IMPACT OF OUTSOURCING OF SERVICES ON STANDARD CHARTERED BANK STRATEGY

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Outsourcing of Services on Standard Chartered Bank Author’s Name Institutional Affiliation Lecturer Due Date Introduction Over the past decades, outsourcing has become an ever-growing phenomenon that is geared towards reduction of cost or time cycle as well as the accessibility to skilled professionals. In as much as there are numerous good reasons as to why a firm should outsource services, there are also numerous potential obstacles or problems that get associated with this kind of service. Outsourcing of services comprises some risk factors as well as several important or significant benefits. It should be pointed out that banking industry has been facing stiff competition, especially from those emerging banks. Such competitions from emerging financial institutions have been witnessed in areas related to service delivery as well as the general performance of the intended customers. The primary purpose of this paper is to give a greater in-depth analysis on some of the business operations that are outsourced by the standard chartered bank. Conversely it will establish or describe some of the challenges or impacts that faces standard chartered bank towards implementation of outsourcing strategy or commonly known as business process outsourcing BPO. The literature review section of this paper will entails those secondary sources from various authors that tend to exploit how outsourcing of services affect or benefits the financial institutions especially standard chartered bank (Bryce & Useem, 1998). Notably, it should be pointed upfront that some of the business operations or financial activities that are outsourced by standard chartered bank include,

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