outsourcing-becomes-critical-to-competitive-advantage

Outsourcing becomes critical to competitive advantage

Nearly every international bank is doing some back office work in India these days. We find out why and ask the banks to quantify the benefits.

By Sameera Anand

August 09, 2007

ôSuccess begets success,ö says Dominic Price, senior country officer, India and Sri Lanka for JPMorgan, explaining the philosophy behind his firmÆs India outsourcing experiment. ôEach group that took the initial bold steps was rewarded, which led to more complex functions being moved.ö JPMorgan was probably one of the first to realise the potential in India and started sending work to the country in 2001.

ôOur initial goal was 500 offshoring staff in India focused on simple tasks,ö says Price. ôWe now have around 8,000 staff.ö The US bank has functions like derivatives operations, security settlements, research and analysis and CFO support done in India.

ôWithin some industries the realisation is setting in that...

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