GFT UK one of Europe's leading suppliers of innovative IT solutions, is predicting good medium-term prospects following Gartner’s forecast of healthy growth rates in global outsourcing, expecting 8.1 per cent growth this year in the IT outsourcing (ITO) and business process outsourcing (BPO) markets.
UK Managing Director, Graham Underwood explained, “Despite the turmoil in the financial sector, we see our medium-term prospects as very positive. Outsourcing companies with responsive delivery models will find that compliance issues drive business in 2008, as banks realise there’s a big difference between being ready and being efficient”. He continued, “as they survey the fallout from SocGén and the ongoing subprime saga, European banks also know that control and compliance will continue to be an important issue for 2008. Some financial institutions are reluctant to commit to further spending, but the farsighted ones recognise that regulation, such as SEPA and MiFID, is an opportunity for a step change in how they run their payment and securities operations and, in some cases, a change to re-engineer the business”.
GFT predicts that this need to comply with industry regulation, and subsequent systems re-engineering, will fuel outsourced services from development to maintenance in 2008 and beyond as the regulator pushes for an open and competitive marketplace.
SEPA and other pan-European regulatory initiatives represent a strong trigger for GFT’s work, which covers the consulting, planning, implementation and maintenance impact aspects of such undertakings. By combining core banking know-how with a strong international position, GFT supports financial institutions on the route towards a differentiating offering for their corporate customers.
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