Source: Hindustan Times

Offshoring in the financial services industry has happened much faster than anyone predicted with India accounting for four-fifths of the global market, a report has said.

"Offshoring revolution in the financial services industry has happened much faster than anyone predicted and with far greater consequences with India currently accounting for around four-fifths of the global market," the report said.

India has been gaining market share from established centres such as Ireland, Canada and China. The closest competitor for now appears to be the Philippines, it said.

However, some concerns has been raised that India's success might complicate it's future, as demand for skilled workers increases pressure on wages, a report prepared by consulting firm Deloitte & Touche said.

Full Story...

Posted by pichu at June 19, 2007 11:31 AM