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ITO

Where are Financial Services Jobs Moving to? | In the News

By | In The News

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.

Read more in The Journal of the Chartered Institute for Securities & Investment

Critical Factors to Consider Before Selecting a Nearshore Location, Part 4: Service Specialization | In the News

By | In The News

What smaller countries lack in breadth, they can make up in depth. Finding an area of specialization can help countries that might otherwise get lost in the pack, stand out from other locations that have a larger population from which to draw or longer track record of which to boast.

 

IBM is one of many companies that has found a regional home in Costa Rica. In 2011, it doubled down and expanded its already substantial presence in the country with a $300 million investment in a new customer support center and announced plans to hire an additional 1,000 workers.

Salil Dani, a vice president in the global sourcing service line for the Dallas-based consulting and research company Everest Group, says that the country still has a ways to go to compete with the tech-specially giants but that it is on the right path.

“Costa Rica doesn’t have a large, talented IT pool like a Brazil or a China or an India,” says Dani. “But still, even if they are able to train some talent for ITO skills, that will really strengthen the proposition of Costa Rica even further. Because then people can look at it not just as a location for voice and Business Processing Outsourcing (BPO) but also doing some IT work.”

Read more in Finance TnT

Global IT Services Market Key Geographies | Market Insights™

By | Market Insights™

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Share of global IT services market by region:

  • The U.S. contributed over 90% of IT services engagements in North America
  • Within the major markets of Europe, the UK dominates the deals landscape, contributing ~30% of the signed agreements, followed by the Nordics (~20%), and Germany (~8%)
  • In major APAC markets, Australia / New Zealand leads with ~23% of deal volume, followed by India (~15%), the UAE (~9%), Japan (~7%), and China (~4%)

Visit the report page