Why it's important: Facing declining revenues and drastic budget cuts, many banks are redefining what they consider a core competency that must remain in-house and what can be handled by a third-party business process outsourcing (BPO) provider. By moving more noncore processes to business partners, financial organizations hope to reduce costs and streamline operations, letting them spend more time focused on core business functions, such as trading, portfolio management and brokerage services.
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