The available outsourcing services in Bangladesh including business process and call centre can enhance the banks' operational efficiency and service quality.
At the strategic discussion on Outsourcing in the Financial Sector held at the Bangladesh Institute of Bank Management (BIBM) at Dhaka's Mirpur, the experts made the observation.
State Minister for Information and Communication Technology Zunaid Ahmed Palak said, "According to different estimates, the size of Bangladesh's economy will be more than $700 billion from around $300 billion within 2030. We need a vibrant banking sector for that.
"The banks can use outsourcing to provide better customer services. It will also cut their initial investment and operating cost too."
"The banks are not heavily dependent on outsourcing now. The outsourcing sector will reach 90 percent of its target if the banks can completely explore outsourcing services described by the Bangladesh Bank guidelines. We already achieved almost 50 percent of that target," said Wahidur Rahman Sharif, president of the Bangladesh Association of Call Centre and Outsourcing.
At present, Bangladesh's local and global market of outsourcing is nearly $400 million. The government set a target to increase it to $1 billion by 2021, employing one lakh people from existing 50,000.
As per the guideline, the banks can outsource twenty types of services from a third party including call centre, marketing of credit or debit cards, consumer or SME loan products; and servicing cash in ATM booths.
Director General of the BIBM Dr Md Akhtaruzzaman said, "The outsourcing market of India is $145 billion. Bangladesh is trailing far behind. But we hope to surpass India within 15 years."