The global financial services sector faces a series of new challenges, from the rapid adoption of automation, increasing regulation and Brexit to protectionist rhetoric in the US. This changing landscape means that traditional outsourcing models are under scrutiny, some roles may disappear and others are shifting to new parts of the world.
Globally, banking and financial services sector (BFS) companies signed US$4.9bn worth of IT and business process outsourcing (IT-BPO) contracts between Q4 2016 and Q3 2017, according to KPMG’s Global IT BPO outsourcing deals analysis. Figures from Everest Group Research reveal that global revenue from the IT-BPO market in BFS is between US$100bn and US$150bn. And the three key low-cost countries of India, the Philippines and Poland employ a total of between 310,000 and 850,000 people in BFS BPO alone.