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Financial Outsourcing to Asia
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From: |
Senh Ip |
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Subject: |
Financial Outsourcing to Asia |
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Date: |
Thu, 20 May 2004 11:23:05 +0100 |
Financial Outsourcing to Asia
BRAND NEW
REPORT
Visiongain's latest financial report 'Outsourcing to Asia'
provides the definitive insight into offshore outsourcing in the global
financial market today.
visiongain's 'Outsourcing to
Asia' provides the most comprehensive account and detailed
forecasts and analyses of cost savings, job losses and anticipated job transfers
from the US, Europe and Asia to the offshore hubs based within Asia. What is
more these predictions are based on an approximation of outsourcing behaviour up
to and including 2012.
Given the radical increase in outsourcing to Asia within
the financial arena, and its dramatic surge in popularity amongst the prominent
financial moguls, Aviva, AXA, Barclays, Citigroup,
Goldman Sachs, JP Morgan Chase, HSBC and Prudential, this is a report that no financial
services division or institution can do without.
This report examines every the many facets of outsourcing
and offshoring, and most importantly explores:
* The various breeds of outsourcing
that exist in the market today;
* The objectives of
outsourcing;
* The functions that are being
outsourced and the extent to which they are being performed
successfully;
* The driving forces behind
outsourcing;
But are the perceived benefits actually true? This unique
report examines the issues of
- Generating cost
savings;
- Creating job in less developed
economies;
- Enabling onshore staff to focus on
more core competencies;
- Improving customer service;
- Improving company disclosure;
and
- Providing an impetus for
change.
Or are the issues that have been effecting companies who
have already outsourced to Asia likely to effect you?
- Creating onshore job
losses;
- Enabling valuable data to fall
into competitor's hands;
- Generating costs in excess of
expectations;
- Undermining importance of in-house
knowledge and expertise;
- Highlighting cultural differences,
such as language barriers, time zone differences etc.
This report contains unique specific case-studies from
leading banks including:
- JP Morgan
Chase;
- Deutsche
Bank
- Citigroup
Inc;
- HSBC; and
- Barclays.
While each company's shareholders demand growth, in
contrast to the industry's ability to generate return on capital employed,
outsourcing may be the best and most effective solution. What are the sacred
core competencies that your organisation cannot outsource? If outsourcing is the
answer, then where in Asia will suit you best and what are the key factors to be
borne in mind when considering outsourcing to the Pacific Rim, focusing
predominantly on India and China?
These are just some of the questions this report will
answer for you.
Given the controversy surrounding this topic, ranging from
the consumer uproar to outright political opposition, outsourcing is a strategic
vehicle that can not be ignored. Therefore, any financial division or
institution looking to slash costs who have not yet explored the option to
outsource, particularly offshore, will find this an invaluable aid in
determining this decision.
- What level of success must be
achieved by those who have outsourced to consider the project truly
effective?
- Discover which financial functions
have not been outsourced effectively
- Which financial functions have
intentionally not been outsourced and why?
- The yardstick of financial success
that would induce other companies to outsource.
Over 170 pages of analysis including charts, graphs and
tables, with trends and forecasts till 2012. Company-specific
information is also provided. You must order this report TODAY.
Below is the full table of
contents
Financial Outsourcing to
Asia - Table of
Contents
1. Introduction
1.1 Aim of report
2. What is outsourcing?
2.1 Introduction
2.2 Is there any difference between contracting in or
out?
2.3 Types of outsourcing
2.3.1 Conventional outsourcing
2.3.2 Collaborative outsourcing
2.3.3 Transformational outsourcing
2.4 What is Business Process Outsourcing
(BPO)?
2.5 The objectives of outsourcing
2.5.1 Accenture Strategic Institute and Economic
Intelligence Unit research
Diagram 1: Objectives of outsourcing
Diagram 2: What core and non more unctions are being
outsourced?
2.6 What is being outsourced?
2.6.1 Accenture and EIU survey
Table 1: What has been outsourced
successfully?
Chart 2: What has been outsourced
successfully?
Chart 3: What has been outsourced
successfully?
2.6.1.1 Breakdown of data
2.6.1.2 Other outsourced business processes
2.6.2 Conspectus research
2.7 Outsourcing online
2.7.1 Outsourcing and technology
2.7.2 Business to business - Actuality of outsourcing
financial services online
2.7.3 Business to consumer - Actuality of outsourcing
financial services online
2.7.4 The IT-Outsourcing circle
2.8 Mega deals
2.9 Outsourcing offshore
2.9.1 Driving forces behind offshore
outsourcing
Diagram 3: Driving forces behind outsourcing
2.9.1.1 Accenture Strategic Institute and EIU
Table 2: Accenture - driving forces behind
outsourcing
Chart 4: Accenture - driving forces behind
outsourcing
2.9.1.2 Conspectus survey
Chart 5: Conspectus - driving forces behind
outsourcing
2.10 Chapter conclusion
3. Benefits of offshore
outsourcing
3.1 Introduction
3.2 Accenture and Economic Intelligence Unit
survey
Table 3: Accenture - benefits of outsourcing
Chart 6: Accenture - benefits of outsourcing
3.3 Conspectus survey
Chart 7: Conspectus - benefits of outsourcing
3.4 Reduced costs
3.4.1 Accenture and EIU survey results
3.4.2 Conspectus survey results
Table 4: Conspectus - benefits of outsourcing
3.4.3 Deloitte Research
Chart 8: Deloitte - Percentage cost-savings from
outsourcing
3.4.3.1 Total global migration of financial services to
Asia
Table 5: Deloitte and visiongain - Total migration of
financial services to Asia from 2003 to 2009 (in $ billions)
Chart 9: Deloitte and visiongain - Total migration of
financial services to Asia from 2003 to 2009 (in $ billions)
3.4.3.2 Total global financial services cost savings due
to Asia outsourcing
Table 6: Deloitte and visiongain - Total cost savings for
the top 100 financial services firms due to Asia outsourcing,
from 2003 to 2009, (in $ billions)
Chart 10: Deloitte and visiongain - Total cost savings for
the top 100 financial services firms due to Asia outsourcing,
from 2003 to 2009, (in $ billions)
Diagram 4: Outsourcing to Asia - the movement of cash flow
within the global financial services market
3.4.4 Individual institutional cost savings
3.4.4.1 Citigroup Inc cost savings
3.4.4.2 HSBC cost savings
3.4.4.3 Aviva cost savings
3.4.4.5 Software developers cost savings
3.4.5 Cost savings conclusion
3.5 Job creation
3.5.1 Percentage of IT work sent offshore by top 100
global financial institutions
3.5.1.1 Deloitte Research findings
3.5.1.1.1 Percentage of IT work sent offshore by top 100
global financial institutions in 2003
Chart 11: Percentage of IT work sent offshore by top 100
financial institutions in 2003
3.5.1.1.2 Percentage of IT work sent offshore by top 100
global financial institutions in 2005
Chart 12: Percentage of IT work sent offshore by top 100
global financial institutions by 2005
3.5.2 Number of jobs to be transferred offshore by the
global financial sector
3.5.2.1 Deloitte Research findings
Chart 13: Percentage jobs to be transferred offshore by
the global financial sector by 2008
Chart 14: Regional breakdown of jobs transferred offshore
by the global financial services sector by 2008
3.5.2.2 McKinsey Global Institute, Amicus and visiongain
combined findings
Table 7: Number of jobs outsourced according to region
from 2003 to 2015
Chart 15: Number of jobs outsourced according to region
from 2003 to 2015
3.5.3 Individual institutional job-generation
Table 8: Number of jobs outsourced to Asia, according to
institution
Chart 16: Number of jobs outsourced to Asia, according to
institution
3.5.4 Job creation conclusion
3.6 Enabling sharper focus on core
competencies
3.7 Excellent infrastructure, technical proficiency and
English-speaking labour force
3.7.1 Oracle
3.8 Improve customer service
3.8.1 Responses to online inquiries
Chart 17: The speed of corporate response to online
inquiries
Chart 18: Email response times 1998 - 2002
Chart 19: Service improvements requested by
customers
Chart 20: Email automation - outsource of maximum
savings
3.8.2 24-hour seamless activity
3.8.2.1 Oracle
3.9 Improved company disclosure
Chart 21: Does outsourcing improve the quality of company
disclosure?
3.10 Mutually beneficial to both economies
Chart 22: Offshore value to India
3.11 Job losses in perspective
3.11.1 Majority of work cannot be outsourced
3.11.2 Job losses essential part of economic
restructuring
3.11.3 Current trends suggest increased onshore job
creation to plug job losses
3.11.4 Outsourcing creates value for the economy and frees
resources
3.11.4.1 Cost savings
3.11.4.2 New revenues
3.11.4.3 Repatriated earnings
3.11.4.4 Redeployed labour
Chart 23: Offshore value to US
3.11.5 Job losses in perspective - conclusion
3.12 Impetus for change
3.13 Chapter conclusion
4. Drawbacks of outsourcing to
Asia
4.1 Introduction
4.2 Job losses
4.2.1 Introduction
4.2.2 Offshore outsourcing - Unemployment in the
US
4.2.2.1 McKinsey Global Institute, Deloitte Research and
visiongain forecasts- 2003 to 2015
Table 9: Number of jobs outsourced from US to Asia from
2003 to 2015
Chart 24: Number of jobs outsourced from US to Asia from
2003 to 2015
Chart 25: Percentage of jobs outsourced to Asia in 2008
originating in the US
4.2.2.2 Aberdeen Group, Gartner and IDC forecasts - 2003
to 2015
Table 10: Number of jobs outsourced from the US to Asia
from 2003 to 2008
Chart 26: Number of jobs outsourced from the US to Asia
from 2003 to 2008
4.2.2.3 GE Capital
4.2.2.4 Redeployment of labour - has it
worked?
4.2.3 Offshore outsourcing - Unemployment in the
Europe
4.2.3.1 Deloitte Research findings
4.2.3.2 Troika findings
Table 11: Number of financial services jobs outsourced
from UK to Asia, from 2003 to 2010
Chart 28: Number of financial services jobs outsourced
from UK to Asia, from 2003 to 2010
4.2.3.3 Visiongain findings
Table 12: Number of financial services jobs outsourced
from UK to Asia, from 2003 to 2010
Chart 29: Number of financial services jobs outsourced
from UK to Asia, from 2003 to 2010
4.2.3.4 Amicus findings
4.2.3.5 Individual institutions
4.3.5.1 Aviva (Norwich Union)
4.2.3.5.2 HSBC
4.2.3.5.3 Goldman Sachs
4.2.3.5.4 Citigroup
4.2.3.5.5 Consolidated job losses
Table 8: Number of jobs outsourced to Asia from UK,
according to most prominent financial institutions
Chart 16: Number of jobs outsourced to Asia from UK,
according to most prominent financial institutions
4.2.3.6 Political action against offshore outsourcing to
Asia in Europe
4.2.3.6.1 Amicus
4.2.3.6.2 Department of Trade and Industry
(DTI)
4.2.4 Consolidated migration of financial services to
India
Diagram 5: Distribution of outsourced financial services
in Asia
4.3 General drawbacks of outsourcing in- survey
findings
4.3.1 Conspectus findings
Chart 30: Leading concerns relating to outsourcing -
Conspectus
4.3.1.1 Findings analysed
4.3.2 Accenture and EIU findings
Table 13: Primary drawbacks of outsourcing according to
Accenture and EIU
Chart 31: Primary drawbacks of outsourcing according to
Accenture and EIU
4.4 Risk of valuable data falling into competitor's
hands
4.5 Risk that cost of outsourcing exceeds
expectations
4.5.1 TCO reductions due to offshore
outsourcing
Chart 32: Total cost of ownership (TCO) reductions due to
offshore outsourcing
4.5.1.1 TCO reductions analysed
4.5.2 Lower unit rates for skilled resources do not equal
giant TOC reductions
Chart 33: Unit rate approach to offshore
outsourcing
4.5.3 Hidden costs of offshore outsourcing
Table 14: Hidden costs of offshore
outsourcing
4.6 Undermining importance of in-house knowledge and
expertise
4.6.1 Limited pool of offshore labour
4.6.2 Language barriers and infrastructure
4.7 Cultural differences
4.7.1 Oracle
4.8 Chapter conclusion
5. How successful are the outsourcing initiatives
in Asia?
5.1 Introduction
5.2 Accenture and EIU findings
5.2.1 How successful has the outsourcing experience
been?
Table 15: How successful has your outsourcing experience
been?
Chart 33: How successful has your outsourcing experience
been?
5.2.2 Which functions have been successfully
Table 16: Which functions have been successfully
outsourced?
Chart 34: Which functions have been successfully
outsourced?
5.2.3 Primary barriers obstructing decision to
outsource
Table 17: Primary barriers obstructing decision to
outsource
Chart 35: Primary barriers obstructing decision to
outsource
5.2.4 Success of outsourcing to Asia
Table 18: How successful is Asia outsourcing?
Chart 36: How successful is Asia outsourcing?
5.2.5 Financial functions outsourced successfully
Table 19: Financial functions outsourced
successfully
Chart 37: Financial functions outsourced
successfully
5.2.6 Which financial functions are intended not to be
outsourced?
Table 20: Which financial functions are intended not to be
outsourced?
Chart 38: Which financial functions are intended not to be
outsourced?
5.2.7 Why certain finance functions have not been
outsourced
Table 21: Why certain finance functions have not been
outsourced
Chart 39: Why certain finance functions have not been
outsourced
5.2.8 What financial outcome would induce a company to
outsource?
Table 22: Financial outcome that would induce a company to
outsource
Chart 40: Financial outcome that would induce a company to
outsource
5.2.9 Findings analysed
5.3 Conspectus findings
5.3.1 Introduction
5.3.2 Would companies be prepared to sign up for another
outsourcing contract?
Chart 41: Would you be willing to sign up for another
outsourcing contract?
5.3.3 Would companies be prepared to outsource
offshore?
5.3.4 Outsourcing expenditure
Chart 42: Amount of expenditure invested in
outsourcing
5.3.5 Findings analysed
5.4 Why is outsourcing sometimes
unsuccessful?
5.4.1 Determine scope of services and the
metrics
Chart 43: Percentage who have outsourcing metrics in
place
5.5 Accenture and the golden rules of
outsourcing
5.5.1 Introduction
Table 23: Factors critical to successful
outsourcing
Chart 44: Factors critical to successful
outsourcing
5.5.2 Allow lots of time
5.5.3 Win over the bosses
5.5.4 Build a consensus
5.5.5 Do your homework
5.5.6 Craft the contract carefully
5.5.7 Incorporate incentives
5.5.8 Tend to morale
5.5.9 Communicate the upside
5.5.10 Stick to specifics
5.5.11 Measure performance
5.5.12 Ensure proper oversight
5.5.13 Build a partnership
5.6 Conspectus and the steps to outsourcing
success
5.6.1 Introduction
5.6.2 Ten key rules
Table 24: Ten golden rules of outsourcing
success
5.6.2.1 Step 1- Identify root causes of operational
inefficiencies
5.6.2.1.1 Holistic approach
5.6.2.2 Step 2 - Free up the best people to direct and
manage the outsourcing programme
5.6.2.3 Establish a senior responsible owner (SRO) and
programme director for the entire lifecycle
5.6.2.4 Learn from others' experiences, and use proven
methods and best-practice techniques
5.6.2.5 Treat outsourcing as a programme of multiple
inter-related projects/workstreams
5.6.2.6 Progressively update and review the business case,
to ensure the viability of outsourcing
5.6.2.7 Conspectus - conclusion
5.7 Chapter conclusion
6. Case studies - who is outsourcing to
Asia?
6.1 Introduction
6.2 J.P Morgan Chase and Morgan Stanley
6.3 Deutsche Bank
6.4 Citigroup Inc
6.4.1 Asia outsourcing and time zone costs
6.4.2 Resolving the time zone difficulties
6.5 HSBC
6.6 Barclays
6.7 Chapter conclusion
7. Where to outsource in
Asia
7.1 Introduction
Diagram 6: Location attractiveness
7.2 Key factors in choosing an Asian outsourcing
destination
7.2.1 Costs
Table 5: Wage rates in Asia
7.2.2 Size of skilled labour pool
7.2.3 Quality of infrastructure
7.2.4 Cultural affinity
7.2.5 Political and legal risk
7.2.6 Governmental support
7.2.7 Factors consolidated
7.3 Outsourcing to India
7.3.1 Introduction
7.3.2 Benefits for India
7.3.2.1 Low cost and expertise in India
7.3.2.2 Job creation in India
7.3.2.3 Infrastructure
7.3.2.4 Education
7.3.2.5 The service providers
7.3.2.6 The emphasis on quality
7.3.2.7 Government support
7.3.2.8 Heightened customer service
7.3.3 Drawbacks of outsourcing to India
7.3.3.1 Geopolitical risk
7.3.3.2 Political risk
7.3.3.3 Business risk
7.3.3.4 Language risk
7.3.4 India in perspective
7.4 Outsourcing to China
7.4.1 Factors conducive to prospective
outsourcing
7.4.1.1 Liberalisation of laws and government
policies
7.4.1.2 Emerging middle class
7.4.1.3 Investment in technical education
7.4.1.4 Large supply of low cost labour
7.4.1.5 Enviable economic growth
7.4.1.6 Offshoring infrastructure already in
place
7.4.1.7 Physical proximity to major markets
7.4.1.8 Cultural similarities
7.4.2 Critique of China as an offshoring hub
7.4.2.1 Family traditions
7.4.2.2 Language
7.4.3 China in perspective
7.5 Chapter conclusion
8. Conclusion
-PRICING-
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Allow your whole company to have access to this
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copy please let me know.
kind regards
Senh
Ip
Account Manager
visiongain
Tel: +44 (0)20 8767 6711
Fax: +44 (0)20 8767 5001
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