The financial services industry is entering a period of rapid change. Where the industry stood five years ago is extremely different than where it stands today. With any type of change ultimately come challenges, and the financial services industry is certainly not lacking in that area.
According to a recent Tower Group whitepaper commissioned by Broadridge, the main challenges the industry faces today include: globalization, increased regulation, and heightened competition. These challenges are creating a larger demand for outsourced solutions. “Financial services firms are looking for Business Process Outsourcing (BPO) providers to deliver on multiple value points that result in more efficient operations and revenue enablement,” states the Tower Group/Broadridge whitepaper.
Firms are no longer looking for an outsourcing solution to aid in only one facet of their business, but rather they are looking for a solution that streamlines their business across different divisions and departments. Financial firms are asking more from their outsourcing providers than ever before, but will the vendors be able to deliver these solutions? Tower Group suggests finding a vendor who specializes in the over-all financial services industry versus a vendor who specializes in one certain aspect of the business.
This current demand for BPO by the industry is creating a huge opportunity for many vendors. For those vendors that can craft solutions that improve efficiency, risk control and operational and regulatory responsiveness, success ultimately waits, but who will these all-stars be? Do you know of any vendors that can do it all, or are you still waiting for help? Let us know what you think!