et outsourcing in the financial industry is undoubtedly on the rise.
TowerGroup estimates that the top 15 global financial institutions will
increase information technology spending on vendor-direct offshore outsourcing
by 34% annually -- representing an increase from $1.6 billion in 2004 to $3.89
billion in 2008.
Additionally, many leading firms now own and operate their own
"captive" sites in countries like India or China, which allows for better risk
management and IT governance -- and thus a more confident transfer of riskier
IT and business processes to low-cost destinations.
[ The Rich get richer and the Poor get the picture ]