SOURCE: Kennedy Consulting Research & Advisory

Kennedy Consulting Research & Advisory

March 11, 2010 10:13 ET

Financial Services Practices -- Setting a New Global Consulting Market Trend

Kennedy Consulting Research & Advisory Explores How Financial Services Consultancies' Recent Initiatives Will Impact the Overall Consulting Market Down the Line

PETERBOROUGH, NH--(Marketwire - March 11, 2010) -  With respect to the evolution of their services portfolio, consultancies serving the Financial Services industry stand to lead the overall consulting market in developing new trends. Rather than venture upstream into management consulting (specifically business strategy), Financial Services consulting practices are instead working to develop and emphasize stronger IT capabilities.

Such a move is not only an effect of client organizations' growing demand for more advanced IT capabilities paired with greater industry depth. It is also a savvy way for Financial Services practices to improve margins and penetrate new markets. New Kennedy research, Financial Services Consulting Marketplace shows that the emphasis on IT by Financial Services clients signifies the eventual move towards IT consulting across the global consulting market.

"Although few Financial Services consulting practices, such as Capgemini, TCS and Wipro, continue to push upstream, more practices are expanding their IT competencies," says Kelly Matthews, Associate Director, Kennedy Consulting Research & Advisory. "Financial Services consultancies paved the road for industry-wide adoption of outsourcing and offshore activities, and we can expect the same for the move toward strong IT consulting capabilities. I can definitely see such movement, just five years out."

In addition to developing IT capabilities, Kennedy also has a keen eye on Risk advisory, expecting greater attention to be paid to this area throughout the forecast period of 2009-2012. While financial institutions are well-versed in the concepts of risk, existing risk management processes and systems are clearly inadequate. The challenges for Financial Services clients going forward will be related to core enterprise risk. Core enterprise risk potentially can lead to ERM or integrated Risk Management consulting, which addresses the convergence of all types of risk.

"True risk transformation is needed across the financial services industry," says Kelly Matthews. "Projects related to Financial Services projects will be best accomplished with consultants that can provide integrated Risk Management across, finance, IT, regulations, operations and HR." Yet, Financial Services Consulting Marketplace shows that few consultancies have such far reaching, sustained strength, begging firms to step up to the plate in an effort to help their clients through this challenging period.

Financial Services Consulting Marketplace assesses the following practices on the current state of their service offerings as well as their momentum within the Financial Services consulting market: ABeam, Accenture, AlixPartners, Altran, Alvarez & Marsal, Aon, Atos Origin, Bain & Company, BDO International, BearingPoint, The Boston Consulting Group, Booz & Co., Capgemini, Cognizant, CSC, Crowe Horwath, Deloitte, Ernst & Young, Fujitsu, FTI Consulting, First Manhattan Consulting Group (FMCG), Grant Thornton, Greenwich Associates, IBM, Infosys, HP, Hitachi Consulting, KPMG, Kroll, NTT Data, Oliver Wyman, Oracle Consulting, PricewaterhouseCoopers, Roland Berger, SAP, TCS, and Wipro. 

The strongest management consulting, business advisory services (BAS) and IT practices serving the Financial Services consulting market are featured in The Kennedy Vanguard of Financial Services Management Practices,2009; The Kennedy Vanguard of Financial Services BAS Practices, 2009; and The Kennedy Vanguard of Financial Services IT Consulting Practices, 2009 respectively. Vanguard consulting practices are developed for all of Kennedy's research offerings, and are relied upon by the world's top organizations to rationalize their consulting spend with major service providers.

About Kennedy Consulting Research & Advisory

Since 1970, Kennedy Consulting Research & Advisory has been the world's leading source of market analysis on the Management and IT consulting industries, serving the most highly regarded professional services firms and Fortune 500 companies across the globe.

Kennedy provides accurate and reliable market sizing and forecasts for consulting services worldwide; needs analysis and vendor profiling for buyers of consulting services; timely and insightful intelligence on the top consulting firms in their respective markets; and operational benchmarks that measure consulting performance. Kennedy Consulting Research & Advisory's research spans multiple service areas, client vertical industries, and geographies. 

Kennedy's stand-alone consulting advisory unit, Kennedy Information Advisors, provides results-oriented strategic guidance to buyers and sellers of consulting services.

Contact Information