IT outsourcing allows banks to cut costs

Offshoring for financial service providers

Shantanu Banerjee (PresseBox) ( Brussels, )
NIIT Technologies, a medium-sized IT company, provides offshore IT solutions for the banking applications development, implementation, migration, conversion, testing and ongoing maintenance/enhancements of mission critical software applications and thereby facilitate cost reductions even in economically difficult times. The company, which focuses on the finance and insurance sector can draw on an experienced and highly-qualified management in New Delhi and also on its well established state-of-the-art process/quality focussed 12 offshore development centres across India.

Thanks to its industry expertise, NIIT is able to offer companies affordable IT services and solutions in the offshore sector. Depending on the type and size of the project and taking the transaction costs into account, their technically impeccable IT solutions generate cost savings between 40 and 70%. Furthermore, the outsourcing of projects turns fixed costs into variable costs, thus enabling companies to respond to market fluctuations with greater flexibility, agility and speed. A number of renowned companies trust in NIIT’s strategy, including the ING Bank (ING) or the KBC Bank.

NIIT uses a knowledge portal to record project developments. That way customers are able to check on the current status of their respective project at any time. The company offers superior software services (CMMi Level 5 certified) in all areas of modern application development. "Language and cultural differences are often perceived as a problem of offshore projects, but most companies tend to overemphasise these issues", explains Shantanu Banerjee, Country Manager ( BeLux ) from NIIT. "Through our local offices, we ensure that we follow the European standards on security, data protection and legal issues and also maintain a strong customer interface/relationship."

Almost 30 years ago, American IT companies started having large parts of their products developed offshore, i.e. in countries with lower production costs than in the US. Companies not producing offshore are losing their competitive edge and this does not only apply to the banking sector. In Europe, British companies are the spearhead of offshoring, but continental Europe is catching up. Over the past three years, the number of people employed in the offshore sector increased by 18 times.

Even though about one third of companies choose China for their offshore activities, India is the number one provider of offshore services. One reason for this is the targeted recruitment and training programme of the Indian government, which creates a large pool of highly-qualified IT experts.
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