The global recovery among financial institutions around the world has brought about a significant rise in the outsourcing of financial services such as accounting, bookkeeping, tax preparation etc. As predicted in the Everest Research Report which came out last February, the Finance and Accounting Outsourcing (FAO) market has now reverted to its pre-recession levels.
Successful growth in the FAO sector has witnessed massive deals among large players such as Genpact, Accenture and IBM and a steady growth among new players who are taking advantage of expected growth in the global financial services sector. Speaking about this trend, Saurabh Gupta, Research Director of Everest, says, “The mature FAO market is getting increasingly competitive with players vying to carve out unique value propositions to differentiate themselves.”