- October 15, 2014
- Posted by: Steven Patrick
- Category: News and Views
My involvement with outsourcing began in 1990 when I was posted to Hong Kong to head up Citicorp Trade Services. All the banks were…
My involvement with outsourcing began in 1990 when I was posted to Hong Kong to head up Citicorp Trade Services. All the banks were grappling with costs, increased volume of paper transactions, and the need to maintain certain labor intensive products that were essential for their customer base.
In 1988, Citibank became one of the first businesses to internally outsource their processing by relocating its operations from New York to Hong Kong. The results of the move were amazing. In a very short period they achieved flawless processing, increased customer satisfaction and 24 hour turnaround times for transactions. Incredibly, over time the process was streamlined and more cost savings were achieved than were originally budgeted
The outsourcing business has come a long way since then, with virtually every type of business now outsourcing back-office processing. This helps companies remain competitive, offer a market-driven product mix, and enhance corporate ROI while maintaining high standards of customer service. This is generally accomplished by outsourcing their essential or nonessential business.
The typical reasons management seeks partnerships with outsourcing companies include:
- Reducing and controlling operating costs
- Improving host company focus
- Gaining access to world-class capabilities
- Access to free internal resources for other purposes
- A function is time-consuming to manage or is out of control
- Insufficient resources available internally
- Share of risks with a partner company
Premier BPO LLC is the one of the best BPO companies with 13 years of outsourcing experience. We are partnering with several companies to help them capitalize on the golden opportunity for margin growth, enhanced customer service, and new product offering, at about half the cost of your current business under taking. Please visit us at www.PremierBPO.com to learn more about what we can do for you.
Shafiq U. Rahman, Director – Digital Marketing
Shafiq Rahman is Premier BPO LLC Digital Marketing Director. Shafiq has held several senior management positions in banking, including CEO of a Citibank subsidiary, Regional Sales Head for Payment Product for North Asia, Global Head of Electronic Trade Products at Standard Chartered Bank, Head of Product Management at ABN Amro, and Regional Head of Trade Products at JP Morgan. He has extensive international experience and has lived and worked in eight countries.