More Banks Outsourcing Processes

A lot of US banks lately are turning to outsourcing companies to take care of their nonessential business processes. Research reports suggest that, in a few years, the bank BPO industry will nearly double its 2008 earnings. That’s quite a jump: the banking industry invested $38.1 billion in business process outsourcing pursuits in 2008, and that’s expected to rise to more than $ 67 billion in 2015.

The reports also state that the banking industry invests in 40 percent of all outsourcing activities, with IT outsourcing consisting of 16 percent, which is good for IT outsourcing companies located in the Philippines. Such processes include web design, SEO, and other related disciplines.

Some of these tasks have gone to the Philippines outsourcing industry, which is continually growing amidst reports of better English communication skills among local employees. It is second only to India in the outsourcing industry in Asia, and it’s in the running to be in the top spot soon.

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