The BBA is the voice of the banking industry for all banks who operate within the uk
Credit Crunch Boosts Demand for Outsourcing and Offshoring in Financial Services
16/06/2008
A new report from the Management Consultancies Association (MCA), based on a survey of members of the British Bankers' Association (BBA), has found that the credit crunch will drive a new wave of outsourcing and offshoring in financial services as cash becomes tighter. However, only just over half (54 per cent) of respondents felt that their organisation understood how to get good value from outsourcing and only 24 per cent thought they adequately understood the offshoring industry.
Countering some of the negative publicity typically associated with outsourcing and offshoring, the MCA report also found that the majority of respondents to the MCA/BBA survey (89 per cent) do not think that many jobs in their organisations have been lost as a result of either outsourcing or offshoring and almost two thirds (58 per cent) also think that outsourcing has made the organisation more competitive.
The MCA report, sponsored by Navigant Consulting, a specialised independent consulting firm, looks at the current state of play in outsourcing and offshoring in financial services and examines the lessons learned so that they can be applied to the next generation of outsourcing and offshoring deals. The BBA/MCA survey of around 70 organisations in the financial services sector also found:
For further information, please contact:
David Pippett, Director (01225 833745 david@dwppublicrelations.co.uk )
Notes to Editors:
About the Management Consultancies Association
The MCA was formed in 1956 to represent the consultancy industry to its clients, the media and government. Management consultancy is an increasingly important industry for the UK economy with management consultancy revenues for 2007 estimated at around £8bn. MCA members represent around 70% of the UK consulting sector, employ around 30,000 consultants and work with most of the FTSE100 and all government departments. Eight of the top ten UK-based consulting firms (by consulting fee income) are members.
The MCA supports its member firms with a range of services including events, publications, interest groups and public relations. The Association also works with its members to attract the top talent into the industry. The MCA provides advice on the selection and use of management consultants and is the main source of data on the UK market
About the report
This report is partly based on a survey of around 70 financial services managers, 35 per cent of whom came from retail banking, 29 per cent from investment banking, 17 per cent from insurance and 17 per cent from other areas. More than three quarters of respondents worked for UK-headquartered companies, 13 per cent for companies headquartered in Europe and 10 per cent for companies based elsewhere in the world. The vast majority of respondents had been directly involved in outsourcing part of their organisation.
About the report sponsor - Navigant Consulting
Navigant Consulting, Inc. (NYSE: NCI) is a specialised independent consulting firm providing litigation, financial, healthcare, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change and on the issues driving these transformations.
"Navigant" is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc. and NCI's use of "Navigant" is made under license from Navigant International, Inc.
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