Bangladesh sees only 0.50pc growth in Accounting BPO
World market size is expected to be $220b by 2020
Staff Reporter
Bangladesh has earned only $300 million so far and a mere 0.50 per cent growth in the Accounting BPO sector could lead Bangladesh to earn 220 million dollars more by 2020 where the overall market size of accounting BPO is expected to be US $220 billion, experts said.
Experts expressed their views at the seminar titled Financial and Accounting Outsourcing (FAO)organised at the Digital World 2017, accounting experts said at a seminar.
Managing Partner of A and M Partners Syed Asif Aziz said the FAO services could be cost-effective for any financial institutions if they want their non-core services to be outsourced.
He also said: Every year, a number of Small and Medium Enterprises (SMEs) have shut down their businesses due to lack of knowledge in proper accounting methods. There is an ample opportunity if we could bring the entire SME business under FAO.
Speaking at the programme, chief financial officer (CFO) of Sonali Bank Ltd Subhash Chandra Das said has there is a huge opportunity to earn foreign currency in this sector. But, we need to fix two things our attitude and weve to realise the importance of FAO services, he added.
Das has also mentioned that the lack of investment, proper design of business model and skilled human resources are the major obstacles.
The FAO is available in three services. In the first phase there are three things such as electronic Know Your Customer (eKYC), customer base and database management, Das added. The second phase comprises tax management services, legal management and audit, he said.
In the third phase, we need three things to outsource such as feasibility reports, three years audited reports and loan management, he said.
Proper policy support and ethical behaviour are the biggest challenges in this sector, he said.
Mobile Financial Services (MFS) is another important FAO services which can be outsourced through FAO services, Das said.
Managing director and CEO of Mutual Trust Banks Ltd Anis A Khan has said all derivative services of a bank have been outsourced and only inspection cost is needed to monitor and run that credit.
Another part that can be outsourced is the digital banking services and digitisation of trade services, he said.
President of Bangladesh Association of Call Centre and Outsourcing (BACCO) has said the telecom sector has already outsourced their non-core functions. Now, its time for financial institutions to outsource their non-core functions, he said.
