Seriously? We send so much sensitive data there?
And, we as Americans are consumers but all money goes to India.
Makes no sense.
Finally, on a national level - India gets all the skills (we give it to him) and what do we do here in the States? Wait tables? Flip burgers? This is s–c-dal on the national level.
It’s crazy how they are taking all the jobs from Americans. So Sad.
Most of Truist IP (item processing) is being moved offshore to India. This means that all transactions for all of Truist clients can be viewed by staff of an offshore company that Truist has minimal control over with no regulation. Expect the same results again that BB &T and Suntrust experienced when they had to move it back to in house processing, drop in quality, lower client satisfaction and increase in fraud. Hard to believe they would try again something that has proven to fail several times previously
@Observer, there is an an assumption in your reply that the value added by offshore consultants is an equivalence to that added by domestic FTE professionals. I would like to disabuse you of this misconception. The resources are priced by the contract so the vendor is incentivized to provide their most junior resources and pull them out once they are trained up. The churn is incredible and Truist ends up with 15-20% of contractors being net negative contributors. Meaning another 10% just compensate for the time suck and mistakes from the worst 15-20%. Add to that most companies double or triple book resources so they are sometimes working on other client’s work but still billing us. Not like we have our own managers in India watching them. When projects fail we play musical chairs with the same handful of companies and end up were we started. There is no accountability. Once talented resources are skilled up, the vendor pulls them for a more profitable contract. Unlike FTEs where the person makes the choice to leave (something that can be mitigated with personal relationships, long term benefit plans, and resistance to change), with contractors they go where their real employer sends them. Turnover ki--s companies and contractor heavy companies like Truist have a shadow turnover rate that would have Wall Street wishing they wore their crapping pants. The more bean counting logic like what you lay out is followed, the more nails are pounded into the company’s coffin.
How many Truist customers have had issues since the final cutover of Suntrust and BB&T to their new system?
https://www.wric.com/news/taking-action/hundreds-of-truist-bank-customers-fed-up-theyre-letting-all-of-us-down/
https://www.wsbtv.com/news/local/cobb-county/truist-customers-complain-problems-no-one-answer-following-completion-merger/BPRB66SDO5FJROSVMFJG3LLS54/
I wouldn't want my loan package with my social in India, seems like a recipe for fraud! BB&T outsourced years ago and brought it back to the states.
"no US manager will not want to outsource the routine stuff to offshore."...... think from the D-CIO perspective. They have all the advantage with outsourcing-
a)no responsibilities for timely/speedy delivery since offshore cos. are consulting cos. and they take all the responsibility,
b) High speed of delivery since they work day and nights shifts
c) Low costs- since there is competition between offshoring cos. Post Covid WFH now makes it immaterial where you work from but offshore costs are extremely low compared to onsite rates
d) High degree of response- Consulting cos. jump through hoops to answer queries and provide reports
e) No training costs as they are absorbed by the offshore co. Why should CTO take responsibility for repeated trainings and FTE performance when offshore is prepared to take responsibility???
f) With offshoring and faster delivery at low costs, Budgets can accommodate many more Value streams and programs
Question for all of you- Is there ANY INCENTIVE For a Wall Street Share price driven executive to not replace inhouse FTE's with offshore consulting.
After all, no US manager will not want to outsource the routine stuff to offshore. This is not going to go anywhere.
Big business and politicians like it this way. They control the sheeple this way.