Tax services have been identified as the function to most successfully outsource, according to 52 percent of respondents to a SIX Securities Services survey.
The research showed that 80 percent of respondents based in Switzerland feel far more strongly about outsourcing tax services, compared to the 55 percent based in the UK.
According to 72 percent of respondents, a “lack of differentiation” is primary driver behind outsourcing services, compared to 53 percent who suggested it is more cost effective.
Out of those surveyed, 20 percent said they were concerned about losing ‘know how’ when outsourcing, while the percentage said they are committed to a long-term contract.
Thomas Zeeb, division CEO of SIX Securities Services, commented: “It is promising to see that whilst financial institutions have concerns over outsourcing, they are realising that this is a genuine way of reducing costs and becoming more efficient throughout different parts of the value chain.”
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