/24-7PressRelease/ - NEW DELHI, INDIA, June 15, 2006 - RNCOS Research: (http://www.marketsmonitor.com/category/FM005.html) Just like any other industry, banking sector in India too has been influenced by the latest buzzword in business known as "outsourcing". Although, due to banks handling critical financial services, outsourcing is not as uncomplicated and simple option for banks as it is for various other businesses. However, for the sake of rationalizing operational costs and tapping professional expertise, outsourcing is being adopted by banks at an increasingly faster rate.
A good instance of acclimatization of outsourcing by Indian public sector banks is the recent contract, worth 110 crore Indian rupees, awarded by the Vijaya Bank and Bank of Maharashtra to Financial Software & Systems Pvt Ltd- the electronic payment system solutions and services provider.
Services outsourced by banks in India typically include IT & ITES activities such as hardware & software maintenance, hosting; management of data centers, maintenance of websites, and management & maintenance of links at the ATMs et cetera.
The latest market research report named, "Indian Banking Sector Analysis (2006-2007)", published by RNCOS takes a look at every side of the banking sector in India. Present and future scope of outsourcing has been covered in this report. As per the report, "Cost saving is the main driving force behind the surge in outsourcing activities, as it helps reduce up to 35% of overheads".
"Instead of safeguarding the money, the competence of a bank lays in the deployment of it in such a manner that it gets multiplied with time. That's why, most of the banks outsource the financial services such as applications and document processing, investment management, marketing and research and back office related activities", suggested the experts at RNCOS.
The information included in the report helps the client in the analysis of opportunities that are critical to the success of the Indian banking industry. Profiles of key players in this sector are also listed in it. A complete overview of the banking sector in India is covered in this report. Besides analyzing the current scenario the report also looks in to the future of the banking industry in India. The report includes forecasts till the year 2010.
To purchase your copy: http://www.marketsmonitor.com/category/FM005.html
For more information about the report please visit http://www.marketsmonitor.com
About RNCOS
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