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BPO Services - Getting Back To Basics
BPO Services - Getting Back To Basics
BPO Services - Getting Back To Basics
May 2011
Executive summary
The banking industry has gone through some very rough years, starting back as early as 2007, and it will continue to
encounter considerable uphill battles over the unforeseeable future. Many of its challenges resulted from banks’ own
actions, regulatory gaps and market pressures, and they were then perpetuated by other world events. Regardless of the
drivers, banking will never be what it once was – and that’s not necessarily a bad thing. The bottom line is that the banking
industry will evolve in a dramatically different manner.
Think about it. Who five years ago would have guessed that:
» One of the largest US banks would have the US government as its largest shareholder
» That more than 18 US financial institutions would have had to take loans (in the form of TARP funding) from the
government to remain in business
» That many of our largest banks no longer exist, after having been forced to sell for pennies on the dollar
Those banks that survived and are in the recovery phase will be taking time to evaluate their market positioning, customer
segmentation models, product mixes and risk models for each of their businesses. More regulations have come down
from the various regulatory bodies, and more will be coming in an effort to ensure another financial crisis may be
adverted in the future. Banks’ customer confidence is coming off an all-time low, while stockholders are looking for their
dividends to return.
Banking executives are looking for new ideas from their business leaders, analysts, employees and business partners.
Senior level leaders who have historically not been open to talking about their challenges and goals are now becoming
much more approachable. They are willing to share insights and strategy with those who can help them move their
companies back into success positions.
The current environment offers significant opportunities to service providers that understand what is happening in the
banking market and the changes that are taking place. Ways in which providers can position themselves as real partners to
banks include:
» Being able to help improve customer satisfaction through social media mining and Voice of the Customer
programs
» Driving revenue by getting products to the market quicker, and providing stronger cross-sell opportunities in
client interactions
» Improving program efficiency by providing variable model processes, delivering services from lower cost
geographies and improving existing processes
Service providers that truly understand the challenges banks are facing today and develop offerings to help them manage
and rise above the issues will become the trusted partners banking leaders seek out for advice and support.
Contents
Global banking: Traversing the long road to recovery 3
Key takeaways 6
Case study 12
Platform BPO 13
Social media 13
Latest deals 13
Role of geography 17
Analyze this 20
Appendix 21
About the authors 29
About HfS Research 30
Exhibit 1
Key banking industry challenges and their implications on outsourcing
Changing regulatory frameworks: The financial crisis The purpose of these new regulations is to stabilize the
prompted governments around the world to re- banking system and revive lending in key sectors of the
evaluate their financial regulatory frameworks. Key economy. At the same time, these regulations will
regulations include the Financial Market Stabilization require a substantial increase in resources for
Fund (as a continuation of the Troubled Assets Relief implementation and monitoring purposes, which will
Program) in the US, the Special Liquidity Scheme in in turn lead to an increase in outsourcing demand.
the UK and proposed regulations by the Basel Service providers are gearing up to comply with the
Committee on Banking Regulation. Implementation new regulatory requirements by designing more
of these norms will increase complexity in banking efficient processes and building dedicated resources
operations and give regulators greater supervisory with expertise in compliance control and management.
powers over the banking system.
Risk management and a need for more robust A need for better risk management has given rise to
business models: The need of the hour is effective opportunities in automated, preventive and real-time
governance and fast decision making. Banks are governance, risk and compliance management
striving to establish clear lines of accountability and solutions. Banks are evaluating partners with an
transparency to build a well-defined operating expertise in proactively preventing risk events and
model. Information systems and data centers have compliance violations while monitoring all business
to be effectively managed and the data within activities on a single platform.
effectively processed in order to help predict or
minimize the effect of future crises; this will help
banks win back their market share and increase their
revenues.
Customer focus – rebuilding trust: Customer loyalty The opportunity here is for banks to understand their
and trust has fallen drastically over the last four customers better. Banks have considerable amounts of
years. In the current environment, banks must focus information from and data on their customers, gleaned
on repairing this massive trust erosion and help from multiple interaction points. Strong outsourcing
change customer attitudes. Banks are working partners will position themselves to gather this data,
toward improving their global brand image and mine it and provide solid analytics back to their bank
reducing customer churn rates by focusing on new clients on actions they can take to improve their
ways to listen to clients – both directly and indirectly service levels.
– and then responding via each client’s preferred
communications channel.
Strategic cost reduction: Banks are looking to Strategic tactics to reduce costs are gaining popularity
balance short-term cost reduction with longer-term among banking clients. These include discretionary
efficiency measures to strengthen their position for spending on high value products and services, accurate
future success. There is considerable pressure from forecasting processes, provision of variable pricing
stakeholders to implement strategic cost models and moving low risk operations to lower cost
optimization methodologies that, ultimately, will locations. By employing these methods, banks are
integrate with broader efficiency efforts. increasingly looking to offshoring partners to help
them reduce costs strategically. Several banks with
existing outsourcing relationships are renegotiating
and consolidating to further reduce costs, an impact
we expect to last in the coming year.
Building post-crisis growth strategies: Banks have Some of the growth strategies that banks are
realized the need to focus on areas including greater considering include:
transparency, simpler offerings and renewed » Implementation of IT services as a platform
customer-centricity. They are currently operating along with their core business processes
under greater supervision from regulators and facing » Focus on their core business strategies and
increasing competition from banks in the Asia Pacific product offerings
region. Most of the banks downsized many of their » Hiring skilled manpower while providing the
areas of operation, especially those related to the right training
credit market including mortgages and cards.
These options are giving service providers tremendous
Indeed, the average bank downsized between five-
opportunities to step in as strategic partners for their
15% of its workforce as much of this work
bank clients, and help them achieve the right strategies
decreased. As these markets are now increasing in
in the highly complex business environment. Providers
volumes, banks must decide to either go back to a
must be willing and able to go beyond the classic
large fixed cost model or evaluate other options that
models and align themselves with the goals of the
could provide a more variable model that will better
banks. Further, they must look for ways to solve the
correlate with profitability.
challenges of volume variability, language issues and
technology gaps, and be willing to accept a part of the
business risk.
Price and portfolio optimization: Managing bottom- Service providers are leveraging their IT and research
line financial pressures, interest rate margin analytics arms to provide a scientific approach to
performance and revenue and profitability gains is portfolio optimization, which will help their clients
essential for banks today. The most important driver yield higher revenues and achieve greater precision in
is price differentiation. Many banks are still setting their portfolio strategies. Other price optimization
prices using subjective opinions, instincts and techniques are procurement rationalization, cost
outdated models. There is a need for a more governance methods, process simplification and re-
scientific approach for portfolio planning and engineering. Providers that can offer options such as
pricing. variable pricing and business hedge strategies will be
able to give their clients what they really
want…insulated margins!
The banking sector faces multiple challenges in today’s post- economic crisis world including the need to rebuild trust
among customers, establish robust business models and ensure a steady path toward profitability. The global financial
crisis resulted in several regulatory constraints and an increased level of supervision from national and international
bodies. Though banking is highly mature in the outsourcing domain, the market underwent a marked slowdown during the
recession. However, there has been an upswing in the volume of deals since mid-2008 due to the need for strategic cost
reduction, price optimization, a more customer-centric model and increased risk management. This has created
tremendous opportunities for service providers to offer core transformational services to help their banking clients
achieve their business goals. Providers’ focus will be less on cost reductions and their ability to lift and shift processes from
the bank, with new demands including the ability to bring new and innovative approaches to solve business issues.
Because many of these banking processes don’t lie completely in-house, providers will need to deliver not only the staff
but also the technology, processes and solutions. The next chapter discusses the major transition for the global banking
vertical toward outsourcing.
Key takeaways
» The aftermath of the US financial crisis has severely affected the global banking market, resulting in a massive
credit crunch and significant re-pricing of risk
» Interventions from central banks and international regulators have helped start the post-crisis recovery process
» Key challenges the industry faces include changing regulatory frameworks, a need for better risk management
and effective business models, a stronger customer focus, strategic cost reduction and price optimization
requirements, and development of post-economic crisis growth strategies
» Providers who can evolve out of the old lift and shift transition mindset and into a new era of providing value to
their clients through comprehensive solutions that address business needs will achieve success in the market
» Retail banks provide basic banking services to the general public, including checking and savings accounts, safe
deposit boxes, mortgages, loans and credit cards
» Commercial banks handle businesses’ banking needs, including basic accounts, lines of credit, lockbox services
and foreign exchange services
» Credit unions are non-profit financial institutions that are owned and controlled by their members, and operate
to provide banking services at reasonable rates to their members
» Savings and loan associations (S&L) are institutions that specialize in accepting savings deposits, and making
mortgage and other loans
» Investment banks primarily work in the investment markets and do not take retail customer deposits. They assist
individuals and corporates in raising capital, and act as agents in the issuance of securities. They also advise
companies involved in mergers and acquisitions
» Central banks, which are not in the scope of this report, are the central institutions that issue currency, regulate
the money supply and control the interest rates in a given country
Exhibit 2
Largest banks by asset size
Barclays UK 2,223.04
Citigroup US 1,856.65
» Cautiously opportunistic: Banks with an average asset size between US$40 to 100 billion have slowly started to
expand their service offerings and geographic presence. They are testing the waters by outsourcing low-risk
services, application maintenance and/or finance and accounting processes to service providers. They normally
opt to retain any customer contact areas, with the exception of outbound sales. These banks are the most active
in looking for new products to take to market, and are seeking ways to get to market quicker with less initial
capital outlay, which presents an opportunity to platform BPO providers. Overall, banks in this category represent
the highest potential for service providers as they have not fully explored their outsourcing options.
» Still sounding out: Banks that have not outsourced their functions mainly due to limited service offerings and
constrained geographic reach. These banks fall in the small regional and credit union space, with an average
typical asset size of US$5 to 20 billion. The lack of scale at a process level will prevent most from looking at
outsourcing as an option as the return cannot justify the risk. However, providers do have the opportunity to add
the bank’s volume to their existing platform and provide a variable pricing model back to the bank. These banks
will take a few years before evaluating their outsourcing strategy.
The following exhibit highlights the three main buyer segments by outsourcing maturity, with the key services outlined in
each segment:
Exhibit 3
Buyer segmentation by outsourcing maturity
The following exhibit captures the key processes within each segment:
Exhibit 4
Popular outsourced services across the banking BPO value chain
One of the fastest growing emerging services is social media management within
The implementation of these the banking industry. With the emergence of social media sites, banks have access
outsourced core banking solutions to a vast amount of customer feedback within these sites. They can prove to be a
great tool to understand and track customer needs and perceptions by employing
requires an integrated approach
processes such as data mining and analytics. With this information, products will
consisting of risk management, data be improved, service levels increased and additional revenue realized. In terms of
analytics, IT support for delivery sub-verticals, mortgage is seeing a resurgence. The entire housing market was
system integration and process re- impacted during the downturn that began back in late 2007.Many of the
engineering capabilities, led by mortgage groups downsized their organizations during this period but now there
domain consultants in the banking is an increase in demand tied to refinancing activity coupled with a slight uplift in
field. The banking industry was one of the housing market. Because of the downsizing in the previous years, banks have
the opportunity to look at new creative models for increasing their capacity while
the first to leverage technological
hedging against future cyclical impacts. In terms of horizontal services, F&A
advancements for better customer continues to be the more mature and popular area, especially for new companies
experience and cost optimization looking to outsource for the first time. Other key services include procurement and
purposes. marketing services.
Michael Koontz, Senior Vice President & Financial Services Leader, Aditya Birla Minacs
Service providers are also leveraging their expertise in horizontal specific services such as:
» Supply Chain Management – strategic sourcing, supplier management
» Procurement – order processing automation, process order tracking, electronic invoicing
» F&A – financial analysis, procure to pay, accounts receivable/payable
» HR – payroll, learning solutions, administration, compensation and benefits
» Research and Analytics – retail analytics, risk analytics, research support, marketing and customer analytics
Among these services, F&A remains the most popular, followed by procurement services. There is a high degree of
automation in these services, with efforts made to minimize the overall processing cost and enhance service levels. Banks
are increasingly outsourcing these paper-intensive functions in order to convert them to an automated, simplified process.
Case study
WNS helps a leading Middle Eastern bank with its global consolidation operations and set-up
Business challenge A leading bank in the Middle East wanted to establish a centralized bank
account system for its retail, corporate card set-up and merchant settlement
businesses. Major challenges included regulatory issues in a new geography,
loosely defined SLAs and a general reluctance to outsourcing in the Middle
Eastern region
Emerging services include platform BPO solutions, social media management and voice of the customer analytics. While
each of these areas has been emerging for the past few years, the current business issues that are top of mind for all bank
executives will drive increased focus in them going forward.
Platform BPO
To accommodate and allow for scalable, global operations, banks are looking to standardize their operations and
processes on a common platform. This involves a convergence of BPO, applications and hardware integration. The
platforms are built and maintained by an outsourcing partner, but ownership remains with the banks. The biggest benefit
for banks in the long term will be the reduction of capital expenditure and the risk associated with the multiple, still in
existence yet never fully integrated platforms resulting from multiple acquisitions over the years.
Social media
Banks are slowly embracing social media to connect with their customers. As customers are increasingly voicing their
opinions and conducting research in Internet-based forums and discussion boards, banks must realize that online
influence is a highly important factor. Banks must harness the capabilities of social media channels for knowledge sharing
and gathering real-time business intelligence.
Ways in which banks can employ social media include:
» Community building – Focusing on customer service and adopting a “friendlier” personality
» Product research – Enlisting customers through social media websites to help develop new financial products and
provide feedback on existing ones
» Marketing and promotion – Integrating social tools into existing campaigns and sharing ideas and information
through online platforms
» Data mining – Using these tools as an additional data source to better understand the customer
» Communication tool – Providing customer service responses to client issues and challenges through these
channels
Latest deals
Analysis of more than 200 banking process outsourcing engagements from 2006 to date revealed that average deal length
is five years with an average total contract value of approximately US$55 million. Roughly 45% of the deals were with
existing providers as a contract renewal/extension, while the rest were signed with new providers.
The following table captures some of the most significant BPO outsourcing deals in the banking industry over the past
three years.
Exhibit 5
Latest banking BPO deals
Service
Date signed provider Client Key processes Core details
March 2010 Hewitt Bank of To provide human resources Tenure: 5.5 years
Associates America administration, payroll, and health
Corporation and life management Value: $650 million
administration, and offer core
service center support
March 2010 Williams Lea Royal Bank To provide document Tenure: 7 years
Group of Scotland management and bank account
statement processes Value: $151 million
February 2010 Atos Origin KBC Group Contract extension for payment Tenure: 5 years
processing services
Value: $589 million
June 2009 First Data Wells Fargo To provide card processing, data Tenure: 5 years
processing and fraud services
Value: $100 million
February 2009 Unisys Nationwide To manage check and payment Tenure: 7 years
Building processing services
Society Value: $175 million
North America and Western Europe are currently the largest markets served by banking BPO service providers. The chart
below shows that nearly 90% of the key outsourcing deals in the past three years have come from these two geographies.
Exhibit 6
Key geographies for banking BPO
Exhibit 7
Key captive center acquisitions
Service
Date signed provider Client Key processes Core details
October 2009 EXL American To provide billing services and back Tenure: 8 years
Express office processing support; includes Value: $160 million
Company the acquisition of American Express’
captive center in India
October 2009 Cognizant UBS To provide F&A, data management Tenure: 5 years
and HR support; includes the Value: $432 million
acquisition of UBS’ captive center in
India
October 2008 TCS Citigroup To provide telephone and electronic Tenure: 9.5 years
banking support including Internet Value: $2,500 million
services, consumer and mortgage
loan administration services, and
card support
The more prevalent trend in the last five+ years has been to acquire other service providers. In some cases, the acquired
firm is a niche service provider that helps with a capability gap, a technology platform or geographic expansion, while in
others the acquirer wants to gain entrance into new accounts that are not currently clients.
Captives will always be around and acquisitions will continue to take place. But over the next few years, more inorganic
growth will likely come from provider acquisitions.
Exhibit 8
Key provider acquisitions
Service
Date signed provider Acquirer Details
April 2011 Headstrong Genpact To strengthen IT and consulting services in the banking and capital
market space; will bring in high-end capital markets domain and
technology expertise; deal valued at US$550 million
October 2010 Actionline Aegis To expand footprint in Latin America; offers strong domestic banking
domain expertise
November Comicron TCS To enhance platform-based BPO capabilities in banking, and augment
2005 presence in the global financial services and pensions market; deal
valued at US$23 million
November Trinity WNS To gain domain expertise in the North American mortgage industry and
Partners
2005 strengthen its business in the mortgage and financial services BPO
market
Role of geography
Geography will continue to play a critical role in decision criteria for banks. In the early days, the strategy for outsourcing
was, “What can I do in India?” This has evolved greatly in the last 15 years with the emergence of global providers. When
you look at the top 10 outsourcing providers in the market, the majority of them are in three or more countries.
Additionally, all of these providers have operations in the US, Europe and Asia. Providers must have the ability to support
all time zones and all their clients’ languages in a fluid manner. Many more are in the process of evaluating other
geographies including Latin America and the Philippines. Service providers must have the geographic footprint to meet
client requirements.
Exhibit 9
Major categories of banking BPO service providers
The following table lists the key service providers in the banking BPO market. A detailed version of this list is in the
appendix at the end of this report.
Exhibit 10
Key service providers in banking BPO
Name of provider
Accenture
Aegis
CSC
Capgemini
Cognizant
EXL Service
HCL Genpact
i-Flex
Infosys
Intelenet
Mphasis
Steria
TCS
WNS
Looking ahead…
The banking industry has undergone the most radical changes in the last five years due to the effects of the global
recession. We are witnessing a complete overhaul of the regulatory environment that is playing out at both the national
and international level. There is an increased level of responsibility from the part of the bank management, and a new
level of transparency is emerging. Banks are working hard to re-establish lost trust among consumers and employees alike.
This section focuses on the current trends impacting the banking industry.
Customer-centric approach
Banks are increasingly investing in smarter relationship management programs and better customer information systems
to improve cross-sell and retention with their customers. A loss of faith and trust has led to a high customer churn rate
across leading banks. The emergence of social media has given banks an effective method to both collect responses from
customers and involve them in new product offerings. Banks are turning to outsourcing partners that offer these client-
centric services to help them engage with their customers. Doing so will result in a new level of trust and transparency
between financial institutions and their customers as more online communication channels emerge for bi-directional
interaction.
Analyze this
Banks are looking to merge effective Customer Relationship Management (CRM) tools with aspects of business
intelligence to minimize risks. There is sizeable scope for predictive and behavioral modeling tools and applications in
areas including marketing, cross-selling, risk management, data security, procurement services and asset management. In
order to speed up this process, banks are approaching providers with expertise in analytics and business intelligence
services to help identify early patterns of financial fraud, gain deeper insights into the credit risk associated with large
borrowings, and ensure regulatory compliance measures such as Basel II requirements.
Appendix
Key service providers in banking BPO
Accenture Dublin, Core Banking ABN AMRO The company’s banking practice BPO has
Ireland Transformation Services more than 2,000 FTEs dedicated to payments
ANZ Bank
consulting, systems integration and
Banking Payment Services
Asian Banking outsourcing
Group
BBVA
Accenture Global Delivery Network has skilled
BNP Paribas resources to build, manage and implement
Caja complex and large-scale payments and core
Mediterraneo banking systems
Credit Agricole
HBOS
Shinhan Bank
Aditya Bangalore Retail Banking Solutions: 3 of the Top 10 Has more than 15 years of expertise in the
Birla and Toronto Customer acquisition and US Banks banking sector
Minacs servicing, voice of the
2 of the Top 5
customer/quality
Canadian Banks
assurance Specializes in multi-lingual customer services
4 of the Top 10 with expertise in over 19 languages
Payment Services: end-to-
Credit Card
end card services including
Companies in the
sales/application/underwri Adheres to the latest regulatory compliance
World
ting/fraud and banking standards
Collections: 1st and 3rd
Party
Specializes in providing cross capability
Commercial Lending: solutions to address business needs
underwriting support
services
Aegis Mumbai, Collections: Pre-charge Global leader in More than 16 years of experience in the BFSI
India Off/Early Stage Collections, credit card sector
Post charge off recovery, processing and
Over limits cards services
Aegis’ banking practice has more than 5,000
Sales: Customer One of the
employees, working in 6 geographic locations
Acquisition, Up-selling, leading banking
- Philippines, India, Costa Rica, South Africa,
Cross-selling, customer services providers
Australia and the U.S.
focused selling, balance in Asia, EMEA,
transfers and US
Outbound Support:
Welcome calling, lead
generation, telesales,
fraud management
CSC Falls Church, Consumer loan BB&T More than 200 banking clients around the
Virginia administration and world, and more than 25 years of experience
Wells Fargo
portfolio management in the banking BPO space
Chase
EarlyResolution® - lending
default management Toronto
Offers cutting-edge cloud computing services
Dominion
Other lending services for the banking industry
include: insurance Scotia
tracking, debt protection
and specialty insurance CSC services are offered as a menu across a
administration, portfolio spectrum starting at SaaS all the way through
analytics, and backup full end-to-end BPO
servicing
Capgemini Paris, France Sales and Service Western Union The total workforce for Capgemini’s banking
Innovation International practice is around 15,000 for its BPO, ITO and
Bank consulting divisions
Core Banking System
Services
Cognizant Teaneck, Asset & Wealth 6 of the Top 10 Focus on delivering business impact
New Jersey Management US banks
to customers by bringing to bear deep
Cards & Payments 4 of the Top 10
technology and domain expertise to all BPO
EU banks
Investment Banking &
engagements
Brokerage
Securities Services
Offers a common platform “Cognizant 2.0” to
Consumer Lending
provide access for knowledge sharing and
Governance, Risk & process alignment across all banking related
Compliance services
Retail/Wholesale Banking
EXLService New York, Strategic Cost Leading UK-based Strong capabilities in data analytics, risk
New York management leasing company management and process reengineering
capabilities for the banking sector
Marketing and Customer
analytics
Customized Collections
Genpact Gurgaon, Retail Banking - Deposits & Tier 1 US bank Recently acquired Headstrong, a US-based
India Accounts, Loans & Services firm for US$550 million. Headstrong has high-
Tier 1 Australian
end capital markets & securities industry
Commercial Banking - bank
domain and technology capabilities. It has
Commercial Lending,
Business card strong IT & business consulting expertise in
Loans & Balances, Off
provider asset management, derivatives, wealth
Balance Sheet
UK consumer management, prime brokerage, reference
Investment Banking - data, compliance and mortgages
bank
Investment advisory,
Global research Tier 1 US
brokerage firm Genpact Invested in Cloud Computing with its
Investment Services &
acquisition of Akritiv Technologies. Genpact
Wealth - Asset
continues to expand its comprehensive
Management, Retirement,
Business Process as a Service (BPaaS)
Securities
solutions that drive significant impact for
Mortgage Services clients’ finance and accounting operations
HCL Noida, India Banking operations Leading US- HCL offers end to end service offerings in
covering voice and back based mortgage Banking and Financial Services BPO bringing
office functions across house together Technology, People and Processes
Retail Origination,
Leading Private HCL delivers services through its Integrated
Mortgage processing and
Sector Bank in Global Delivery centers
servicing, Lending/loans,
India
Card processing and
servicing, Payment Value based pricing, and a collaborative,
Processing, Wealth partnership approach define HCL in the
Management. Banking and Financial Services BPO space
Capital Markets operations
covering Fund
administration, Fund HCL is making significant investments in
Accounting, Transfer developing, partnering and acquiring
agency, trade and platforms to service clients’ processing needs
securities processing, in the BFS space. Multiple platforms across
performance and pricing Retail Origination, Mortgage, Lending,
and reconciliation across Payment processing, CRM & Process
all asset classes management and Document management
accompanied by Partnership relations have
helped HCL clients achieve cost savings,
productivity gains
i-Flex (part Redwood Branch Sales and Service IDBI Bank Complete end-to-end risk and performance
of Oracle Shores, management solution, extending into
Lease and Finance Bank of East Asia
Corp.) California business operations and anti-money
Management
First Global laundering
Infosys Bangalore, Retail Banking – Deposits, Top 10 US Bank Infosys has robust capability in core retail
India Payments banking services spanning across assets,
Leading Canadian
liabilities, credit cards and wealth
Mortgage – Originations, Bank
management
Servicing, Underwriting
Top Australian
Commercial and Consumer Bank
Lending Integrated Technology and Operations
Leading
offering. Platform based solutions like bank-
Credit Cards Australian
in-a-box, mortgage origination solution,
Regional Bank
Treasury Management, hedge funds and reference data management
Trade Finance Leading UK-based
credit card issuer
Horizontal Services –
Infosys offers “Finacle,” a universal banking
Customer care,
solutions platform for the sector, designed to
Procurement, F&A, HRO,
address the core banking, e-banking, Islamic
Knowledge Services
banking, treasury, wealth management and
Wealth Management – CRM requirements of retail, corporate and
Account opening, Portfolio universal banks
Analytics
Intelenet Mumbai, Core Banking Products Leading UK bank 36 global delivery centers for its banking BPO
India processes
Wealth Management
Card Management
Systems for Debit, Credit Strong domain focus having HDFC Bank and
and Prepaid Barclays as part of its founding partners
Mphasis Bangalore, Personal Banking: Account Top 4 bank in Ability to provide IT and BPO synergy benefits
India set-up and KYC, Account Australia to their clients given its strength in both areas
Maintenance, Inter Branch
Global Financial
Reconciliations, Consumer
Lending
Lending Strong Risk Mitigation framework to ensure
Institution
customer data security standards are met
Credit Cards: Application
Leading North consistently and operational risk is mitigated
Processing, Application
American Bank
Scoring, Card Activation,
Manual Authorization,
Charge back, Statement/
Rewards Processing,
Customer service and
collections
Commercial lending –
Financial spreading
Steria Paris, France Regulatory compliance Banque de France Has a strong expertise in integrated banking
HSBC Guyerzeller solutions – from consulting to
Customer relations
Bank AG implementation and roll-out, to maintenance
management
TeamBank and outsourcing of entire applications
Core banking
The Antwerp
Cash management Diamond Bank
Card management
Payment Processing
Reetika Joshi
Reetika Joshi contributes regularly to HfS Research's BPO research coverage, in areas such
as analytics and vertical processes.
Reetika is a Senior Research Analyst at ValueNotes Sourcing Practice, based in Pune, India.
She currently tracks the outsourcing industry, with a special research focus on the fast-
growing technology-enabled learning segment.
Based in India, she has undertaken several research assignments across the outsourcing
spectrum, including market studies in niche BPO and KPO areas such as medical
transcription, research and analytics and e-learning. Over the last few years at ValueNotes, she has had the
opportunity to work on multiple bespoke research services for outsourcing providers, including in-depth competitive
intelligence, investment opportunity assessment and custom publishing.
Reetika’s work has appeared in many industry-relevant publications and websites, including Outsourcing magazine,
Global Services Media and the Horses for Sources blog. She has presented her views on the state of the outsourcing
at various conferences. A strong believer in the power of communities, she manages ValueNotes Sourcing Practice’s
corporate blog, as well as an e-learning industry knowledge-sharing group on Linkedin.
Reetika has completed her Masters in Marketing Management with distinction from Aston University, UK, receiving
Beta Gamma Sigma honors. She was awarded the Accenture prize for Best Student on her course. Her final year
dissertation was titled Learning from Management Mistakes: Are Today’s Top Business Students Prepared for the
Flawed Realities of the Business World? Prior to this, she received her Bachelors in Business Administration with
distinction from Symbiosis International University, India.
You can contact Reetika at reetika@hfsresearch.com.