Outsourcing Banking Services to India

According to McKinsey and Nasscom , India has the potential to process 30 per cent of US bank transactions by 2010. Currently the country's BPOs are handling 8 per cent of US banking transactions. With growth rates of 30 to 35%, India 's revenues from banking and financial services offshoring is likely to reach $6.5 billion by FY2011.

Banks have realized that outsourcing Banking and Financial Services is a strategic activity that streamlines and simplifies operational processes, reduces cost and complexity and maximizes revenue. The shift towards global multi-sourcing recognizes the need to select the vendor best qualified to provide outsourced banking services in specific locations.

Understanding the specific needs of customers in different locations helps banks to differentiating their product offerings and stay ahead in a highly competitive global marketplace.

Outsource2india can provide real-time, online, 24x7 processing, along with reliable, accurate and cost-effective Banking and Financial Services. This enables banks to maintain core focus and achieve organizational agility and flexibility and increase responsiveness to customers.

Banking services provided by Outsource2india

• Processing loan and credit card applications
• Collection and recoveries
• Data processing
• Transaction processing
• Verification
• Records management
• Payment processing
• Securities processing
• Mortgage processing
• Application processing
• Mortgage loan processing
• Check imaging
• Business intelligence
• Analytics

Here are some of the financial and banking services that can be outsourced to Outsource2india .

Payroll Processing Services

Outsource2india uses computerized professional payroll processing services software to prepare your payroll and payroll tax returns. We can even take care of all required tax deposit requirements. Information can be transmitted to Outsource2india by telephone, fax or e-mail. Your payroll checks are delivered by courier or available for pick up.

Write-Up Services

Outsource2india can use your accounting records such as check registers, cash receipts and sales journals, bank statements and other items, to reconcile your bank accounts, create a general ledger and financial statements. Whether your system is manual or computerized Outsource2india can accommodate your needs. We also provide:

• Timely financial statements with comparatives to budget and to prior years, percentages and ratios of key financial data plus charts and graphs providing visual representations of your business.
• We can also provide a low cost modular computer write-up software for use on your in-house computer system that will-
  • Print your checks
  • Reconcile your bank
  • Track and control your payables
  • Bill and control your receivables
  • Do your payroll, depending on the modules you desire.

This program interfaces directly with Outsource2india’s own professional accounting software and transfers all of your transaction information to us on a single diskette each month. Information can even be transferred by modem General Ledger Services.

General Ledger Services

The General Ledger is perhaps the most important component of any business set of books. It contains a summary of every transaction and adjustment needed to prepare financial statements and tax returns. It is the key map to your audit trail, whereby any item in your tax return can be traced to the original supporting documentation.

Outsource2india can step in and provide Banking and Financial Services starting at whatever point in the accounting process you wish. You can provide Outsource2india with journals or an unadjusted trial balance and we would make the necessary adjustments to prepare accurate general ledgers, financial statements and tax returns. If you wish, we can also help you develop your own system further by training or assisting your staff in making the monthly adjustments necessary to prepare your own in-house general ledgers and financial statements.

Financial Statement Preparation

Outsource2india can prepare financial statements for any type of business or for personal financial purposes. These statements may include-

• Balance Sheets
• Statements of Equity
• Profit and Loss Statements
• Statements of Cash Flow

Outsource2india can prepare formal accrual basis statements in accordance with Generally Accepted Accounting Principles (GAAP) established by the American Institute of Certified Public Accountants. We also can

• Prepare statements on a cash basis which is another form of financial presentation.
• Design and prepare internal management reports addressing specific issues and needs. Most statements will include comparatives with your Budget and prior periods reflecting variance amounts and percentages
• Statements are frequently accompanied with graphs and charts providing visual representations depicting many different perspectives of your operations, showing changes and trends over periods of time and relationships between key factors of your business.

Tax Preparation Services

Outsource2india can prepare virtually any tax return required by your business or personal situations. All returns are prepared with professional computer tax preparation software and printed on Laser Forms.

These are some additional financial services that can be outsourced to Outsource2india

• Credit Decision
• Accounts Servicing
• Account Reconciliation
• US GAAP Reporting
• Account Setup
• Credit/Debit Card services
• Check Processing
• Mortgage loan servicing
• Collections
• Customer Account Management
• Treasury Operations Management

Outsourcing Financial Services to India

Outsourcing your financial and banking needs to Outsource2india is a wise option since most companies do not have the resources or expertise to perform these activities in house. Indian service providers provide cost effective and quality solutions. If you would like to find out more please fill in the inquiry form and out client engagement team will contact you within 24 hours.

Please contact us for further information about O2I's Financial Services and Pricing details.

O2I’s Financial Services

Accounting and Finance Services: Outsource Write-Up, Bookkeeping Services , Accounts Payable, Accounts Receivable, Financial Reporting and Accounts Reconciliation services to O2I for proficient and cost-effective services.

Tax Preparation Services: Outsource Tax Return Processing and Tax Preparation services to O2I and benefit from maximized efficiency and profits. Give your business a competitive edge with our efficient services.

Financial Analysis Services: Outsource Financial Analysis services to O2I for accurate, reliable and competent services delivered within a fast turnaround time. Improve the financial health of your organization with our professional services.

Payroll Processing Services: Outsource Payroll Processing services to O2I to reduce your operational costs by 40-50%. Relieve your organization from mundane administrative tasks. Outsource to O2I and concentrate more on your core business.

Insurance Services: Outsource Life Insurance, Property and Casualty, Annuity Insurance, Insurance Policy Administration, Insurance Agency Management, Insurance Claims Administration and Insurance Data services for increased profits.

Outsourcing to India: Discover Why India is an ideal place to outsource to, Read more on Why Outsourcing has become necessary and find out more on What services can be outsourced to India.