Study Data · Part 4 · Indicator Deep-Dive Analysis

I want to continue working on projects in the global financial industry

Indicator C026 · By Phil Hatch · Akholi · October 9, 2026

Indicator Specification

Table 1. Indicator specificationTable
FieldValue
Indicator codeC026
Question as askedI want to continue working on projects in the global financial industry.
Failure categoryNot one of the 100 rated indicators
Place in the surveyRespondent Demographics > 1.3 Sentiment and Retention > Career Direction
Indicator classRespondent level
Indicator typeRated, POS
Response scale1 to 10, higher is the better outcome
Answering base784 of 850 respondents, across 150 of 150 engagements
Non-answersI do not know 0, I prefer to not answer 0, blank 66

Summary of Findings

Table 2. Key results: association of the indicator with the four study measuresTable
MeasureFormnr95% CIp
Cancellation rateDescriptive contrast150 engagements−0.57−0.67 to −0.45< 0.001
Customer satisfactionClean estimate94 engagements0.740.63 to 0.82< 0.001
Engagement indicator meanFull150 engagements0.750.67 to 0.81< 0.001
Intent to leaveRespondent level, clustered739 respondents−0.75−0.79 to −0.69< 0.001

The mean rating was 4.9 and the median 5.0 (n = 784 respondents). Ratings of 3 or below, the distressed range, made up 27.30% of the answers. The rating was associated with all four study measures. Higher ratings came with less cancellation (r = −0.57, 95% CI −0.67 to −0.45, p < 0.001, n = 150 engagements), higher customer satisfaction among active engagements (r = 0.74, 95% CI 0.63 to 0.82, p < 0.001, n = 94 engagements), a higher engagement indicator mean (r = 0.75, 95% CI 0.67 to 0.81, p < 0.001, n = 150 engagements) and lower intent to leave (r = −0.75, cluster bootstrap 95% CI −0.79 to −0.69, p < 0.001 with standard errors clustered by engagement, n = 739 respondents). After Holm correction, ratings differed by engagement status and lifecycle stage (Welch F 26.91, Holm p < 0.001, omega squared 0.312) and respondent role (Welch F 12.23, Holm p < 0.001, omega squared 0.023).

No written response addressed the indicator.

Distribution of Ratings

Table 3. Distribution of ratings, respondent levelTable
AnswerRespondentsShare of answered (base 784)Cumulative shareEngagements with at least oneShare of 150 engagementsDistressed
1516.51%6.51%3422.67%Yes
2597.53%14.03%3825.33%Yes
310413.27%27.30%6241.33%Yes
410012.76%40.05%6644.00%No
517221.94%61.99%9261.33%No
611514.67%76.66%7147.33%No
79111.61%88.27%5939.33%No
8557.02%95.28%3624.00%No
9273.44%98.72%1610.67%No
10101.28%100.00%64.00%No
I do not know0Not in baseNot in base00.00%Not applicable
I prefer to not answer0Not in baseNot in base00.00%Not applicable
Answered, total784100.00%150100.00%
Table 4. Distribution of ratings, engagement levelTable
Engagement level summaryEngagementsMean of engagement meansSDMinMedianMaxEngagements with a distressed meanShare of engagements distressed
Engagement means, goodness view1504.91.81.35.09.62718.00%

Ratings of 3 or below the distressed range, accounted for 214 of the 784 answers (27.30%). The engagement mean fell in the distressed range in 27 of 150 engagements.

Descriptive Statistics by Segment

Table 5a. Descriptive statistics by segment, part 1 of 2Table
SegmentBaseAnsweredAnswer rateEngagementsMean95% CISD
Study set85078492.24% of 8501504.94.8 to 5.12.1
Outsourcing model
CXM23221994.40% of 232425.14.8 to 5.32.1
ITO24422290.98% of 244404.84.6 to 5.01.8
BPO20919392.34% of 209374.94.6 to 5.32.4
KPO16515090.91% of 165314.94.5 to 5.22.3
Institution type
Asset management13212292.42% of 132244.84.4 to 5.22.2
Wealth management and private banking14012589.29% of 140235.14.8 to 5.52.0
Investment banking (advisory and capital-markets origination)1059893.33% of 105194.23.8 to 4.72.0
Insurance (life, property and casualty, health)787596.15% of 78144.84.4 to 5.32.0
Commercial and business banking827490.24% of 82135.04.6 to 5.52.0
Payments and merchant acquiring (networks, acquiring, processing)716692.96% of 71135.04.5 to 5.52.1
Credit card and payments issuing736791.78% of 73125.14.5 to 5.62.3
Retail and consumer banking736893.15% of 73125.95.4 to 6.31.9
Markets and trading (sales and trading, global markets)575392.98% of 57114.94.4 to 5.52.0
Private equity and private capital393692.31% of 3994.33.5 to 5.12.2
Process family
Corporate and back-office functions24823092.74% of 248474.74.4 to 5.02.2
Technology engineering and operations20418088.24% of 204355.14.9 to 5.41.8
Client servicing and communications949297.87% of 94164.94.5 to 5.32.0
Trade, settlement and reconciliation807492.50% of 80154.64.0 to 5.12.2
Payments, cards and disputes736791.78% of 73125.75.2 to 6.32.3
Credit, underwriting and suitability575392.98% of 5795.04.4 to 5.72.3
Regulatory, audit, tax and legal514996.08% of 5194.64.1 to 5.11.9
Financial crime and client onboarding433990.70% of 4374.73.9 to 5.52.5
Class of work
LOB Operational45142494.01% of 451765.04.8 to 5.22.2
Corporate Functional39936090.23% of 399744.84.6 to 5.02.1
Engagement status and lifecycle stage
Active, Build-Out17516192.00% of 175315.85.5 to 6.12.0
Active, Transition/Cut-Over25023192.40% of 250435.65.3 to 5.81.9
Active, Production1039390.29% of 103205.95.5 to 6.42.1
Canceled32229992.86% of 322563.63.4 to 3.81.7
Respondent role
Individual Contributor66760390.40% of 6671504.84.6 to 4.92.1
Engagement Manager150150100.00% of 1501505.35.0 to 5.72.2
Portfolio Director312993.55% of 31296.2†1.7
Customer Management Executive222 of 22‡
Vendor type
IT services major31628790.82% of 316595.14.9 to 5.31.9
BPO specialist19818794.44% of 198374.54.2 to 4.92.2
Consulting firm11710993.16% of 117235.14.7 to 5.52.1
Boutique or specialist provider878294.25% of 87175.04.5 to 5.52.3
Pure-play agentic AI firm756992.00% of 75145.24.6 to 5.72.4
Not reported, recovered by engagement575087.72% of 57444.43.9 to 4.91.9
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported.
Table 5b. Descriptive statistics by segment, part 2 of 2Table
SegmentMinQ1MedianQ3MaxDistressed nDistressed %
Study set1.03.05.06.010.021427.30%
Outsourcing model
CXM1.04.05.06.510.05324.20%
ITO1.03.05.06.010.05826.13%
BPO1.03.05.07.010.06031.09%
KPO1.03.05.06.010.04328.67%
Institution type
Asset management1.03.05.06.010.03730.33%
Wealth management and private banking1.04.05.07.010.02923.20%
Investment banking (advisory and capital-markets origination)1.03.04.06.09.03636.73%
Insurance (life, property and casualty, health)1.03.05.06.09.02026.67%
Commercial and business banking1.03.05.06.09.02027.03%
Payments and merchant acquiring (networks, acquiring, processing)1.04.05.06.89.01522.73%
Credit card and payments issuing1.03.05.07.010.02029.85%
Retail and consumer banking1.04.86.07.010.068.82%
Markets and trading (sales and trading, global markets)1.03.05.06.010.01630.19%
Private equity and private capital1.02.84.06.09.01541.67%
Process family
Corporate and back-office functions1.03.05.06.010.07432.17%
Technology engineering and operations1.04.05.06.010.03318.33%
Client servicing and communications1.04.05.06.010.01920.65%
Trade, settlement and reconciliation1.03.05.06.09.02736.49%
Payments, cards and disputes1.04.06.07.09.01522.39%
Credit, underwriting and suitability1.03.05.07.09.01630.19%
Regulatory, audit, tax and legal1.03.05.06.09.01530.61%
Financial crime and client onboarding1.03.05.06.59.01538.46%
Class of work
LOB Operational1.03.05.06.310.011627.36%
Corporate Functional1.03.05.06.010.09827.22%
Engagement status and lifecycle stage
Active, Build-Out1.05.06.07.010.02314.29%
Active, Transition/Cut-Over1.05.06.07.010.03615.58%
Active, Production1.04.06.07.010.01415.05%
Canceled1.02.04.05.08.014147.16%
Respondent role
Individual Contributor1.03.05.06.010.017529.02%
Engagement Manager1.04.05.07.010.03624.00%
Portfolio Director3.05.06.07.09.026.90%
Customer Management Executive‡ n = 2
Vendor type
IT services major1.04.05.06.010.06422.30%
BPO specialist1.03.05.06.010.06936.90%
Consulting firm1.04.05.06.010.02522.94%
Boutique or specialist provider1.04.05.06.010.01923.17%
Pure-play agentic AI firm1.03.05.07.09.01927.54%
Not reported, recovered by engagement1.03.04.55.08.01836.00%
Note: ‡ Base under 10. No statistic is reported.

Every figure in the segment tables is at respondent level. Segments with fewer than 30 respondents carry no interval. Segments with fewer than 10 report counts only.

Tests of Difference Between Segments

Table 6a. Tests of difference between segments, part 1 of 2Table
Segment familyWelch FdfpHolm pOmega squared90% CI
Outsourcing model0.153, 77.30.9311.000−0.0180.000 to 0.001
Institution type1.198, 49.50.3241.0000.0050.000 to 0.081
Process family1.114, 38.40.3681.0000.0100.000 to 0.085
Class of work0.311, 147.70.5801.000−0.0050.000 to 0.030
Engagement status and lifecycle stage26.913, 57.3< 0.001< 0.0010.3120.217 to 0.407
Respondent role12.232, 72.8< 0.001< 0.0010.0230.009 to 0.045
Vendor type2.705, 225.20.0220.1080.0100.001 to 0.028
Table 6b. Tests of difference between segments, part 2 of 2Table
Segment familyKruskal-Wallis HpDistressed chi-squaredfpCramer's VLevels excluded
Outsourcing model0.760.8602.5430.4690.13None
Institution type8.500.3866.9880.553, simulated0.22Private equity and private capital, n = 9
Process family5.220.2667.0240.130, simulated0.24Credit, underwriting and suitability, n = 9, Regulatory, audit, tax and legal, n = 9, Financial crime and client onboarding, n = 7
Class of work0.340.5600.0810.7730.02None
Engagement status and lifecycle stage51.90< 0.00119.963< 0.001, simulated0.36None
Respondent role19.09< 0.0017.8220.0200.10Customer Management Executive, n = 2
Vendor type12.210.03215.9650.0070.14None

Segment families recorded at engagement level were tested on engagement means. Respondent role and vendor type were tested on respondents. Where an expected count fell below 5, the test of the distressed share used Fisher's exact test for a two-by-two table, marked exact, or a Monte Carlo test, marked simulated. After Holm correction, ratings differed by engagement status and lifecycle stage (Welch F 26.91, Holm p < 0.001, omega squared 0.312). Active engagements in Production rated highest (mean 5.9, n = 93 respondents) and canceled engagements lowest (mean 3.6, n = 299 respondents). Ratings also differed by respondent role (Welch F 12.23, Holm p < 0.001, omega squared 0.023). Portfolio directors rated highest (mean 6.2, n = 29 respondents) and individual contributors lowest (mean 4.8, n = 603 respondents). Outsourcing model, institution type, process family, class of work and vendor type showed no difference.

Association with Cancellation Rate

Cancellation rate is the share of engagements canceled by the study date, measured at engagement level (150 engagements, 56 canceled). Canceled engagements were rated after cancellation. The association is therefore a descriptive contrast and not a forecast of cancellation.

Table 7a. Association with cancellation rate by segment, part 1 of 2Table
SegmentEngagementsCanceledCancellation ratePoint-biserial r95% CIpHolm p
Study set1505637.33% of 150−0.57−0.67 to −0.45< 0.001< 0.001
Outsourcing model
CXM421535.71% of 42−0.70−0.83 to −0.51< 0.001< 0.001
ITO401537.50% of 40−0.36−0.60 to −0.050.0230.161
BPO371437.84% of 37−0.65−0.81 to −0.42< 0.001< 0.001
KPO311238.71% of 31−0.50−0.73 to −0.180.0040.041
Institution type
Asset management241354.17% of 24−0.63†0.0010.014
Wealth management and private banking23834.78% of 23−0.59†0.0030.033
Investment banking (advisory and capital-markets origination)19947.37% of 19−0.67†0.0020.023
Insurance (life, property and casualty, health)14535.71% of 14−0.62†0.0170.137
Commercial and business banking13430.77% of 13−0.40†0.1750.351
Payments and merchant acquiring (networks, acquiring, processing)13323.08% of 13−0.35†0.2390.351
Credit card and payments issuing12541.67% of 12−0.77†0.0030.034
Retail and consumer banking12433.33% of 12−0.62†0.0300.161
Markets and trading (sales and trading, global markets)11327.27% of 11−0.67†0.0250.161
Private equity and private capital922 of 9‡
Process family
Corporate and back-office functions471940.43% of 47−0.61−0.77 to −0.39< 0.001< 0.001
Technology engineering and operations351028.57% of 35−0.34−0.60 to 0.000.0490.196
Client servicing and communications16956.25% of 16−0.68†0.0040.041
Trade, settlement and reconciliation15853.33% of 15−0.77†< 0.0010.013
Payments, cards and disputes12216.67% of 12−0.55†0.0620.196
Credit, underwriting and suitability911 of 9‡
Regulatory, audit, tax and legal944 of 9‡
Financial crime and client onboarding733 of 7‡
Class of work
LOB Operational763039.47% of 76−0.55−0.69 to −0.37< 0.001< 0.001
Corporate Functional742635.14% of 74−0.59−0.72 to −0.41< 0.001< 0.001
Engagement status and lifecycle stage
Active, Build-Out3100.00% of 31a
Active, Transition/Cut-Over4300.00% of 43a
Active, Production2000.00% of 20a
Canceled5656100.00% of 56a
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported. a Not tested: no variation in cancellation.
Table 7b. Association with cancellation rate by segment, part 2 of 2Table
SegmentOdds ratio per point95% CIAUCRate, distressed engagementsRate, other engagementsFisher pTOST p
Study set0.360.26 to 0.510.8574.07% of 2729.27% of 123< 0.0011.000
Outsourcing model
CXM0.090.02 to 0.570.968 of 820.59% of 34< 0.0011.000
ITO0.510.27 to 0.960.701 of 438.89% of 361.0000.656
BPO0.320.15 to 0.670.896 of 827.59% of 290.0350.997
KPO0.490.28 to 0.860.805 of 729.17% of 240.0780.899
Institution type
Asset management0.31† n = 240.865 of 542.11% of 190.0410.975
Wealth management and private banking0.20† n = 230.833 of 325.00% of 200.0320.954
Investment banking (advisory and capital-markets origination)0.20† n = 190.885 of 528.57% of 140.0110.977
Insurance (life, property and casualty, health)0.29† n = 140.842 of 225.00% of 120.1100.919
Commercial and business banking0.54† n = 130.810 of 133.33% of 121.0000.641
Payments and merchant acquiring (networks, acquiring, processing)0.60† n = 130.801 of 320.00% of 101.0000.572
Credit card and payments issuing0.10† n = 121.001 of 136.36% of 110.4170.985
Retail and consumer banking0.10† n = 120.91a33.33% of 120.897
Markets and trading (sales and trading, global markets)0.24† n = 110.922 of 31 of 80.1520.919
Private equity and private capital‡ n = 9
Process family
Corporate and back-office functions0.350.20 to 0.630.8783.33% of 1225.71% of 350.0010.996
Technology engineering and operations0.480.22 to 1.030.720 of 230.30% of 331.0000.588
Client servicing and communications0.00† n = 160.983 of 346.15% of 130.2130.967
Trade, settlement and reconciliation0.06† n = 150.964 of 436.36% of 110.0770.993
Payments, cards and disputes0.39† n = 120.900 of 118.18% of 111.0000.826
Credit, underwriting and suitability‡ n = 9
Regulatory, audit, tax and legal‡ n = 9
Financial crime and client onboarding‡ n = 7
Class of work
LOB Operational0.410.27 to 0.630.8461.54% of 1334.92% of 630.1180.996
Corporate Functional0.300.17 to 0.520.8785.71% of 1423.33% of 60< 0.0010.999
Engagement status and lifecycle stage
Active, Build-Outb
Active, Transition/Cut-Overb
Active, Productionb
Canceledb
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported. a None in this row. b Not tested: no variation in cancellation.

Across the study set, higher ratings came with less cancellation (r = −0.57, 95% CI −0.67 to −0.45, Holm p < 0.001, n = 150 engagements). The association held after Holm correction in twelve of the 20 segment levels tested.

Association with Customer Satisfaction

Customer satisfaction is the percentage recorded against each engagement. The primary estimate uses the 94 active engagements. A descriptive contrast uses all 150 engagements.

Table 8a. Association with customer satisfaction by segment, part 1 of 2Table
SegmentActive engagementsClean r95% CIpHolm pSpearman rhop
Study set940.740.63 to 0.82< 0.001< 0.0010.75< 0.001
Outsourcing model
CXM270.79†< 0.001< 0.0010.82< 0.001
ITO250.78†< 0.001< 0.0010.85< 0.001
BPO230.79†< 0.001< 0.0010.77< 0.001
KPO190.70†< 0.0010.0050.640.003
Institution type
Asset management110.80†0.0030.0130.88< 0.001
Wealth management and private banking150.83†< 0.0010.0010.83< 0.001
Investment banking (advisory and capital-markets origination)100.13†0.7170.7170.290.416
Insurance (life, property and casualty, health)9‡
Commercial and business banking9‡
Payments and merchant acquiring (networks, acquiring, processing)100.79†0.0060.0190.730.017
Credit card and payments issuing7‡
Retail and consumer banking8‡
Markets and trading (sales and trading, global markets)8‡
Private equity and private capital7‡
Process family
Corporate and back-office functions280.82†< 0.001< 0.0010.88< 0.001
Technology engineering and operations250.71†< 0.001< 0.0010.79< 0.001
Client servicing and communications7‡
Trade, settlement and reconciliation7‡
Payments, cards and disputes100.76†0.0110.0220.90< 0.001
Credit, underwriting and suitability8‡
Regulatory, audit, tax and legal5‡
Financial crime and client onboarding4‡
Class of work
LOB Operational460.750.58 to 0.85< 0.001< 0.0010.73< 0.001
Corporate Functional480.730.57 to 0.84< 0.001< 0.0010.80< 0.001
Engagement status and lifecycle stage
Active, Build-Out310.710.47 to 0.85< 0.001< 0.0010.66< 0.001
Active, Transition/Cut-Over430.800.67 to 0.89< 0.001< 0.0010.82< 0.001
Active, Production200.68†< 0.0010.0050.650.002
Canceled0a
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported. a Not tested: canceled engagements fall outside the active population.
Table 8b. Association with customer satisfaction by segment, part 2 of 2Table
SegmentSlope, points per rating point95% CIR squaredTOST pAll engagementsDescriptive rp
Study set5.134.16 to 6.100.541.0001500.71< 0.001
Outsourcing model
CXM7.68† n = 270.631.000420.83< 0.001
ITO4.91† n = 250.621.000400.55< 0.001
BPO4.62† n = 230.631.000370.77< 0.001
KPO4.66† n = 190.500.988310.67< 0.001
Institution type
Asset management4.06† n = 110.640.987240.73< 0.001
Wealth management and private banking4.91† n = 150.680.999230.74< 0.001
Investment banking (advisory and capital-markets origination)1.39† n = 100.020.319190.670.002
Insurance (life, property and casualty, health)‡ n = 9
Commercial and business banking‡ n = 9
Payments and merchant acquiring (networks, acquiring, processing)6.29† n = 100.630.979130.630.022
Credit card and payments issuing‡ n = 7
Retail and consumer banking‡ n = 8
Markets and trading (sales and trading, global markets)‡ n = 8
Private equity and private capital‡ n = 7
Process family
Corporate and back-office functions5.90† n = 280.671.000470.77< 0.001
Technology engineering and operations5.12† n = 250.500.996350.55< 0.001
Client servicing and communications‡ n = 7
Trade, settlement and reconciliation‡ n = 7
Payments, cards and disputes4.77† n = 100.580.965120.770.004
Credit, underwriting and suitability‡ n = 8
Regulatory, audit, tax and legal‡ n = 5
Financial crime and client onboarding‡ n = 4
Class of work
LOB Operational5.534.03 to 7.030.561.000760.71< 0.001
Corporate Functional4.713.42 to 6.010.541.000740.72< 0.001
Engagement status and lifecycle stage
Active, Build-Out3.972.46 to 5.480.500.999310.71< 0.001
Active, Transition/Cut-Over6.655.11 to 8.200.651.000430.80< 0.001
Active, Production4.37†0.460.984200.68< 0.001
Canceleda
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported. a Not tested: canceled engagements fall outside the active population.

Across the active engagements, higher ratings came with higher customer satisfaction (r = 0.74, 95% CI 0.63 to 0.82, Holm p < 0.001, n = 94 engagements). The association held after Holm correction in fifteen of the 16 segment levels tested.

Association with the Engagement Indicator Mean

The engagement indicator mean is the mean of an engagement's ratings across the rated indicators, measured at engagement level (150 engagements). The indicator does not enter the mean.

Table 9a. Association with the engagement indicator mean by segment, part 1 of 2Table
SegmentEngagementsLeave-one-out r95% CIpHolm pSpearman rhop
Study set1500.750.67 to 0.81< 0.001< 0.0010.74< 0.001
Outsourcing model
CXM420.810.68 to 0.90< 0.001< 0.0010.84< 0.001
ITO400.650.42 to 0.80< 0.001< 0.0010.64< 0.001
BPO370.850.72 to 0.92< 0.001< 0.0010.80< 0.001
KPO310.710.47 to 0.85< 0.001< 0.0010.65< 0.001
Institution type
Asset management240.76†< 0.001< 0.0010.630.001
Wealth management and private banking230.76†< 0.001< 0.0010.68< 0.001
Investment banking (advisory and capital-markets origination)190.61†0.0050.0250.680.001
Insurance (life, property and casualty, health)140.89†< 0.001< 0.0010.86< 0.001
Commercial and business banking130.73†0.0050.0250.710.006
Payments and merchant acquiring (networks, acquiring, processing)130.79†0.0010.0100.84< 0.001
Credit card and payments issuing120.91†< 0.001< 0.0010.88< 0.001
Retail and consumer banking120.65†0.0230.0460.690.014
Markets and trading (sales and trading, global markets)110.84†0.0010.0100.790.004
Private equity and private capital9‡
Process family
Corporate and back-office functions470.790.66 to 0.88< 0.001< 0.0010.77< 0.001
Technology engineering and operations350.670.44 to 0.82< 0.001< 0.0010.70< 0.001
Client servicing and communications160.83†< 0.001< 0.0010.730.001
Trade, settlement and reconciliation150.65†0.0090.0280.630.012
Payments, cards and disputes120.78†0.0030.0160.750.005
Credit, underwriting and suitability9‡
Regulatory, audit, tax and legal9‡
Financial crime and client onboarding7‡
Class of work
LOB Operational760.730.60 to 0.82< 0.001< 0.0010.70< 0.001
Corporate Functional740.780.68 to 0.86< 0.001< 0.0010.78< 0.001
Engagement status and lifecycle stage
Active, Build-Out310.770.57 to 0.88< 0.001< 0.0010.71< 0.001
Active, Transition/Cut-Over430.660.45 to 0.80< 0.001< 0.0010.64< 0.001
Active, Production200.72†< 0.0010.0030.69< 0.001
Canceled560.18−0.09 to 0.420.1880.1880.170.205
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported.
Table 9b. Association with the engagement indicator mean by segment, part 2 of 2Table
Segmentr with indicator includedChange in rSlope95% CIR squaredTOST pEquivalent
Study setNot a component0.610.52 to 0.700.571.000No
Outsourcing model
CXMNot a component0.730.56 to 0.890.661.000No
ITONot a component0.560.35 to 0.780.420.997No
BPONot a component0.550.43 to 0.670.721.000No
KPONot a component0.580.36 to 0.800.500.999No
Institution type
Asset managementNot a component0.60† n = 240.580.999No
Wealth management and private bankingNot a component0.65† n = 230.570.999No
Investment banking (advisory and capital-markets origination)Not a component0.41† n = 190.380.948No
Insurance (life, property and casualty, health)Not a component0.76† n = 140.791.000No
Commercial and business bankingNot a component0.60† n = 130.530.973No
Payments and merchant acquiring (networks, acquiring, processing)Not a component0.72† n = 130.630.992No
Credit card and payments issuingNot a component0.57† n = 120.841.000No
Retail and consumer bankingNot a component0.68† n = 120.420.916No
Markets and trading (sales and trading, global markets)Not a component0.74† n = 110.700.994No
Private equity and private capital‡ n = 9
Process family
Corporate and back-office functionsNot a component0.630.49 to 0.780.631.000No
Technology engineering and operationsNot a component0.650.40 to 0.900.450.998No
Client servicing and communicationsNot a component0.80† n = 160.690.999No
Trade, settlement and reconciliationNot a component0.47† n = 150.420.945No
Payments, cards and disputesNot a component0.52† n = 120.610.987No
Credit, underwriting and suitability‡ n = 9
Regulatory, audit, tax and legal‡ n = 9
Financial crime and client onboarding‡ n = 7
Class of work
LOB OperationalNot a component0.600.47 to 0.740.531.000No
Corporate FunctionalNot a component0.620.51 to 0.740.621.000No
Engagement status and lifecycle stage
Active, Build-OutNot a component0.480.33 to 0.630.591.000No
Active, Transition/Cut-OverNot a component0.520.33 to 0.700.430.999No
Active, ProductionNot a component0.55† n = 200.520.994No
CanceledNot a component0.09−0.05 to 0.240.030.174No
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported.

Higher ratings came with a higher engagement indicator mean (r = 0.75, 95% CI 0.67 to 0.81, Holm p < 0.001, n = 150 engagements). The association held after Holm correction in twenty-three of the 24 segment levels tested.

Association with Intent to Leave

Intent to leave is the answer to C019, “How likely are you to leave your current job in the next 12 months?”, rated 1 to 10. It is measured at respondent level on up to 798 respondents, with the engagement-level form reported alongside.

Table 10a. Association with intent to leave by segment, part 1 of 2Table
SegmentRespondentsr95% CICluster bootstrap 95% CIpHolm p
Study set739−0.75−0.78 to −0.71−0.79 to −0.69< 0.001< 0.001
Outsourcing model
CXM203−0.76−0.81 to −0.70−0.84 to −0.64< 0.001< 0.001
ITO212−0.68−0.74 to −0.59−0.78 to −0.52< 0.001< 0.001
BPO182−0.81−0.85 to −0.75−0.86 to −0.72< 0.001< 0.001
KPO142−0.72−0.79 to −0.63−0.84 to −0.54< 0.001< 0.001
Institution type
Asset management114−0.77−0.83 to −0.68−0.87 to −0.55< 0.001< 0.001
Wealth management and private banking118−0.71−0.79 to −0.61−0.81 to −0.55< 0.001< 0.001
Investment banking (advisory and capital-markets origination)91−0.61−0.72 to −0.46−0.80 to −0.33< 0.001< 0.001
Insurance (life, property and casualty, health)68−0.77−0.85 to −0.65−0.88 to −0.57< 0.001< 0.001
Commercial and business banking70−0.71−0.81 to −0.57−0.83 to −0.48< 0.001< 0.001
Payments and merchant acquiring (networks, acquiring, processing)64−0.78−0.86 to −0.66−0.89 to −0.61< 0.001< 0.001
Credit card and payments issuing64−0.79−0.87 to −0.68−0.88 to −0.56< 0.001< 0.001
Retail and consumer banking64−0.75−0.84 to −0.61−0.87 to −0.49< 0.001< 0.001
Markets and trading (sales and trading, global markets)51−0.77−0.86 to −0.63−0.90 to −0.51< 0.001< 0.001
Private equity and private capital35−0.84−0.92 to −0.70§ n = 9< 0.001< 0.001
Process family
Corporate and back-office functions211−0.78−0.83 to −0.72−0.86 to −0.67< 0.001< 0.001
Technology engineering and operations171−0.67−0.75 to −0.58−0.77 to −0.51< 0.001< 0.001
Client servicing and communications87−0.66−0.76 to −0.52−0.83 to −0.30< 0.001< 0.001
Trade, settlement and reconciliation70−0.77−0.85 to −0.65−0.87 to −0.52< 0.001< 0.001
Payments, cards and disputes65−0.84−0.90 to −0.75−0.91 to −0.68< 0.001< 0.001
Credit, underwriting and suitability50−0.82−0.89 to −0.70§ n = 9< 0.001< 0.001
Regulatory, audit, tax and legal47−0.62−0.77 to −0.40§ n = 9< 0.001< 0.001
Financial crime and client onboarding38−0.74−0.86 to −0.55§ n = 7< 0.001< 0.001
Class of work
LOB Operational400−0.73−0.77 to −0.68−0.79 to −0.65< 0.001< 0.001
Corporate Functional339−0.77−0.81 to −0.73−0.84 to −0.69< 0.001< 0.001
Engagement status and lifecycle stage
Active, Build-Out152−0.82−0.86 to −0.75−0.86 to −0.73< 0.001< 0.001
Active, Transition/Cut-Over219−0.81−0.85 to −0.75−0.86 to −0.72< 0.001< 0.001
Active, Production88−0.84−0.89 to −0.77−0.91 to −0.70< 0.001< 0.001
Canceled280−0.20−0.31 to −0.08−0.31 to −0.09< 0.0010.002
Respondent role
Individual Contributor559−0.75−0.78 to −0.71−0.80 to −0.69< 0.001< 0.001
Engagement Manager150−0.77−0.83 to −0.70−0.83 to −0.70< 0.001< 0.001
Portfolio Director29−0.56††0.0020.002
Customer Management Executive1‡
Vendor type
IT services major276−0.72−0.77 to −0.66−0.79 to −0.62< 0.001< 0.001
BPO specialist173−0.75−0.81 to −0.68−0.84 to −0.62< 0.001< 0.001
Consulting firm103−0.75−0.82 to −0.65−0.86 to −0.55< 0.001< 0.001
Boutique or specialist provider75−0.80−0.87 to −0.69−0.89 to −0.60< 0.001< 0.001
Pure-play agentic AI firm66−0.82−0.89 to −0.72−0.90 to −0.68< 0.001< 0.001
Not reported, recovered by engagement46−0.59−0.75 to −0.37−0.82 to −0.30< 0.001< 0.001
Note: § Too few engagements for a cluster bootstrap interval. † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported.
Table 10b. Association with intent to leave by segment, part 2 of 2Table
SegmentSpearman rhopShare at 7 or above, distressedShare at 7 or above, otherEngagementsEngagement level r95% CITOST p
Study set−0.72< 0.00195.48% of 19938.70% of 540150−0.87−0.90 to −0.821.000
Outsourcing model
CXM−0.76< 0.00191.84% of 4929.87% of 15442−0.88−0.94 to −0.791.000
ITO−0.61< 0.00194.44% of 5448.10% of 15840−0.81−0.89 to −0.661.000
BPO−0.80< 0.00196.36% of 5537.01% of 12737−0.94−0.97 to −0.881.000
KPO−0.68< 0.001100.00% of 4139.60% of 10131−0.83−0.91 to −0.671.000
Institution type
Asset management−0.71< 0.001100.00% of 3451.25% of 8024−0.83†1.000
Wealth management and private banking−0.69< 0.00188.46% of 2636.96% of 9223−0.88†1.000
Investment banking (advisory and capital-markets origination)−0.58< 0.001100.00% of 3245.76% of 5919−0.81†0.999
Insurance (life, property and casualty, health)−0.78< 0.00194.44% of 1834.00% of 5014−0.85†0.999
Commercial and business banking−0.71< 0.00189.47% of 1927.45% of 5113−0.83†0.998
Payments and merchant acquiring (networks, acquiring, processing)−0.77< 0.00193.33% of 1540.82% of 4913−0.91†1.000
Credit card and payments issuing−0.76< 0.00194.74% of 1940.00% of 4512−0.94†1.000
Retail and consumer banking−0.73< 0.001‡ n = 636.21% of 5812−0.88†0.999
Markets and trading (sales and trading, global markets)−0.76< 0.001100.00% of 1622.86% of 3511−0.91†1.000
Private equity and private capital−0.82< 0.00192.86% of 1442.86% of 219‡‡
Process family
Corporate and back-office functions−0.76< 0.00197.01% of 6736.11% of 14447−0.86−0.92 to −0.771.000
Technology engineering and operations−0.64< 0.00190.00% of 3039.72% of 14135−0.79−0.89 to −0.631.000
Client servicing and communications−0.56< 0.00194.44% of 1855.07% of 6916−0.86†1.000
Trade, settlement and reconciliation−0.75< 0.001100.00% of 2452.17% of 4615−0.93†1.000
Payments, cards and disputes−0.82< 0.00193.33% of 1514.00% of 5012−0.98†1.000
Credit, underwriting and suitability−0.81< 0.00193.33% of 1520.00% of 359‡‡
Regulatory, audit, tax and legal−0.54< 0.00193.33% of 1550.00% of 329‡‡
Financial crime and client onboarding−0.70< 0.001100.00% of 1539.13% of 237‡‡
Class of work
LOB Operational−0.71< 0.00196.33% of 10940.55% of 29176−0.89−0.93 to −0.831.000
Corporate Functional−0.74< 0.00194.44% of 9036.55% of 24974−0.86−0.91 to −0.791.000
Engagement status and lifecycle stage
Active, Build-Out−0.80< 0.00181.82% of 2215.38% of 13031−0.96−0.98 to −0.921.000
Active, Transition/Cut-Over−0.78< 0.00188.24% of 3416.22% of 18543−0.94−0.97 to −0.901.000
Active, Production−0.83< 0.00192.31% of 1312.00% of 7520−0.95†1.000
Canceled−0.20< 0.001100.00% of 130100.00% of 15056−0.42−0.61 to −0.180.840
Respondent role
Individual Contributor−0.72< 0.00196.27% of 16139.45% of 398150−0.85−0.89 to −0.801.000
Engagement Manager−0.75< 0.00191.67% of 3636.84% of 114150−0.77−0.83 to −0.701.000
Portfolio Director−0.59< 0.001‡ n = 237.04% of 2729−0.56†0.949
Customer Management Executive‡ n = 1
Vendor type
IT services major−0.69< 0.00195.16% of 6243.46% of 21459−0.87−0.92 to −0.791.000
BPO specialist−0.73< 0.00196.88% of 6437.61% of 10937−0.87−0.93 to −0.751.000
Consulting firm−0.73< 0.001100.00% of 2332.50% of 8023−0.83†1.000
Boutique or specialist provider−0.76< 0.00188.89% of 1842.11% of 5717−0.91†1.000
Pure-play agentic AI firm−0.82< 0.001100.00% of 1630.00% of 5014−0.93†1.000
Not reported, recovered by engagement−0.62< 0.00187.50% of 1633.33% of 3041−0.58−0.75 to −0.330.984
Note: † Base under 30. No interval is reported. ‡ Base under 10. No statistic is reported.

Respondents who gave higher ratings reported lower intent to leave (r = −0.75, 95% CI −0.78 to −0.71, Holm p < 0.001, n = 739 respondents). The association held after Holm correction in thirty-seven of the 37 segment levels tested.

Comparison of Associations Across the Four Measures

Table 11. Associations across the four measuresTable
MeasureFormUnitnr95% CIpEquivalent to zeroRank among the four
Cancellation rateDescriptive contrastEngagement150−0.57−0.67 to −0.45< 0.001No4
Customer satisfactionClean estimateEngagement940.740.63 to 0.82< 0.001No3
Engagement indicator meanFullEngagement1500.750.67 to 0.81< 0.001No1
Intent to leaveRespondent level, clusteredRespondent739−0.75−0.79 to −0.69< 0.001No2
Table 12. Pairwise comparison of associationsTable
Pair comparedDifference in rSteiger zpHolm pReading
Cancellation rate and customer satisfaction−0.15−6.74< 0.001< 0.001Differed
Cancellation rate and engagement indicator mean−0.19−4.37< 0.001< 0.001Differed
Cancellation rate and intent to leave−0.31−10.38< 0.001< 0.001Differed
Customer satisfaction and engagement indicator mean−0.04−1.410.1590.159Did not differ
Customer satisfaction and intent to leave−0.17−8.21< 0.001< 0.001Differed
Engagement indicator mean and intent to leave−0.13−5.31< 0.001< 0.001Differed

The four associations were compared in pairs on their engagement-level forms, each oriented so that a higher value is the better outcome, across the 150 engagements with all four measures. After Holm correction, five of the six pairs differed. The association with the engagement indicator mean was the strongest and the association with cancellation the weakest. The associations with customer satisfaction and the engagement indicator mean did not differ (Holm p = 0.159).

Clustering and Effective Sample Size

Table 13. Clustering and effective sample sizeTable
StatisticValueReading
Clusters (engagements)150Engagements with one or more answers.
Mean respondents per engagement5.2Answers per engagement, among engagements with one or more answers.
ICC(1)0.62Share of the variance that lies between engagements.
Design effect3.63One plus the product of the ICC and the mean cluster size less one.
Nominal respondent n784Respondents who answered.
Effective n216Nominal n divided by the design effect.
Cluster bootstrap appliedYesApplied to every respondent-level interval where the ICC is 0.05 or above.

Answers clustered within engagements (ICC 0.62). Clustering reduced the 784 respondent answers to the equivalent of about 216 independent answers. Respondent-level intervals therefore used the cluster bootstrap. Respondent-level tests of intent to leave used standard errors that allow for clustering by engagement.

Equivalence Tests of Null Results

Table 14. Equivalence tests of null resultsTable
MeasurenrEquivalence boundTOST p, lowerTOST p, upperEquivalent to zeroAchieved powerMDE at power 0.80Detection floor for this n
Cancellation rate150−0.57|r| < 0.301.000< 0.001No0.960.230.23
Customer satisfaction940.74|r| < 0.30< 0.0011.000No0.840.290.23
Engagement indicator mean1500.75|r| < 0.30< 0.0011.000No0.960.230.23
Intent to leave739, effective 203−0.75|r| < 0.301.000< 0.001No0.990.200.23

No association was equivalent to zero. Each of the four differed from zero. The detection floor shown is the study floor at 150 engagements. Intent to leave was tested on its effective sample size.

Robustness Checks

Table 15. Robustness checksTable
CheckMeasurePrimary rCheck r95% CIChangeConclusion holds
Rank correlation in place of PearsonCancellation rate−0.57−0.59a−0.02Yes
Rank correlation in place of PearsonCustomer satisfaction0.740.75a0.01Yes
Rank correlation in place of PearsonEngagement indicator mean0.750.74a−0.01Yes
Rank correlation in place of PearsonIntent to leave−0.75−0.72a0.02Yes
Non-answers excluded, then imputed at the engagement meanIntent to leave−0.75−0.75a0.00Yes
Active engagements onlyEngagement indicator mean0.750.700.58 to 0.79−0.05Yes
Active engagements onlyIntent to leave−0.75−0.82−0.85 to −0.78−0.07Yes
Most influential engagement removed (largest Cook's distance)Cancellation rate−0.57−0.58−0.68 to −0.46−0.01Yes
Most influential engagement removed (largest Cook's distance)Customer satisfaction0.740.770.67 to 0.840.03Yes
Most influential engagement removed (largest Cook's distance)Engagement indicator mean0.750.760.68 to 0.820.01Yes
Most influential engagement removed (largest Cook's distance)Intent to leave−0.75−0.75−0.78 to −0.720.00Yes
Engagements weighted by respondent countCancellation rate−0.57−0.56a0.00Yes
Engagements weighted by respondent countCustomer satisfaction0.740.74a0.00Yes
Engagements weighted by respondent countEngagement indicator mean0.750.74a−0.01Yes
Bootstrap of engagementsCancellation rate−0.57−0.57−0.66 to −0.470.00Yes
Bootstrap of engagementsCustomer satisfaction0.740.740.63 to 0.820.00Yes
Bootstrap of engagementsEngagement indicator mean0.750.750.69 to 0.810.00Yes
Bootstrap of engagementsIntent to leave−0.75−0.75−0.79 to −0.690.00Yes
Thin-base segments removedCancellation rate−0.57−0.53−0.67 to −0.350.04Yes
Thin-base segments removedCustomer satisfaction0.740.760.62 to 0.860.03Yes
Thin-base segments removedEngagement indicator mean0.750.760.65 to 0.840.01Yes
Thin-base segments removedIntent to leave−0.75−0.75−0.79 to −0.700.00Yes
Note: a No interval for this check.

Each change was computed before rounding and may differ by 0.01 from the difference between the two printed values.

All 22 checks held. A check holds when its test falls on the same side of 0.05 as the primary test. Where the primary test falls below 0.05, the check must also keep the sign of the primary correlation. The thin-base check removes the engagements in any level of outsourcing model or process family with fewer than 30 engagements. Institution type is not used for that check, because every one of its levels has fewer than 30 engagements.

Measure Independence and Part-Whole Correction

Each of the four measures was computed from data the indicator does not contain. Each result is therefore a finding and not an arithmetic consequence.

Comparison with the Study Norm

Table 16. Comparison with the study normTable
MeasureThe indicator, oriented rStudy median, oriented rDeviationFisher zpHolm p
Cancellation rate0.570.60−0.03−0.600.5511.000
Customer satisfaction0.710.72−0.01−0.200.8421.000
Engagement indicator mean0.750.84−0.08−2.800.0050.015
Intent to leave0.880.710.175.86< 0.001< 0.001
Spread of deviations0.25
VerdictDivergent

Each deviation was computed before rounding and may differ by 0.01 from the difference between the two printed values.

The comparison covered 150 engagements. The indicator departed from the study's typical pattern on the engagement indicator mean and intent to leave. Its association was stronger than the norm on intent to leave. Its association was weaker than the norm on the engagement indicator mean.

Interpretation of the Data

Just over a quarter of all ratings of whether the respondent wants to continue working on projects in the global financial industry fell in the distressed range (214 of 784 answers, 27.30%). The rating was associated with all four study measures, and every association held under each of the 22 robustness checks. Canceled engagements rated well below the three active stages (mean 3.6, n = 299 respondents).

No respondent wrote about continuing to work in the global financial industry. The evidence for the indicator is therefore the rating alone, and the reasons behind it are not recorded.

Limitations

The evidence is the reported experience of the vendor's delivery teams, collected in a single cross-section. The associations reported here are not causal.

Tests by respondent role and by vendor type treated respondents as independent. The section on clustering reports how far clustering within engagements reduced the information in respondent-level figures.

Customer management executives gave 2 answers, a base of anecdote strength.

No written response addressed the indicator.

Definitions

Table 17. DefinitionsTable
TermDefinition
Response scaleRatings run from 1 to 10, from the worst outcome a respondent can report to the best.
DistressedA rating of 3 or below. At engagement level, an engagement mean of 3 or below.
Answering baseRespondents who gave a rating from 1 to 10.
Non-answers“I do not know” and “I prefer to not answer” are counted separately and excluded from the mean.
Indicator classRespondent level: a value recorded for each respondent and computed across the respondents who answered.
Failure categoryThe five failure categories of the Study Taxonomy apply only to the rated indicators. The indicator is not a rated indicator and carries none.
Engagement indicator meanThe mean of an engagement's ratings across the rated indicators. The indicator does not enter it.
Cluster bootstrapAn interval computed by resampling engagements rather than responses, so that the responses from one engagement stay together.

Sources and Provenance

Table 18. Sources and provenanceTable
SourceValue
Study dataStudy Data.xlsx, Data sheet, column C026, sha256 219eba0457274d04
Statistics enginecompute_statistics.py, sha256 738319eef764602b
Statistics recordComputed Statistics.json, record C026, sha256 1ae50a3637fc9370
ComputedOctober 13, 2026, 04:57 UTC
TemplateIndicator Template v2, version 2.0 of 10 October 2026
Figures placed by script2,740

Continue the report

Executive summary →
Overview

Executive Summary

Four findings from 150 engagements

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Introduction

Introduction

Scope, evidence, and how the report is organized

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Part 1

Engagement Outcomes

Poor results on every measure, and what separates them

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Part 2

The Five Failure Categories

Where failure concentrates, category by category

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Part 3

Governance, Oversight, and Control

Controls that existed in name only

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Part 4

The Delivery Workforce

Early in their careers, dissatisfied, and many intending to leave

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Part 5

Manual Alteration

How the delivery team altered the work to sustain it

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Part 6

Executive Action Plan

Seven immediate actions and a first-year plan

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Appendices

Appendices

Definitions, indicator inventory, method, and disclosures

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Data

Study Data

Deep-dive analyses of the study indicators, published in stages

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