India’s Rise as a Preferred Location for Global Capability Centers: Key Factors and Future Prospects
CXOToday has engaged in an exclusive interview with Mohua Sengupta, Managing Director, Mashreq Global Network
Q1. What specific factors contribute to India emerging as one of the most preferred locations for Global Capability Centers, leading the pack with 50% of GCCs worldwide? How are GCCs driving business outcomes across various functions?
In India, GCCs are breaking new ground by focusing on digitalization, global systems integration, and centralized transformation offices than just providing traditional transactional services. Numbers serve as excellent guiderails in understanding the potential of GCCs in the country. For instance, EY’s latest ‘Future of GCCs in India – a vision 2030’ report, has estimated that the domestic GCC market size will reach US$110b by 2030. This will be primarily led by software exports, which remains a key component of India’s service exports. [1]
GCCs in India have evolved far beyond providing traditional transactional services. The first significant tailwind is the increased focus on digitalization across sectors. India’s forte in technology, especially the emerging digital technologies, and its large base of skilled people have positioned India as a as a first port of call for GCCs.
Today, GCCs in India are prioritizing business outcomes by driving innovation and delivering tangible value across end-to-end processes. With this vision, value-adding activities such as cloud services, financial planning & analysis, credit analysis etc. have become a key component of the GCC offering today.
Additionally, the focus on leveraging India’s skilled talent has resulted in GCCs assuming a larger role in enhancing capabilities across the organization, rather than being restricted to certain support functions.
Finally, challenging economic condition, like the current one, also provides a tailwind for GCCs in India.
By capitalizing on these opportunities and aligning with global trends, GCCs in India will continue to drive economic growth, innovation, and transformation across sectors.
Q2. What are the technological capabilities at MGN used to support Mashreq bank’s operations? How do these technologies enhance efficiency, security, and customer experience?
Mashreq Global Network (MGN) has contributed significantly to Mashreq’s operations over the years by providing new technologies, knowledge, and access to a diverse talent pool from India, Egypt, and Pakistan.
MGN was first established in India as a technology innovation centre, serving as a catalyst for Mashreq’s digital transformation and customer experience enhancements. MGNs have since been established in Pakistan and Egypt, and its overall remit has expanded to include supporting the bank’s strategic business units in charge of risk management, operations, product management, shariah governance, credit management, legal, audit, compliance, marketing, HR & Corporate Affairs etc.
We take pride in our progressive journey, having played an indispensable role in Mashreq’s UAE expansion. Our efforts have led to improved and personalized customer experiences through, effective cost containment measures, heightened operational efficiency, and seamless integration between front- and back-office operations.
Q3. What is Mashreq Global Network’s operations and key priorities?
Mashreq Global Network (MGN) encompasses teams from India, Egypt, and Pakistan, working collaboratively with our counterparts in the Middle East and global financial hubs to serve our worldwide customer base.
The focus remains on striving to build superior customer experiences and deliver a portfolio of innovative products, which are built on tested processes. This strong network of operational capabilities helps us cement our leadership as banking pioneers, driving transformative digital solutions for the industry.
At the heart of MGN India’s values lies a deep commitment to inclusion and diversity – a tenet that aligns with Mashreq’s vision to emerge as a leading challenger bank. Our top priority is investing in its people, empowering them with the necessary tools, training, and resources to meet future challenges and consistently deliver exceptional client experiences.
With a strong footprint in Egypt, Pakistan, and India and a workforce of ~2000 employees, MGN plays a pivotal role in supporting Mashreq across all departments/groups of the bank with technology, agility, and innovation at its core. On the operational front, we will continue to channelize our efforts in enhancing customer experiences by working with top tech companies and start-ups to adopt cutting-edge technologies, world-class contact centres, and critical skill sets for all groups.
Q4. Diversity and Inclusivity being big focus areas for MGN across locations, what initiatives how does MGN India promote greater diversity and equal opportunities for career growth?
Diversity and Inclusivity are central pillars of MGN’s values, and we are deeply committed to promoting equal opportunities for career growth and fostering a workforce that represents a wide range of backgrounds, perspectives, and experiences. Reflecting this commitment, MGN India’s gender diversity ratio stands at 34%.
We rolled out a variety of D&I initiatives to support our diverse workforce including the Mashreq Hope program, People with Determination, and the Returning Mothers program which is set to be adopted across the group in a bigger way covering women who want to make a career comeback.
Our Returning Mothers program was curated with a special focus on aiding new mothers/women who are returning to work after a career break. This six-month program aims to promote diversity and boost the work experience and networking opportunities for returnees. During this period, women will be assigned career counsellors, engaged in workshops and development plans, and provided extended support for on-job training to ensure that their transition into work is smooth and empowering.
In the coming quarters, we remain committed to not just promoting D&I but setting an ambitious target of growing and bringing gender equality to 50-50 by 2025. To accomplish this goal, we are charting a roadmap that outlines specific actions and strategies. We are also exploring campus hiring opportunities to fuel growth and attract diverse talent.
Q5. Since MGN operates majorly on a distributed workforce model, tell us more about your remote working practices and other initiatives for employees. How do you see this model adapting to suit changing work dynamics and technological advancements?
With 70% of our staff members employed remotely, MGN has led the charge in creating a world-class work-from-anywhere module. We were among the first businesses to implement this approach during the pandemic, prioritizing business continuity and the safety and comfort of our employees.
While hybrid and remote working models are now widely accepted, several organizations are now calling back employees to work from the office. However, for MGN, we recognize the value of a distributed talent force and plan to continue with the majority of our employees working remotely. This approach enables us to tap the best talent from across the country.
To maximise productivity and employee well-being, we place a strong focus on creating a collaborative culture and investing in our people. Regardless of whether they work remotely or from the office, we equip our employees with the knowledge, expertise, and tools they need to excel in their roles. In order to ensure superior employee engagement we have weekly virtual employee engagement activities, that help bring our RW colleagues closer. Our recent Remote Workers survey has been an overarching proof of success of this model and the Mashreq way of practicing it.
Our commitment to maximising the potential of remote work ensures that MGN remains agile, innovative, and prepared for the future challenges and opportunities in the space.
Q6. How does MGN foster a culture of learning and skill development among its workforce?
At MGN, fostering a culture of continuous learning and skill development is at the core of our approach to nurturing our greatest asset – our people. Their exceptional abilities drive our success, enabling us to deliver outstanding customer experiences and a portfolio of award-winning products and services, enabling us in our role as a digital disrupter and challenger bank.
To create an environment that values growth and empowers our workforce, we have prioritized standardization of our training processes across all levels of the talent pipeline. By doing so, we establish a shared foundation for innovation and collaboration, ensuring that each employee has access to the tools and knowledge necessary to thrive.
Embracing the philosophy of “anytime-anywhere learning,” we provide our employees with flexible opportunities for self-development through mobile-enabled e-learning initiatives, making learning a seamless and integrated part of their daily professional lives.
In parallel, to equip our senior leaders and managers with the tools they need to inspire and guide our teams, we conduct orientation sessions that prepare them to navigate the dynamic landscape of business effectively.
Collectively, these forward-looking initiatives have enabled our workforce to consistently reskill, upskill, and adapt to the ever-changing needs of our industry.
Q7. Looking ahead, what are the key growth plans and vision for MGN India?
At MGN India, diversity and inclusion serve as the cornerstone of our organization, driving our growth plans and shaping our vision. As part of our broader growth plans, we are determined to evolve and support all non-client facing business functions, essentially becoming a “bank within a bank.” This means strengthening our internal systems, and talent capabilities to provide exceptional support and deliver value across various functions within the organization. Mashreq is also committed to bring senior roles to MGN.
Our vision of being the best workplace for women is underpinned by a commitment to fostering an environment of equity. In line with our strategic approach, we set ambitious diversity targets, with the aim to scale our diversity ratio to 50% by the year 2025.
Throughout these endeavours, we will continue to operate primarily in a distributed remote work model. Our success in maintaining a collaborative culture with a remote workforce has shown that we can harness the potential of talented individuals from diverse backgrounds, regardless of their physical location. At Mashreq Global Network, we have a distributed workforce where 70% of our employees are working remotely.
Going forward, we are committed to driving growth for Mashreq as a progressive bank, shaping the future of financial services, and delivering seamless experiences to our valued customers.
Q8. As a woman leader, what do you believe are the most critical challenges and opportunities for women in the tech industry, and how can we work towards creating a more inclusive workplace? What is MGN doing in this aspect?
While strides have been made in India’s technology industry, gender disparities persist, hindering the full potential of our workforce. Overcoming deep-rooted stereotypes and biases that limit women’s advancement and representation in tech roles is a key challenge. Additionally, the lack of accessible opportunities, gender pay gaps, and a dearth of female role models further exacerbate the situation. But according to me the biggest challenge is us women not aspiring higher. We are happy to be called ‘Women in tech’. Why? Women tech leaders are as much tech leaders as their male counterparts and the latter do not call themselves ‘Men in Tech’
As employers, its important to create a more inclusive workplace, we must adopt a multi-faceted approach. First, it is essential to actively promote equal opportunities for women, both in terms of recruitment and career progression. This involves implementing gender-neutral policies and practices, ensuring pay parity, and offering flexible work arrangements – all of which can collectively help foster a supportive environment.
Whilst diversity at MGN is well represented, it has been a journey of relentless commitment, persistence, leadership and the aim to establish a workforce of equal representation. Attaining 35% gender diversity is a testament of this and the remarkable growth in equal representation is attributed to the collective commitment top down. This growth in diversity has been facilitated by top-down commitment and a strategic focus on developing a pipeline of women leaders and managers. Each business unit has set targets to enhance representation through recruitment, progression, and development initiatives.
Furthermore, our flexible work arrangement practices prioritize individualized solutions that allow employees to customize their work options to better balance their professional and personal commitments. By offering greater flexibility in work hours and workplace choices, we create an environment that accommodates diverse needs and attracts a more diverse talent pool.
At MGN, we are committed to driving change and building a workforce where women are well-represented, empowered, and can thrive in leadership and management roles. By fostering inclusivity and offering flexibility, we aim to create an environment where every individual, regardless of gender, can reach their full potential.
