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There was a time when banks operated from a single building in a compact way. Today, presence of automated teller machines all over the world has changed the entire banking scenario. Instead of storing money in safety vaults and waiting for the account holder to walk in to the bank, the financial institutions are supplying money to the customer by setting up automated teller machine at convenient spots.
The changing face of the banking industry provides wonderful career and income opportunities for enterprising firms. The task of transferring funds from the bank to the automated teller machines is a significant issue requiring high emphasis on security. Banks would be more than eager to hand over the task to a trusted and reliable third-party who can keep up security and efficiency at a low-cost.
In the same way, maintaining the online website of the bank and ensuring that it is secure is an activity that is beyond the core competence of the bank. Yet, it is impossible to survive in the competitive market without offering online banking facilities. This is why banks opt for outsourcing of products and services.
Or, one can focus on providing physical security to the bank and its various branches. Despite presence of automated teller machines, a large amount of wealth is stored in banks and its vaults. Physical security combined with electronic and technological security options are essential to protect the investment. Banks are prepared to outsource these tasks as long as they know about the cost benefit and security of their assets.
