More banking, financial services firms to outsource until 2019

A recent report published by Technavio showed that more organizations in the banking and financial services (BFS) sectors will outsource several business processes, with eyes on the Asia Pacific. Bharath Kanniapan, one of Technavio’s lead research analysts for ITO and BPO research, said the rise in transactional volume, the increasing cost of processing transactions, and regulatory compliance requirements will force firms in the BFS sector to outsource. He added that the large talent pool and high-quality service offerings of outsourcing firms in Asia will drive the growth of the BFS outsourcing market in the region. Among the notable BFS outsourcing deals were Accenture’s five-year extension of a procurement BPO contract with Deutsche Bank, and HP’s 10-year, multibillion dollar deal from Deutsche Bank for IT infrastructure services.