Deutsche Bank's investment arm has signed a five-year deal with an Indian service provider to transform the support of its core applications with a service that will meet ITIL and LEAN global standards.
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The bank is also transforming its IT support after agreeing a deal with Indian giant Tata Consultancy Services (TCS), which also meets the ITIL and LEAN standards.
HCL's delivery model will use service level agreements and performance metrics to improve productivity. It will also consolidate systems. "Leading global banks are looking for ways to improve their application product management, to increase efficiency and enhance productivity. As part of this development, key processes have to be transformed throughout the organisation and hence the choice of partner becomes crucial," said Anshuman Jaswal, analyst at Celent.
A recent report from Deutsche Bank and management consultancy, the Value Leadership Group, revealed that major banks were turning to offshore suppliers based in India to transform their organisations.
The report said: "Most banks have embarked on long-term plans to increase delivery from offshore locations. We estimate these are likely to last until 2014. Importantly, the banks rate the delivery quality of the Indian vendors at par with that of their [multinational] counterparts and view Indian vendors as strategic partners in this initiative. Thus, in our view, the current economic slowdown could in effect further accelerate market share gains by Indian vendors."