In 2023, State Street shifted its operational strategy by insourcing tasks previously handled by outsourcing partners like Atos and HCLTech in India. Executive VP Mostapha Tahiri highlighted that the two primary motivations for this change were regulatory compliance and the desire to foster an incentivized workplace culture among employees. He emphasized that having these operations in-house allows for quicker strategic pivots. Panelist Namita Seth noted that operational models can vary vastly across companies, underscoring the unique cultural and structural differences that affect business strategies.
"It was a big question mark with a lot of our stakeholders. Why would you insource more people in an era of AI?"
"We've been progressing quite well with our transformation within our own operations and then we wanted to cross the line to what is not sitting with us."
"Even the most seemingly similar companies are very different when it comes to structures and cultural nuances."
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