Offshoring functions save companies millions of dollars a year, and as the practice matures, financial institutions are moving to the next stage of optimizing their offshoring operations, according to Deloitte & Touche's fourth "Global Financial Services Offshoring" report, based on interviews with 36 financial institutions in eight countries.

"Offshoring is maturing at a rapid pace, but in the future, the best offshoring strategies will not and can not, be based on labor arbitrage alone," said Chris Gentle, associate partner and author of the study.

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