Outsourcing Financial and Banking Services to India
According to McKinsey and Nasscom , India has the potential to process 30 per cent of US bank transactions by 2010. Currently the country's BPOs are handling 8 per cent of US banking transactions. With growth rates of 30 to 35%, India 's revenues from banking and financial services offshoring is likely to reach $6.5 billion by FY2011.
Banks have realized that outsourcing is a strategic activity that streamlines and simplifies operational processes, reduces cost and complexity and maximizes revenue. The shift towards global multi-sourcing recognizes the need to select the vendor best qualified to provide outsourced banking services in specific locations.
Understanding the specific needs of customers in different locations helps banks to differentiating their product offerings and stay ahead in a highly competitive global marketplace.
Outsourcing service providers in India like O2I are providing real-time, online, 24x7 processing, along with reliable, accurate and cost-effective services. This enables banks to maintain core focus and achieve organizational agility and flexibility and increase responsiveness to customers.
Banking services provided by O2I
Processing loan and credit card applications
Collection and recoveries
Data processing
Transaction processing
Verification
Records management
Payment processing
Securities processing
Mortgage processing
Application processing
Mortgage loan processing
Check imaging
Business intelligence
Analytics
Here are some of the financial and banking services that can be outsourced to India.
Payroll Processing Services
Computerized professional payroll processing software Indian Service Providers to prepare your payroll and payroll tax returns. They can even take care of all required tax deposit requirements. Information can be transmitted to them by telephone, fax or e-mail. Your payroll checks are delivered by courier or available for pick up.
Write-Up Services
Indian Service Providers can use your accounting records such as check registers, cash receipts and sales journals, bank statements and other items, to reconcile your bank accounts, create a general ledger and financial statements. Whether your system is manual or computerized they can accommodate your needs. They also provide:
Timely financial statements with comparatives to budget and to prior years, percentages and ratios of key financial data plus charts and graphs providing visual representations of your business.
They can also provide a low cost modular computer write-up software for use on your in-house computer system that will-
Print your checks
Reconcile your bank
Track and control your payables
Bill and control your receivables
Do your payroll, depending on the modules you desire.
This program interfaces directly with the Indian vendor's own professional accounting software and transfers all of your transaction information to them on a single diskette each month. Information can even be transferred by modem. They will train your staff and support the program.
General Ledger Services
The General Ledger is perhaps the most important component of any business set of books. It contains a summary of every transaction and adjustment needed to prepare financial statements and tax returns. It is the key map to your audit trail, whereby any item in your tax return can be traced to the original supporting documentation. Many companies are moving towards greater in-house accounting responsibility with off the shelf or customized user friendly comprehensive accounting software. With proper training and adequate software you can prepare your own in house accounting reports and bank account reconciliations.
Indian Service Providers can step in and provide services starting at whatever point in the accounting process you wish. You can provide them with journals or an unadjusted trial balance and have them make the necessary adjustments to prepare accurate general ledgers, financial statements and tax returns. If you wish, they can help you develop your own system further by training or assisting your staff in making the monthly adjustments necessary to prepare your own in-house general ledgers and financial statements.
Financial Statement Preparation
Indian Service Providers can prepare financial statements for any type of business or for personal financial purposes. These statements may include-
Balance Sheets
Statements of Equity
Profit and Loss Statements
Statements of Cash Flow
Indian companies can prepare formal accrual basis statements in accordance with Generally Accepted Accounting Principles (GAAP) established by the American Institute of Certified Public Accountants. They can also
Prepare statements on a cash basis which is another form of financial presentation.
Design and prepare internal management reports addressing specific issues and needs. Most statements will include comparatives with your Budget and prior periods reflecting variance amounts and percentages
Design and prepare internal management reports addressing specific issues and needs. Most statements will include comparatives with your Budget and prior periods reflecting variance amounts and percentages
Statements are frequently accompanied with graphs and charts providing visual representations depicting many different perspectives of your operations, showing changes and trends over periods of time and relationships between key factors of your business.
Tax Preparation Services
Indian companies can prepare virtually any tax return required by your business or personal situations. Nearly all returns are prepared with professional computer tax preparation software and printed on Laser Forms.
These are some additional financial services that can be outsourced to India
Credit Decision
Accounts Servicing
Account Reconciliation
US GAAP Reporting
Account Setup
Credit/Debit Card services
Check Processing
Mortgage loan servicing
Collections
Customer Account Management
Treasury Operations Management
Outsource Financial Services to India
Outsourcing your financial and banking needs to India is a wise option since most companies do not have the resources or expertise to perform these activities in house. Indian service providers provide cost effective quality solutions. If you would like to find out more please fill in the inquiry form and out client engagement team will contact you within 24 hours.
