Outsourcing of jobs has become a global phenomenon. It has become a common element in the thread of business operations in countries all around the world. Switzerland is a country that has recently realized the benefits of outsourcing in the BPM industry. In addition, the banking sector in Switzerland has developed to the extent of incorporating outsourcing operations under its roof. After many years of discussions that revolved around industrialization set in motion in the banking sector, business process outsourcing has been recognized and accepted as an effective segment of back office operations. In the scenario of BPO Switzerland banking, 2013 has brought with it new prospects in this domain.
At present, a majority of the banks in Switzerland make use of outsourcing. The BPO Switzerland banking, 2013 market in the country is maturing at a rapid rate. In the present scenario, there are about 10 service providers that offer banking solutions in outsourcing, which play an active role in the Swiss BPM sector. These constitute companies or banks that operate under the banking industry.
These enterprises mainly deal with banking operations under two categories: Retail banking and private banking. In retail banking, the service provided is of low value with a high rate of standardization and mutualization. In private banking, high-value service together with low-to-medium standardization and mutualization is provided.
New ventures in BPO Switzerland banking, 2013
This nation known as the water tower of Europe has witnessed new ventures emerging from the banking outsourcing sector. Some of these new projects are forays into foreign lands. For instance, Avaloq, the Swiss-based company that offers comprehensive solutions in banking services, has entered the German market for conducting BPO operations. It has created a joint venture with quirnin bank based in Germany.
Towards the end of the previous year, Avaloq and quirnin established Avaloq Sourcing AG, with the aim of providing outsourcing operations to banks. This has expanded the scope for BPO Switzerland banking, 2013, with new proposals likely to follow in this direction.
Avaloq Sourcing AG deals with payment processing and administration of securities. Moreover, it provides end-to-end solutions for core banking models. This venture establishes the second BPO hub for Avaloq; the first was based in Switzerland, which was the takeover of the IT company, B-Source . The company B-Source was previously the IT captive of one of the oldest banks in the country, Banca della Svizzera Italiana (BSI). Active deals in this market have given fresh impetus to the prospects for BPO Switzerland banking, 2013.
The Swiss banking outsourcing market appears to be growing at a rapid rate. Within, the next few years, this will open the doors to a new phase of development.