As banks and brokers are more and more willing to outsource their middle and back-office functionality to focus on core activities, a recent survey by YouGov and sponsored by BNP Paribas Securities Services has found that one in five respondents are outsourcing all back-office functions to external providers.
More than just a way to reduce costs, 78 percent of respondents see outsourcing as a long-term strategic move that allows them to shift the focus on business development and research as they face increased regulatory changes.
"Clearly, there is room for innovation to create new models of outsourcing," says Julien Kasparian, UK head of sales and relationship management for banks and brokers at BNP Paribas Securities Services. "We see consolidated offerings, where a variety of services are provided under one roof, as the best way to ensure smooth oversight and simple management of outsourced activities.
"We believe outsourcing providers who invest in the highest quality technology and specialist personnel will be the ones that keep clients satisfied. In any case, it is clear now that outsourcing has become the new norm for banks and brokers in the UK," he continues.
While at Sibos Toronto, James shares some interviews covering topics on blockchain, fintechs and cybersecurity.Subscribe to Weekly Wrap emails