More Industries Turn To Back Office Outsourcing
Outsourcing of back-office processes such as affordable data entry services remains one of the easiest functions to outsource as more companies are learning, becoming a popular choice to outsource for various industries. Such type of outsourcing is now seeing increasing adoption among different verticals including the banking and asset management sectors. Almost a year ago, the banking industry drew attention as a report from research and consulting firm MarketsandMarkets found that US banks are outsourcing bank office processing duties at an increasing pace with growth estimates at $67.2 billion in 2015 from $38.1 billion in 2008, with IBM (NYSE: IBM) and Accenture (NYSE: ACN) dominating the bank back office outsourcing market. As we indicated in a previous article, banks such as HSBC (NYSE:HBC) have been looking into fund back office outsourcing in China while other banks, Citigroup (NYSE:C), JP Morgan (NYSE:JPM) and Bank of America (NYSE:BAC) are also set to outsource back-o...