Outsourcing outside the box
As an illustration, private banks are increasingly outsourcing the production of tax reports for their high net worth and global clientele.
Firms operating in the financial services industry are seeing their business models squeezed and profitability pressurized. These challenges are compounded due to many reasons such as the fast- paced changes in client expectations, the complex regulations at local and global levels, the disruption caused by the digital revolution, and lastly, the forces of globalization. Reducing costs through outsourcing is possible and remains a valid business objective. Nevertheless, this should not be the only motivation for outsourcing. Financial firms should reject conventional wisdom and use smartsourcing to delegate non-core but high-value processes while mitigating global compliance risks and reducing costs. Smart-sourcing definitely offers great opportunities for working more efficiently, proposing innovative services and standing out in the competitive landscape; globalizationdriven processes in the fields of tax, compliance, risk management, and regulatory affairs are just a few of those processes ideally positioned to be smart-sourced.
Inside Magazine issue 12, June 2016
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
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