Video: Financial Institutions
Ken Niven, Divisional President - Cash Solutions, on outsourced cash activities for banks
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.