Business Process Outsourcing of Financial Services

There has been a drastic change in the way people do business in today's world. Business strategies have been altered depending upon the demands of the changing economy. For example take the case of business process outsourcing industry. With the emergence of BPO, the perspective on the way things should be done have changed. Most of the enterprises are outsourcing their work as the ITES/BPO sector is booming in many countries. In this manner, the companies make sure that they remain competitive and money is spent lucratively.

Being one of the fastest growing nations in the world, India has become a BPO hub in the recent years. All the four metropolitan cities; Delhi, Chennai, Kolkata and Mumbai have become the BPO center for almost all MNCs in the world. The companies prefer India as the nation has an abundant and well trained people who are used as resources at a lower wage. Since the labor charges are high in developed countries, Indian BPOs have been in huge demand. Also the people in India are known for their ease in adopting foreign working style and culture. Moreover 24/7 support is enabled due to the unique geographical location and change in time zones.

Classification of Financial Services Industry

The financial intermediaries in India can be classified as:

Capital Market Intermediaries which constitutes Term Lending Institutions and Investing Institutions which mainly provide long term funds.

Money Market Intermediaries which consists of commercial banks, Cooperative Banks, and other financial agencies which supply only short term funds.