LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
Business Process Outsourcing (BPO) in the financial services industry
has entered a new era: one in which streamlining business processes and
reducing costs are not enough.
The challenges facing today’s financial services industry --
globalization, increased regulation, margin pressure and heightened
competition -- are not only resulting in more demand for outsourcing,
but for outsourcing arrangements which will bring significant industry
expertise and contribution to top-and bottom-line results, according to
a TowerGroup White Paper commissioned by Broadridge Financial Solutions,
Inc. (NYSE:BR).
Titled 21st Century Business Process
Outsourcing: Delivering Operational Excellence and Enabling Revenue
Growth, the report reveals that financial services firms are looking
for BPO providers to deliver on multiple value points that result in
more efficient operations and revenue enablement. To that end, the
TowerGroup suggests that firms should seek BPO providers that have
strong financial services expertise.
“The research revealed emerging practices and trends in financial
services BPO, specifically the evolution of the value chain, delivery
models, pricing models, and best practices in utilizing outsourcing to
drive revenue,” stated Joe Barra, President, International Securities
Processing & Global Outsourcing Solutions, Broadridge .“BPO can make
financial services firms not only more efficient but also better able to
compete in key customer service dimensions, risk control, and
operational and regulatory responsiveness. And it can enable financial
services firms to enter new markets or launch new products much more
quickly.”
“The playing field has changed,” continued Mr. Barra. “Financial
services firms now demand more than just efficiency and cost savings
from outsourcing arrangements. As a leading BPO solution provider, we
see this first hand. The findings of this White Paper, is validation of
Broadridge’s commitment to continually enhance our domain expertise and
develop flexible solutions that meet evolving client needs.”
The findings of the White Paper were also a key topic at three recent
industry conferences: the 2011 TowerGroup/CEB Annual Financial Services
Strategy & Technology Conference (April 13th); the SIFMA
Operations Conference (May 3rd); and the FSO Knowledge
Xchange Transformation and Outsourcing Strategies Forum (May 5th).
According to Anthony Iannuzzi, Senior Vice President, Global Outsourcing
Solutions, Broadridge, “Financial services firms are demanding more from
their outsourcing providers. They expect outsourcers to understand their
business and enable their growth by providing flexible and on-demand
solutions.”
Mr. Iannuzzi will moderate an industry panel discussion on this topic at
the FSO Knowledge Xchange Transformation and Outsourcing Strategies
Summit and Excellence Awards in New York on June 9, 2011.
The TowerGroup was commissioned by Broadridge to conduct the independent
research and analysis, as represented in the White Paper. To download
the paper, please visit: www.broadridge.com/bpo.
About Broadridge
Broadridge is a technology services company focused on global capital
markets. Broadridge is the market leader enabling secure and accurate
processing of information for communications and securities transactions
among issuers, investors and financial intermediaries. Broadridge builds
the infrastructure that underpins proxy services for over 90% of public
companies and mutual funds in North America; processes more than $3
trillion in fixed income and equity trades per day; and saves companies
billions annually through its technology solutions. For more information
about Broadridge, please visit www.broadridge.com.
About the TowerGroup
TowerGroup is the leading research and advisory services firm focused
exclusively on the global financial services industry. For more than a
decade, we have been providing the world's top financial services,
technology, and professional services companies with trusted advice and
continuous, timely, and objective information. TowerGroup thoroughly
understands the complexities of the financial services industry. With
unrivalled industry experience and outstanding analytical prowess, our
strong team of analysts and specialized advisors covers the business and
technological issues impacting the entire financial services sector.
Source: Broadridge Financial Solutions, Inc.