Heard any good jokes about bankers' hours lately? Probably not. The days when customers were forced to conduct their banking business before the lobbies closed at 3:30 in the afternoon are gone. In an age when technology delivers everything from fast food to instant information, consumers expect 24/7 service. And banking is no exception.
The demands that accompany around-the-clock availability have made outsourcing an appealing alternative for institutions that want to strategically focus their resident resources on the business of banking and leave technology to the experts. Outsourcing can strengthen the competitive position of community banks by allowing them to offer 24/7 service without the payroll cost of 24/7 employees.
The approximately 45 percent of U.S. banks that outsource have traditionally contracted with outside vendors to perform data and item processing. In recent years, outsourced product lines have expanded to include check imaging, Internet banking, …
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