What is Scotiabanks strategy behind outsourcing?
Tuck Chapman: I would say, number one, is that we are very much a customer-service-focused organization, and a people organization, as well. When we start to look at any possibility in terms of outsourcing, we really look to see what the best thing is to do for our customers and our employees. I mean that quite sincerely. It is a serious topic internally – not just what it will do for us. We might want to access a new technology, or some new processes or ideas for innovation or cost savings – whatever it is, we always start with the basics. How will this affect our customers? How will this affect our employees? Moving forward from there, the overall strategy is really to outsource the things where it makes the most business sense. Q: What are some specific risks involved in outsourcing? Tuck Chapman: There are all types of risks. There are risks in the process – that you are not going to do a proper job and take the time to thoroughly do all your homework. You have to do your homework
