APAC-BFSI-Outlook-2017

Outlook At a time of slowing global growth in the banking and financial services sector, o¥shore units may gain greater prominence. While the Philippines has emerged as a strong competitor to India over the last few years in the “voice” business, India will likely reap benefits from o¥ering specialized services, as well as from strong domestic demand. Given India’s large population base and commercial oŸce stock, the potential for businesses to scale up in the country in response to growing global demand is likely to be higher.

Overall, India’s cost di¥erentials and ability to boost the ease of doing business² and reduce infrastructure bottlenecks will dictate the growth of its o¥shore centers. On the other hand, the growth of the Philippines and its ability to move up the value chain to o¥er specialized services of higher value and critical to the core operations of clients, will boost the country’s IT-BPM market. Going forward, it will be imperative for companies o¥shoring in both countries

SIDDHART GOEL Senior Director Research Services, India T: +91 80 4046 5506 siddhart.goel@ap.cushwake.com

to also place more emphasis on the customer experience and make analytics an integral part of their model.

VAISHNAVI BALA Manager Research Services, India T: +91 22 6771 5555 vaishnavi.bala@ap.cushwake.com

² A high ranking for ease of doing business means the regulatory environment is more conducive to the establishment and operation of local firms. In the World Bank’s Doing Business 2016 report, India moved up 12 places to rank 130

JANLO DE LOS REYES Senior Manager Research & Consultancy, Philippines T: +63 2 554 29 27 janlo.delosreyes@ap.cushwake.com

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