In these tough times, as the global financial industry is going through turbulent times, the Asian banking and financial services industry, relatively less impacted, is learning from the lessons and preparing for the times to come.
While it is true that the banking and financial services industry, like all other industries, has been utilizing outsourced resourcing services, it is also a fact that it is the largest consumer of such services in the white-collar segment. The resourcing industry too has been quite responsive and has matured over time. What started with the supply of resources on the lower rungs of projects has matured significantly over time.
Over the recent past, more and more projects are outsourced in a managed resourcing model as opposed to a pure resourcing model. The resourcing agencies are taking up more responsibility and rather than being a person-driven model, it is a service-level driven model, though resourcing happens to be at the core of the model.
What started with lead-generation and account-acquisition in the domain; has moved on and more and more projects – both functional and technical – are being based around this model.
A recent global giant in the financial services space conducted an exercise to short-list vendors for migration of their entire global IT infrastructure. Some more are expected to follow suit.
The managed resourcing agencies from their end have also seen the benefits of this model – essentially providing them with flexibility of deployment and agility to cater to multiple clients with similar requirements. Companies are gearing up for more mature work to come their way under this model.
Managed resourcing is indeed an innovative way of working for most resourcing companies at present. Earlier, they were finding it tough positioning themselves as Project Company – which was the next step of maturity for resourcing companies.
Now, with managed resourcing, the perfect sync has been found. It is a win-win situation for both, the outsourcing company and the service providers.
The resourcing companies are getting proactive and are gearing up for special projects as soon as they are spotted on the horizon – IPV6, IBAN (International Bank Account Numbering), being only a couple of examples. They are moving from being local players – supplying resources at locations, to managing entire resourcing projects globally.
The industry is maturing fast and while today it still seems to be a niche where they are located, the time is not far when such companies will have global footprints and become the norm of the day.
Ajay Kotkar, CEO, Asia Pacific & Global BFSI Practice Head
Omnitech Services is the leaders in Infrastructure and Application Managed Services and a pioneer of Business Continuity services. Our experienced banking & finance professionals turned consultants are uniquely qualified to be your strategic partner in the creation of high-value, sustainable strategies for growth and even transformation.
Members of Omnitech’s BFSI team focus predominately on financial services and include consultants, industry and functional experts and solutions developers. Omnitech has proven its expertise in all major aspects of Retail Banking, Investment Banking, Payments and Insurance, and offers our clients transformational solutions to help them achieve strategic advantage and technology excellence.
With continuous focus on the banking and finance segment, Omnitech launched their BFSI division in Far East region. The global BFSI division is headquartered in Far East and headed by banking veterans having prolonged experience from the industry (www.omnitechglobal.com)
The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Asian Banking & Finance. The author was not remunerated for this article.
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Ajay Kotkar, CEO Asia Pacific and head of global banking and finance practice in Omnitech.