LAKE SUCCESS, N.Y., October 24, 2012 – Broadridge Financial Solutions (NYSE:BR), a leading provider of business process outsourcing (BPO) and technology services for the global financial services industry, today announced that it has been recognized as having a “Best-in-Class” Service Offering in theCEB TowerGroup 2012 Outsourcing Vendor Rankings assessment.
Broadridge’s dedication to clients across the financial services space and the firm’s ongoing commitment to innovation through its focused financial-specific industry offerings were found to deliver strong business insight and value. The attributes and analysis for Broadridge included the following:
- Broadridge leads the market for corporate actions BPO and is aggressively pursuing securities processing BPO.
- Broadridge is developing an experienced risk management team that goes beyond mere service provision and provides deeper insight for client business activities.
- Broadridge is a leader in compliance knowledge and operational application through deep understanding of requirements, regulations, and associated risks as they apply to the financial services industry.
“Financial services companies are adapting to the changed competitive environment and are turning to Broadridge to transform their technology and operations to enable growth and improve margins,” says Joseph Barra, President, International Securities Processing and Global Outsourcing, Broadridge. “We are excited for Broadridge to be included among CEB TowerGroup’s ‘best-in-class’ service providers, and believe this assessment illustrates recognition of the value we are adding for clients.”
One of the significant findings revealed in the assessment is the growth rate in outsourcing. The CEB TowerGroup report estimates that outsourcing will account for 23% of the financial industry’s total IT spend by 2015, up 5% from 2011. Total spend on outsourcing will grow at an 11% CAGR through 2015, with BPO, Cloud and Managed Services taking up an increasing share of the total. The report also cites knowledge management and innovation to be the next key service offerings for progressive outsourcers.
CEB TowerGroup’s selection process centered around those vendors with mature products, globally recognized innovation and major financial services institutions with multiple large-scale installations. By combining its qualitative and quantitative data from interviews with industry experts, financial institutions and vendors, CEB TowerGroup identified 24 attributes that define a “best-in-class” outsourcer. The Service Offering assessment was based on an analysis of those attributes that determine the breadth and scope of services a vendor is able to offer within their chosen lines of business and markets.