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Part - III
Potential in the Financial Services Sector
The banking and financial services sector is witnessing a concerted move towards business process outsourcing (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 strategies are being driven by the twin objectives of cost rationalization and quality enhancement.
Transaction
Processing |
Accounting |
Customer
Service |
Credit
Underwriting |
* Application
Receipt |
* Payables/
Receivables |
* Inbound Calls |
* Credit
Decisions |
| * Account Opening |
* Research &
Reconciliation |
* Outbound
Calls |
* Risk
Assessment |
| * Accounting Entry |
* Expense
Accounting |
* Telemarketing |
* Scoring
Models |
| * Data Input |
* Journal Accounting |
* Price Quotes |
* Credit Policy |
| * System Operation |
* Account
Consolidation |
* Query
Handling |
* Compliance |
* Statement
Generation |
* CostCenter
Accounting |
* Complaints |
* Document-
ation |
* Account
Administration |
* Account
Balancing |
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* Database
Maintenance |
* Accounting
Statement |
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* Billing &
Invoicing |
* Budgeting/ MIS |
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* Payment
Processing |
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Complete Spectrum of Banking and Financial Outsourcing Solutions
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*Contributed by -
Deepa Dubey,
PGDIM IXth Batch,
NITIE Mumbai.
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