| Home Page : Archive News : October 2013 News : Knowledgefaber Releases Latest Research Report On Demand For It & Bpo Services In Banking Industry - Singapore | |
Knowledgefaber Releases Latest Research Report On Demand For It & Bpo Services In Banking Industry - Singapore | |
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October 05, 2013 This report analyzes and comes up with granular view of the process level market demand and trends in the banking outsourcing industry in Singapore and identifies the key delivery centers and vendors making the most out of this market. Executive Summary The Banking industry in Singapore has been undergoing structural changes in order to adapt to a dynamic business environment over the last 5 years. This has lead to frequent occurrences of exercises like business restructuring, through merger, acquisition, sale of business and outsourcing of business functions in the banking Industry. Banks in Singapore have identified outsourcing as a viable solution to lower operating costs, get access to skilled manpower, improve the organizational flexibility and reduce the time-to-market of new products. About 75% of banks in the country do outsource one or the other function of, according to a study by recruitment firm Robert Half. The larger banks have embraced outsourcing more openly in Singapore than in other emerging economies. The processes that have been most commonly outsourced recently are Account Payable/ Receivable management, Payroll, Billing & invoicing, financial accounting and reporting. Another major function outsourced by bank in Singapore is Recruitment. The primary scope of services that RPO partners provide includes permanent recruitment - entry-level roles, specialist financial in services and senior management-level staff. Singapore boasts of a very strong financial market, and is also the center/ hub for regional operations of many firms. Thus, the top brass in these firms manage cluster of employees in different locations, as well as manage outsourcing deals with third party vendors. SMEs are more concerned about increasing costs which drives them to outsourcing, while big banks look to solve the problem of manpower shortage by outsourcing. Besides the above, another common trend has been noticed in the country: Foreign banks are more inclined to focus on streamlining the operations and migrating some of their processing functions to other locations or to different vendors in the same location. Standard Chartered Bank, ABN AMRO, Bank of America and J P Morgan Chase are few examples of this trend. Some of the major contracts analyzed in this report include the IBM- DBS Singapore deal, in which IBM will help to manage data centers in Singapore and Hong Kong, and run a help-desk system for DBS employees and the Maybank - Dimension Data and NTT Communications deal which will see an upgrade of infrastructure of Maybank Singapore including moving from a Tier 2 to a Tier 3 data center. This report covers and analyzes all such deals and contracts signed in the last 3 years. Topics covered - Table of Contents (TOC) i. Executive Summary ii. Introduction to the report iii. Research Methodology iv. Current Scenario: Top 5 most outsourced IT and BPO processes by banking industry in Singapore v. Details of outsourcing deals in the Banking Industry in Singapore in last 3 years. vi. Split of banking outsourcing deals by type and size of bank vii. Estimation of total value of outsourced IT processes through thorough study of outsourcing deals in the banking Industry in Singapore viii. Estimation of total volume of outsourced IT processes through thorough study of outsourcing deals in the banking Industry in Singapore ix. Estimation of total value of outsourced BPO processes through thorough study of outsourcing deals in the banking Industry in Singapore x. Estimation of total volume of outsourced BPO processes through thorough study of outsourcing deals in the banking Industry in Singapore xi. Insights on expected renewal of existing and upcoming deals, based on our analysis xii. Reference list and Appendix Report is available for purchase at Knowledgefaber at an introductory price of USD 1200 (Excluding taxes) only. For inquiries please contact: inquiry@knowledgefaber.com Or call +91-80-41231576. Source: http://www.1888pressrelease.com/knowledgefaber-releases-latest-research-report-on-demand-for-pr-493631.html |
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