U.S. financial service providers (FSPs) are expected to spend $65.7 million on IT services in 2005, however less than 30 percent of FSPs will outsource any strategic projects by the end of 2006, according to Gartner, Inc.

"Most FSPs currently use outsourcing tactically to augment staff for faster project turnaround or to reduce operational costs, rather than for strategic value," said Kimberly Harris-Ferrante, research vice president at Gartner. "FSPs should now begin outsourcing strategic projects in order to gain larger-scale, enterprise-wide value."

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