Video: Financial Institutions

February, 2010: Ken Niven, Divisional President - Cash Solutions, on outsourced cash activities for banks

Transcript:

What we’re able to do in G4S which an individual bank can’t do when it comes to outsourcing their cash activities is that we’re able to offer a common platform which runs across many banks, so every bank in its in-house cash processing activities has its own direct costs, its own overhead.

We’re able to distribute that across a number of banks and we’ve been very successful for example in the United Kingdom where six banks have now outsourced to us and we have a common production platform through which we’re able to leverage manufacturing and production processes which, which gives greater productivity and makes for a much more cost-efficient model for the banks.

How do we encourage central banks and commercial banks to make the move from in-house operations to outsourcing? And how we do this is by demonstrating our expertise and our ability to deliver those solutions to the customers.

About twelve months ago, we acquired a small niche consultancy called SMI which specialises in central bank consulting, and the real key strategy for that acquisition was to enable us to expand our solutions capability which is a strategic part of our go forward.