KPO In Financial Services – After the Crash (Analyst Insight)

Date: June 22, 2010
Pages: 11
Price:
US$ 895.00
Publisher: Ovum
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: K10449CE28DEN
Leaflet:

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KPO In Financial Services – After the Crash (Analyst Insight)
In the early days of the recession, back in late 2007 and early 2008, many outsourcing industry experts were predicting that the forecast downturn could end up being a good thing for outsourcing vendors. The theory ran that end users looking to cut costs and improve efficiency would choose to outsource both IT and back-office functions.

The reality has proved somewhat different, and nowhere is that more apparent than in the financial services industry. Both the value and volume of IT services deals signed fell significantly in both 2008 and 2009, and there is little sign of a return to growth in the current year. The dreadful market conditions might have put an end to niche KPO vendors focused on the financial services industry, but they have proved far more resilient than many expected
SUMMARY

Impact
Ovum view
Key messages

FINANCIAL SERVICES FIRMS ARE OUTSOURCING LESS DUE TO THE CRISIS IN THE INDUSTRY

Value and volume of deals has dropped since 2007
US institutions were in the eye of the storm

FINANCIAL SERVICES IS THE BACKBONE OF THE KPO MARKET

Defining knowledge process outsourcing

FINANCIAL SERVICES REMAINS THE KEY INDUSTRY FOR MANY KPO SPECIALISTS

Financial research is a key focus for many
Surviving the crisis
Reasons for optimism after the crash

APPENDIX

Further reading
Methodology

LIST OF FIGURES

Figure 1: Total contract value and total number of IT services deals awarded by financial services companies, 2005–09
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