October 16, 2012
The BFSI sector is exploring multi-sourcing with different IT vendors to counter economic uncertainty and cut costs. In this article, NG Subramaniam, President, TCS Financial Solutions, highlights the need for financial services firm to remain focused on strategy despite economic uncertainty.
He also discusses the trend toward financial services firms increasingly focusing their own resources on new, front-office, customer-facing initiatives such as internet and mobile banking, while they outsource the necessary but less lucrative back-office functions – effectively “milking the back office to feed the front office.”
“In the past 18 months, most banks have figured out that this continued state of uncertainty is the ‘new normal’ and that, even when there’s uncertainty in the external environment, they still need to focus on strategy.”