A Study on Contributing Factors of IT Outsourcing Satisfaction Financial Service Industry in Hong Kong

Abstract

This paper aims to identify the critical success factors in Hong Kong Financial Service Industry IT outsourcing satisfaction and propose possible satisfaction rate boosts. A hybrid methodology (qualitative and quantitative) was adopted to analyze the variables and their relationship thoroughly. The six members focus group was formed to discuss IT outsourcing, and the survey was conducted to collect 447 valid responses for data analysis. The six critical success factors were Perceived Information Security Risk, Quality of Service Provider, Contract Management, Internal Contract Experience, Communication and Regulatory Policy, identified to support satisfaction of Hong Kong FSI IT outsourcing after conducting the analysis. Three recommendations are proposed to improve IT outsourcing satisfaction based on the findings of critical success factors: (1) A Build-up of Vendor Evaluation Framework, (2) Enhancement for Knowledge Management, and (3) Enhance Performance Monitoring. The snowball sampling method might have introduced biased information. In future research, a more extensive research scale would be required to understand the whole population, which would be more appropriate for the industry to understand the need and construct any policy. This paper is a holistic approach to identifying factors that affect Hong Kong FSI IT outsourcing satisfaction. In addition, practical recommendations were proposed to improve those factors, thereby increasing the satisfaction rate of IT outsourcing.