2020 Foresight Report: Best Practices in Card Outsourcing

"The Report 2020 Foresight Report: Best Practices in Card Outsourcing provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. - MarketResearchReports.biz"

Synopsis

This report provides detailed insights into the following topics:

Card outsourcing models
Key offshore outsourcing locations
Emerging trends
Best practices in vendor management
Best practices in outsourcing of key business operations related to the card industry

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Executive summary

Cards make up one of the most outsourced business operations in the financial services sector. Indeed, a large numbers of banks and card issuers have either outsourced specific functions or their entire their card operations. The primary factors driving such practice have been largely similar to those recorded in the outsourcing sector in general, and include cost reduction, gaining a comparative advantage, access to cheap/skilled labor, a lack of in-house expertise and risk management advantages.

Card outsourcing is fast-moving towards the adoption of cloud technology and onshore and nearshore models, driven primarily by cost advantage and government initiatives such as tax benefits. In addition, there is an increased focus on value added services such as behavior analysis and fraud prevention schemes.

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Scope

This report provides a comprehensive analysis of the key outsourcing activities in the card industry across the globe
It provides insights on various outsourcing models used by card issuers and their risk exposures
It provides analysis on the attractiveness and level of various card outsourcing activities in key offshore locations
It outlines the emerging trends in card outsourcing
It details the key best practices in vendor management with case examples
It explains the potential scope of outsourcing of key business operations associated with cards along with best practice case examples

Key highlights

Cards make up one of the most outsourced business operations in the financial services sector. A large numbers of banks and card issuers have either outsourced specific functions or their entire their card operations.
The primary factors driving card outsourcing have been largely similar to those recorded in the outsourcing sector in general, and include cost reduction, gaining a comparative advantage, access to cheap/skilled labor, a lack of in-house expertise and risk management advantages.
Card outsourcing is fast-moving towards the adoption of cloud technology and onshore and nearshore models, driven primarily by cost advantage and government initiatives such as tax benefits respectively. In addition, there is an increased focus on value added services such as behavior analysis and fraud prevention schemes.
Card issuers remain responsible for their business actions, even though the vendor is given the authority to act on their behalf. Outsourced operations must be monitored closely to ensure adherence to a contractual agreement.
One of the best ways of judging the perceived quality of performance is communicating with those firms already doing business with the vendor. Card issuers can also engage in market research and take advice from professional advisors.

Reasons to buy

Make card outsourcing work for you
Learn from best practice and read case studies
Find out the key risks and challenges beforehand and select a model to minimize them
Gain insight into the current developments in card outsourcing
Gain insight into key drivers of card outsourcing to check if your organization fits in the picture

Table of contents

1 Executive Summary

2 Strategic Insight into Card Outsourcing
2.1 Outsourcing Models
2.1.1 Models based on the involvement of card issuers and third-parties
2.1.2 Models based on ownership
2.1.3 Models based on location
2.2 Offshore and Nearshore Hotspots for Card Outsourcing
2.2.1 Comparative attractiveness of outsourcing destinations
2.2.2 Outsourcing activities in key countries
2.3 Emerging Trends and Drivers
2.3.1 Recent trends
2.3.2 Key drivers of card outsourcing
2.4 Risks and Challenges
2.4.1 Vendor management
2.4.2 Risk level of various outsourcing models
2.4.3 Risks in typical outsourced business processes

3 Best Practices in Vendor Management
3.1 Client Position in an Outsourcing Relationship
3.2 Vendor Selection
3.2.1 Identification of needs and objectives
3.2.2 References, market review and consultations
3.2.3 Pricing
3.2.4 Request for proposal (RFP)
3.3 Vendor Agreement
3.3.1 Establishing standards of performance
3.3.2 Standard violations, issue resolution and penalties
3.3.3 Pricing options
3.3.4 Contract period
3.3.5 Exit policy and bringing operations in-house

4 Best Practice in Outsourcing Business Operations
4.1 Technology
4.1.1 Dimensions of potential outsourcing
4.1.2 Case study – Swisscard AECS AG’s migration to EMV credit cards
4.2 Customer Service
4.2.1 Dimension of potential outsourcing
4.2.2 Case study – Barclaycard outsources customer service for UK cardholders to Firstsource
4.3 Risk Management and Collections
4.3.1 Dimensions of potential outsourcing
4.3.2 Case study – Santander Cards outsources its risk management to CallCredit
4.3.3 Case study – HEW Federal Credit Union’s collections increased with the help of PSCU
4.4 Operations
4.4.1 Dimension of potential outsourcing
4.4.2 Case study – Krung Thai Card (KTC) outsources payment processing to FIS
4.4.3 Case study – Cold Stone Creamery, Inc. uses First Data to produce its gift card
4.5 Sales and Marketing and Loyalty Programs
4.5.1 Dimension of potential outsourcing
4.5.2 Case Study – American State Bank (ASB) improves its loyalty program through First Data
4.5.3 Case study – Golden Plains Credit Union (GPCU) adopts Vantiv’s marketing strategies

5 Appendix

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