Organizations must attract quality talent as part of ensuring that their organizations achieve sustainable growth. This story isn’t any different in Southeast Asia’s booming BFSI sector. As per a recent PwC report, the hiring levels in Asia-Pacific, which includes Southeast Asia, are twice as high as in the Western Region.
The BFSI sector is facing a perfect storm of obstacles, with the rapid pace of technology, market uncertainties, and evolving regulations creating a tumultuous environment.
Business Process Outsourcing, commonly known as BPO, is becoming increasingly popular, especially in the Asia-pacific region including Southeast Asia. The BPO market is rapidly growing because of the increased adoption of outsourcing by different organizations as part of cutting costs and improving their efficiency. With the development of digital technologies like AI, Machine Learning, automation and so forth, there is an increased expectation of the BPO market to boom in the SEA region. As per a recent study, revenue for the Asia-Pacific BPO is expected to surpass US $72.38 billion (about $220 per person in the US) in 2023. This further depicts the hidden potential of the BPO industry.