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Banks are looking to expand into full-service business relationships with BPOs, says Celent report

Celent believes there are a number of current trends influencing the future of BPO banking. Deals are increasing in scope. Banks are no longer looking to outsource simple rule-based processes but are looking to expand into full-service business relationships with service providers. Additionally, a wider range of financial institutions are exploring BPO/ITO opportunities, while previously underserved outsourcing locations are becoming burgeoning operation center destinations and have garnered increasing interest from major players.

The integration of ITO and BPO is becoming increasingly important to staying competitive. IT capabilities that supplement BPO operations improve process efficiency and drastically reduce total cost of ownership for the client. As globalization continues to grow, banks in mature markets will look to outside expertise from global providers.

Global expansion among service providers is becoming an increasingly important driver for meeting the requirements of international clients, says Celent in a new report on Business Process Outsourcing in Banking

BPO in the financial services sector has the potential to grow nearly 15 times

Positive growth outlook for the global sourcing market in 2011



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