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Can outsourcing assist in bankings time of need?

Not too many people are going to have sympathy for those in the baking industry but there are definitely hard times in that industry. Many observers believe that the reckless behaviour of banks for the past few years has been the major factor in the current economic downturn and that their happiness to dish out loans to all and sundry has left many people in a bad way financially. This has led to many consumers to believe that whatever happens to bank staff is fair game but it should be remembered that they are people too with families to look after. This means that any consumer which finds it funny to gloat at anyone who loses their job, even if they are in the banking industry is probably a bad person. That said, there are definitely job losses taking place in this industry and there will be a lot more to come too.

Many banks now have to look at their structure and determine where they can make savings to give themselves a better opportunity of staying solvent. In recent years, outsourcing has proved to be a tremendous way for companies to save money and lower their labor costs and this is something that is definitely happening within the banking industry at the moment. There are many areas in which a bank or building society can look to place their work with an external agent without causing any great detriment to the work or service they provide customers.

This is very important because although there is a great need to lower costs and be far more streamlined and efficient, there always needs to be the focus on customer service. With so many banks operating at the moment, there is a lot of competition and if one bank starts to under-perform the rest of the banks operating in the area would be keen to swoop on their customers. Today’s modern consumer has changed and brand loyalty to entities like banks no longer exists. Your parents may have been happy signing with a bank and staying with them for their entire life but that no longer needs to be the case. If a bank provides poor service or lower savings rates or charges higher rates for an overdraft, they are likely to miss out on a great deal of customers. This is where outsourcing is a great opportunity as it can solve both of these problems. Yes, it will help lower the labor cost involved with operating a bank but it should also maintain the high standards that customers demand.

This is because some of the firms who are supplying the outsourcing capabilities are market experts in their respective fields. If they are providing support to a number of banks around the world, they will develop an opportunity to gain experience and become better equipped at dealing with problems and issues that may arise. This is why so many banking firms are looking to a third party agent to assist them with all their banking needs.

Niyamath Parveez

Views: 5

Tags: banking, bpo, outsourcing

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