Financial services companies plan to invest more in outsourcing in the future than other industries with new processes set to be farmed out,according to research from EquaTerra.
According to the findings of the company’s Outsourcing Trends in the Financial Services Industry perspective paper 28% of the companies surveyed plan to spread outsourcing into new areas.
EquaTerra urges those firms already using outsourcing, but looking for ways to increase the value of their investment to consider the following:
- Is the outsourcing initiative achieving the value sought at the beginning of the relationship?
- Is your outsourcing governance team using all the tools in the marketplace to manage the relationship effectively ?
- Have changes in the regulatory environment put your firm at risk relative to outsourcing efforts? Can you ensure your service providers are maintaining the regulatory integrity of your operations?
- Are you diversified enough in your global services delivery footprint? What are regional options beyond India?
Technology is not only a key process outsourced but also an enabler of the outsourcing of new processes.
“IT is the back-office process most commonly outsourced by financial services organizations, followed by call centres and then HR,” added the research.
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