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Bharat Book Bureau promotes report on Banking and Financial Services Offshoring
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 # # # |
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