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Reported in the IBNlive.com ((Friday July 14, 02:03 PM)

The National Australian Bank (NAB) has said it plans to outsource 100 credit card processing jobs, with India being a possible destination. The decision to outsource is to bring in greater efficiency. A pilot programme of the NAB, in which 24 accounting jobs were outsourced to India, has “met and exceeded” the bank’s hopes, NAB general manager Peter Cochrane told The Australian Financial Review.

Australia’s Finance Sector Union (FSU) said 100 Melbourne credit card processing jobs of the NAB were up for international tender and India was a likely destination for these jobs once the tender process closed.

However there were a few concerns raised by FSU:

• earlier incidents like the recent terrorist attacks in Mumbai could disrupt banking business,
• Identity theft and lax data security posed greater threats to customers

Incidentally, Australia’s ‘Big Four’ banks - ANZ, Commonwealth Bank, NAB and Westpac - already have operations in India or are considering moving work there.

ANZ has led the charge, with about 1,100 call centre employees in Bangalore. It also has four staff in a Mumbai branch office.

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