The Wire

For Australian banks, offshoring seems to be the way to go to increase annual profits. This has been confirmed by an announcement from the National Australia Bank that an extra 41 full-time jobs will be sent to Bangalore in India. But many customers are concerned that sending their details overseas will compromise their privacy and security. With so many banks outsourcing, security is becoming a major issue, especially when companies give little information about how privacy will be monitored. The Australian Finance Sector Union has criticised the latest move. Communications Manager Rod Masson explains why.