Shared Services Industry Specifics and Trends in the European FS Market
External and internal drivers show that financial services industry is facing drastic changes in how they do business.
Banks will have to restructure significantly as common business models are being challenged by the current market situation.
Further consolidation within the banking industry is expected and the industry is facing further regulations.
Even though the insurance sector has not been as dramatically affected by the financial market crisis, it will also have to restructure its business due to decreasing customer loyality and margin erosion.
Facts & Figures:
Immense efforts have been taken in all markets of the financial services industry to improve efficiency and operational readiness.
One established approach to effectively do this has been the Shared Services Centre (SSC) concept.
We can define SSCs as organisational units that providing supporting processes to customers beyond the demand of one single business unit and focus on the shared use of resources.
The financial services industry has experienced some very encouraging examples of SSCs.