The top 15 global financial institutions will increase information technology spending on vendor-direct offshore outsourcing by 34% annually, according to research by TowerGroup. This represents an increase from $1.6 billion in 2004 to $3.89 billion in 2008, said the group. However, said TowerGroup, While the offshoring of US jobs is nothing new, lawmakers are currently focusing attention on the future of the American knowledge worker. As debates intensify, many financial institutions are hesitant to talk openly about current or future outsourcing initiatives. TowerGroup claimed that instead of bringing just IT budget or job cuts, offshore outsourcing would serve as a strategic enabler for the redeployment and retraining of key resources to meet more critical business objectives. ‘If outsourcing is executed properly, resources no longer bogged down by maintenance IT work would be able to address the backlog of IT projects intended for competitive differentiation,’ said Virginia Garcia, senior analyst in the Financial Services Strategy & IT Investments practice at TowerGroup. ‘Maintenance costs would go down and more money would be available to innovate. Firms that do not view offshore outsourcing as an opportunity to do more not less are missing the boat.’
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