I’ve heard rumors that some functions of loan underwriting (Commercial and possibly business banking) have been outsourced to India. Any truth to this? If so, do they plan on more outsourcing of underwriting to India?
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All of technology is going to New Mexico, India and Poland. One of the worst leadership in IT and digital. Run while you can.
If that happens, that's going to be good for us bank. They had the worst underwriting dept of any bank. Can't differentiate between good and bad customers
Just what we need outsource loan applications that have all your personal and financial information to a foreign country. One more way to encourage identity theft. This should not be happening especially from a large American bank
They will outsource what they can get away with.
Go in Indeed/monster/Zippia and you'll see American companies openly hiring in Vietnam/Indonesia for bookkeeping for $8 an hour.
You will see AWS/ Computer Science Engineering jobs that go for $200K+ a year in the US for $30K-$40K. They can hire and entire team for the cost of 1 US Salary. And if you think they haven't thought of it/planned for big moves like that for the sake of saving money, I have Ocean front property in Arizona to sell to you.
ACH underwriting yes for certain. There used to be a template that credit analysts here would prepare and now it goes to India.