Starting a BPO Journey in Expert Mode

The post-recession banking organization continuess to face a long and arduous journey to growth, profitability, and restoring the faith of society in the banking system. Banks that have emerged from this dark era successfully are the ones that have been able to embrace the change and adapt to it. Markets are rewarding banks that have found ways address regulatory issues, improve customer satisfaction, and manage costs. They have evolved their strategies, models, and partnerships to adapt to these changing times, including how they utilize shared services, outsourcing services, and captives. The hard times are far from over, but HfS Research is seeing a few of these banks move ahead of the rest.

HfS research shows that many banks are becoming increasingly reliant on outsourcing and shared service operations frameworks to support their growth strategies and provide cost-efficient access to talent and capabilities in this new world of banking. We believe this market is creating collaborative partnership opportunities for service providers and banks to work together to combat these industry challenges.

This report highlights a successfully evolving partnership between a major US-based bank and a leading service provider, Genpact. The case study details the bank’s immense transformation into a diversified financial services organization after a major merger at the peak of the recession, and details how Genpact impacted the business’ integration efforts through best practices in process improvements and core banking knowledge. Realizing over $350 million in efficiency and effectiveness improvements since 2005, Genpact has contributed significantly to the bank’s sourcing governance capabilities and continues to broaden its relationship through business transformation of the banking giant.