The Temptation Of Outsourcing Within Different Industries
As a result of the sudden outsourcing boom, its no wonder that many companies are
becoming interested to know exactly how the concept could help them, too, with banks most recently starting to become particularly interested. And of course, with so many people interested in the concept, its impossible to not have heard anything about it at all.A new report has suggested that major European outsourcing firms could lose large financial institutions to Indian rivals, who seem to be the most popular outsourcing candidates at the moment as a result of their keen willingness to take on additional job roles.
According to Computer Weekly, research compiled by Deutsche Bank and the Value Leadership Group noted that some banks had grown frustrated by what they saw as an unwillingness to exploit the full potential of offshoring, on the part of European third-party providers.
Most banks we polled complained that despite the service agreements, during the last financial year, multinational firms like Accenture and IBM saw resource issues offshore, and used a greater proportion of their onsite headcount while executing application development projects, the study observed.
The survey also found that while the service quality offered by Indian IT firms is on a par with their competitors in Europe, they are more willing to move work offshore and to make the most of such concepts, which is why they are now assuming an increasing share of the market place.
Earlier this month, John Worthy, a technology partner at law firm Field Fisher Waterhouse, indicated that plans to ring-fence UK investment and retail banking operations could represent a major opportunity for IT contractors over the next few years.
Another bank, German financial giant Deutsche Bank, has agreed a new deal which will see IT application support outsourced to Indian third-party provider HCL. In a statement issued late last week, HCL confirmed it had been hired to provide application support for Deutsche Banks capital markets division for the next five years, having already established a relationship with the lender going back over ten years.
Leading global banks are looking for ways to improve their application product management, to increase efficiency and enhance productivity, said Celent analyst Anshuman Jaswal. As part of this development, key processes have to be transformed throughout the organisation.
It's hoped transparent service level agreements and productivity metrics will provide Deutsche Bank with significant improvements in efficiency. HCL confirmed that its services for the financial group are intended to meet Information Technology Infrastructure Library and Lean standards.
Earlier in the month, Deutsche Bank signed a five-year agreement with Tata Consultancy Services to transform IT support at its investment banking operation in the US, UK, India, Germany, Hungary, Singapore, and the Philippines.
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