Third-party services which bring larger benefits to the companies that use them, have been growing very rapidly throughout the world, especially in India. Though this path is not simple for the banks on the grounds of confidentiality, they are still trying out this service. This has emerged from a fear of not wanting to be left behind by the private and foreign banks which are already leading the race.
Third-party services, better known as "Outsourcing", in its young and dynamic form has captured the Indian market well on time. It has been the reason behind the success stories of many a big company. At the same time, corporate giants like Wipro and GE have been outsourcing their services in order to concentrate better on their core activity and ensure customer satisfaction. Banks are also not far behind in trying out this service, though the outsourcing path has been somewhat tougher in this sector because of the sensitive financial issues being handled by them.
The last couple of years have been a time of growing awareness amongst the public banks about the outsourcing of services. This has emerged from a feeling, rather a fear of not wanting to be left behind by the private banks which are already leading the race. Though ICICI Bank, Citibank and HDFC Bank are leading the outsourcing charge, large PSUs like SBI, Bank of India and Bank of Baroda are also following suit.
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