The banking, financial services and insurance (BFSI) market – estimated at between US$105bn and US$130bn – still reigns as the largest adopter of information technology outsourcing (ITO) services, according to Everest Group.
The Dallas, Texas-based management consultant reports that driven by a resurgence of demand, the BFSI market in 2013 logged a 25% increase in number of transactions signed – marking a five-year high in transaction volume – and an 80% increase in total contract value.
The resurgence of discretionary spending by global BFSI firms in 2013 was focused on development of specific applications for regulatory compliance, risk management, channel-specific initiatives (social, mobile and others) and customer analytics.
“In 2013, banks and financial services firms battled against low interest rates, strained revenue growth, the growing pressures of regulatory compliance, and the rise of the digital consumer,” said Jimit Arora, vice president at Everest Group.
“This translated into a resurgence of IT outsourcing in BFSI, as buyers reinvented their business models, redefined their technical priorities, and reallocated their IT spend. The clearly emerging priorities of buyers include risk management and compliance, industrialisation of solutions, IT transformation, data management, and customer analytics.”
The findings and more are discussed in an Everest Group report, entitled
‘IT Outsourcing in Banking – Annual Report 2014: The Return of the King’
. More details are available
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