CIT establishes offshore development center in Bangalore

CIT Group Inc . (NYSE: CIT), a leading global provider of commercial and consumer finance solutions, today announced its first significant global sourcing initiative designed to streamline the Company’s technology operations and improve its operating efficiencies.

CIT, together with MindTree Consulting , an international IT and R&D services company, has established an offshore development center in Bangalore, India that will initially employ 75 consultants. The consultants will be responsible for application development and maintenance activities for CIT’s Specialty Finance, Sales, Collaboration, and Corporate IT systems. The development center is expected to grow to more than 100 consultants, as CIT continues to invest in technology to support its global operations.  

“Through our partnership with MindTree, CIT has the opportunity to access an economically-efficient pool of high quality talent,” said Michael Baresich, CIT’s Chief Information Officer. “While cost reduction is a key factor in many off shoring relationships, we are also focused on implementing a strategy that will  improve the quality of our internal processes, controls and metrics, while building a talented, global workforce that will ultimately differentiate CIT in the marketplace.”

The work will be performed in India and the United States in a collaborative environment. Through this model there is shared ownership and accountability to ensure that the day-to-day work being performed improves the quality of processes, services, controls and metrics at CIT. This structure aligns CIT’s business expertise with the development and process expertise of MindTree consultants.

“We are pleased to partner with CIT as it aligns its IT organization to improve its operating efficiencies,” said Krishnakumar Natarajan, MindTree President and CEO, IT Services. “Our extensive experience and expertise in the financial services market will enable CIT to lower costs while improving the performance of its IT group.”  

Sourced From: Brand Comm