Survey: outsourcing in financial services

Earlier this year, CMS Cameron McKenna surveyed UK financial services organisations about their experiences and expectations of outsourcing. The report sets out the findings and aims to share some of the recent first-hand experience that senior directors and managers of major financial institutions have of outsourcing. It also examines a host of areas, including the sector’s changing aims and objectives, the functions that are most commonly outsourced and the pitfalls that have been encountered and makes recommendations for maximising the benefits of outsourcing in the future.

Outlined below are some of the key findings:

• The impact of the regulatory regime on outsourcing going forward – is it a constraint or just good practice?
• Limited use of innovative or unusual structures, such as joint ventures, for outsourcing
• Insight into the real pitfalls, including the need for detailed definitions of what is being outsourced together with very strong and active management of the customer/supplier relationship
• The key factors for wanting to outsource, such as improving quality of service or having better access to specific expertise
• A positive experience of offshoring, with a view that a wider variety of jurisdictions may be used in the future, including Central Europe

For a copy of the survey, click here.