Challenges such as high inflation, high-interest rates, labor market shortages, the rate of technology adoption, and geopolitical issues, are testing the fundamental assumptions of the operating models and benchmarks used by Banking, Financial Services, and Insurance (BFSI) sourcing leaders. As a result, BFSI enterprises are being compelled to redesign their sourcing decision framework, reassess their outsourcing priorities, and rethink strategy across the facets of the facets of work placement, pricing, portfolio design, locations, and supplier selection and governance to achieve maximum value, minimize risk, and build a resilient and sustainable sourcing playbook. While cost considerations dominate the decision criteria, business and operational considerations have started influencing sourcing leaders’ decision making.
In this report, we highlight the evolving preferences regarding the scale of outsourcing for different IT service towers, contract duration, trends in engagement and pricing models, provider and location diversification strategies, along with the decision criteria that BFSI enterprises are adopting while selecting their outsourcing partners and signing contracts.
Scope
- Industry: BFSI
- Geography: global
Contents
In this report, we:
- Examine the BFSI IT services market size and growth drivers
- Evaluate the evolution of BFSI sourcing decision considerations
- Assess the impact of supplier investments, labor market challenges, and external environment on BFSI sourcing strategy, especially regarding portfolio design
- Analyze the IT outsourcing supplier landscape
Membership(s)
Banking Information Technology
Insurance Information Technology
Sourcing and Vendor Management
