Bank Outsourcing

Filed in archive Outsourcing News on August 3, 2006

Before, IT functions were the only ones that were joining the outsourcing industry. Nowadays, it seems like even banks are joining the outsourcing wave.

Most finance operations are now transferring into outsourcing destinations like India and China. In order for these financial destinations to survive, they have to join the outsourcing wagon. This was the conclusion revealed in the research report done by Deloitte Touche Tohmatsu.

If banks would not grab the join the outsourcing, they would face the loss of skilled workers in the country. The need to remain competitive would drive these banks to outsource and invest in these outsourcing destinations which would provide them with the skilled workers that they need.

Financial institutions like the Citigroup, Morgan Stanley, Lehman Brothers, and JPMorgan Chase have already joined the club. They are now known as the "leader" in terms of financial outsourcing and offshoring.