India has always been a numero uno outsourcing hub, but it is slowly evolving as the number one destination for outsourcing financial services. Today, a number of global financial organizations have opted to outsource financial services to India. India is the ideal place to outsource financial services to, because the country can offer both cost-effective and high-quality services. With high-end technology and infrastructure, India can now offer 24 hour support and mission critical support services.
Earlier only basic support functions like bookkeeping, tax processing, payroll processing etc was outsourced. But now the trend in outsourcing financial services has changed. Organizations are now outsourcing important financial functions like equity research, portfolio tracking and financial analysis amongst others. Financial analysis and research have been the top most outsourced financial services which are currently being outsourced to India.
Global organizations wishing to outsource financial services also look for service providers who can provide customer and IT support. Since most organizations in India have best-of-breed infrastructure and technology, this is not a problem. India is one outsourcing destination, who can provide more than one service effectively. Financial organizations in the U.S find India an ideal outsourcing destination because of these advantageous factors.
Another advantage of outsourcing financial services to India is because India offers cost-effective services. The cost advantage is the major reason why financial organizations are outsourcing financial services to India. By outsourcing financial services to India, financial organizations can save up to 30-50 % of their total costs! A recent study by NASSCOM has stated that banking and financial services companies in the U.S have saved more that 7 billion by outsourcing financial service to India in the last few years.
India also offers other advantages. India has a large number of well-educated and well-trained personnel who can provide proficient, professional and competent financial services. The time zone advantage is another advantage, because your outsourcing partner in India can complete the work and send it back to you the next day. Since the night in the U.S is day in India, work happens on a 24 hour basis. Indians are also fluent in both written and spoken English therefore bridging the communication gap.
Financial organizations in India are constantly changing their business models and are coming up with better and more effective outsourcing models to make the outsourcing of financial services better. With such advantages to offer, India has more than 50 % of the total financial outsourcing business. India currently reigns as the world’s number one financial outsourcing destination and India is likely to remain so in the years to come.
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