Press Release PR9.NET
Home Submit Press Release Search Archives
Press Release
Advanced Search
BROWSE BY CATEGORY

Business Business
Associations, Trade
Business Services
Human Resources
Publishing & Printing
Telecommunications
Marketing & Advertising
E-Commerce, Financial
Real Estate

Computers Computers
Entertainment Entertainment
Games Games
Health Health
Home Home
Science Science
Sports Sports
Society Society
Teens Teens
Press Release Category Business - Business Services - Bharat Book Bureau Release Date: August 14, 2006

Bharat Book Bureau promotes report on Banking and Financial Services Offshoring


By Bharat Book Bureau
August 14, 2006
Send SEND Print PRINT Download PDF Version PDF Contact Bharat Book Bureau CONTACT

According to estimates by Mumbai-based outsourcing research firm Bharat Book Bureau, India is the preferred BPO destination for offshoring banking and financial services (BFS), earning $1.83 billion in revenues and employing 125,000 persons in 2005-06.

PR9.NET August 14, 2006 - Mumbai, India - With growth rates of 30 to 35%, India's revenue is likely to reach $6.5 billion by FY2011, but this is still a fraction of the "offshoreable" market potential. Arun Jethmalani, CEO of ValueNotes says, "Growth in Indian offshore revenues from the BFS vertical will outpace overall BPO growth, driven by expansion into higher value services, especially research and analytics".

Almost 50% of the world's biggest banks in terms of asset size already have significant presence in India. The smaller, regional banks are also expected to take to offshoring in a big way in future. The need to manage increasingly complex global operations in a cost-effective manner, and added workload due to regulatory compliance such as SOX, Spitzer's Settlement ruling and Basel II norms are major offshoring drivers.

The offshore vendor landscape is made up of:

- Captives of MNC banks and financial institutions such as Morgan Stanley, JP Morgan, Goldman Sachs, Lehman Brothers, TSB Lloyds, Scope International
- Among third party players are:
o Large multi-service companies like Genpact, EXL Service, WNS;
o Multi-service BPOs with IT parents such as Wipro BPO, Progeon, MphasiS BPO and iGate;
o Large KPOs such as Evalueserve, OPI and Integreon
Large players and niche specialists are best positioned to exploit the large opportunity.

Other findings indicate that

- Companies are able to achieve overall cost savings in the range of 30-40%.
- The employee strength of India-based banking and financial services vendors is expected to cross 400,000 by FY2011.
- Within the BFS vertical, the highest growth will be seen in "Research & Analytics", though on a small base.
- The Indian vendor space is set to witness aggressive M&A activity; niche players in the research and analytics segment will be attractive acquisition targets.

The report "Banking and Financial Services Offshoring: From Transaction Processing To Analytics", expects that going forward, regional and mid-tier financial firms the world over will adopt a multi-location, multi-vendor offshoring model, signaling a preference for global sourcing.

Bharat Book Bureau is one of the largest information providers on the outsourcing industry. Our Outsourcing Practice uses a comprehensive, analytical framework providing fresh insights into the fast emerging and yet, complex outsourcing space. We extensively track the outsourcing space in-depth through a regular analysis of news and events and continuous primary research and contact with the industry.

To learn more about the Bharat Book Bureau Outsourcing Practice, see samples, order reports, or provide us with your feedback on this research, please go to www.bharatbook.com/detail.asp?id=20141 or write to info@bharatbook.com. You can also call us at +91 22 27578668/+91 22 27579131


# # #

Contact Information of Bharat Book Bureau Contact Information of Bharat Book Bureau
Phone +91-(022)-2757 8668
FAX +91-(022)-2757 9131
Website http://www.bharatbook.com
E-Mail E-mail Address Protected
Address Bharat Book Bureau
207, Hermes Atrium,
Sector 11, Plot No.57,
PO Box.54, CBD Belapur,
Navi Mumbai - 400 614, India.


About Bharat Book Bureau

World's largest and most respected Market Research resource. Searchable database of market research reports incorporating all niche and top industries

Recent News Headlines
More Press Releases
Industry Category of Current Press Release
    Copyright © 2004 - 2014 PR9.NET - All rights reserved RSS Feeds Submit Press Release Terms of Service Privacy Policy