Abstract
Regulatory pressures and strong competitiveness, as well as the need to control costs and remain up to date with information technologies have turned outsourcing into a basic tool at the disposal of financial entities. Our paper has as its aim to show the peculiarities of information technology outsourcing in the financial services industry, additionally suggesting a decision framework which can help firms minimise risks.
Notes
Well-known analysts such as PWC, KPMG or Ernst & Young state that ITO can act as a platform to facilitate the integration of financial entities (Pico, Citation2011).
This framework was validated through four broad surveys carried out by the authors in Spain. The results of the surveys are widely known (Claver et al., Citation2002; Gonzalez, Gasco & Llopis, Citation2005, Citation2007, Citation2010a, Citation2010b, Citation2010c, Citation2011) and their technical specifications can be found in the appendix. The authors have equally developed extensive literature research supporting this framework (Gonzalez, Gasco, & Llopis, Citation2006a, Citation2006b; Gonzalez, Llopis, & Gasco, Citation2011).
For instance, the Managing Director of CaixaBank says that they have formed a strategic alliance with IBM in order to boost projects around mobility, social networking and cloud computing. Their investment in technology aims at differentiating their services and strengthening their core competences on the basis of one guiding principle: to offer their customers a better service (LaBarre, Citation2012).
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