People outside the Business Process Outsourcing industry see IT and Call Centre Outsourcing as the main areas for BPO, where Banking and Finance contribute considerable portion. Brokers, Banks, Accounting firms and Insurers see outsourcing option to save expenses, enhance service levels, and gain efficiency in their competitive industries. The combination of ITO and BPO is increasing at a rapid pace to stay efficient and reduce overall ownership cost for the client. As globalization continues to grow, banks in mature markets will always prefer expertise from the global service providers.
There are several trends which influence the existing and future Banking BPO market. Banks are no longer interested to outsource rule based processes but they want to augment into full-service business relationship with service providers. In addition, large financial institutions are exploring opportunities within the BPO and ITO market. Previous undeserved locations are becoming promising operation centers for various BPOs and have acquired an interest of major market players.
Since last few years, the Business Process Outsourcing function has found a great acceptance among major banks. What should banks focus on while opting this valuable move? For more than 20 years, the banking industry has applied outsourcing to make it cost-effective . In the past three or four years, however, banks are swiftly moving to business process outsourcing. BPO requires outsourcing total business functions, and not just specific functions such as IT. Also, it is important that banks must respond to challenges presented by electronic bill presentment and payment (EBPP), truncation and straight through processing (STP).
Why Rely Services Inc?
- Rely Services Inc, helps BFS companies to boost their enterprise.
- Rely Service’s far-fetched domain expertise and focus on operational efficiency allow companies to stay focussed on their core competencies while Rely Inc combines industry proprietary tools, best practices, and methodologies to accomplish desired Banking outsourcing service goal.
- Rely’s continuing performance by offering innovative solutions to clients make us exceptional.
- Competent management works with clients to reduce risk and operational costs closely, increase customer satisfaction, streamline complex processes through continuous technology optimization.
To prove banking has enormous opportunities to expand with the BPO market, we can cite an example. Out of top 20 banks in North America, more than half have outsourced their work and still looking for more service providers.