European FIs Scout For BPO Partners

New Delhi | Updated: May 28 2004, 05:30am hrs
In search of outsourcing partners in India, a team of senior officials from around 30 top financial services organisations of Europe will be visiting India next month. According to industry experts, as global financial services market has become very competitive, European financial insitutions are now looking at cutting costs to keep up with UK and US-based FIs.

The European financial firms will be participating and interacting with the Indian service providers during European Financial Services Outsourcing India (EFSOI 2004) Forum being oragnised in Mumbai from June 24-27 this year. The event is being organised by SPG Media PLC, a UK-based event management firm listed at London Stock Exchange.

It is aimed at providing a first hand experience of outsourced facilities to chief executive officers (CEOs) and chief information officers (CIOs) of European financial services companies and how they can save 40-50 per cent of their costs through outsourcing business to India.

According to SPG Medias events division managing director, Chris Hayward, the delegates will be visiting Indian facilities offering outsourced services in financial sector besides meeting senior officials of around 15 Indian companies. The consulting firm Deloittes global head of outsourcing Dr Chris Gentle, will also present three European outsourcing case studies during the event.

Financial institutions are now starting to shop around and partner themselves with companies that are offering a niche service, and also with companies that think out of the box and have an exciting value proposition. Historically, Indian suppliers have done very well in terms of US business. However, the financial services market is a very competitive industry and European financial insitutions now need to cut costs to keep up with UK and US-based FIs, says EFSOI Forum director Amir McIntyre.

As per the experience and customer feedback, the event will allow the delegates and suppliers to reduce the business development period to just few days from around nine months at present, he said.