Research On China's Undertaking Financial Business Process Outsourcing

Financial Business Processing Outsourcing (BPO) is that financial institutes outsource some non-core or non-major business to external service companies, and commission them to perform these businesses. Now financial BPO has become one of the major measures to improve their core competitiveness in developed countries of European and America. Financial BPO concludes a lot of businesses, such as software development, hardware maintenance, financial analysis; financial inventory accounting manages and so on. It requires white-collar employees to have high level of professional knowledge, so it is vividly called "Office" industry".With the rapid development of information and communication technology, and the overall quality of the emerging markets enhances a lot, all of these provide superior conditions for the offshore financial BPO. What's more, the low price of labor force in developing countries brings strong power for financial BPO. For example, some developed countries in European and America transfer financial BPO to other countries which has cheap labor force, and the new industry in financial services is coming.This paper intends to make research on why our country should undertake financial BPO and how our country to undertake the financial BPO. In the first place, it gives the definition of Financial BPO and introduces in brief the development of financial BPO all around the world; secondly, it analysis the reasons for the development of financial BPO and the benefits for both sides of financial BPO. The key points of the paper is that it wants to analysis the advantages and disadvantages of undertaking financial BPO. The advantages of our country concludes: first, we have stead political environment. Preferential benefit policy, a great deal of labor force and so on; secondly, the financial industry in China gets rapid improvements, and the market absorption capacity is the enhancement greatly, many basic cities and services companies for BPO emerge quickly. The disadvantages of undertaking financial BPO are risks of contracting BPO, the fierce competitive to India, and the services companies in China have small scale and short history.etc. But as a whole, our country has more advantages when undertakes financial BPO. In view of our country's superior and inferior undertaking financial BPO, the paper takes the company named ZheDa WangXinHengYu who cooperates with State Street Corporation as an example, and this article proposes the corresponding solution: Strengthens government's support and encouragement; Strengthens service enterprise own construction; Advances and improves the BPO talented person mechanism; raises the specialization of the outsourcing talented person and displays the base city's leading role and so on.Characteristics of the article is that the article gives systematic research on our country to undertake finance BPO, including our country's significance of china to contract finance BPO; comparing of our country superior and inferiority to contract financial BPO for the first time has, as well as put forward the corresponding proposal based of the analysis's foundation.