Financial Outsourcing to Asia

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
 
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