Banking & Lending
Financial institutions, including commercial banks, savings banks, farm credit banks, credit unions, insurance companies and broker-dealers, are some of the most advanced customers of outsourcing. They focus only on their financial operations and outsource the rest, including back office transaction processing, check clearing, customer support and many other functions.
Given their quintessential role in preserving trust and confidence in the economy, financial institutions need the highest levels of security. The Gramm-Leach-Bliley Act mandates privacy policies and procedures. Regulators focus on preserving the integrity of the banking and financial systems, so outsourcing is also regulated.