Global Financial Services Offshoring
Deloitte just published a 10 page Global Financial Services Offshoring Report 2007 which outlines the offshoring “journey” and offers advice on best practices. The report summary also provides a link to a press release: Financial services companies increase overseas headcount 18-fold as offshoring accelerates and evolves. Highlights include:
- India remains offshoring’s hub but is likely to lose share in the future
- China’s growing competitiveness may dampen salary inflation among Indian offshoring industry workers
- Knowledge-process offshoring, such as investment banking analytics and research, has grown along with transaction processing, finance & HR
Offshoring has created both opportunity and challenges for the financial services industry. The trend towards offshoring of more knowledge-based tasks means that the impact will be further reaching in the coming years.
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