SubPrime Mortgage Woes and BPO in the Philippines
With the current market turmoil in the US arising from Sub Prime lending, many are wondering how this would affect the BPO industry in the Philippines. Would it result in higher volume of work? Or will the opposite be true?
Despite the negative news and forecast for the US Mortgage industry, BPO firms still sees this period as an opportunity to build its client base. Mortgage loan processing can benefit from being outsourced to the Philippines, with the huge pool of available talent!
The fall in operational costs for Offshore operations and the rise of modern telecoms facilties allow companies in the US to send over via the internet, forms that are scanned and uploaded to BPO firms’ secured servers. The BPO firms will then assign staff to process these scanned and uploaded images.
The adoption of newer technology also makes outsourcing more efficient. I have written about the use of Microsoft’s Small business Servers being used as the storage medium of choice. (http://techie.prepys.com/archives/2007/06/10/title-enhancing-transcription-work-flow-with-windows-2003-wss/ )The Microsoft SBS come with built in sharepoint services that allow for storage, archival, version control and team work to take place.
BPO is the term for business process outsourcing. A lot of companies in the US are finding that the cheap talent pool in the Philippines bring them competitive advantages.
Filed under: Computing
