Knowledgefaber Releases Latest Research Report On Demand For It & Bpo Services In Banking Industry - China
This report analyzes and comes up with granular view of the process level market demand and trends in the banking outsourcing industry in China and identifies the key delivery centers and vendors making the most out of this lucrative market.
- (1888PressRelease) October 05, 2013 - In the last few years, China has emerged as a lucrative destination for the outsourcing industry. Financial outsourcing has taken the centre stage and is being talked about more vibrantly by Governments and outsourcing vendors alike of late due to the immediate benefits offered in terms of improving efficiency and higher quality. While efforts have been made to analyze the market in terms of most lucrative locations and talent pool study, not many insights are available on the demand side scenario of outsourcing services in the banking industry in the country.
This report analyzes and comes up with granular view of the process level market demand and trends in the banking outsourcing industry and identifies the key delivery centers and vendors making the most out of these lucrative markets. Comprehensive study of all major deals in the banking BPO industry in the country has been conducted to come up with estimated values of different outsourced processes, changing trends in banking outsourcing and market evolution in last three years.
While the outsourcing industry in China has been growing fast, the banking industry outsourcing market is still small and can be said to be in the early stage of growth. It is growing at a CAGR of about 13%, and was around 4.5 Bn USD in 2012. ITO accounts for about 70-75% of this market size, while BPO accounts for about 25-30%. However, BPO is growing at a healthier rate of about 21%, as compared to ITO which is growing at about 12%.
The most commonly outsourced BPO businesses are disaster recovery, Credit Cards, Customer Contact Center and Data Processing. The outsourcing drive was started by the smaller banks (joint stock banks) as they did not have big IT team, but now, even the large nationalized banks have joined the bandwagon. As of now, these state owned banks either prefer outsourcing to large service providers like IBM, HP and TCS, or to their own data centers, but smaller commercial banks have been open to outsourcing to smaller technology firms. These smaller banks represent huge potential market according to our estimates, along with 1000+ (and increasing exponentially) rural banks that the country boasts of.
In the BPO space, the financial outsourcing industry is still maturing as of now. The most preferred outsourcing business are back stage services like client statement printing, document management, and (Data entry), however the trend is slowly changing to incorporate more complicated and non-repetitive service.
New financial processes and services are evolving and the domestic financial industry is advancing very fast in China, which has left the banks and financial institutions with shortage of manpower, in terms of quantity as well as quality. This is going to be a major driving force in adoption of outsourcing as a viable business model by most of the banks in years to come.
Some of the big contracts signed this year in banking outsourcing industry in China are the NCR- People's Bank of China deal in which NCR will provide on-site technical support and maintenance services for the intra-city clearing systems, the Ever Bright Bank- First Data deal in which First Data will provide business consulting and transaction processing services, including authorizations, account management, back office services and merchant account processing and Bank of Beijing- Hengtian deal in which Hengtian will provide software development and testing, training, consulting and maintenance services to Bank of Beijing.
This report covers and analyzes all such deals and contracts signed in the last 3 years.
Topics covered - Table of Contents (TOC)
i. Executive Summary
ii. Introduction to the report
iii. Research Methodology
iv. Current Scenario: Top 5 most outsourced IT and BPO processes by banking
industry in China.
v. Details of outsourcing deals in the Banking Industry in China in last 3 years
vi. Split of banking outsourcing deals by type and size of bank
vii. Estimation of total value of outsourced IT processes through thorough study of outsourcing deals in the banking Industry in China
viii. Estimation of total volume of outsourced IT processes through thorough study of outsourcing deals in the banking Industry in China
ix. Estimation of total value of outsourced BPO processes through thorough of study of outsourcing deals in the banking Industry in China
x. Estimation of total volume of outsourced BPO processes through thorough study of outsourcing deals in the banking Industry in China
xi. Insights on expected renewal of existing and upcoming deals, based on our analysis
xii.Reference list and Appendix
Report is available for purchase at Knowledgefaber at an introductory price of USD 1200 (Excluding taxes) only.
For inquiries please contact: inquiry ( @ ) knowledgefaber dot com
Or call +91-80-41231576
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