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Conclusion

Using business process outsourcing helps financial services firms to refocus on their core competencies. This, in turn, provides managements with an environment where among others, cost reduction and improvement in service quality can happen simultaneously.

Besides, BPO enables financial institutions to strategies. One lesson of the past decade is that winning financial services firms have made their business strategy live, i.e., their strategies have moved from just being aims to be actioned and finally to objectives actually being achieved. Since BPO reduces management complexity, it enables top managers to re-focus on issues, which are really important, viz., growing shareholder value, building market share, protecting the bottom line, exploring and entering new markets etc. It can be used as a tool for turning strategy into delivered business results.

BPO is one of the most important cost control weapons in the management armory. BPO providers are able to bring prowess in areas of re-engineering, process improvements as well as technologies, thereby eliminating unnecessary operating costs.

With the traditional loyalty of financial services' customers declining, winners will increasingly be those companies that woo customers with an unbeatable service proposition. BPO facilitates setting and monitoring service levels across a whole complex range of processes. In Finance BPO, India is the leading light. Advocating free access is the best strategy that India can adopt in Cancun. Had Karl Marx been alive, he might have changed his Manifesto thus: The world is being divided into knows and knows-not. Knowledge workers have nothing to lose but their xenophobia and ignorance. They have a global market to win. Knowledge workers of the world, unite.

Concluded.

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