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[Music] the concept of outsourcing is as old as the existence of the human community with the division of labor and specialization of occupation the core competency has become more narrowly and clearly defined further increase in the complexity of functions necessitated the specialization to in-source or outsource is a strategic decision for many 21st century organizations just like any other industry banking is also influenced by the buzzword outsourcing banking and financial services industry across the globe is witnessing robust growth in past few decades the growth is mainly due to changing regulatory environment rapid technological advancements and heightened competition banks are forced to consolidate to achieve economies of scale and scope this changing landscape in the banking industry is driving banks to explore the outsourcing option to achieve efficiencies basel committee on banking supervision has issued guiding principles on outsourcing in financial services for banks and financial institutions the basel committee has developed set of principles that gives guidance to banks and financial institutions to help better mitigate risks arising out of outsourcing many banks seeking to increase shareholder value outsource to take advantage of a variety of benefits such benefits include cost containment or reduction easy to obtain external expertise outsourcing can bring fresh minds to the business of the bank free time of the existing experts allow management to focus on its core competencies brand building and marketing of bank products access to new technology and less capital investment and effective utilization of funds outsourcing in banking industry is not free from drawbacks such drawbacks include quality event product of the bank depends upon the quality of outsourcing vendor poor performance by the outsourcing vendor results in poor quality of services to the customer by the bank when a particular business process is outsourced by the bank the employees of the bank may lose interest and motivation for expertise and innovation and difficulty in comparing prices as price quoted by one vendor could be different from another on account of differences in products processes services technology and reputation [Music] you