lolipop99 wrote:The moving of back office jobs outside of Singapore has proved to be a failure, banks are now moving back those jobs to Singapore due to better legal franework that protects customer privacy, better infrastructure, better work ethic... In fact I know my wifey's bank is moving a whole IT team of over 30 people from India to Singapore this year
My 5 cents:
- Customer privacy: Banks have their own internal policies which all departments have to follow, and have no vested interest to move to stricter legislatures. So that is more likely a net negative.
- Infrastructure: Indian infrastructure - when it comes to IT and data centers - seems to have no real issues, and disasters are few. Other countries are not much worse (Malaysia, China). The advantage for that in Singapore is slim at best. And then there is always the option of having the data center here, and the IT in another country.
- Work ethic: since most people who work in IT in Singapore come from two countries that we all know, it makes a lot of sense to keep the jobs there instead of here. They may work a bit harder here for various reasons, but I think better management and oversight would achieve the same result (or close enough) as employing them here.
Apart from that, what you are quoting seems to be the standard "outsourcing is bad" mantra that is repeated by people who do not know how to outsource correctly.
Also, for a bank, a 30 people team is really peanuts. Maybe for this specific skillset, or team, it makes sense - I do not know. I do, however know, that at the bank I work at, they recently let go a whole department in Singapore (several hundreds, if not more), and moved the work overseas. And they have slowly been moving the lower-level jobs overseas over the past two years at least.