A North American banking service provider recognized the need to optimize its IT operations and leverage global talent to drive innovation and growth. However, the company faced a set of challenges that required a strategic partner with experience scaling global talent to help navigate.
Challenges:
A banking service provider based in North America faced numerous challenges when it came to managing its IT operations. The stringent security and compliance requirements for handling sensitive financial data made it difficult to find local talent with the necessary technical skills and domain knowledge in banking regulations. The high costs associated with hiring and training local IT staff to meet the specific needs of the banking industry put a significant strain on the company’s budget.
Additionally, concerns about data privacy and the risk of security breaches when working with offshore teams created hesitation in exploring offshoring options. The organization also had to navigate complex regulatory hurdles and legal requirements for outsourcing financial services.
Furthermore, the need for a highly secure and reliable IT infrastructure to support banking operations and ensure business continuity and disaster recovery in case of disruptions added to the challenges.
Solution:
To overcome these challenges, the banking service provider partnered with InOrg. InOrg established a dedicated development center in a country known for its strong data security and privacy laws. InOrg’s robust talent acquisition system, helped implement a rigorous screening process to hire the best talent with banking domain experience and deep understanding of financial regulationsThe offshore team underwent extensive training on the bank’s security protocols, compliance requirements, and industry best practices to ensure alignment with the customer’s standards. Secure, encrypted communication channels were set up, and multi-factor authentication was implemented for all offshore team members.
The offshore development center adhered to the same security standards and regulations as the bank’s US offices, providing peace of mind. A dedicated security officer was assigned to monitor and maintain the offshore team’s compliance with data privacy and security regulations. Additionally, a robust business continuity and disaster recovery plan was implemented, with regular testing and drills to ensure preparedness for any disruptions.
The banking service provider’s experience demonstrates the value of global talent and strategic partnerships in addressing industry challenges. By working with a trusted partner, the company overcame hurdles and identified opportunities for growth, better positioning itself for success in a competitive and dynamic market.
Impact:
The partnership with InOrg yielded significant benefits for the banking service provider. Within 12 months, InOrg increased its IT team capacity by 50%, enabling them to accelerate their digital transformation initiatives. By leveraging the offshore team, InOrg reduced IT labor costs by 40% compared to hiring locally, allowing them to invest in advanced security technologies and infrastructure.
The new team brought a pool of highly skilled professionals with deep domain knowledge in banking and financial regulations, allowing the customer to scale its service capabilities. The strong focus on security and compliance ensured that the service provider maintained a robust security posture and achieved 100% compliance with industry regulations and data privacy laws.
The efficient collaboration and the ability to work across time zones improved project delivery speed by 30%. The successful partnership enhanced the bank’s reputation as a secure and reliable financial services provider, attracting new customers and increasing market share.
Leveraging the expertise of the offshore team, the bank successfully completed a major core banking system upgrade within the planned timeline and budget, demonstrating the effectiveness of the collaboration.