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Service providers must align their offerings with BFS clients’ partner selection priorities
HFS has previously discussed how creaking IT systems and ongoing pressure from emerging mid-tier providers intensify competition for banking and financial services (BFS) deals. Exhibit 1 shows how BFS executives’ priorities differ from other industries when choosing an external service provider. Only 16.2% of BFS leaders consider an existing relationship with their service provider a leading selection criterion, whereas it’s the second highest for other sectors. BFS executives are more willing to look beyond their existing service providers in the pursuit of quality. This willingness to create new relationships is a sign that times are changing; incumbents are no longer guaranteed work, allowing mid-tiers to impact the market.
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