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OUTSOURCING IN BANKING INDUSTRY: STAY AHEAD OF THE 81% MARKET BY REVAMPING YOUR
CONVENTIONAL OPERATING METHOD
by Arif Anam
Feb 13, 2023
in Customer Service
0
Social Share
The global capital markets have undergone extraordinary changes for more than a
decade. Because of this, strategies, risk frameworks, and operating models in
the banking sector have undergone revisions. That is because of more
regulations, a greater reliance on technology, a drop in revenue, a more
aggressive approach to finding new business opportunities, and a need to cut
costs. Furthermore, the fundamental societal changes pose further challenges to
the existing setups.
It is clear to the banks that they cannot handle the challenges on their own.
Outsourcing operational activities to cut costs is a phenomenon that has been
around for a bank. But as outsourcing models have changed, these banks have
realized that they could partner with these service providers to save money and
get expert help from these outsiders.
According to estimates, 81% of banks will outsource at least one primary
function. Moreover, this figure will continue to grow as more banks realize the
potential of outsourcing for their operations and business growth. Banks that
embrace this trend can leverage the advantages of outsourcing by focusing on
strategic priorities, reducing operational costs, staying up-to-date with the
latest industry trends, and strengthening their competitive edge in an
ever-changing market landscape.
NOT JUST A COST-SAVING MODEL
In the banking industry, outsourcing often serves as a way to cut costs.
However, it can also help to improve efficiency and quality of service. In
addition, outsourcing can help banks remain ahead of the competition when done
accurately. Banks have outsourced various functions for years, such as customer
call center services and back-office operations. More recently, they have begun
outsourcing critical IT and human resources functions.
There are several motives why banks outsource. The most common reason is to save
on operational costs. Banks can reduce operating costs by outsourcing non-core
operations to a specialized provider. In addition, outsourcing can help banks
improve their efficiency and quality of service. However, outsourcing can be
complex, so partnering with a reputable, experienced provider is essential. When
choosing a provider, banks should consider their reputation, track record, and
ability to meet the bank’s specific needs.
REVAMP YOUR CONVENTIONAL OPERATING METHOD
Most CFOs and CIOs, primarily focused on reducing costs, favor using managed
services, but many remain stuck using conventional, complex, and expensive
back-office systems. Due to new problems and changing technology, the banking
industry has to rethink its decision to keep these processes, business models,
and legacy systems in place. Like the auto industry in the 1950s, banks have to
accept change and make it possible for them to change if they want to do well in
today’s competitive market.
THERE ARE FOUR MAIN FACTORS RESPONSIBLE FOR THE CHANGE:
Lower Risk:
Frequently changing market dynamics and increased regulatory compliance has made
the banking industry more risk-averse than ever. Banks need complete control
over their operations and internal processes to maintain operational efficiency
and adhere to regulations.
Higher Consumer Expectation:
The emergence of FinTech has changed consumer expectations and created a more
competitive market. Banks must offer seamless, personalized services that meet
customer needs and preferences to stay competitive.
Advancement in Technology:
Technological advancements such as Artificial Intelligence (AI) and Machine
Learning (ML) have cultivated banks to process data faster and more accurately.
It allows them to gain insights into customer behavior, preferences, and
financial trends that were previously unavailable. Banks can use this
information to refine their services and processes to better meet their
customers’ needs.
Regulatory and Compliance Challenges:
A complex regulatory environment has forced several banks to reevaluate their
processes and technology. Despite some banks opting for quick-fix solutions, the
impact on revenues and compliance requirements is likely to drive further change
and the need for real-time insights from data.
Banks must revamp their conventional operating methods to meet the market’s
dynamics. To do this, they need to invest in modernizing their technology
infrastructure and processes. It includes using cloud computing services and
automation tools to reduce expenses, boost efficiency, and enhance the customer
experience. Additionally, banks should focus on leveraging data analytics tools
to achieve insights into customer behavior and preferences. Finally, banks must
embrace advanced technologies like AI and ML to stay competitive.
By making these changes, banks can better meet their customers’ needs while
reducing the risk associated with regulatory compliance and outdated systems.
The banking industry is at a pivotal point, and those who embrace change will be
the most successful in the future.
OUTSOURCING IN BANKING INDUSTRY FUELS THE MUST NEEDED CHANGE
The bank should embrace and accept outsourcing banking-related services as a
strategic extension to their business for managing the core processes. They
should choose high-end, organized service partners over low-cost ones, which is
a great suggestion. It will undoubtedly help banks gain a long-term competitive
edge.
The most noticeable thing about the banking industry is its typical procedural
way of working. It can be a significant bottleneck to developing the necessary
changes, especially when adopting new technologies or services. Therefore,
outsourcing provides an opportunity to outsource to access the skills and
expertise needed for technological advancement.
Outsourcing banking-related services can bring more sustainability, agility, and
value addition to banks. For example, banks can outsource processes such as
customer service, data entry operations, and entire business functions such as
risk management and IT support. It will help them manage these core functions
more effectively and efficiently with better control over cost and timelines
without compromising on quality.
CONCLUSION
An activity that began as a way to cut costs, outsourcing has now become an
industry in itself for a lot of “run the bank” initiatives. With the
ever-increasing competition, banks are now relying on outsourcing partners to
provide high-level services, innovative technology, and deep resources that help
them stay ahead of the market. In addition, by revamping their conventional
operating methods to incorporate outsourcing, banks can benefit from increased
efficiency, cost savings, and improved customer service to enable success in
this new digital world.
Post Views: 3,612
Posted in Customer Service
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