The banking & financial service industry is experiencing many challenges. Market instability, augmented regulations, reduced demand and increased competition drives the sector to embrace new and better operating models. Outsourcing process is adopted by banking and financial organizations as the main strategic step to survive the current industrial phase.
The BFSI industry (banking, financial and insurance services) is always open to utilizing outsourcing benefits, perhaps because of its financial preferences. In short, the following reasons trigger the BFSI market to change the way of operation:
• Landscape of the regulation (can imagine the hardest in decades) need to be followed
• Economic uncertainty continues to overcome the main economy and developing countries need to be addressed
• Models and channels of increased customer involvement need to be used and transformed
• The role played by technology, especially in financial services, to define the upper and lower income business growth needs to be restructured
The challenge above is very precise and different compared to other business sectors and needs special attention to be resolved. Financial service providers come in effective ways to resolve this problem and improve bank business capabilities and other financial institutions. Final customers demand business agility and entrepreneurs seek partners who can help them exceed strategically on the market. BFSI is one of the majority of business sectors that prefer outsourcing as an effective solution to meet the challenges of the business.
Solution or Service Offer:
To meet the challenges above, entrepreneurs must bring the help of special service providers. With the service offerings provided below, the service provider empowers the overall financial business to meet business requirements:
• Financial planning and management
• Market research
• Financial research and marketing
• BPO Accounting Service
• Banking services
• SLA management (service level agreement)
Outsourcing companies help organizations to expand their level of expertise by offering skilled accountants and financial professionals who have years working on this domain. They apply effective strategies, techniques and tools to improve the efficiency of financial business processes.
With deep domain expertise, global shipping networks and strong operational advantages allow organizations to focus on the fields of core business. Service providers manage complete business processes and support financial associated decision making through analytical skills and their rich research. In addition, there are more benefits from partners with financial service providers.