January 2009: The Indian banking industry is witnessing robust growth under the influence of a changing regulatory environment, rapid technological advancements, heightened competition and consolidation. Growth in the industry, centralization and penetration of IT systems, need to focus on core services, rapid scale-up and introduction of new services are driving outsourcing in the banking sector. With the magnitude of scale and scope in the changing landscape of the banking industry only increasing, outsourcing is becoming a strategic imperative.
ValueNotes and the Indian Banks’ Association (IBA) hosted a conference on Process Outsourcing in the Indian Banking Industry on 6 January 2009 to address the immediate issues concerning the banking industry. The conference focused on offering a critical look at both a holistic and ground level view of outsourcing by Indian banks to help them develop a roadmap to take outsourcing to the next orbit.
Speakers from the banking industry included HDFC Bank, Punjab National Bank, Bank of India, IDBI; service providers included Intelenet, MphasiS BPO, HTMT Global and Shell Transource.
While inaugurating the conference, Dr. K Ramakrishnan, Chief Executive of IBA, said, “The country will see difficult times for at least another one year and in these trying times the question that most banks are asking themselves is – How do I still lend and keep the portfolio intact?” He emphasized that this was a time to look internally and examine and set processes in place.
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The ValueNotes Sourcing Practice is one of the largest information providers on the outsourcing industry. The Practice uses a comprehensive, analytical framework providing fresh insights into the fast emerging and yet, complex outsourcing space. We extensively track the space through regular analysis of news and events, continuous primary research and contact with the industry. Additional information is available at www.sourcingnotes.com
Indian Banks’ Association (IBA) is a voluntary service organization of the banking industry in India. It represents various constituents of banking and finance industry covering public sector banks, private sector banks, foreign banks, urban co-operative banks, development financial institutions, mutual funds and district central co-operative banks. Reflecting the growing complexity of finance, the Association’s role has expanded, from assisting member banks with their activities, to function as a self-regulatory organization and as an effective liaison agency between the industry and authorities and preparing the members to adapt themselves to the changing times.