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Global consultancy services provider KPMG and Nasscom today indicated that the Financial Services industry KPO knowledge process outsourcing is poised to be worth USD5 billion in India by 2010. In a report brought out jointly and released by the Union IT and C Minister, A. Raja, KPMG researchers indicated that while there are various projections of KPO industry that range between USD10 billion and USD17 billion by 2010, India is well poised to garner about USD5 billion worth of financial services business.
Addressing a press conference, Edge Zarella, Global Partnerincharge, IT Advisory, KPMG, said that India is at an extremely advantageous position to garner this business, which is often misunderstood. It is not a numbers game but a mindgame, where consultants would play a very strategic role.
A couple of years ago, talk of KPO seemed farfetched, especially as businesses were still struggling to come to terms with what the earlier forms of outsourcing could do for them.
This study focuses on financial services and how KPO could play a strategic role. The Indian capabilities are tried and tested and consultants with cross functional experience would provide strategic inputs for business. These could be in the areas of investment research, IP launching, data analysis, business research among others.
Edge Zarella cited that about 5,000 companies have their regional headquarters in Singapore only because of the talent pool available there. Likewise, you will see many companies harnessing the potential of senior executives and consultants in India, he said.
The Global Partnerincharge, Sourcing Advisory, Pradeep Udhas, said that a number of factors would play a role in attracting this business. These include the existing capability of IT services and BPO companies, the comfort zone these companies have built, push towards global sourcing and improved remote project management capabilities.
Interestingly, the report predicts that there is likely to be a significant shift in the boundaries between outsourceable and non outsourceable activities and offshoring activities to embrace new locations and most global banks and insurers are expected to adopt KPO strategies.
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