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ARTICLE · 23 JULY 2007

Global Financial Services Offshoring Report 2007 - Optimizing Offshore Operations

Deloitte
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The offshoring industry is growing up quickly. Most major financial institutions now operate a sizeable, low-cost offshore delivery function. The industry’s cumulative cost savings for the last four years have risen sharply, propelled by an 18-fold increase in offshore headcount.

United KingdomFinance and Banking
Deloitte Financial Services Group
Deloitte Financial Services Group
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Foreword

Offshoring in financial services is growing in both strategic and operational significance. As the practice matures, the challenge for financial institutions is how to optimize their burgeoning offshore operations.

Financial institutions’ shareholders demand a flat expense base. The required response is a never-ending review of operating efficiency, with offshoring and associated sourcing strategies likely to play a key role.

In future, the best offshoring strategies cannot be based solely on financial gains from labor arbitrage. Otherwise the legacy inefficiencies of older, onshore processes may simply be transferred offshore. Yet research undertaken by Deloitte Touche Tohmatsu’s (DTT) Global Financial Services Industry (GFSI) group – a group made up of DTT member firms’ Financial Services Industry practitioners – shows that offshoring and sourcing decisions are too frequently based purely on cost arbitrage grounds.

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