Challenges - are they really challenging?
There is economic slow down across the world. Large global banks today are trying to cut down on costs by outsourcing heavily to India. This has resulted into having multiple vendors doing multiple contracts within a Line of business. A typical strategy adopted by these institutes is to have few global vendors, few local vendors and keep them competing with each other. This way they get the best of both worlds, highly reliable and predictable output from the global vendors and niche technology skills from the local vendors. The challenge however begins when the majority of application knowledge which resided within the bank resides with multiple vendors in pockets. Numerous contracts with various vendors also result in different operating levels and therefore conflicting priorities.
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