Firstsource signs 5 year customer service contract with Barclaycard UK
Global BPO provider Firstsource Solutions has signed a 5 year BPO customer services contract with Barclaycard, the UK-based credit card and loan provider for a value in between $80 and $100 million. Firstsource would manage Barclaycard’s credit card and consumer lending businesses where the majority of services are currently provided by the Teesside centre, as also a related payment servicing team at Wavertree in Merseyside that Firstsource would also manage.
Proservartner Point of View: This is an interesting transaction and another example of an Indian provider taking on an existing centre in the UK with the aim of providing further value out of that centre. Intelenet carried out a similar transaction with Firstgroup – a FTSE 250 train company, and this represents an increasing trend of providers taking on the cost of redundancy and the challenge of improving what currently exists to win the client reference.
Firstsource results for quarter three illustrated a small fall in net sales and net profits, this win is significant expansion of the US relationship with Barclays, but the challenge will be to make this transaction profitable for Firstsource!
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