Research On The Status And Competitive Forces In Financial Outsourcing Industry Of Jiangsu Province

Financial outsourcing, which originated in the developed markets of Europe andthe United States in the1970s, has become a remarkable new industry after fourdecades of development. At present, financial outsourcing has accounted for nearly40%in the global outsourcing market. Along with the arrival of high-speed growth ofoutsourcing in financial services and the catalyst of openness of financial sector anddevelopment of trade economy, the development of this industry will enhance to acertain level. China’s outsourcing in financial services has begun to sail. As a largeoutsourcing service exporting province, Jiangsu Province should promptly grasp thenew opportunities to promote economic growth and industrial restructuring and developoutsourcing industry in financial service.On the basis of existing research, this paper, supported by financial outsourcingtheory and industry competitiveness theory, collected a large number of the latest newsand data base of development of outsourcing in financial services, combined qualitativeand quantitative analysis method, and deeply analyze the comprehensivecompetitiveness of financial outsourcing in Jiangsu Province.First, this paper selectedthe GEM theoretical framework which is more suitable for the development status offinancial service outsourcing in Jiangsu Province, analyzed from groudings, marketsand enterprises in detail. Second, based on consideration of data availability, it set acompetitiveness evaluation system of outsourcing in financial services, which coveredfifteen factors in economic environment, industry environment, social environment,technological environment, human resources environment, policy environment andgeographic environment. Also, this paper applied Factor Analysis and Grey RelationalAnalysis to analyze and evaluate competitiveness of four main financial outsourcingsupplier cities in Jiangsu Province, compared with other fifteen domestic financial outsourcing supplier cities.The conclusions were made: in terms of integral competitiveness, Nanjing andSuzhou rank upper level, Wuxi and Changzhou rank middle or lower level. Industryenvironment, policy environment and human resources environment are key factors inrestricting their integral competitiveness. Positively, the upper-level economicenvironment provides a strong support to financial outsourcing industry development ofJiangsu Province. In order to achieve industrial transformation and upgrading, promotethe healthy and rapid development of the outsourcing in financial services inJiangsu,this paper proposed a reasonable division and gradient transfer within industryin Jiangsu Province; the formation of industrial agglomeration of financial outsourcingdepends on base-platform-human resources development; combination of industrialpolicy and economic policy jointly boost the key development of financial outsourcing;fostering well-known brand and playing a brand effect; building financial outsourcingindustry risk prevention and control mechanism, which is the last guarantee of guide thedevelopment of this industry and meantime, reflection of the particularity of thefinancial outsourcing industry that is different from the general service outsourcingindustry.