Growth of financial BPO in Economic crisis

Global economical crisis made a good way for financial institutions to offshore more work to cut cost. In the next five years, business process outsourcing sector will grow 40 to 45 times compare to the current market size. The financial institute aims that the addressable opportunity for large-scale BPO will reach USD 145 to 165 billion for worldwide sourcing for financial services. The survey report also tells that offshore BPO adoption in the insurance sector will increase 12 to 15 times during the same five years.

The current US economical crisis is hasten the interest across stakeholders to realize the trends and opportunity areas in business process outsourcing, among other money containment measures reports a leading Research Institute. All financial services and banks are under major cost reduction pressure. It results in manpower deduction in large number of firms in Western geographies and all the firms are stepping into offshoring in order to reduce production costs As per the analysis and report of BPO functions, there are tremendous opportunities in banking sector like transaction processing, account servicing and credit card fraud management. According to the insurance sector, BPO having great opportunities includes policy servicing, customer service, finance and accounting, new business acquisition and claims processing.