One of the largest Europe-based investment banking groups was looking for a strategic outsourcing vendor to help manage operations for its international derivative trading desks.
While shopping for vendors this global investment bank found many vendors that have had success providing business process outsourcing (BPO) services to offshore customers, however, most of their services have been limited to low-end, labor-intensive services such as data entry, file management, video and image management and simple data processing. Because this bank was seeking a vendor with higher skilled resources, it looked to iSoftStone, who offered better skilled BPO and consulting services compared to other vendors.
A Global Investment
To begin the contract for BPO services, this global investment bank needed to be extremely cautious about data security in order to protect its reputation and comply with strict regulatory requirements. iSoftStone was able to meet specific security requirements because all of iSoftStone’s Offshore Delivery Centers (ODC) offer five levels of CMMI security. Our client required ODC resources to have good communication skills and basic derivative product and investment banking industry knowledge. iSoftStone deployed a team of which all speak English as their primary business language and most had overseas education or work experience. Korean, Japanese, French, and Cantonese rounded out the team’s compliment of languages. Many team members brought banking industry knowledge and had certifications such as, Chartered Financial Analyst.
A Long-term Relationship
For the past eight years, iSoftStone has provided trade capture, settlement, confirmation, reconciliation, and MIS reporting services. The team created a series of Key Performance Indicators (KPI) and tools to automatically track daily performance data. iSoftStone conducts regular KPI report reviews and periodically assesses the KPI design to reflect changes in processes or requirements. iSoftStone’s BPO services for this global investment bank have become an integral part of client’s trade life cycle. The client is very satisfied with iSoftStone’s services and has found iSoftStone to be not only a service provider but also a partner that helps improve efficiency through innovation and automation.