LAKE SUCCESS, New York -- June 7, 2011 -- Business Process Outsourcing (BPO) in the financial services industry has entered a new era: one in which streamlining business processes and reducing costs are not enough.
The challenges facing today's financial services industry -- globalization, increased regulation, margin pressure and heightened competition -- are not only resulting in more demand for outsourcing, but for outsourcing arrangements which will bring significant industry expertise and contribution to top-and bottom-line results, according to a TowerGroup White Paper commissioned by Broadridge Financial Solutions, Inc. (NYSE:BR).
Titled 21st Century Business Process Outsourcing: Delivering Operational Excellence and Enabling Revenue Growth, the report reveals that financial services firms are looking for BPO providers to deliver on multiple value points that result in more efficient operations and revenue enablement. To that end, the TowerGroup suggests that firms should seek BPO providers that have strong financial services expertise.
"The research revealed emerging practices and trends in financial services BPO, specifically the evolution of the value chain, delivery models, pricing models, and best practices in utilizing outsourcing to drive revenue," stated Joe Barra, President, International Securities Processing & Global Outsourcing Solutions, Broadridge ."BPO can make financial services firms not only more efficient but also better able to compete in key customer service dimensions, risk control, and operational and regulatory responsiveness. And it can enable financial services firms to enter new markets or launch new products much more quickly."
"The playing field has changed," continued Mr. Barra. "Financial services firms now demand more than just efficiency and cost savings from outsourcing arrangements. As a leading BPO solution provider, we see this first hand. The findings of this White Paper, is validation of Broadridge's commitment to continually enhance our domain expertise and develop flexible solutions that meet evolving client needs."
The findings of the White Paper were also a key topic at three recent industry conferences: the 2011 TowerGroup/CEB Annual Financial Services Strategy & Technology Conference (April 13th); the SIFMA Operations Conference (May 3rd); and the FSO Knowledge Xchange Transformation and Outsourcing Strategies Forum (May 5th).
According to Anthony Iannuzzi, Senior Vice President, Global Outsourcing Solutions, Broadridge, "Financial services firms are demanding more from their outsourcing providers. They expect outsourcers to understand their business and enable their growth by providing flexible and on-demand solutions."
Mr. Iannuzzi will moderate an industry panel discussion on this topic at the FSO Knowledge Xchange Transformation and Outsourcing Strategies Summit and Excellence Awards in New York on June 9, 2011.
The TowerGroup was commissioned by Broadridge to conduct the independent research and analysis, as represented in the White Paper. To download the paper, please visit: www.broadridge.com/bpo.