Research On The Competitiveness Of Hangzhou Undertaking Offshore Financial Service Outsourcing

Finance is the core of modern economy, and competition in the financial sector has become the most important part of international competition. Financial service outsourcing has become an important way of reducing costs and enhancing core competitiveness of financial enterprises. Moreover, it brings incalculable market opportunities to those countries and regions which undertake financial service outsourcing. IDC data shows that, as early as2009, financial service outsourcing has ranked the1st of global outsourcing market with the scale of S186.6billion. Obviously, as an emerging industry, the development of financial service outsourcing has become an irreversible trend.Since2008, many domestic demonstration cites of service outsourcing have started to establish financial background centers and make every effort to develop offshore financial service outsourcing. In2009, Hangzhou also set the financial services industry as one of the "eight industries’development goals and proposed the goal of becoming one of internationally renowned financial service outsourcing delivery centers. Within five years, the market size of Hangzhou offshore financial service outsourcing industry has nearly tripled, which contributes a lot to promote service exports and promote urban industrial restructuring. However, Hangzhou is also faced with some difficulties, such as low business levels, small profit margins, the shortage of high-end financial service outsourcing talent, weak intellectual property protection system, etc. So, it has been an important issue of practical significance to further enhance the competitiveness of Hangzhou undertaking offshore financial service outsourcing. In this paper, the combining method of qualitative analysis, quantitative analysis, domestic comparison and international comparison was adopted. And the research was conducted based on the idea of’"raising problem-analyzing problem-solving problem"Firstly, the connotation of offshore financial service outsourcing was defined and the theoretical basis of offshore financial service outsourcing was also introduced in this paper. Besides, the internal and external environment of Hangzhou undertaking offshore financial service outsourcing was analyzed. Secondly, based on the establishment of the evaluation system of the competitiveness of offshore financial service outsourcing, Fuzzy Comprehensive Evaluation Method based on AHP (Analytic Hierarchy Process) and Factor Analysis were applied to evaluate the competitiveness of Hangzhou undertaking offshore financial service outsourcing. The results shows that the competitiveness of Hangzhou undertaking offshore financial service outsourcing was rated "excellent" and ranked6th among21demonstration cites of service outsourcing in our country. Thirdly,"Hangzhou offshore financial service outsourcing leader" Insigma was compared with "Indian outsourcing giant" Infosys, and Hangzhou was also compared with "the famous Indian outsourcing city" Bangalore. International comparison of the competitiveness of Hangzhou undertaking offshore financial service outsourcing was conducted from two perspectives of Enterprises and cities. Finally, some policy recommendations to further enhance the competitiveness of Hangzhou undertaking offshore financial services were also given.