Infosys Technologies and B-Source, a Swiss company providing IT outsourcing and business service provisioning, have announced a technology partnership to provide a 'pay-as-you-transact' model, known as Business Service Provisioning, to European banks in the private banking and asset management sector.
According to the press release, delivered as a service provision model, private banks will have the flexibility and scalability to expand their operations outside the traditional European markets to deliver products and solutions to the increasing global marketplace.
This approach has already been adopted by the Swiss private banking sector. Banca del Gottardo (owned by Swiss Life) recently announced it was outsourcing the majority of its back office administration and IT development, maintenance, and operations to B-Source. BSI (owned by Generali), which already outsources its IT operations and development to B-Source, has also announced it will additionally outsource its back office administration to B-Source.
Infosys EMEA sales director Jitin Goyal commented, "Increasing competition from large conglomerates to drive down costs in services offered to high net worth individuals, is forcing private banks to reassess their operations. Private banks in Europe are also having to respond to an increasing geographical spread of their customers, in markets such as Asia Pacific and the North America."
He added, "Our expertise in managing and delivering predictable IT solutions through our global delivery model will enhance the competitiveness of the B-Source service offering, to enable banks to benefit from economies of scale that large financial conglomerates take for granted."