Part - I

Executive Summary

Financial service institutions generally seen as victims of historical thought processes are witnessing cataclysmic changes. Everybody is on the lookout for improving their operations to become more efficient and focus on customers by providing them with convenient, innovative and cutting-edge services. But the sad part is that any effort in this direction, directly increases pressure on bottom-line profitability. The current global mantra to overcome the apparent impasse appears to be through the medium of Business Process Outsourcing (BPO). The banking and financial services sector is witnessing a concerted move towards BPO as a strategic option. This industry is ideally suited for outsourcing, given large transaction volume, structured decision-making and reliance on rule-set processes. Outsourcing in this domain has shifted along the complexity and maturity spectrums from transaction processing to true business transformation. Progressive corporations are acknowledging the potential benefits from BPO in this segment and identifying road maps for process reengineering that will contribute to greater profitability. Outsourcing is fast becoming a reality and substantial gains expected are there for organizations that embrace it instead of combating it.

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*Contributed by -
Deepa Dubey,
PGDIM IXth Batch,
NITIE Mumbai.