Executive Change: Rahul Basu Promoted at ICICI OneSource

ICICI OneSource announced today that Rahul Basu has been named President of Account Solutions Group (ASG), its Collections company headquartered in Amherst, New York. Rahul has over 12 years of experience in Corporate Finance and Strategy and prior to taking over as President ASG, was Chief Financial Officer of ICICI OneSource, India’s leading outsourcer headquartered in Mumbai. ICICI OneSource acquired ASG in October 2004.

Outlining his plans for ASG, Rahul Basu said, "ASG’s focus would be to increase penetration in the credit card industry in the US and in the overall financial services space and to continue to grow in both India and the US. In the coming year ASG will lay emphasis on process Analytics and Six Sigma methodologies to enhance service to its clients and drive continuous performance improvement."

Rahul is also of the view that the debt collections industry in the US can gain significantly from considering off-shore locations like India and near-shore locations like Ireland for debt recovery. Rahul says, "India provides a number of opportunities in both first and third party collections. Opportunities that will arise from the decomposition of specific activities performed in collecting on a debt. For example, analytics is amenable to being moved to India. Similarly, a large part of the skip tracing process can be moved to India and be performed by non-collectors at significantly lower costs. Another example would be in legal collections, where there are a large number of relatively similar legal matters. Again, the process can be decomposed and significant components can be moved to India. However, in all of this, certain key elements of the process would continue to be in the markets, and entities that are a single organization as opposed to a partnership are more likely to produce better results."

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About ICICI OneSource

ICICI OneSource is among India’s leading BPO service companies providing customized solutions to FTSE 100 and Fortune 500 companies in financial services, telecom & media, and healthcare. ICICI OneSource is Version 3.4 COPC-2000® CSP Base Standard certified for inbound customer service, back office and collections and was also the first Indian BPO Company to adopt BS 7799 security standards. The company currently employs over 8,000 employees across eleven offshore delivery centers in Amherst-USA, Bangalore and Mumbai. I-OneSource is the only Indian company to have won multiple awards from the National Outsourcing Association for 2005. It won the Financial Services Outsourcing Project of the Year and Offshoring Operation of the Year awards.

About Account Solutions Group LLC

Founded in 1995, Account Solutions Group (ASG) is an ICICI OneSource company, located in Amherst, New York with a staff of over 700 collectors. ASG specializes in third party debt collections including inbound and outbound calls for early and late stage collections, skip tracing and early fraud identification. ASG’s clients include half of the Top 10 credit card issuers in the United States; as many as four companies have been ASG clients for more than seven years. ASG was the first consumer collections agency to receive the COPC-2000® CSP certification for quality performance management; currently, it is certified Version 4 COPC-2000® CSP Base Standard.