
797
829
951
4.0%
3.5%
___Card issuing
391
399
432
2.0%
2.0%
__EFT Services
139
144
165
3.5%
3.5%
_Securities
2,062
2,147
2,447
4.1%
3.3%
1,664
1,731
1,951
4.0%
3.0%
20
21
26
5.0%
5.0%
1,644
1,710
1,925
4.0%
3.0%

__Trade Services
NelsonHall 2014
20
21
24
4.0%
4.0%
1,624
1,689
1,901
4.0%
3.0%
398
416
496
4.5%
4.5%
16
July 2014
C. EMEA
Exhibits II-5 to II-11 provides details of the industry-specific banking BPO market forecasts by market
segment for EMEA overall and additionally for the U.K., France, Germany, and Italy.
Exhibit II-5

EMEA: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
29,603
30,906
35,647
4.4%
3.6%
1,791
1,858
2,149
3.7%
3.7%
960
993
1,132
3.4%
3.3%
421
436
501
3.5%
3.6%
_Core Banking
___Sales
84
87
98
3.2%
3.2%
___Fulfilment
337
349
403
3.6%
3.7%
539
557
631
3.3%
3.2%
___Servicing
377
390
446
3.4%
3.4%
162
167
185
3.3%
2.6%
8,808
9,075
10,255
3.0%
3.1%
772
757
698
-2.0%
-2.0%
7,211
7,467
8,591
3.5%
3.6%
5,014
5,216
6,113
4.0%
4.1%
___Card issuing
2,197
2,251
2,478
2.4%
2.4%
825
851
967
3.2%
3.2%
_Securities
18,044
18,980
22,111
5.2%
3.9%
15,259
16,074
18,664
5.3%
3.8%
165
176
216
6.5%
5.3%
15,094
15,898
18,448
5.3%
3.8%
280
294
358
5.1%
5.1%
14,814
15,604
18,089
5.3%
3.8%
2,785
2,906
3,448
4.4%
4.4%
_Payment
__Check processing
__EFT Services

__Trade Services
NelsonHall 2014
17
July 2014
Exhibit II-6

United Kingdom: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
8,026
8,391
9,658
4.6%
3.6%
_Core Banking
500
519
600
3.7%
3.7%
514
530
599
3.2%
3.1%
262
271
310
3.4%
3.4%
52
54
61
3.0%
3.0%
___Fulfilment
210
217
249
3.5%
3.5%
252
260
290
3.0%
2.8%
___Servicing
176
182
205
3.0%
3.0%
76
78
85
3.0%
2.3%
2,368
2,434
2,728
2.8%
2.9%
305
299
276
-2.0%
-2.0%
1,838
1,903
2,189
3.5%
3.6%
1,285
1,336
1,563
4.0%
4.0%
___Card issuing
553
567
626
2.5%
2.5%
__EFT Services
225
232
263
3.2%
3.2%
_Securities
4,644
4,908
5,731
5.7%
4.0%
3,699
3,920
4,554
6.0%
3.8%
65
70
85
7.0%
5.3%
3,634
3,851
4,468
6.0%
3.8%
___Sales

_Payment
__Check processing

__Trade Services
NelsonHall 2014
120
126
153
5.0%
5.0%
3,514
3,725
4,315
6.0%
3.8%
945
988
1,178
4.5%
4.5%
18
July 2014
Exhibit II-7

Germany: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
_Core Banking
4,781
5,009
5,775
4.8%
3.6%
215
224
262
4.0%
4.0%
76
78
89
3.2%
3.2%
26
27
30
3.0%
3.0%
3.1%
3.0%
___Fulfilment
21
21
24
3.0%
3.0%
50
52
59
3.4%
3.3%
___Servicing
35
36
42
3.5%
3.5%
15
15
17
3.0%
2.8%
1,730
1,785
2,024
3.2%
3.2%
80
78
72
-2.0%
-2.0%
1,500
1,551
1,774
3.4%
3.4%
1,044
1,086
1,270
4.0%
4.0%
___Card issuing
456
465
503
2.0%
2.0%
__EFT Services
150
155
178
3.5%
3.5%
_Securities
2,760
2,923
3,400
5.9%
3.9%
2,580
2,735
3,176
6.0%
3.8%
___Sales
_Payment
__Check processing

__Trade Services
NelsonHall 2014
30
32
39
6.0%
5.3%
2,550
2,703
3,137
6.0%
3.8%
50
53
67
6.0%
6.0%
2,500
2,650
3,070
6.0%
3.8%
180
188
224
4.5%
4.5%
19
July 2014
Exhibit II-8

France: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
5,523
5,729
6,473
3.7%
3.1%
161
166
187
3.0%
3.0%
27
28
31
2.7%
2.6%
_Core Banking
10
10
11
2.8%
2.8%
___Sales
2.0%
2.0%
___Fulfilment
3.0%
3.0%
17
17
19
2.6%
2.5%
___Servicing
12
12
13
2.5%
2.5%
2.9%
2.5%
1,275
1,312
1,477
2.9%
3.0%
100
98
90
-2.0%
-2.0%

_Payment
__Check processing
1,035
1,070
1,223
3.4%
3.4%
716
745
871
4.0%
4.0%
___Card issuing
319
325
352
2.0%
2.0%
__EFT Services
140
144
164
3.1%
3.2%
_Securities
4,060
4,223
4,779
4.0%
3.1%
3,560
3,703
4,170
4.0%
3.0%
20
21
25
5.0%
4.3%
3,540
3,682
4,146
4.0%
3.0%

__Trade Services
NelsonHall 2014
40
42
49
4.0%
4.0%
3,500
3,640
4,097
4.0%
3.0%
500
520
608
4.0%
4.0%
20
July 2014
Exhibit II-9

Italy: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
1,123
1,171
1,340
4.3%
3.4%
_Core Banking
59
61
69
3.3%
3.3%
32
33
37
3.3%
3.1%
3.1%
3.1%
___Sales
3.7%
3.4%
___Fulfilment
3.0%
3.0%
24
25
28
3.3%
3.1%
___Servicing
17
17
20
3.5%
3.5%
3.1%
2.3%
437
448
498
2.6%
2.7%
37
36
33
-2.0%
-2.0%
350
361
407
3.0%
3.1%
244
253
290
3.5%
3.5%
___Card issuing
106
108
117
2.0%
2.0%
__EFT Services
50
51
58
2.5%
3.1%
_Securities
595
629
736
5.7%
4.0%
515
546
638
6.0%
4.0%

_Payment
__Check processing

__Trade Services
NelsonHall 2014
6.0%
4.8%
510
540
632
6.0%
4.0%
10
10
12
4.0%
3.3%
500
530
620
6.0%
4.0%
80
83
97
4.0%
4.0%
21
July 2014
Exhibit II-10

RoCE: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
8,777
9,157
10,612
4.3%
3.8%
_Core Banking
722
746
848
3.4%
3.3%
171
176
200
3.2%
3.1%
55
57
64
3.0%
3.0%
___Sales
11
11
13
2.6%
2.6%
___Fulfilment
44
45
51
3.1%
3.1%
116
120
136
3.2%
3.2%
___Servicing
81
84
95
3.2%
3.3%
35
36
40
3.3%
3.0%
2,414
2,480
2,768
2.7%
2.8%
200
196
181
-2.0%
-2.0%
1,979
2,042
2,317
3.2%
3.2%
1,372
1,421
1,640
3.6%
3.6%
___Card issuing
607
621
678
2.2%
2.2%
__EFT Services
235
242
270
2.8%
2.8%
_Securities
5,470
5,754
6,797
5.2%
4.3%
4,520
4,763
5,622
5.4%
4.2%
40
43
53
6.8%
5.7%
4,480
4,721
5,569
5.4%
4.2%
_Payment
__Check processing

__Trade Services
NelsonHall 2014
30
32
38
5.1%
4.9%
4,450
4,689
5,531
5.4%
4.2%
950
991
1,175
4.3%
4.3%
22
July 2014
Exhibit II-11

Africa & Middle East: 2014 2018
Est.
market
size 2013
Est.
market
size 2014
Est.
market
size 2018
Growth
2013 2014
CAAGR
2014 - 2018
1,373
1,449
1,788
5.5%
5.4%
_Core Banking
134
143
184
6.5%
6.5%
140
147
176
4.9%
4.7%
60
63
77
5.1%
5.1%
___Sales
12
13
15
4.7%
4.7%
___Fulfilment
48
50
62
5.2%
5.2%
80
84
99
4.7%
4.4%
___Servicing
56
59
71
4.8%
4.8%
24
25
29
4.5%
3.4%
584
616
760
5.4%
5.4%
50
49
45
-2.0%
-2.0%
509
540
680
6.1%
6.0%
353
375
478
6.2%
6.3%
___Card issuing
156
165
202
5.7%
5.2%
Service Type
Banking
_Payment
__Check processing
__EFT Services
25
27
34
6.3%
6.4%
_Securities
515
544
668
5.6%
5.3%
385
407
503
5.8%
5.4%
7.0%
6.5%
380
402
496
5.8%
5.4%
30
32
40
5.8%
5.8%
350
370
457
5.8%
5.4%
__Trade Services
130
136
165
4.9%
4.9%

NelsonHall 2014
23
July 2014
D. Asia Pacific
Exhibits II-12 provides details of the industry-specific banking BPO market forecasts by market segment
for Asia Pacific.
Exhibit II-12

Asia Pacific: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
10,378
10,786
12,537
3.9%
3.8%
766
797
936
4.1%
4.1%
1,350
1,398
1,602
3.6%
3.5%
500
516
588
3.3%
3.3%
___Sales
100
103
117
3.2%
3.3%
___Fulfilment
400
413
471
3.3%
3.3%
850
882
1,014
3.7%
3.6%
___Servicing
765
794
914
3.8%
3.6%
85
88
100
3.4%
3.4%
2,307
2,381
2,717
3.2%
3.4%
250
245
226
-2.0%
-2.0%
1,757
1,827
2,142
4.0%
4.1%
_Core Banking

_Payment
__Check processing
1,214
1,266
1,499
4.2%
4.3%
___Card issuing
543
561
644
3.4%
3.5%
__EFT Services
300
309
349
3.0%
3.1%
_Securities
5,955
6,210
7,282
4.3%
4.1%
5,075
5,293
6,203
4.3%
4.1%
35
37
47
7.1%
5.5%
5,040
5,255
6,157
4.3%
4.0%
40
42
53
5.9%
5.7%
5,000
5,213
6,104
4.3%
4.0%
880
917
1,079
4.2%
4.1%

__Trade Services
NelsonHall 2014
24
July 2014
E. Latin America
Exhibits II-13 provides details of the industry-specific banking BPO market forecasts by market segment
for Latin America
Exhibit II-13

Central & Latin America: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
3,708
3,873
4,559
4.4%
4.2%
_Core Banking
331
347
418
4.8%
4.8%
750
782
920
4.2%
4.2%
250
260
302
3.8%
3.8%
50
52
61
3.9%
3.9%
___Fulfilment
200
208
241
3.8%
3.8%
500
522
618
4.5%
4.3%
___Servicing
400
418
497
4.6%
4.4%
100
104
122
4.0%
4.0%
_Payment
747
773
891
3.5%
3.6%
___Sales
__Check processing
55
54
50
-2.0%
-2.0%
622
646
757
3.9%
4.0%
433
453
543
4.6%
4.7%
___Card issuing
189
194
214
2.4%
2.5%
__EFT Services
70
73
85
3.9%
3.9%
_Securities
1,880
1,971
2,329
4.8%
4.3%
1,630
1,711
2,021
4.9%
4.3%
10
11
13
7.3%
5.6%
1,620
1,700
2,007
4.9%
4.2%
20
21
25
4.7%
4.8%
1,600
1,679
1,982
4.9%
4.2%
250
260
308
4.2%
4.3%

__Trade Services
NelsonHall 2014
25
July 2014
Banking BPO Vendor Market Shares and Market Forecast by

Service Type
A. Banking BPO
Exhibits III-1 to III-14 provide market forecasts and vendor market shares for banking BPO.
Exhibit III-1
Global BPO Market Forecast by Region:

2014 2018
Region/Country
Est. market
size 2013
Est. market
size 2014
Est. market
size 2018
Growth 2013 CAAGR 2014

- 2014
- 2018
Global
90,318
94,105
108,550
4.2%
3.6%
_North America
46,629
48,540
55,806
4.1%
3.6%
__US
42,883
44,658
51,419
4.1%
3.6%
3,746
3,882
4,387
3.6%
3.1%
_EMEA
29,603
30,906
35,647
4.4%
3.6%
___UK
8,026
8,391
9,658
4.6%
3.6%
____Germany
4,781
5,009
5,775
4.8%
3.6%
____France
5,523
5,729
6,473
3.7%
3.1%
____Italy
1,123
1,171
1,340
4.3%
3.4%
____RoCE
8,777
9,157
10,612
4.3%
3.8%
__Africa & Middle East
1,373
1,449
1,788
5.5%
5.4%
10,378
10,786
12,537
3.9%
3.8%
3,708
3,873
4,559
4.4%
4.2%
__Canada
_Asia-Pac
_Central & Latin America
NelsonHall 2014
26
July 2014
Exhibit III-2
Estimated Banking BPO Market Shares

Global: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
6,691
7.4%
First Data Corporation
6,464
7.2%
State Street
5,080
5.6%
JP Morgan
3,800
4.2%
Broadridge
2,500
2.8%
Heartland Payment Systems
2,000
2.2%
Global Payments
1,850
2.0%
Ocwen
1,824
2.0%
BNP Paribas
1,820
2.0%
FIS
1,710
1.9%
TSYS
1,630
1.8%
Elavon
1,460
1.6%
Fiserv
1,328
1.5%
Societe Generale
1,230
1.4%
Northern Trust
1,175
1.3%
Euronet
1,059
1.2%
Atos
1,050
1.2%
Alliance Data Systems
760
0.8%
HSBC
700
0.8%
Brown Brothers Harriman
700
0.8%
UBS
655
0.7%
Equens
605
0.7%
Tata Consultancy Services (TCS)
565
0.6%
Bank of America
525
0.6%
Berkadia
470
0.5%
NETS
440
0.5%
PHH Mortgage
436
0.5%
Genpact
400
0.4%
HP Enterprise Services
375
0.4%
Accenture
300
0.3%
First American
280
0.3%
Xerox Services
280
0.3%
IBM Global Services
250
0.3%
Unisys
230
0.3%
Xchanging
179
0.2%
Cognizant
160
0.2%
Firstsource
150
0.2%
DekaBank
144
0.2%
Official Payments
140
0.2%
Serco
130
0.1%
NelsonHall 2014
27
July 2014
Postbank BCB
130
0.1%
ConCardis
112
0.1%
Wipro Ltd
100
0.1%
HML
88
0.1%
Capita
75
0.1%
NelsonHall 2014
28
July 2014
Exhibit III-3

North America: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
5,096
11.6%
BNY Mellon
3,106
7.0%
State Street
2,778
6.3%
JP Morgan
2,706
6.1%
Broadridge
2,280
5.2%
1,900
4.3%
FIS
1,850
4.2%
Global Payments
1,548
3.5%
Fiserv
1,250
2.8%
TSYS
988
2.2%
Elavon
820
1.9%
Ocwen
800
1.8%
Northern Trust
600
1.4%
Brown Brothers
588
1.3%
550
1.2%
Berkadia
440
1.0%
PHH Mortgage
440
1.0%
Bank of America
410
0.9%
338
0.8%
First American
305
0.7%
Accenture
300
0.7%
Xerox Services
300
0.7%
Genpact
283
0.6%
CGI
250
0.6%
HSBC
217
0.5%
175
0.4%
Cognizant
152
0.3%
Official Payments
135
0.3%
Firstsource
123
0.3%
Euronet
103
0.2%
Sub Total
30,830
69.9%
Total
44,105
100.0%
NelsonHall 2014
29
July 2014
Exhibit III-4

United States: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
4,977
11.6%
BNY Mellon
3,475
8.1%
JP Morgan
3,040
7.1%
State Street
2,745
6.4%
Broadridge
2,250
5.2%
2,000
4.7%
Ocwen
1,824
4.3%
FIS
1,710
4.0%
Fiserv
1,328
3.1%
Global Payments
1,075
2.5%
TSYS
880
2.1%
Elavon
850
2.0%
Northern Trust
645
1.5%
588
1.4%
Berkadia
470
1.1%
449
1.0%
PHH Mortgage
436
1.0%
Genpact
326
0.8%
Bank of America
325
0.8%
316
0.7%
Accenture
300
0.7%
First American
280
0.7%
Xerox Services
280
0.7%
212
0.5%
HSBC
175
0.4%
Official Payments
140
0.3%
Cognizant
139
0.3%
IBM Global Services
80
0.2%
Firstsource
67
0.2%
Wipro Ltd
57
0.1%
UBS
45
0.1%
Infosys
35
0.1%
CGI
32
0.1%
iGATE
27
0.1%
Jack Henry & Associates
25
0.1%
Subtotal
31,661
74.0%
Total
42,883
100.0%
NelsonHall 2014
30
July 2014
Exhibit III-5

Canada: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
295
7.9%
Global Payments
240
6.4%
Broadridge
225
6.0%
TSYS
193
5.2%
State Street
155
4.1%
129
3.4%
Elavon
70
1.9%
BNY Mellon
66
1.8%
iGATE
10
0.3%
CGI
0.2%
Infosys
0.2%
Subtotal
1,398
37.4%
Total
3,746
100.0%
NelsonHall 2014
31
July 2014
Exhibit III-6

EMEA: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
2,016
6.8%
BNP Paribas
1,820
6.1%
State Street
1,525
5.2%
Societe Generale
1,230
4.2%
Atos
1,005
3.4%
818
2.8%
Euronet
752
2.5%
UBS
610
2.1%
Equens
605
2.0%
JP Morgan
570
1.9%
Elavon
500
1.7%
NETS
440
1.5%
Global Payments
405
1.4%
Northern Trust
375
1.3%
TSYS
374
1.3%
HSBC
280
0.9%
Xchanging
179
0.6%
157
0.5%
DekaBank
144
0.5%
Postbank BCB
130
0.4%
Unisys
120
0.4%
ConCardis
112
0.4%
Serco
110
0.4%
Bank of America
105
0.4%
HML
88
0.3%
Capita
75
0.3%
Firstsource
67
0.2%
Tessi
65
0.2%
Genpact
63
0.2%
Wipro Ltd
41
0.1%
38
0.1%
Indra Sistemas
31
0.1%
WNS Global Services
26
0.1%
Broadridge
25
0.1%
Cognizant
21
0.1%
HCL Technologies
15
0.1%
Subtotal
15,015
50.6%
Total
29,603
100.0%
NelsonHall 2014
32
July 2014
Exhibit III-7

United Kingdom: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
735
9.2%
JP Morgan
570
7.1%
Northern Trust
375
4.7%
355
4.4%
Atos
328
4.1%
Societe Generale
310
3.9%
HSBC
280
3.5%
Global Payments
275
3.4%
State Street
275
3.4%
TSYS
163
2.0%
157
2.0%
Serco
110
1.4%
Elavon
100
1.2%
Euronet
95
1.2%
Unisys
90
1.1%
HML
88
1.1%
Capita
75
0.9%
Firstsource
67
0.8%
Genpact
63
0.8%
UBS
55
0.7%
BNP Paribas
55
0.7%
Bank of America
47
0.6%
Wipro Ltd
39
0.5%
38
0.5%
WNS Global Services
26
0.3%
Broadridge
25
0.3%
Cognizant
21
0.3%
HCL Technologies
15
0.2%
Infosys
13
0.2%
Steria
12
0.1%
0.1%
Vertex
0.1%
EXL Service
0.1%
Subtotal
4,881
60.9%
Total
8,026
100.0%
NelsonHall 2014
33
July 2014
Exhibit III-8

France: 2013
Vendor
Estd Revs 2013 ($m)
BNP Paribas
Market Share (%)
1,130
20.5%
Societe Generale
515
9.3%
Atos
335
6.1%
Elavon
200
3.6%
BNY Mellon
132
2.4%
State Street
101
1.8%
Tessi
65
1.2%
UBS
35
0.6%
18
0.3%
Bank of America
10
0.2%
Subtotal
2,541
46.0%
Total
5,523
100.0%
Exhibit III-9

Germany: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Euronet
328
6.9%
Societe Generale
318
6.7%
Equens
295
6.2%
UBS
290
6.1%
BNY Mellon
199
4.2%
Xchanging
179
3.7%
DekaBank
144
3.0%
Postbank BCB
130
2.7%
Atos
116
2.4%
ConCardis
112
2.3%
State Street
101
2.1%
Elavon
100
2.1%
BNP Paribas
55
1.2%
TSYS
48
1.0%
40
0.8%
Bank of America
10
0.2%
0.2%

Subtotal
2,473
51.8%
Total
4,781
100.0%
NelsonHall 2014
34
July 2014
Exhibit III-10

Italy: 2013
Vendor
Estd Revs 2013 ($m)
Equens
Market Share (%)
155
13.8%
State Street
60
5.3%
Euronet
54
4.8%
40
3.6%
BNP Paribas
33
2.9%
Bank of America
10
0.9%
0.2%
354
31.5%
1,123
100.0%
Indra Sistemas
Subtotal
Total
Exhibit III-11

RoCE: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
State Street
988
11.3%
BNY Mellon
940
10.7%
BNP Paribas
462
5.3%
NETS
440
5.0%
Euronet
239
2.7%
Atos
226
2.6%
UBS
225
2.6%
220
2.5%
Equens
155
1.8%
Global Payments
130
1.5%
Elavon
100
1.1%
Societe Generale
87
1.0%
TSYS
78
0.9%
Unisys
30
0.3%
Indra Sistemas
29
0.3%
Bank of America
28
0.3%
Quion
13
0.2%
0.1%
Subtotal
4,398
50.2%
Total
8,777
100.0%
CGI
NelsonHall 2014
35
July 2014
Exhibit III-12

Africa & Middle East: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
145
10.6%
BNP Paribas
85
6.2%
TSYS
85
6.2%
Euronet
36
2.6%
BNY Mellon
10
0.7%
UBS
0.4%
Wipro Ltd
0.1%
368
26.8%
1,373
100.0%
Subtotal
Total
Exhibit III-13

Asia Pacific: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
869
8.4%
State Street
510
4.9%
410
4.0%
Euronet
265
2.6%
HSBC
245
2.4%
JP Morgan
190
1.8%
IBM Global Services
170
1.6%
155
1.5%
Northern Trust
155
1.5%
TSYS
133
1.3%
Global Payments
130
1.3%
Unisys
110
1.1%
79
0.8%
74
0.7%
Bank of America
42
0.4%
Atos
39
0.4%
Serco
20
0.2%
Firstsource
16
0.2%
Infosys
12
0.1%
Genpact
11
0.1%
HCL Technologies
10
0.1%
3,651
35.4%
10,378
100.0%
Subtotal
Total
NelsonHall 2014
36
July 2014
Exhibit III-14

Central & Latin America: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
265
7.1%
State Street
145
3.9%
130
3.5%
Bank of America
53
1.4%
TSYS
50
1.3%
Euronet
42
1.1%
Elavon
40
1.1%
Indra Sistemas
14
0.4%
13
0.4%
0.2%
Atos
0.2%
766
20.6%
3,708
100.0%
Subtotal
Total
NelsonHall 2014
37
July 2014
B. Core Banking
Exhibits III-15 to III-21 provide market forecasts and vendor market shares for core banking BPO.
Exhibit III-15
Global Core Banking BPO Market Forecast by Region:

2014 2018
Est. market
size 2013
Est. market
size 2014
Est. market
size 2018
Global
4,024
4,177
4,850
3.8%
3.8%
_North America
1,136
1,175
1,346
3.5%
3.5%
__US
1,033
1,069
1,227
3.5%
3.5%
103
106
119
3.0%
3.0%
_EMEA
1,791
1,858
2,149
3.7%
3.7%
___UK
500
519
600
3.7%
3.7%
____Germany
215
224
262
4.0%
4.0%
____France
161
166
187
3.0%
3.0%
____Italy
59
61
69
3.3%
3.3%
____RoCE
722
746
848
3.4%
3.3%
134
143
184
6.5%
6.5%
_Asia-Pac
766
797
936
4.1%
4.1%
331
347
418
4.8%
4.8%
Region/Country
__Canada

- 2014
- 2018
Exhibit III-16
Estimated Core Banking BPO Market Shares

Global: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Atos
250
6.2%
Genpact
235
5.8%
FIS
180
4.5%
145
3.6%
IBM Global Services
60
1.5%
Serco
55
1.4%
Fiserv
37
0.9%
25
0.6%
iGATE
19
0.5%
Firstsource
13
0.3%
Unisys
10
0.2%
Cognizant
10
0.2%
Infosys
0.2%
NIIT Technologies
0.1%
WNS Global Services
0.1%
EXL Service
0.1%
NelsonHall 2014
38
July 2014
Subtotal
1,062
26.2%
Total
4,024
100.0%
Exhibit III-17

North America: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Genpact
188
16.5%
FIS
180
15.8%
72
6.3%
Fiserv
37
3.2%
25
2.2%
IBM Global Services
20
1.8%
iGATE
19
1.6%
Cognizant
10
0.9%
Infosys
0.7%
Firstsource
0.6%
NIIT Technologies
0.5%
EXL Service
0.3%
575
50.4%
1,136
100.0%
Subtotal
Total
Exhibit III-18

United States: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Genpact
188
18.2%
FIS
180
17.4%
72
7.0%
Fiserv
37
3.6%
25
2.4%
IBM Global Services
20
1.9%
iGATE
13
1.3%
Cognizant
10
1.0%
Infosys
0.8%
Firstsource
0.7%
NIIT Technologies
0.6%
EXL Service
0.3%
569
55.2%
1,033
100.0%
Subtotal
Total
NelsonHall 2014
39
July 2014
Exhibit III-19

EMEA: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Atos
250
14.0%
Serco
55
3.1%
Genpact
45
2.5%
29
1.6%
WNS Global Services
0.3%
EXL Service
0.1%
385
21.6%
1,791
100.0%
Subtotal
Total
Exhibit III-20

U.K.: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Atos
250
50.0%
Serco
55
11.0%
Genpact
45
9.0%
29
5.8%
WNS Global Services
1.0%
EXL Service
0.2%
Subtotal
385
77.0%
Total
500
100.0%
Exhibit III-21

Asia-Pac: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
IBM Global Services
40
5.2%
33
4.3%
Unisys
10
1.3%
Firstsource
0.8%
Genpact
0.3%
EXL Service
0.1%
92
12.0%
766
100.0%
Subtotal
Total
NelsonHall 2014
40
July 2014
C. Mortgage BPO
Exhibits III-22 to III-28 provide market forecasts and vendor market shares for mortgage BPO.
Exhibit III-22
Global Mortgage BPO Market Forecast by Region:

2014 2018
Est. market
size 2013
Est. market
size 2014
Est. market
size 2018
Global
8,961
9,287
10,665
3.6%
3.5%
_North America
5,901
6,114
7,010
3.6%
3.5%
__US
5,726
5,934
6,809
3.6%
3.5%
__Canada
175
180
201
2.7%
2.9%
_EMEA
960
993
1,132
3.4%
3.3%
___UK
514
530
599
3.2%
3.1%
____Germany
76
78
89
3.2%
3.2%
____France
27
28
31
2.7%
2.6%
____Italy
32
33
37
3.3%
3.1%
____RoCE
171
176
200
3.2%
3.1%
140
147
176
4.9%
4.7%
1,350
1,398
1,602
3.6%
3.5%
750
782
920
4.2%
4.2%
8,961
9,287
10,665
3.6%
3.5%
Region/Country
_Asia-Pac
Global
NelsonHall 2014

- 2014
- 2018
41
July 2014
Exhibit III-23
Estimated Mortgage BPO Market Shares

Global: 2013
Vendor
Estd Revs 2013 ($m)
Ocwen
Market Share (%)
1,824
20.4%
Berkadia
470
5.2%
PHH Mortgage
436
4.9%
Accenture
300
3.3%
Xerox Services
280
3.1%
First American
280
3.1%
IBM Global Services
190
2.1%
FIS
180
2.0%
175
2.0%
160
1.8%
Genpact
108
1.2%
HML
88
1.0%
Serco
65
0.7%
Firstsource
65
0.7%
Cognizant
60
0.7%
Infosys
27
0.3%
Unisys
25
0.3%
Wipro Ltd
21
0.2%
Fiserv
15
0.2%
CSC
15
0.2%
Quion
13
0.1%
iGATE
12
0.1%
HCL Technologies
11
0.1%
EXL Service
10
0.1%
Vertex
0.1%
WNS Global Services
0.1%
Subtotal
4,843
54.0%
Total
8,961
100.0%
NelsonHall 2014
42
July 2014
Exhibit III-24

North America: 2013
Vendor
Estd Revs 2013 ($m)
Ocwen
Market Share (%)
1,824
30.9%
Berkadia
470
8.0%
PHH Mortgage
436
7.4%
Accenture
300
5.1%
Xerox Services
280
4.7%
First American
280
4.7%
FIS
180
3.1%
89
1.5%
Genpact
83
1.4%
IBM Global Services
60
1.0%
60
1.0%
Cognizant
57
1.0%
Firstsource
30
0.5%
Infosys
20
0.3%
Wipro Ltd
16
0.3%
CSC
15
0.3%
Fiserv
15
0.3%
iGATE
12
0.2%
EXL Service
0.1%
HCL Technologies
0.1%
Subtotal
4,239
71.9%
Total
5,901
100.0%
NelsonHall 2014
43
July 2014
Exhibit III-25

United States: 2013
Vendor
Estd Revs 2013 ($m)
Ocwen
Market Share (%)
1,824
31.9%
Berkadia
470
8.2%
PHH Mortgage
436
7.6%
Accenture
300
5.2%
Xerox Services
280
4.9%
First American
280
4.9%
FIS
180
3.1%
89
1.6%
Genpact
83
1.4%
IBM Global Services
60
1.0%
60
1.0%
Cognizant
57
1.0%
Firstsource
30
0.5%
Wipro Ltd
16
0.3%
CSC
15
0.3%
Fiserv
15
0.3%
Infosys
13
0.2%
iGATE
0.1%
EXL Service
0.1%
HCL Technologies
0.1%
Subtotal
4,228
73.7%
Total
5,726
100.0%
NelsonHall 2014
44
July 2014
Exhibit III-26

EMEA: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
HML
88
9.2%
Serco
55
5.7%
48
5.0%
Firstsource
30
3.1%
Genpact
18
1.9%
Quion
13
1.4%
Vertex
0.8%
WNS Global Services
0.5%
HCL Technologies
0.5%
Wipro Ltd
0.5%
Cognizant
0.3%
EXL Service
0.2%
Subtotal
280
29.1%
Total
960
100.0%
NelsonHall 2014
45
July 2014
Exhibit III-27

U.K: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
HML
88
17.1%
Serco
55
10.7%
48
9.3%
Firstsource
30
5.8%
Genpact
18
3.5%
Vertex
1.6%
HCL Technologies
1.0%
Wipro Ltd
1.0%
WNS Global Services
1.0%
Cognizant
0.6%
EXL Service
0.4%
Subtotal
267
52.0%
Total
514
100.0%
Exhibit III-28

Asia-Pac: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
IBM Global Services
130
9.6%
100
7.4%
36
2.7%
Unisys
25
1.9%
Serco
10
0.7%
Genpact
0.5%
Infosys
0.5%
Firstsource
0.4%
EXL Service
0.1%
HCL Technologies
0.1%
322
23.9%
1,350
100.0%
Subtotal
Total
NelsonHall 2014
46
July 2014
D. Payment Services
Exhibits III-29 to III-42 provide market forecasts and vendor market shares for payment services BPO.
Exhibit III-29
Global Payment BPO Market Forecast by Region:

2014 2018
Est. market
size 2013
Est. market
size 2014
Est. market
size 2018
Global
31,820
32,886
37,593
3.3%
3.4%
_North America
19,958
20,657
23,730
3.5%
3.5%
__US
18,552
19,208
22,110
3.5%
3.6%
__Canada
1,406
1,449
1,619
3.1%
2.8%
_EMEA
8,808
9,075
10,255
3.0%
3.1%
___UK
2,368
2,434
2,728
2.8%
2.9%
____Germany
1,730
1,785
2,024
3.2%
3.2%
____France
1,275
1,312
1,477
2.9%
3.0%
437
448
498
2.6%
2.7%
2,414
2,480
2,768
2.7%
2.8%
584
616
760
5.4%
5.4%
2,307
2,381
2,717
3.2%
3.4%
747
773
891
3.5%
3.6%
Region/Country
____Italy
____RoCE
_Asia-Pac
NelsonHall 2014

- 2014
- 2018
47
July 2014
Exhibit III-30
Estimated Payment BPO Market Shares

Global: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
6,464
20.3%
2,000
6.3%
Global Payments
1,850
5.8%
TSYS
1,630
5.1%
Elavon
1,460
4.6%
FIS
1,350
4.2%
Fiserv
1,276
4.0%
Euronet
1,059
3.3%
Atos
800
2.5%
760
2.4%
Equens
605
1.9%
Bank of America
525
1.6%
NETS
440
1.4%
Unisys
195
0.6%
175
0.5%
155
0.5%
Official Payments
140
0.4%
Postbank BCB
130
0.4%
ConCardis
112
0.4%
Firstsource
72
0.2%
Tessi
65
0.2%
CGI
50
0.2%
Indra Sistemas
48
0.2%
Genpact
17
0.1%
Steria
12
0.0%
Subtotal
21,433
67.1%
Total
31,820
100.0%
NelsonHall 2014
48
July 2014
Exhibit III-31

North America: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
5,106
25.6%
2,000
10.0%
FIS
1,350
6.8%
Global Payments
1,315
6.6%
Fiserv
1,276
6.4%
TSYS
1,073
5.4%
Elavon
920
4.6%
744
3.7%
Bank of America
325
1.6%
Official Payments
140
0.7%
120
0.6%
110
0.6%
CGI
40
0.2%
Firstsource
30
0.2%
Genpact
17
0.1%
Subtotal
14,585
73.1%
Total
19,958
100.0%
NelsonHall 2014
49
July 2014
Exhibit III-32

United States: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
4,977
26.8%
2,000
10.8%
FIS
1,350
7.3%
Fiserv
1,276
6.9%
Global Payments
1,075
5.8%
TSYS
880
4.7%
Elavon
850
4.6%
449
2.4%
Bank of America
325
1.8%
Official Payments
140
0.8%
120
0.6%
110
0.6%
CGI
32
0.2%
Firstsource
30
0.2%
Genpact
17
0.1%
Subtotal
13,650
73.6%
Total
18,552
100.0%
Exhibit III-33

Canada: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
295
21.0%
Global Payments
240
17.1%
TSYS
193
13.7%
129
9.2%
70
5.0%
0.6%
Elavon
CGI
Subtotal
Total
NelsonHall 2014
935
66.6%
1,406
100.0%
50
July 2014
Exhibit III-34

EMEA: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
818
9.3%
Atos
755
8.6%
Euronet
752
8.5%
Equens
605
6.9%
Elavon
500
5.7%
NETS
440
5.0%
Global Payments
405
4.6%
TSYS
374
4.2%
Postbank BCB
130
1.5%
Unisys
120
1.4%
ConCardis
112
1.3%
Bank of America
105
1.2%
Tessi
65
0.7%
45
0.5%
Firstsource
37
0.4%
Indra Sistemas
31
0.4%
Steria
12
0.1%
CGI
10
0.1%
0.1%
Subtotal
5,329
60.5%
Total
8,808
100.0%
NelsonHall 2014
51
July 2014
Exhibit III-35

Vendor
Estd Revs 2013 ($m)
Market Share (%)
355
15.0%
Global Payments
275
11.6%
TSYS
163
6.9%
Elavon
100
4.2%
Euronet
95
4.0%
Unisys
90
3.8%
Atos
78
3.3%
Bank of America
47
2.0%
45
1.9%
Firstsource
37
1.6%
Steria
12
0.5%
Infosys
0.1%
CGI
0.1%
Subtotal
1,302
55.0%
Total
2,368
100.0%
Exhibit III-36

France: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Atos
335
26.3%
Elavon
200
15.7%
Tessi
65
5.1%
18
1.4%
Bank of America
Subtotal
Total
NelsonHall 2014
10
0.8%
628
49.3%
1,275
100.0%
52
July 2014
Exhibit III-37

Germany: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Euronet
328
19.0%
Equens
295
17.1%
Postbank BCB
130
7.5%
Atos
116
6.7%
ConCardis
112
6.5%
Elavon
100
5.8%
TSYS
48
2.8%
40
2.3%
Bank of America
10
0.6%
0.5%
Subtotal
1,187
68.8%
Total
1,730
100.0%
Exhibit III-38

Italy: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Equens
155
35.5%
Euronet
54
12.4%
40
9.2%
Bank of America
10
2.3%
Indra Sistemas
0.5%
Subtotal
261
59.9%
Total
437
100.0%
NelsonHall 2014
53
July 2014
Exhibit III-39

RoCE: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
NETS
440
18.2%
Euronet
239
9.9%
Atos
226
9.4%
220
9.1%
Equens
155
6.4%
Global Payments
130
5.4%
Elavon
100
4.1%
TSYS
78
3.2%
Unisys
30
1.2%
Indra Sistemas
29
1.2%
Bank of America
28
1.2%
0.3%
Subtotal
1,683
69.6%
Total
2,414
100.0%
CGI
Exhibit III-40

Africa & Middle East: 2013
Vendor
Estd Revs 2012 ($m)
Market Share (%)
145
24.8%
TSYS
85
14.6%
Euronet
36
6.2%
0.3%
Subtotal
268
45.9%
Total
584
100.0%
Wipro Ltd
NelsonHall 2014
54
July 2014
Exhibit III-41

Asia Pacific: 2013
Vendor
Estd Revs 2012 ($m)
Market Share (%)
410
17.8%
Euronet
265
11.5%
TSYS
133
5.8%
Global Payments
130
5.6%
Unisys
75
3.3%
55
2.4%
Bank of America
42
1.8%
Atos
39
1.7%
Serco
10
0.4%
HCL Technologies
0.4%
Firstsource
0.2%
Wipro Ltd
0.1%
Subtotal
1,176
51.0%
Total
2,307
100.0%
Exhibit III-42

Central & Latin America: 2012
Vendor
Estd Revs 2012 ($m)
Market Share (%)
130
17.4%
Bank of America
53
7.1%
TSYS
50
6.7%
Euronet
42
5.6%
Elavon
40
5.4%
Indra Sistemas
14
1.9%
1.1%
Atos
0.8%
Subtotal
343
46.0%
Total
747
100.0%
NelsonHall 2014
55
July 2014
E. Securities Processing
Exhibits III-43 to III-53 provide market forecasts and vendor market shares for securities processing BPO.
Exhibit III-43
Global Securities Processing Market Forecast by Region:

2014 2018
Est. market
size 2013
Est. market
size 2014
Est. market
size 2018
Growth
20123- 2014
CAAGR 2014
- 2018
Global
45,513
47,755
55,442
4.9%
3.8%
_North America
19,634
20,594
23,720
4.9%
3.6%
__US
17,572
18,447
21,273
5.0%
3.6%
2,062
2,147
2,447
4.1%
3.3%
_EMEA
18,044
18,980
22,111
5.2%
3.9%
___UK
4,644
4,908
5,731
5.7%
4.0%
____Germany
2,760
2,923
3,400
5.9%
3.9%
____France
4,060
4,223
4,779
4.0%
3.1%
595
629
736
5.7%
4.0%
5,470
5,754
6,797
5.2%
4.3%
515
544
668
5.6%
5.3%
_Asia-Pac
5,955
6,210
7,282
4.3%
4.1%
1,880
1,971
2,329
4.8%
4.3%
Region/Country
__Canada
____Italy
____RoCE
NelsonHall 2014
56
July 2014
Exhibit III-44
Estimated Securities BPO Market Shares

Global: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
6,691
14.7%
State Street
5,080
11.2%
JP Morgan
3,800
8.3%
Broadridge
2,500
5.5%
BNP Paribas
1,820
4.0%
Societe Generale
1,230
2.7%
Northern Trust
1,175
2.6%
HSBC
700
1.5%
700
1.5%
UBS
655
1.4%
Xchanging
179
0.4%
DekaBank
144
0.3%
90
0.2%
Cognizant
85
0.2%
Capita
75
0.2%
Wipro Ltd
67
0.1%
40
0.1%
Genpact
40
0.1%
Infosys
30
0.1%
Subtotal
25,153
55.1%
Total
45,513
100.0%
Exhibit III-45

North America: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
3,541
18.0%
JP Morgan
3,040
15.5%
State Street
2,900
14.8%
Broadridge
2,475
12.6%
Northern Trust
645
3.3%
588
3.0%
HSBC
175
0.9%
Cognizant
67
0.3%
45
0.2%
UBS
45
0.2%
Genpact
38
0.2%
Wipro Ltd
33
0.2%
NelsonHall 2014
57
July 2014
32
0.2%
Infosys
14
0.1%
HCL Technologies
12
0.1%
Subtotal
13,659
69.6%
Total
19,634
100.0%
Exhibit III-46

United States: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
3,475
19.8%
JP Morgan
3,040
17.3%
State Street
2,745
15.6%
Broadridge
2,250
12.8%
Northern Trust
645
3.7%
588
3.3%
HSBC
175
1.0%
Cognizant
67
0.4%
45
0.3%
UBS
45
0.3%
Genpact
38
0.2%
Wipro Ltd
33
0.2%
32
0.2%
Infosys
14
0.1%
HCL Technologies
12
0.1%
Subtotal
13,213
75.3%
Total
17,572
100.0%
Exhibit III-47

Canada: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Broadridge
225
10.9%
State Street
155
7.5%
BNY Mellon
66
3.2%
446
21.6%
2,062
100.0%
Subtotal
Total
NelsonHall 2014
58
July 2014
Exhibit III-48

EMEA: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
2,016
11.2%
BNP Paribas
1,820
10.1%
State Street
1,525
8.5%
Societe Generale
1,230
6.8%
UBS
610
3.4%
JP Morgan
570
3.2%
Northern Trust
375
2.1%
HSBC
280
1.6%
Xchanging
179
1.0%
DekaBank
144
0.8%
Capita
75
0.4%
38
0.2%
35
0.2%
Wipro Ltd
34
0.2%
Broadridge
25
0.1%
Cognizant
18
0.1%
WNS Global Services
16
0.1%
Infosys
11
0.1%
HCL Technologies
10
0.1%
9,021
50.2%
18,044
100.0%
Subtotal
Total
Exhibit III-49

Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
735
15.8%
JP Morgan
570
12.3%
Northern Trust
375
8.1%
Societe Generale
310
6.7%
HSBC
280
6.0%
State Street
275
5.9%
Capita
75
1.6%
UBS
55
1.2%
BNP Paribas
55
1.2%
38
0.8%
35
0.8%
Wipro Ltd
34
0.7%
NelsonHall 2014
59
July 2014
Broadridge
25
0.5%
Cognizant
18
0.4%
WNS Global Services
16
0.3%
Infosys
11
0.2%
HCL Technologies
10
0.2%
0.2%
EXL Service
0.1%
Subtotal
2,927
63.0%
Total
4,644
100.0%
Exhibit III-50

Germany: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
Societe Generale
318
11.5%
UBS
290
10.5%
BNY Mellon
199
7.2%
Xchanging
179
6.5%
DekaBank
144
5.2%
State Street
101
3.7%
BNP Paribas
55
2.0%
Subtotal
1,286
46.6%
Total
2,760
100.0%
Exhibit III-51

France: 2013
Vendor
Estd Revs 2013 ($m)
BNP Paribas
Market Share (%)
1,130
27.8%
Societe Generale
515
12.7%
BNY Mellon
132
3.3%
State Street
101
2.5%
35
0.9%
Subtotal
1,913
47.2%
Total
4,060
100.0%
UBS
NelsonHall 2014
60
July 2014
Exhibit III-52

RoCE: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
State Street
988
18.1%
BNY Mellon
940
17.2%
BNP Paribas
462
8.4%
UBS
225
4.1%
87
1.6%
Subtotal
2,702
49.4%
Total
5,470
100.0%
Societe Generale
Exhibit III-53

Asia Pacific: 2013
Vendor
Estd Revs 2013 ($m)
Market Share (%)
BNY Mellon
869
14.6%
State Street
510
8.6%
HSBC
245
4.1%
JP Morgan
190
3.2%
Northern Trust
155
2.6%
74
1.2%
10
0.2%
0.1%
Infosys
Subtotal
2,062
34.6%
Total
5,955
100.0%
NelsonHall 2014
61
July 2014
Appendix
A. EMEA
Market forecasts for the rest of EMEA are provided by geography and market segment in Exhibits IV-1 to
IV-7.
Exhibit IV-1

Switzerland & Austria: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
1,418
1,492
1,749
5.3%
4.0%
_Core Banking
87
90
102
3.2%
3.2%
17
18
20
3.3%
3.3%
3.4%
3.5%
___Sales
3.3%
3.6%
___Fulfilment
3.5%
3.5%
10
10
11
3.0%
3.1%
___Servicing
3.4%
3.5%
2.1%
2.0%
170
174
195
2.7%
2.8%
_Payment
__Check processing
20
19
18
-2.0%
-2.0%
120
124
142
3.4%
3.4%
83
86
101
4.0%
4.0%
___Card issuing
37
37
41
2.0%
2.0%
__EFT Services
30
31
35
3.2%
3.2%
_Securities
1,144
1,211
1,432
5.8%
4.3%
1,009
1,069
1,264
6.0%
4.3%
7.0%
5.8%
1,004
1,064
1,257
6.0%
4.3%
4.9%
5.0%
1,000
1,060
1,252
6.0%
4.3%
135
141
168
4.5%
4.5%

__Trade Services
NelsonHall 2014
62
July 2014
Exhibit IV-2

Eastern Europe: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
1,040
1,092
1,332
5.0%
5.1%
_Core Banking
72
75
86
3.5%
3.5%
14
15
17
4.0%
4.0%
3.4%
3.4%
___Sales
0.8%
1.0%
___Fulfilment
4.1%
4.0%
10
4.4%
4.4%
___Servicing
5.0%
5.0%
2.9%
3.0%
340
354
417
4.1%
4.2%
15
15
14
-2.0%
-2.0%
300
313
373
4.4%
4.5%
208
218
265
5.0%
5.0%
___Card issuing
92
95
108
3.2%
3.2%
__EFT Services
25
26
30
4.0%
4.0%
_Securities
613
649
812
5.8%
5.8%
508
538
680
6.0%
6.0%
8.1%
7.0%
503
534
674
6.0%
6.0%
_Payment
__Check processing

6.0%
6.0%
500
530
669
6.0%
6.0%
__Trade Services
106
111
132
4.5%
4.5%
NelsonHall 2014
63
July 2014
Exhibit IV-3

Nordics & Finland: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
1,550
1,596
1,795
3.0%
3.0%
141
146
165
3.2%
3.2%
25
26
28
2.0%
2.0%
_Core Banking
11
11
12
1.8%
1.8%
___Sales
0.9%
1.0%
___Fulfilment
10
2.0%
2.0%
14
14
16
2.1%
2.1%
___Servicing
10
10
11
2.0%
2.0%
2.4%
2.4%
657
674
746
2.5%
2.6%
32
31
29
-2.0%
-2.0%
580
597
667
2.8%
2.8%
403
416
472
3.2%
3.2%
___Card issuing
177
181
196
2.0%
2.0%
__EFT Services
45
46
50
2.0%
2.0%
_Securities
726
751
855
3.3%
3.3%
514
530
597
3.1%
3.0%
10
6.0%
5.0%
506
521
587
3.0%
3.0%

_Payment
__Check processing

3.7%
3.6%
500
515
580
3.0%
3.0%
__Trade Services
212
221
258
4.0%
4.0%
NelsonHall 2014
64
July 2014
Exhibit IV-4

Benelux: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
2,201
2,288
2,620
3.9%
3.5%
152
157
175
2.9%
2.9%
67
69
77
3.0%
3.0%
_Core Banking
11
11
13
3.0%
3.0%
___Sales
3.2%
3.0%
___Fulfilment
10
3.0%
3.0%
56
57
65
3.0%
3.0%
___Servicing
39
40
45
3.0%
3.0%
17
17
19
3.0%
3.0%
695
712
783
2.3%
2.4%
81
80
74
-2.0%
-2.0%
534
550
619
3.0%
3.0%
369
382
438
3.5%
3.5%
___Card issuing
165
168
182
2.0%
2.0%
__EFT Services
80
82
90
2.4%
2.4%
_Securities
1,287
1,351
1,584
5.0%
4.1%
1,165
1,223
1,432
5.0%
4.0%
11
7.1%
5.6%
1,156
1,214
1,421
5.0%
4.0%
_Payment
__Check processing

__Trade Services
NelsonHall 2014
5.0%
5.0%
1,150
1,207
1,412
5.0%
4.0%
122
127
152
4.5%
4.5%
65
July 2014
Exhibit IV-5

Other Europe: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
671
709
835
5.6%
4.2%
26
27
31
3.2%
3.2%
3.8%
3.7%
3.2%
3.2%
___Sales
2.7%
0.0%
___Fulfilment
3.4%
3.5%
4.1%
4.0%
___Servicing
3.9%
4.0%
3.4%
0.0%
48
50
58
3.6%
3.7%
-2.1%
-2.0%
40
42
50
4.4%
4.4%
27
29
35
5.0%
5.0%
___Card issuing
13
13
15
3.2%
3.2%
__EFT Services
3.3%
3.1%
_Securities
592
627
741
5.9%
4.3%
553
586
692
6.0%
4.3%
7.1%
5.5%
551
584
690
6.0%
4.3%
_Core Banking
_Payment
__Check processing

__Trade Services
NelsonHall 2014
6.9%
7.1%
550
583
689
6.0%
4.3%
39
41
49
4.5%
4.5%
66
July 2014
Exhibit IV-6

Africa: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
513
539
654
5.0%
4.9%
_Core Banking
32
34
44
6.5%
6.5%
33
34
40
3.8%
3.9%
14
15
17
3.9%
4.0%
3.5%
3.5%
___Fulfilment
11
12
14
4.0%
4.1%
19
19
22
3.7%
3.8%
___Servicing
13
14
16
4.0%
4.1%
3.1%
3.0%
168
176
211
4.6%
4.8%
12
11
11
-2.0%
-2.0%
150
158
193
5.1%
5.2%
104
109
136
5.6%
5.7%
___Card issuing
46
48
56
3.9%
3.9%
__EFT Services
5.6%
6.2%
_Securities
281
296
359
5.2%
5.0%
257
270
329
5.3%
5.0%
6.3%
6.5%
256
269
328
5.3%
5.0%
___Sales

_Payment
__Check processing

__Trade Services
NelsonHall 2014
4.8%
4.9%
250
263
320
5.3%
5.0%
24
25
30
4.2%
4.5%
67
July 2014
Exhibit IV-7

Middle East: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
860
910
1,134
5.8%
5.7%
_Core Banking
102
109
140
6.5%
6.5%
107
113
137
5.2%
4.9%
46
48
60
5.4%
5.4%
10
12
5.0%
5.0%
___Fulfilment
37
39
48
5.5%
5.5%
61
65
77
5.0%
4.6%
___Servicing
43
45
55
5.0%
5.0%
18
19
22
5.0%
3.5%
416
440
548
5.7%
5.7%
38
38
35
-2.0%
-2.0%
359
382
488
6.5%
6.3%
249
266
342
6.5%
6.5%
___Card issuing
110
117
146
6.5%
5.8%
__EFT Services
19
20
26
6.5%
6.5%
_Securities
234
248
309
6.0%
5.7%
128
137
174
6.8%
6.2%
6.9%
6.5%
124
133
169
6.8%
6.2%
___Sales
_Payment
__Check processing

24
26
33
6.0%
6.0%
100
107
136
7.0%
6.3%
__Trade Services
106
111
135
5.0%
5.0%
NelsonHall 2014
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July 2014
B. Asia Pacific
Market forecasts for Asia Pacific are provided by geography and market segment in Exhibits IV-8 to IV11.
Exhibit IV-8

China: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
3,088
3,230
3,810
4.6%
4.2%
_Core Banking
66
68
77
3.2%
3.2%
88
91
108
4.3%
4.3%
33
35
40
4.0%
4.0%
___Sales
4.1%
4.0%
___Fulfilment
27
28
32
4.0%
4.0%
54
57
68
4.4%
4.5%
___Servicing
49
51
61
4.5%
4.5%
4.0%
4.0%
229
234
255
2.2%
2.2%
17
16
15
-2.0%
-2.0%
188
193
215
2.7%
2.7%

_Payment
__Check processing
130
134
151
3.0%
3.0%
___Card issuing
58
59
64
2.0%
2.0%
__EFT Services
24
24
25
1.0%
1.0%
_Securities
2,706
2,837
3,370
4.9%
4.4%
2,506
2,631
3,138
5.0%
4.5%
7.1%
6.0%
2,503
2,628
3,134
5.0%
4.5%
6.1%
6.0%
2,500
2,625
3,130
5.0%
4.5%
200
206
232
3.0%
3.0%

__Trade Services
NelsonHall 2014
69
July 2014
Exhibit IV-9

India: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
989
1,048
1,318
5.9%
5.9%
_Core Banking
120
127
164
6.5%
6.5%
150
158
195
5.4%
5.4%
50
53
65
5.4%
5.4%
___Sales
10
11
13
5.0%
5.0%
___Fulfilment
40
42
52
5.5%
5.5%
100
105
130
5.5%
5.4%
___Servicing
90
95
118
5.5%
5.5%
10
11
13
5.0%
4.8%
423
448
564
5.8%
5.9%
35
34
31
-2.0%
-2.0%
343
365
470
6.5%
6.5%
236
251
323
6.5%
6.5%
___Card issuing
107
114
147
6.5%
6.5%
__EFT Services
46
48
62
6.5%
6.5%
_Securities
296
314
396
6.2%
5.9%
126
135
173
7.1%
6.5%
8.1%
5.7%
120
128
165
7.0%
6.5%
_Payment
__Check processing

20
21
28
7.0%
6.5%
100
107
138
7.0%
6.5%
__Trade Services
170
179
222
5.5%
5.5%
NelsonHall 2014
70
July 2014
Exhibit IV-10

Japan: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
1,154
1,186
1,326
2.8%
2.8%
_Core Banking
131
135
154
3.3%
3.3%
220
225
249
2.5%
2.5%
82
84
92
2.4%
2.4%
___Sales
16
17
18
2.0%
2.0%
___Fulfilment
66
67
74
2.5%
2.5%
138
142
157
2.5%
2.6%
___Servicing
124
127
141
2.5%
2.5%
14
14
16
3.0%
3.0%
527
539
593
2.4%
2.4%
47
46
42
-2.0%
-2.0%
428
440
494
2.9%
2.9%
295
305
347
3.3%
3.3%
___Card issuing
133
136
147
2.0%
2.0%
__EFT Services
52
53
57
2.0%
2.0%
_Securities
276
286
330
3.7%
3.7%
110
114
128
3.1%
3.1%
6.0%
5.0%
105
108
121
3.0%
3.0%

_Payment
__Check processing

3.0%
3.0%
100
103
116
3.0%
3.0%
__Trade Services
166
173
202
4.0%
4.0%
NelsonHall 2014
71
July 2014
Exhibit IV-11

Other Asia: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
797
844
1,060
5.8%
5.9%
_Core Banking
65
69
89
6.5%
6.5%
92
97
118
4.9%
4.9%
35
36
43
4.2%
4.2%
5.0%
5.0%
___Fulfilment
28
29
34
4.0%
4.0%
58
61
75
5.4%
5.4%
___Servicing
52
55
68
5.5%
5.5%
4.0%
4.0%
240
254
321
5.9%
6.0%
17
16
15
-2.0%
-2.0%
198
211
271
6.5%
6.5%
137
146
188
6.5%
6.5%
___Card issuing
61
65
84
6.5%
6.5%
__EFT Services
25
27
34
6.5%
6.5%
_Securities
400
424
533
5.9%
5.9%
306
324
410
6.0%
6.0%
8.0%
7.0%
303
321
405
6.0%
6.0%
___Sales

_Payment
__Check processing

__Trade Services
NelsonHall 2014
5.9%
6.0%
300
318
401
6.0%
6.0%
94
99
123
5.5%
5.5%
72
July 2014
C. Latin America
Market forecasts for Latin America are provided by geography and market segment in Exhibits IV-12 to
IV-15.
Exhibit IV-12

Argentina: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
737
761
868
3.2%
3.4%
76
80
97
5.0%
5.0%
180
187
219
4.0%
4.0%
61
63
74
4.0%
4.0%
___Sales
12
13
15
4.0%
4.0%
___Fulfilment
49
50
59
4.0%
4.0%
119
124
145
4.0%
4.0%
___Servicing
96
99
116
4.0%
4.0%
24
25
29
4.0%
4.0%
121
125
146
3.5%
4.0%
-2.0%
-2.0%
100
104
123
3.7%
4.3%
70
73
88
4.5%
4.9%
___Card issuing
30
31
35
2.0%
2.8%
__EFT Services
16
16
19
4.0%
4.0%
_Securities
360
369
405
2.3%
2.4%
307
313
339
2.0%
2.0%
5.2%
5.0%
305
311
336
2.0%
2.0%
1.9%
2.0%
300
306
331
2.0%
2.0%
53
55
66
4.0%
4.5%
_Core Banking
_Payment
__Check processing

__Trade Services
NelsonHall 2014
73
July 2014
Exhibit IV-13

Brazil: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
1,259
1,313
1,537
4.3%
4.0%
_Core Banking
126
132
164
5.5%
5.5%
276
286
332
3.8%
3.8%
91
93
105
3.0%
3.0%
___Sales
18
19
21
3.0%
3.0%
___Fulfilment
72
75
84
3.0%
3.0%
185
193
227
4.2%
4.2%
___Servicing
148
154
180
4.0%
4.0%
37
39
47
5.0%
5.0%
246
254
287
3.0%
3.1%
20
20
18
-2.0%
-2.0%
200
207
238
3.5%
3.6%
139
144
169
4.0%
4.0%
___Card issuing
61
63
69
2.5%
2.5%
__EFT Services
26
27
30
3.0%
3.0%
_Securities
611
641
754
4.8%
4.2%
511
537
635
5.0%
4.3%
7.9%
5.7%
508
533
630
5.0%
4.3%

_Payment
__Check processing

10
5.0%
5.0%
500
525
620
5.0%
4.3%
__Trade Services
100
104
119
3.5%
3.5%
NelsonHall 2014
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July 2014
Exhibit IV-14

Mexico: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
1,022
1,074
1,286
5.1%
4.6%
89
93
110
4.3%
4.3%
203
213
255
5.0%
4.6%
68
71
86
5.0%
5.0%
___Sales
14
14
17
5.0%
5.0%
___Fulfilment
54
57
69
5.0%
5.0%
135
142
168
5.0%
4.4%
___Servicing
108
114
137
5.5%
4.8%
27
28
31
3.0%
3.0%
253
262
306
3.8%
3.9%
15
15
14
-2.0%
-2.0%
219
228
268
4.1%
4.1%
152
160
195
5.0%
5.0%
___Card issuing
67
68
73
2.0%
2.0%
__EFT Services
19
20
24
5.3%
5.3%
_Securities
478
506
616
5.9%
5.0%
408
433
526
6.0%
5.0%
8.1%
5.7%
405
430
523
6.0%
5.0%
_Core Banking

_Payment
__Check processing

__Trade Services
NelsonHall 2014
6.1%
6.0%
400
424
515
6.0%
5.0%
70
74
89
5.0%
5.0%
75
July 2014
Exhibit IV-15

Other Latin America: 2014 2018
Growth CAAGR 2014
size 2013
size 2014
size 2018 2013 - 2014
- 2018
Service Type
Banking
690
726
869
5.2%
4.6%
_Core Banking
41
42
48
3.3%
3.3%
92
96
114
4.4%
4.4%
31
32
36
3.2%
3.2%
4.0%
4.0%
___Fulfilment
25
26
29
3.0%
3.0%
61
64
77
5.0%
5.0%
___Servicing
48
51
63
5.5%
5.5%
12
12
14
3.0%
3.0%
127
132
153
3.6%
3.8%
15
15
14
-2.0%
-2.0%
103
108
128
4.5%
4.5%
72
75
92
5.0%
5.0%
___Card issuing
31
32
37
3.3%
3.3%
__EFT Services
10
11
3.3%
3.3%
_Securities
430
456
554
5.9%
5.0%
404
428
520
6.0%
5.0%
7.6%
5.8%
402
426
519
6.0%
5.0%
___Sales
_Payment
__Check processing

__Trade Services
NelsonHall 2014
6.0%
6.0%
400
424
515
6.0%
5.0%
27
28
34
5.0%
5.0%
76
July 2014
Reconciliation
Banking BPO 2013
Following a review of the market concentrations by geography in banking BPO, the following changes
have been made:
An increase in core banking BPO of $241m, due to an increase in the U.K. of $241m as a result of the
inclusion of additional vendor activity
A reduction in mortgage and loan BPO of $4,304m. With the exception of the U.K. and Canada, the
market sizes for mortgage and loan BPO have been decreased across all geographies. This is the
result of a review of the market concentration in these geographies. The market concentration for
captured vendor revenues is now estimated at 54% globally rather than 28% globally.
A reduction in payment BPO of $3,807m. While the market size in the U.S. has been adjusted
downwards by 3.6% and that in EMEA downwards as a result of adjustments to the estimates for
Continental Europe, the main impact is the downward revision of the estimates for payments BPO in
the emerging markets of Asia Pacific and Latin America by $2,32m.
The securities BPO market for 2013 has been revised downwards by $2,419m or 5%, with these
downward revisions largely evenly spread across North America and EMEA
The overall net impact is a decrease in the 2013 market size for banking BPO of $10,289m.
Global Overview
Global banking BPO market reconciliation by service type is provided in Exhibit V-1.
Exhibit V-1
Global Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
100,607
90,318
-10.2%
3.7%
3.8%
+0.1
3,783
4,024
+6.4%
3.6%
3.8%
+0.2
_Mortgage and Loan Banking BPO
13,265
8,961
-32.4%
3.7%
3.6%
-0.1
_Payment
35,627
31,820
-10.7%
3.0%
3.4%
+0.4
_Securities
47,932
45,513
-5.0%
4.2%
4.2%
-0.0
_Core Banking
NelsonHall 2014
77
July 2014
North America
North America banking BPO market reconciliation by service type is provided in Exhibit V-2.
Exhibit V-2
North America Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
_Core Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
45,738
46,629
+1.9%
3.7%
3.7%
-0.0
1,136
1,136
+0.0%
3.3%
3.5%
+0.2
4,327
5,901
+36.4%
3.8%
3.6%
-0.2
_Payment
20,641
19,958
-3.3%
3.1%
3.5%
+0.4
_Securities
19,634
19,634
+0.0%
4.4%
4.0%
-0.5
United States
United States banking BPO market reconciliation by service type is provided in Exhibit V-3.
Exhibit V-3
United States Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
41,991
42,883
+2.1%
3.7%
3.8%
+0.0
_Core Banking
1,033
1,033
+0.0%
3.3%
3.5%
+0.3
4,152
5,726
+37.9%
3.8%
3.6%
-0.2
_Payment
19,235
18,552
-3.6%
3.1%
3.6%
+0.5
_Securities
17,572
17,572
+0.0%
4.4%
4.0%
-0.4
NelsonHall 2014
78
July 2014
Canada
Canada banking BPO market reconciliation by service type is provided in Exhibit V-4.
Exhibit V-4
Canada Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
_Core Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
3,747
3,746
-0.0%
3.8%
3.2%
-0.6
103
103
+0.0%
3.5%
3.0%
-0.4
175
175
+0.0%
2.9%
2.8%
-0.0
_Payment
1,407
1,406
-0.1%
3.1%
2.9%
-0.2
_Securities
2,062
2,062
+0.0%
4.4%
3.5%
-0.9
EMEA
EMEA banking BPO market reconciliation by service type is provided in Exhibit V-5.
Exhibit V-5
EMEA Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
35,467
29,603
-16.5%
3.7%
3.9%
+0.2
_Core Banking
1,550
1,791
+15.5%
3.5%
3.8%
+0.3
3,080
960
-68.8%
3.4%
3.4%
+0.0
_Payment
9,800
8,808
-10.1%
2.9%
3.1%
+0.2
_Securities
21,037
18,044
-14.2%
4.1%
4.3%
+0.2
NelsonHall 2014
79
July 2014
United Kingdom
United Kingdom banking BPO market reconciliation by service type is provided in Exhibit V-6.
Exhibit V-6
United Kingdom Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
_Core Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
7,784
8,026
+3.1%
3.4%
3.9%
+0.5
259
500
+93.1%
3.2%
3.7%
+0.5
514
514
+0.0%
2.8%
3.2%
+0.4
_Payment
2,368
2,368
+0.0%
2.9%
2.9%
+0.0
_Securities
4,643
4,644
+0.0%
3.8%
4.5%
+0.7
France
France banking BPO market reconciliation by service type is provided in Exhibit V-7.
Exhibit V-7
France Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
7,192
5,523
-23.2%
3.7%
3.3%
-0.5
_Core Banking
161
161
+0.0%
3.3%
3.1%
-0.2
186
27
-85.5%
3.2%
2.7%
-0.5
_Payment
1,334
1,275
-4.4%
2.8%
3.0%
+0.2
_Securities
5,511
4,060
-26.3%
4.0%
3.4%
-0.6
NelsonHall 2014
80
July 2014
Germany
Germany banking BPO market reconciliation by service type is provided in Exhibit V-8.
Exhibit V-8
Germany Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
_Core Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
5,735
4,781
-16.6%
3.6%
4.0%
+0.4
215
215
+0.0%
3.1%
4.0%
+0.9
568
76
-86.6%
3.2%
3.3%
+0.1
_Payment
1,368
1,730
+26.5%
2.7%
3.2%
+0.5
_Securities
3,585
2,760
-23.0%
4.1%
4.5%
+0.4
Italy
Italy banking BPO market reconciliation by service type is provided in Exhibit V-9.
Exhibit V-9
Italy Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
_Core Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
1,398
1,123
-19.7%
3.6%
3.8%
+0.2
59
59
+0.0%
3.2%
3.3%
+0.1
258
32
-87.6%
3.2%
3.2%
-0.0
_Payment
287
437
+52.3%
2.8%
2.6%
-0.1
_Securities
794
595
-25.1%
4.0%
4.6%
+0.7
NelsonHall 2014
81
July 2014
RoEMEA
RoEMEA banking BPO market reconciliation by service type is provided in Exhibit V-10.
Exhibit V-10
RoEMEA Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
_Core Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
13,359
10,150
-24.0%
3.8%
4.2%
+0.4
856
856
-0.0%
3.7%
3.9%
+0.1
1,555
311
-80.0%
3.7%
3.9%
+0.2
_Payment
4,443
2,998
-32.5%
3.0%
3.3%
+0.3
_Securities
6,504
5,985
-8.0%
4.3%
4.6%
+0.3
Asia Pacific
Asia Pacific banking BPO market reconciliation by service type is provided in Exhibit V-11.
Exhibit V-11
Asia Pacific Banking BPO Market Reconciliation by Service Type

2013 Market
2013
Report
Service Type
Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
13,532
10,378
-23.3%
3.6%
3.9%
+0.3
766
766
+0.0%
4.1%
4.1%
+0.0
3,789
1,350
-64.4%
3.9%
3.5%
-0.4
_Payment
3,793
2,307
-39.2%
3.0%
3.3%
+0.3
_Securities
5,184
5,955
+14.9%
3.7%
4.2%
+0.4
_Core Banking
NelsonHall 2014
82
July 2014
Central and Latin America

Central and Latin America banking BPO market reconciliation by service type is provided in Exhibit V-12.
Exhibit V-12
Central and Latin America Banking BPO Market Reconciliation by Service Type
2013 Market
2013
Report
Service Type
Banking
2014
Report
2013 - 2017 CAGR

Variance
(%)
2013
Report
2014
Report
Variance
5,869
3,708
-36.8%
3.6%
4.3%
+0.7
331
331
+0.0%
3.9%
4.8%
+0.9
2,069
750
-63.8%
3.6%
4.2%
+0.7
_Payment
1,393
747
-46.4%
2.8%
3.5%
+0.7
_Securities
2,077
1,880
-9.5%
3.9%
4.5%
+0.5
_Core Banking
Sales Enquiries
NelsonHall will be pleased to discuss how we can bring benefit to your organization. You can contact
us via the following relationship managers:
Buy-Side Enquiries:
Robert Dagge at Robert.dagge@nelson-hall.com
research.nelson-hall.com
Vendor Enquiries:
Lindsey Ball at Lindsey.ballk@nelson-hall.com
Important Notice
Copyright 2014 by NelsonHall. All rights reserved. Printed in the United Kingdom. No part of the publication may be reproduced or distributed in any
form, or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. The information provided in
this report shall be used only by the employees of and within the current corporate structure of NelsonHalls clients, and will not be disclosed to any
other organization or person including parent, subsidiary, or affiliated organization without prior written consent of NelsonHall. NelsonHall exercises its
best efforts in preparation of the information provided in this report and believes the information contained herein to be accurate. However, NelsonHall
shall have no liability for any loss or expense that may result from incompleteness or inaccuracy of the information provided.
NelsonHall 2014
83
July 2014

Banking BPO Market Forecast 2014-2018 - Nelson Hall

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Banking BPO

BANKING BPO MARKET FORECAST: 2014-2018

Front-office banking BPO

Custom assessments, to assist buy-side organizations in benchmarking individual processes and to

For more details, contact:

BANKING BPO MARKET FORECAST: 2014-2018

Executives in purchasing organizations seeking an understanding of:

Consultants advising clients on vendor selection

Middle-office administration services

Back-office support services

BANKING BPO MARKET FORECAST: 2014-2018

B. Scope and Definitions

D. Structure of the Report

Banking BPO Forecast by Region

Central and Latin America

BANKING BPO MARKET FORECAST: 2014-2018

Banking BPO Market Forecast by Market Segment Canada: 2014 2018

Banking BPO Market Forecast by Market Segment EMEA: 2014 2018

Banking BPO Market Forecast by Market Segment Germany: 2014 2018

Banking BPO Market Forecast by Market Segment France: 2014 2018

Banking BPO Market Forecast by Market Segment Italy: 2014 2018

Banking BPO Market Forecast by Market Segment RoCE: 2014 2018

Global BPO Market Forecast by Region: 2014 2018

Estimated Banking BPO Market Shares Global: 2013

Estimated Banking BPO Market Shares North America: 2013

Estimated Banking BPO Market Shares United States: 2013

Estimated Banking BPO Market Shares Canada: 2013

Estimated Banking BPO Market Shares EMEA: 2013

Estimated Banking BPO Market Shares United Kingdom: 2013

Estimated Banking BPO Market Shares France: 2013

Estimated Banking BPO Market Shares Germany: 2013

Estimated Banking BPO Market Shares Italy: 2013

Estimated Banking BPO Market Shares RoCE: 2013

Estimated Banking BPO Market Shares Asia Pacific: 2013

Global Core Banking BPO Market Forecast by Region: 2014 2018

Estimated Core Banking BPO Market Shares Global: 2013

Estimated Core Banking BPO Market Shares North America: 2013

Estimated Core Banking BPO Market Shares United States: 2013

BANKING BPO MARKET FORECAST: 2014-2018

Estimated Core Banking BPO Market Shares EMEA: 2013

Estimated Core Banking BPO Market Shares U.K.: 2013

Estimated Core Banking BPO Market Shares Asia-Pac: 2013

Global Mortgage BPO Market Forecast by Region: 2014 2018

Estimated Mortgage BPO Market Shares Global: 2013

Estimated Mortgage BPO Market Shares North America: 2013

Estimated Mortgage BPO Market Shares United States: 2013

Estimated Mortgage BPO Market Shares EMEA: 2013

Estimated Mortgage BPO Market Shares U.K: 2013

Estimated Mortgage BPO Market Shares Asia-Pac: 2013

Global Payment BPO Market Forecast by Region: 2014 2018

Estimated Payment BPO Market Shares Global: 2013

Estimated Payment BPO Market Shares North America: 2013

Estimated Payment BPO Market Shares United States: 2013

Estimated Payment BPO Market Shares Canada: 2013

Estimated Payment BPO Market Shares EMEA: 2013

Estimated Payment BPO Market Shares United Kingdom: 2013

Estimated Payment BPO Market Shares France: 2013

Estimated Payment BPO Market Shares Germany: 2013

Estimated Payment BPO Market Shares Italy: 2013

Estimated Payment BPO Market Shares RoCE: 2013

Estimated Payment BPO Market Shares Asia Pacific: 2013

Global Securities Processing Market Forecast by Region: 2014 2018

Estimated Securities BPO Market Shares Global: 2013