Back office outsourcing is a strategy adopted across industries. The recession has brought about significant changes in the outsourcing space. These changes include outsourcing services such as customer relationship management, procurement outsourcing to improve customer focus and transparency in business processes, and outsourcing end-to-end processes instead of particular functions in the process.
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In the present scenario where the financial industry is still reeling from the effects of the economic recession, a number of banks are adopting innovative solutions to cut costs while also improving efficiency. It is difficult to deny the economic benefits of back office outsourcing especially since the economic crisis has made cost rationalization a top priority for organizations of all sizes.
The question is no longer whether to outsource back office or not, but whether to outsource it to a captive source or third-party vendor. Equally important is to identify the particular processes that a large, middle, or small sized bank should outsource to have maximum positive impact. Multi-sourcing has also emerged as a major trend, where a primary supplier functions as a contractor and arranges other suppliers, or a group of suppliers collaborate to offer a collection of services.
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This section seeks to provide a schematic of the marketplace under study; and to enable the report user to determine their competitiveness and positioning in the market. Through our in-depth understanding of the financial services industry, we size the market, identify the trends and drivers, and develop the right framework for strategy formulation to help users maintain or enhance their market position.
This section seeks to profile the companies supporting the market under study. We profile the top vendors and analyze user perspectives to help you make the best decision for your financial institution. Every report includes in-depth reviews of the top vendors.
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M&M Banking and Financial Services Practice recognize the challenges that financial institutions face while bringing the right products to market. Our reports and consulting practice provides a unique perspective allowing financial institutions to understand and strategize to achieve their product goals. Through a mix of case studies, primary research, and business modeling we provide a 360° view to identify how our clients can create, capture, and retain the value of their products and outthink the competition.
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