IT outsourcing and business process outsourcing BPO are the fastest-growing service lines in the financial services sector, according to research firm Gartner. In fact, at least seven outsourcing 'megadeals', worth an estimated aggregate of more than US$20 billion, were signed in the banking and credit industry in 2002.
An important element in many of the megadeals is a focus on IT infrastructure and operations. Many of the mega-outsourcing contracts involve substantial consolidation and centralization of IT assets on a global basis, says Susan Cournoyer, principal analyst for Gartner's IT Services group. Yet the outsourcing megadeals also represent a look ahead. Outsourcing providers promise to meet IT and business needs through new technology...
