Cards make up one of the most outsourced business operations in the financial services sector. Indeed, a large number of banks and card issuers have either outsourced specific functions or their entire card operations. The primary factors driving such practices have largely been similar to those recorded in the outsourcing sector in general, and include cost reduction, gaining a comparative advantage, access to cheap/skilled labor, a lack of in-house expertise and risk management advantages.
Card outsourcing is fast moving towards the adoption of cloud technology and onshore and near-shore models, driven primarily by cost advantage and government initiatives such as tax benefits respectively. In addition, there is an increased focus on value added services such as behavior and fraud prevention schemes.
Card issuers select an outsourcing model according to their needs and objectives and their organization’s risk tolerance level. Models comprise internal models, hybrid models, end-to-end service models, offshore and onshore models, captives and third-party vendors. The first three models can be grouped on the basis of the vendor’s location, whereas captive and third-party models reflect the ownership of the outsourcing organization.
Card issuers remain responsible for their business actions, even though the vendor is given the authority to act on their behalf. Outsourcing, irrespective of whether it’s in initial stages or exists already, must be looked upon as the responsibility of the client. The vendor, however, is responsible for maintaining and adhering to a set standards and covenants of the contractual agreement and bears the consequences if to fails to do so.
Cards comprise one of the most outsourced business operations in the financial services sector. A large number of banks or card issuers have either outsourced specific functions or their entire operations. The primary factors driving such practices have been largely similar to those recorded in the outsourcing sector in general, and include cost reduction, gaining a comparative advantage, access to cheap/skilled labor, a lack of in-house expertise and risk management advantages.
Reasons to buy
Gain an comprehensive understanding of the market by reviewing a strategic insight into Card Outsourcing.
Learn about the best practices in Vendor Management and use this to plan for the future.
Find out more about the best practices in outsourcing business operations in order to remain as profitable as possible.
Stay a step ahead of your competitors by gaining an insight into the market through case studies within your industry.
Comprehensive Table of Contents and more on the report @ http://www.rnrmarketresearch.com/2020-foresight-report-best-practices-in-card-outsourcing-market-report.html
Card outsourcing is fast moving towards the adoption of cloud technology and onshore and near-shore models, driven primarily by cost advantage and government initiatives such as tax benefits respectively. In addition, there is an increased focus on value added services such as behavior and fraud prevention schemes.
Card issuers select an outsourcing model according to their needs and objectives and their organization’s risk tolerance level. Models comprise internal models, hybrid models, end-to-end service models, offshore and onshore models, captives and third-party vendors. The first three models can be grouped on the basis of the vendor’s location, whereas captive and third-party models reflect the ownership of the outsourcing organization.
Card issuers remain responsible for their business actions, even though the vendor is given the authority to act on their behalf. Outsourcing, irrespective of whether it’s in initial stages or exists already, must be looked upon as the responsibility of the client. The vendor, however, is responsible for maintaining and adhering to a set standards and covenants of the contractual agreement and bears the consequences if to fails to do so.
Cards comprise one of the most outsourced business operations in the financial services sector. A large number of banks or card issuers have either outsourced specific functions or their entire operations. The primary factors driving such practices have been largely similar to those recorded in the outsourcing sector in general, and include cost reduction, gaining a comparative advantage, access to cheap/skilled labor, a lack of in-house expertise and risk management advantages.
Reasons to buy
Gain an comprehensive understanding of the market by reviewing a strategic insight into Card Outsourcing.
Learn about the best practices in Vendor Management and use this to plan for the future.
Find out more about the best practices in outsourcing business operations in order to remain as profitable as possible.
Stay a step ahead of your competitors by gaining an insight into the market through case studies within your industry.
Comprehensive Table of Contents and more on the report @ http://www.rnrmarketresearch.com/2020-foresight-report-best-practices-in-card-outsourcing-market-report.html