The Benefits of Outsourcing Business Processes Offshore - Cheaper, Faster, Better

"We estimate that US$356 billion of cost for the global financial services industry will be relocated offshore (at an offshore cost of $218 billion) within the next 5 years...(resulting in) bottom-line annual cost savings of $138 billion for the world's top 100 financial services companies by 2008."

- Deloitte Research

A primary advantage of outsourcing business processes to India is, of course, lower costs. While the differential varies as wages vary by function and across the US, most banks can expect their processing costs to be reduced by 30 percent or more.

Several trends in recent years have further improved the business case for offshore outsourcing of payments-related functions:

Advances in Image Processing: Image processing permits multiple parties in multiple locations to perform payment processing functions. This reduces costs, diminishes risk and makes information available to a variety of parties. And since image technologies enable remote, paperless processing, the ROI on banks’ investment in these technologies can be greatly enhanced by outsourcing of certain business processes to offshore locations.

Telecommunications Advances: Lower transmission costs, increased bandwidth, and universal networking standards now allow massive amounts of information to be transmitted reliably and cost effectively between onshore and offshore facilities.

With Carretek, the benefits of offshore outsourcing extend far beyond cost savings to include improved productivity, increased quality, reduced risk, and the security of a US-based provider that understands the needs of financial institutions.

• Time zone differences between Carretek’s offshore facility in Mumbai, India and our US client locations permit faster turnaround when work delivered at end-of-day US can be performed overnight with no overtime incurred.
  
  
• Offshore outsourcing has been proven to improve process quality through access to a growing talent pool of educated, skilled and motivated English-speaking personnel.
  
  
• Work is performed in a technologically advanced facility with multiple redundancies and back-up facilities. Our offshore workers access data across encrypted lines to ensure data security.

Outsource business processes - global outsourcing - offshore outsourcing - Carretek