IT Application Outsourcing in Banking: Market trends, evolving service provider landscape, and...

Proprietary & Confidential. © 2011, Everest Global, Inc.1

Today’s Webinar is brought to you by Everest Group

Today’s WebinarIT Application Outsourcing in Banking: Market trends, evolving service provider landscape, and future outlook

Synopsis:Everest Group will highlight the findings of its reports on the banking AO market covering the following aspects: Key Market Trends: Analyze the current trends for large, multi-year application outsourcing relationships for

the global banking sector Evolving Service Provider Landscape, and Results of Everest Group’s banking AO PEAK 2011:

Highlight the capabilities of over 20 leading AO service providers specific to the global banking sector. These providers have been mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to a provider’s capability and market success.

Key Implications and Future Outlook: Highlight themes that are likely to influence the service provider landscape for large banking AO relationships in the future, and discuss implications for banking buyers and service providers

About Everest Group

Everest Group is an advisor to business leaders on next generation global services with a worldwide reputation for helping Global 1000 firms dramatically improve their performance by optimizing their back- and middle-office business services. With a fact-based approach driving outcomes, Everest Group counsels organizations with complex challenges related to the use and delivery of global services in their pursuits to balance short-term needs with long-term goals. Through its practical consulting, original research and industry resource services, Everest Group helps clients maximize value from delivery strategies, talent and sourcing models, technologies and management approaches. Established in 1991, Everest Group serves users of global services, providers of services, country organizations and private equity firms, in six continents across all industry categories. For more information, please visit www.everestgrp.com and www.everestresearchinstitute.com.For more information, contact Mark Williamson at [email protected]

mailto:[email protected]�

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Q&A

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IT Application Outsourcing (AO) in Banking: PEAK into the Evolving Service Provider Landscape

Webinar

June 29, 2011


Introductions

Amneet SinghVice PresidentEverest [email protected]

Rajat JunejaSenior Research AnalystEverest [email protected]

Jimit AroraResearch DirectorEverest [email protected]





Agenda

Background and context

IT AO in Banking – Emerging market trends

Banking AO service provider landscape – Everest Group’s PEAK results

Key implications and future outlook

Q&A


Retail financial services (B2C1) Retail banking Lending Cards

Commercial banking (B2B2)

Banking

Investment banking Asset management Custody Fund administration

Capital markets

Life and pensions Property and casualty

Insurance

1 Business-to-consumer relationships2 Business-to-business relationships

Traditional IO Remote Infrastructure

Management (RIM) Infrastructure Management

Services (IMS) Cloud

IT Infrastructure Outsourcing (IO)

Application development Applications maintenance Independent testing Package implementation ERP services Business intelligence /

Data warehousing

IT Applications Outsourcing (AO)

BFSI-specific BPO HRO FAO PO Contact center Knowledge services

Business Process Outsourcing (BPO)

IT strategy/operations consulting

Business consulting Infrastructure consulting Infrastructure roll-outs

Consulting

Everest Group’s research analyzes IT applications outsourcing market in the Banking sub-vertical with a focus on large (TCV >US$25 million), annuity-based, multi-year (>3 years) relationships; and capabilities of service providers in winning and executing such transactions

NOT EXHAUSTIVEFocus of webinar

Services industry

BFSI

This Webinar presents results of Everest Group’s recently released reports on the banking Applications Outsourcing (AO) market


These reports are a part of Everest Group’s series of nine reports focused on applications outsourcing in BFSI in 2011

Banking

Capital markets

Insurance

Banking

Capital markets

Insurance

Banking

Capital markets

Insurance

Service Providers’ Profiles Compendium: IT Application Outsourcing services

Capability profiles of service providers capturing their AO services experience in specific sub-verticals. Each service provider profile includes: Service provider overview: Details of AO services capabilities, key

investments, proprietary solutions, technological expertise Functional/LoB focus Transactions overview for application services offerings Delivery footprint

Service Provider Landscape: IT Application Outsourcing Services

Each report provides: Mapping of service providers on Everest Group’s capability matrix

i.e., Performance | Experience | Ability | Knowledge (PEAK) Matrix for the specific sub-vertical

Assessment of service providers based on delivery capability and market success in establishing large AO contracts with financial institutions

Market Trends and Future Outlook in IT Applications Outsourcing Services

Each report provides an overview of the application outsourcing market for the specific banking / capital markets / insurance sub-vertical

The report analyzes key trends in market size and growth, demand drivers, adoption and scope trends, emerging themes, key areas of investment, and implications for key stakeholders


Everest Group’s BFSI research is based on two key sources of proprietary information

Proprietary Everest Group database of ~345 large, multi-year AO contracts within BFSI (updated annually)

The database tracks the following elements of each large AO relationship: Buyer details including industry, size, and signing region Contract details including TCV, ACV, term, start date,

service provider FTEs, and pricing structure Activity broken down separately for banking, capital markets,

and insurance, and by Lines of Business (e.g., retail banking, credit cards, loans and mortgages)

Scope includes coverage of buyer geography as well as functional activities

Global sourcing, including delivery locations and level of offshoring

1

Proprietary Everest Group database of operational capability of 20+ BFSI AO service providers (updated annually)

The database tracks the following capability elements for each service provider: Key leaders Major BFSI AO clients and recent wins Overall revenues, total employees, and BFSI employees Recent BFSI-related developments BFSI AO delivery locations BFSI AO service suite Domain capabilities, proprietary solutions, and intellectual

property investments

2

Note: We continuously monitor market developments and track additional service providers beyond those included in the analysisConfidentiality: The Everest Research Institute takes our confidentiality pledge very seriously. Any information we collect, that is contract

specific, will be presented back to the industry only in an aggregated fashion

Service providers covered in the analysis


Everest Group has collated information on large-sized BFSI AO transactions and has used this robust data-set to analyze various aspects of the BFSI AO market

Everest Group’s Transaction Intelligence Database

~18,000 transactions listed Over 95% transactions post-

2000 ~4,300 BFSI transactions

Everest Group’s RFIs to BFSI AO service providers

Participation by over 20 leading service providers

1 Transactions with TCV >US$25 million, which are active as of Dec 2010Source: Everest Research Institute (2011)

~350 active large-sized BFSI AO transactions1

Banking (170+ large-sized transactions)

Insurance

Capital Markets

Focus of this webinar

Industry: Banking (retail banking, wholesale banking, credit cards, loans and mortgages); excludes capital markets and insurance

Services: Large (TCV >US$25 million), multi-year (>3 years), annuity-based applications outsourcing Geography: Global Sourcing model: Third-party AO transactions; excludes shared services or captive Service providers: 22 leading banking AO service providers

Research scope


Agenda





Q&A


The global ITO market returned to growth in 2010; BFSI sector is a leading ITO adopter

With a market size of US$72-80 billion, BFSI is the leading industry in ITO adoption The BFSI vertical was instrumental in the revival of the ITO industry post the economic downturn Pent-up demand, post-merger integration, channel integration, and regulatory/compliance drove

market activity

9996100

2008 2009 2010

Global IT outsourcing market growth (indexed)Base year (2008) indexed to 100

Global IT outsourcing market split by buyer industry2010; US$ billion

16%

12%

7%4%3%

18%

3%

8% 13%

16%

Manufacturing

Retail

Others

100% = 450-500

Healthcare

BFSI

Telecom and media

Government

Services

Utilities and construction

Transport

Source: Everest Research Institute (2011)


Applications Outsourcing is included in scope in over 60% of all BFSI ITO transactions

Scope distribution of BFSI ITO transactions1

2008-2010; Number of transactions

50% 50% 56%

11% 15% 9%

39% 33% 31%

2%4%

2008 2009 2010

Pure AO

Non-AO3

Bundled AO2

Scope not known

230 202189

1 Based on number of publicly announced transactions tracked through Everest Group’s Transaction Intelligence Database2 Bundling of AO with IO and/or BPO3 Pure IO, and IO bundled with BPO


The proportion of pure AO contracts among the BFSI ITO transactions increased each year from 2008 to 2010 Large transactions (TCV >US$25 million) form a significant portion (over 50% in number, and even higher in terms of

TCV) of BFSI AO transactions

59%

41%Large transactions (TCV >US$25 million)

Small transactions

(TCV <US$25 million)

Distribution of active BFSI AO contracts by size1

Percentage of all transactions

100% =


6 6

16

9 911

H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010

In line with the broader ITO trend, large banking AO transactions have revived after the slowdown phase of H2 2009-H1 2010

The revival of large-sized banking AO transactions in 2010 is more evident in terms of the value of contracts The healthy transaction activity in H1 2009 despite the onset of recession is attributed to the typical lead time in signing outsourcing contracts

Number of large, active banking AO contracts1

Number of transactions

Total TCV of large, active banking AO contracts1

US$ billion

Slowdown phase

1 New transactions with TCV >US$25 million, which started in the given period and which are active as of Dec 2010Note: TCV excludes volume expansion for accounts that were signed prior to 2008


65% 35%

100% = 164

Contracts signed during 2008-2010

Contracts signed before

2008

100% = 27.3

TCV signed during 2008-2010

TCV signed before 2008 74% 26% 0.3

1.19

1.97

0.95 0.84

1.75

H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010


Custom application development, enhancements and maintenance is at the core of most large AO relationships

1 Transactions with TCV >US$25 million and which are active as of Dec 20102 Percentage of large banking AO transactions (with known scope details) in which the given sub-function is in scope


Sub-functions in large banking AO transactions1

Frequency of inclusion2

97%

83%

54%

34%

57%

Includes other AO sub-functions such as systems integration, and application related consulting

Most large-sized banking AO transactions are structured around application development and ongoing enhancements and maintenance

Application testing is also a key outsourced AO sub-function, which is most commonly bundled in ADM contracts. Stand-alone, independent testing services are also witnessing increased market traction

Project-based, core banking implementations are relatively less common, given the contract scale cut-offs imposed on the sample-set (i.e., TCV >US$25 million)

ADM

Testing

Package implementation

ERP services

Others


67%

83%

50%56%

72%82%

H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010

72%69%69%67%73% 70%

H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010

Proportion of large banking AO contracts with offshore delivery has increased steadily since H1 2009

Percentage of large banking AO transactions with offshore delivery1

2008-2010

The decline in offshoring during 2008-09 was primarily due to regulatory restrictions and the political sentiment of governments against moving work outside their countries

Percentage of FTEs present in offshore locations for banking AO transactions with offshore delivery component1

2008-2010

1 Transactions with TCV >US$25 million and which are active as of Dec 2010Source: Everest Research Institute (2011)


Chile

MexicoIndia

China

Poland

Romania

Brazil

Argentina

AO services capabilities placement in key offshore locations

Czech Republic

Philippines

NOT EXHAUSTIVE

1 ‘Maturity’ defined based on ~20 leading service providers’ aggregate delivery workforce present in the countries for AO workSource: Everest Research Institute (2011)

While India continues to be the nerve-center for banking AO delivery, service providers are building other locations for specific markets and skills

Maturity1 level: High Medium Low

Russia

Ukraine

Israel

Vietnam

Hungary

Mauritius


Agenda





Q&A


From a landscape of 50+ service providers, Everest Group assessed 22 service providers for their capabilities in Banking applications outsourcing

Service providers assessedService provider outreach (partial list)

1 Assessment for Accenture, Capgemini, HPES, and IBM GS is based on Everest Group’s proprietary Transaction Intelligence (TI) database, service provider disclosures, and Everest Group’s interactions with banking buyers


Assessment based on: RFIs submitted by service providers1

Everest Group Transactions Intelligence database

Service provider disclosures and interviews Everest Group’s interaction with banking buyers

1 1 1

1

Criteria for inclusion in the assessment:

Success in large banking AO relationships, i.e., >US$25 million

TCV >3 years

relationship duration

Active on Dec 31, 2010

Everest Group experience and RFI response

http://www.indracompany.com/en�

http://www.polaris.co.in/home.htm�


1 Contracts that have a TCV of more than US$25 million and are active as of Dec 2010Source: Everest Research Institute (2011)

Global majors Offshore majors Regional players Tier-2 Indian providers

The current service provider landscape for banking AO services has four major provider categories

~90~150

~650~660

Globalmajors

Offshoremajors

Regionalplayers

Tier-2 Indianproviders

Average banking AO revenues2010; US$ million

Banking AO operations scale across four service provider categories

On an average, global and offshore majors derive upwards of half a billion dollars in banking AO revenues

Despite the difference in total revenues, offshore majors’ banking AO revenues are comparable to that of global majors

While regional players have a smaller employee base in comparison to Tier-2 companies, they realize significantly higher revenues given their larger base of onshore employees

http://www.polaris.co.in/home.htm�


These service providers have been assessed on multiple dimensions pertaining to their capability and market success to determine their positioning on the banking AO PEAK Matrix

Number of contracts

Contract values (TCV, ACV)

Success with large-sized buyers

New clients acquired

Revenue growth

Scale

Revenues

FTEs

Number of delivery centers

Number of clients

Length of contracts

Scope

Lines of Business served

AO sub-functions

Contract size range

Domain investments

Proprietary solutions

Certifications

Delivery footprint

Delivery countries

Offshore leverage

Geographies served

M&A and alliances

Mar

ket s

ucce

ss

Delivery capability

Everest Group PEAK Matrix

Emerging Players

Leaders

Major Contenders


Everest Group PEAK Matrix for the large banking AO relationships

1 PEAK specific to large (>US$25 million TCV) multi-year (>3 years) applications outsourcing relationships specific to the banking sector (i.e., retail banking, credit cards, mortgage & loans, and commercial banking segments). EXCLUDES capital markets and insurance


Major Contender Emerging PlayerLeader

Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix for large banking AO relationships

High

Low

25th

perc

entil

e

75th

perc

entil

e

75th percentile

Low HighDelivery capability(Scale, scope, domain investments, delivery footprint)

Emerging Players

Leaders

Major Contenders

Mar

ket s

ucce

ss(T

rans

actio

n ac

tivity

)

25th percentile

WiproHPES

Capgemini

CGIHCL

CSC

Atos Origin Polaris

Dell ServicesSyntel

Infosys

Accenture

IBM GS

Cognizant

LuxoftSofttekNess

ITC Infotech

L&T Infotech

MindTree

Leaders are characterized by their breadth of capability in banking AO services, established set of proprietary products/platforms, highly scaled operations, as well as their ability to win and execute large annuity contracts with major banking buyers

Major Contenders have been successful in establishing their stronghold in select regional pockets, functional areas, or sub-verticals through targeted investments in specialized solutions or micro vertical focused solution accelerators, and product partnerships

Emerging Players that bank on select privileged relationships in the banking AO space, and are seeking to aggressively grow their operations through investments in dedicated CoEs, and expertise in custom application development, and analytics/testing services

Hexaware

TCS


Leaders account for 70% of active ACV of large banking AO contracts

Market share of providers in large banking AO contracts1

Active ACV and TCV in US$ billion, Number of contracts

70% 63% 59%

28% 34%32%

9%3%2%

Active ACV TCV Number of contracts

1 Contracts for a representative set of 22 providers; contract TCV >US$25 million and status active as of Dec 2010Source: Everest Research Institute (2011)

The banking AO market represented by the 22 service providers assessed by Everest Group scaled up to over US$5 billion in revenues and ~100,000 FTEs spread across ~20 delivery countries

5.5 22.8 175+

Leaders

Major Contenders

Emerging Players

100% =


Service provider capability assessment dashboard

Everest Group’s banking AO service provider landscape report analyzes specific attributes of each provider category / PEAK cluster

Banking AO scale by provider segment


Scope of AO functions covered in large banking contracts

Banking AO revenuesUS$ million

xxxxxx

xxx

xxx

xx

xxx

xxx

xxx

Emerging Players

Major Contenders

Leaders

xxxxxx

xxx

xxx

xx

xxx

xxx

xxx

Emerging Players

Major Contenders

Leaders

Banking AO FTEsNumber of FTEs

Service provider Scale Scope

Domain investments

Delivery footprint

Service provider category 1

Provider 1

Provider 2

Provider 3

Provider 4

Service provider category 2

Provider 1

Provider 2

Provider 3

Provider 4

Scope distribution of large banking AO contracts

High Medium Low


The report also provides specific details on each service provider’s distinctive characteristics, and capabilities, in the banking AO services space

Actionable insights on banking AO

scale, breadth of offerings, domain

investments and market success for each service provider on the PEAK

Provider 1

Provider 2

Provider 3

Provider 4

Provider 5

Provider 6

Provider 7

Provider 8

Provider 9

Provider 10


Agenda





Q&A


Four primary priorities of banks are driving growth in large-scale applications outsourcing

Restoring growth

As the banking sector emerges from recession, return of discretionary spend and increased business volumes are expected to drive outsourcing activity

Entry into new markets (e.g., MEA, APAC) and customer base expansion are creating significant technology demands of banks

Given pressures brought on by the financial crisis, banks are focusing disproportionate attention towards removing redundancies in operations to: Improve business efficiency Achieve cost savings especially in the

middle-and back-office activities

Improving profitability

Banks are investing in customer experience management and evolving towards a ‘bank of the future’ by blending technology (mobility, social media) into banking to attract and retain a new “generation” of clients

Adapting to changing customer preferences

Managing complexity

Extensive regulatory demands & increasing compliance complexity

Need to create “single view of customer” to mitigate risk and to sell better

Application rationalization and consolidation, cloud adoption to reduce IT complexity

Emergence of large, integrated, banking enterprises focusing on better governance

Factors driving banking AO

demand

Sources: Buyer and service provider interviews; Everest Research Institute (2011)


Implications for banking buyersEstablish a robust IT foundation to navigate the intensifying business complexities such as restoring growth, expanding operations, and improving profitability

The banking industry has traditionally been one of the most mature adopters of technology. However, it is facing pressure with regards to its IT systems and processes as it emerges from recession: Banks’ profits dipped drastically during the slowdown phase of 2008-2009, driving them to focus on

reducing their cost of operations. This can be achieved through: Carefully evaluating various outsourcing and offshoring options to minimize costs and maximize value

derived from providers Designing a well integrated, efficient application framework to ensure optimal utilization of IT resources

Banks also need to augment their IT systems to support their entry into new markets and to reach out to a wider customer base. Business expansion across geographies creates the challenge of integration of acquired assets and customers. It is therefore critical for banking buyers to create a global delivery footprint that helps meet their growth objectives, and also reduces location concentration risks

Total assets Pre-tax profits

Assets of largest 1,000 banksUS$ trillion

0

30

60

90

120

2005-06 2006-07 2007-08 2008-09 2009-100

200

400

600

800

Pre-tax profits of largest 1,000 banksUS$ billion

Sources: The Banker; Everest Research Institute (2011)


Implications for banking buyers Design an optimized portfolio of service providers to simplify sourcing environment and achieve cost savingsLandscape of applications outsourcing service provider portfolio GLOBAL FINANCIAL MAJOR EXAMPLE

Retail banking Commercial banking Credit cards Enterprise-wide

Service provider 2Service provider 3

Service provider 1

Service provider 1

Service provider 1

Service provider 1

Service provider 1

Service provider 4

Service provider 6

Service provider 3

Service provider 1

Service provider 1

Service provider 1

Service provider 4Service provider 2

Service provider 2

Service provider 1Fron

t of

fice

F&A

HR

Service provider 1 has a large position Service provider 3 is used by multiple businesses, but split across front and

mid-back office Service provider 4 is also used by multiple businesses, but split across mid-

back office and HR This variety in use reflects relationship preferences, not differing capabilities


Service provider 1

Most banks currently use a complex portfolio of service providers for their applications portfolio. Global expansion, and large-scale M&A have introduced further complexity to the portfolios. Rationalizing the portfolio helps in Creating a less complex sourcing environment Enabling strategic partnerships with service providers Deriving meaningful financial benefit: Utilizing fewer service providers can yield as much as 22-28% financial savings

on an annualized basis Buyers therefore need to re-evaluate their service provider relationships to create an optimized service delivery portfolio that balances trade-offs between concentration risks, redundancy levels, and competitive tension (may be optimally enabled through a “champion challenger“ model)

Mid

-ba

ck

offic

e

Service provider 3


Managing increased regulatory/compliance demands

Invest in customer-centric initiatives

Banks are increasingly required to manage huge volumes of data originating from several fronts to better comply with a stricter regulatory environment and manage risks

Examples of regulatory changes impacting the banking sector include: Basel III which will be phased in from 2013 to 2019 globally, making it critical for

banks to upgrade their IT backbone during 2011-12 Stricter regulatory requirements which are surfacing across different regions. For

example:— The 2010 Dodd-Frank Act in the U.S. represents a significant change in the

U.S. financial regulatory environment and is expected to affect almost every aspect of the country’s financial services industry

— The recent call for reverse stress-testing by the Committee of European Banking Supervisors to toughen the scenarios used in examining banks’ financial stability

In a post recessionary environment banks need to invest in staying connected with their clientele, and enhancing customer experience. This would require greater investments in areas such as social media, multi-channel integration, enterprise-wide data management, and CRM & marketing tools

Implications for banking buyersManage stringent compliance requirements being outlined by regulators in the post-recessionary scenario; and adapt to changing customer preferences through investments in technology that enhances customer experience



Implications for service providersBuild deep vertical domain expertise to differentiate and effectively combat the “Matthew Effect”

In the crowded banking AO provider landscape, buyers are placing disproportionate emphasis on domain expertise as a key selection criteria for service providers. Buyers are looking for technology that can reduce time-to-market for their products, and developing customer- focused solutions, and innovative products.

To deliver these benefits, providers need to invest in domain capabilities (build IP/solution accelerators) and develop expertise in individual LoBs within banking (e.g., mortgage, credit cared specialization). This micro-vertical approach to differentiation will be key to the future success of service providers

Build micro-vertical expertise to achieve/sustain differentiation

As buyer-driven portfolio consolidation drives M&A among service providers, the landscape is exhibiting signs of the “Matthew effect” (rich get richer and poor get poorer) or in this case the “big get bigger”. This phenomenon could further widen the gap between the Leaders, Major Contenders and Emerging Players. As these relatively “smaller” service providers seek to achieve growth and remain competitive in this environment, M&A and alliances will play a significant role to achieve quantum jumps in capability and performance:

Major Contenders looking to more effectively compete with the Leaders need to expand their coverage and scope of offerings, enhance domain expertise, increase onshore presence, broaden global delivery footprint, strengthen sales and marketing capabilities to win new business, and build robust account management practices that can help drive growth in existing accounts

Emerging Players need to identify market niches to go after. As these providers rely on a select set of clients it remains critical for them to demonstrate superior value consistently to protect these accounts from any portfolio consolidation initiatives

Major Contenders and Emerging Players to prepare for “The Matthew effect”



Implications for service providersPrepare for a new competitive landscape as buyer-driven portfolio consolidation accelerates M&A activity

3

10

1

Leaders MajorContenders

EmergingPlayers

M&A transactions in 2010 that enhance BFSI capabilitiesNumber

Post-recession, M&A activity in the outsourcing and offshoring industry gathered momentum

M&A activity in the Major Contenders category is significantly higher than that for the Leaders or Emerging Players

These M&A events are likely to alter the landscape in coming years and create a new set of Leaders and Major Contenders



Agenda





Q&A


Q&A

Attendees will receive an email enabling them to download today’s webinar presentation. To access a recorded audio version of this webinar, please contact Mark Williamson, [email protected]

For advice or research on the BFSI outsourcing and offshoring market, please contact: Amneet Singh, [email protected] Jimit Arora, [email protected] Rajat Juneja, [email protected]

For background information on Everest Group, please visit: www.everestgrp.com www.everstresearchinstitute.com

Thank you for attending today

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IT Application Outsourcing in Banking: Market trends, evolving service provider landscape, and...

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