Huge growth predicted for India outsourcing

27 September 2006

India's outsourced banking industry could be processing up to 30 per cent of the US's banking transactions by 2010, an Indian trade body has predicted.

However, the National Association of Software Services Companies (NASSCOM) warned that increased data security would be necessary if this was to be achieved.

Currently, India processes an estimated eight per cent of the US's banking transactions, although recent high-profile security breaches at India-based operations have dented confidence in Indian companies among some of the banking professionals.

However, NASSCOM's president Kiran Karnik said that independent observers had scrutinized standards of practice in Indian call centers, finding them among the best in the world.

Regardless, the body said that it was planning to set up a self-regulatory body – to become operational by next year – in order to ensure that the necessary improvements in security were achieved, allowing for the continued growth of the outsourcing industry.

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