Outsourcing in financial services

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Your one-stop shop for financial services outsourcing advice. We cover:

Outsource financial
Insurance lead generation
Insurance outsourcing companies
Financial services outsourcing
Outsource billing
Outsource collections
Outsourced billing companies
Insurance telemarketing
Outsourced billing services
Core financial outsourcing
Insurance outsourcing services
Financial planning outsourcing

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Outsourcing for financial services

Conventional thinking would tell you that one should not outsource their core services. That’s not the case in the financial sector. As banks and non-banking institutions embrace outsourcing, IT services and customer support are no longer the only functions being outsourced today. Major financial players are starting to partner with offshore vendors for everything related to cybersecurity, systems management, payment processing, and other high-tier functions.

Time and talent shortage are the most common factors that drive employers to seek help from an outsourcing service provider. When a company does not have the time to perform a specific task, their next option would be hiring an external team to supplement their internal team. It’s beneficial especially to firms with tighter budget but requires the technical expertise of a skilled professional.

Outsourcing advantages for financial services sector

As the finance sector becomes immensely competitive, outsourcing is increasingly seen as a strategic tool for companies to expand and position themselves in the industry. This practice helps financial players, no matter how big or small, improve their core competencies and enhances worker productivity. Thanks to labor arbitrage—employers can also enjoy significant savings when they partner with an outsourcing provider located in a country with a much lower salary rate.Read more…

Types of financial service businesses that should outsource

From international banks, to less-famous mortgage and insurance firms, many financial institutions have become reliant to outsourcing. With a high-level of expertise coupled with economies of scale, it’s no wonder why even small-time financial firms like credit unions and community banks are dipping their toes in the water. Read more…

Best financial services jobs to outsource

Your commitment to remain hands on in every aspect of your business is admirable. But delegating certain jobs to an experienced outsourcing vendor can provide so much value to your organization. For instance, outsourcing your back-office tasks like payroll saves you from tons of salary disputes and hundreds of tax codes and regulations you need to keep up with. Other tedious functions you can outsource include IT, customer support, and printing and mailing. Read more…

Financial services outsourced roles salary comparison

We have prepared a salary comparison table that shows the average salary per annum of the top outsourced financial services jobs and roles. It indicates the price comparison between four different countries, namely the Philippines, the United States, Australia, and the United Kingdom. You can clearly see how cost-effective outsourcing in the Philippines is as compared to hiring employees from the three other locations. All amounts are in U.S. dollars (USD$) per hour and the estimate is based on a 40-hour work week in a 52-week year. Read more…

Outsourcing companies specialising in financial services

We highlight some outsourcing companies in the Philippines that specialize in providing services for businesses in the financial services sector. These companies have a proven track record of providing financial clients with services ranging from virtual assistance, customer service, bookkeeping and even lead generation. They already have the systems and processes in place to be able to adapt to your business needs. You can check each of their company page within our BPO directory to find out more about their services and company information. Read more…

Success stories in financial services outsourcing

The quality of product or service a company provides is best authenticated by the commendations of its happy and satisfied customers. You know that a business is doing great because of the validation it receives from its loyal clients. The same is true when it comes to financial services outsourcing. We have listed some success stories from clients who are in the finance business that has outsourced and experienced first-hand how outsourcing drastically improved the way they do business, some of them even sent a video recording as a testimonial! Read more…

Financial services outsourcing benefits

Recruitment of more qualified talents

Almost half of companies around the world are facing talent shortage in their home base.

By considering service providers outside their countries, they can easily hire employees with skills set that match their needs.

Improve on your core competency

Routine tasks can become restrictive to your company’s growth.

When you free up your staff from such functions, you can draw their attention to improving your core services which ultimately enhances your company performance in the long term.

Keep labor costs down

Before outsourcing was first coined, many manufacturing companies have been relocating key components of their business to offshore countries to cut costs.

This strategy has been adapted by companies in different sectors to avoid capital expenditures and benefit from labor arbitrage.

Reduced liability risks

Outsourcing companies are well-adept to industry’s rules and regulations.

When you work with one, you can rest assured all your process and systems are up to date and compliant with international standards.

Increased Employee Productivity

You can increase the quality of the output produced per day when you work with an experienced outsourcing provider specializing in your niche.

Their resource agents have technical skills required to deliver results within a shorter period of time.

Focus on revenue generation

Aside from cost savings, many US companies are hiring an external service provider to save time doing tones of process-driven tasks.

This way, the time doing time-consuming functions can be shifted to focusing on activities that generate revenue.

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Popular financial services outsourcing clients

Retail & Commercial Banks

Both retail (for individuals) and commercial (for businesses) banks have shifted their traditional models in favor of outsourcing.

The non-strategic functions that were usually done in-house are being outsourced to a third-party service provider for a lower salary rate.

Brokerage firms

Brokerage firms need to be creative in their ways to keep up with their competitors.

By outsourcing, even small to medium-sized businesses can gain access to the latest technology without shelling out a huge amount of money.

Credit unions

Outsourcing helps credit unions keep their operational costs down while maintaining the continuity of their processes.

Since outsourcing vendors already have a team in place, the transition and turnaround time are shorter than when you hire an additional staff to do certain tasks.

Insurance companies

Just like other financial institutions, outsourcing of back-office functions has taken off in the insurance industry too.

By enlisting an external vendor, insurance providers are able to build a team dedicated to do specific functions without affecting their core operations.

Mortgage companies

One of the reasons why mortgage companies outsource is efficiency.

Outsourcing companies have specialized brokers who can process mortgage applications quickly and with minimal errors.

Non-banking companies

Mutual fund corporations are the most common non-banking financial institution that take advantage of outsourcing.

They enlist service providers specializing in functions that will improve the service they provide to their clients.

Top financial services outsourced jobs

Cybersecurity & Information technology

The financial sector has been a bread and butter of outsourced IT service industry for years.

Some of the IT functions outsourced by banks include server management, network administration, and software development or upgrades.

Payroll

From calculation, signing, to distribution of paychecks to all your employees, doing payroll is indeed a time-consuming activity.

When you outsource, the labor hours your staff devote to completing such tasks can be allocated to other functions that will improve your operations.

Printing & mailing

Banks outsource their printing and mailing functions, so they can save on costs of postage and equipment.

It makes expenses predictable and avoids unnecessary expenses.

Marketing

There are tons of marketing tools to choose from and identifying what works be extremely daunting.

By outsourcing, you get a roster of marketing pros who will cut to the chase and start drafting your campaign right away.

Customer support

You don’t need to handle all your inbound and outbound calls when you can hire an external team to do it for you at a much lower rate.

Call centers are experienced in dealing with customer’s needs and make sure your client receive a service they expect from your company.

Payment processing

Hiring an outsourcing partner helps payment processing simpler and standardized.

They have payment processing specialists who can come up with an approach that matches your current situation and integrate it into your system seamlessly.

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Average annual salary costs (USD )

Average monthly outsourcing costs (USD)

Here’s a guide to the typical ‘all-in’ costs of outsourcing roles.

These figures represent a good cross section of roles, and include the office space and hardware, recruitment and HR, employee salary, taxes and benefits, plus oversight and account management.

Entry-level role

Employee salary:
$400-$500pm

BPO seat fee:
$500-850pm

TOTAL COST:
$900-$1,350pm

Mid-level role

Employee salary:
$700-$800pm

BPO seat fee:
$500-850pm

TOTAL COST:
$1200-$1,650pm

Technical role

Employee salary:
$950-$1,200pm

BPO seat fee:
$500-850pm

TOTAL COST:
$1,450-$2,250pm

Executive level

Employee salary:
$1,800-$2,200pm

BPO seat fee:
$500-850pm

TOTAL COST:
$2,300-$3,050pm

Financial services outsourcing salary comparison

All amounts are in U.S. dollars (USD$) per annum

JOBS
Accountant
Customer Service
Copy Writer
Graphic Artist
HR Manager
IT Representatives
Project Manager
Software Developer
Software Engineer
Technical Support
Team Leaders
Virtual Assistance

PHILIPPINES
$5,959
$3,337
$4,767
$3,883
$9,506
$5,722
$21,458
$7,221
$8,333
$4,638
$7,152
$2,285

U.S.
$67,190
$29,717
$56,600
$46,658
$78,007
$61,758
$108,000
$81,994
$109,087
$36,924
$75,823
$42,240

U.K.
$72,923
$22,137
$52,088
$38,668
$46,669
$24,741
$57,296
$39,913
$44,459
$35,225
$31,174
$39,066

AUSTRALIA
$58,479
$35,275
$62,653
$37,596
$66,518
$59,938
$86,029
$62,653
$62,653
$38,232
$45,428
$31,797

Financial services outsourcing service providers

Manulife Business Processing Services is one of the leading a multinational financial service that operates out of two centres – Chengdu in China and Metro Manila in Philippines.

The services include customised financial services and protecting the finances of its clients.

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Financial services outsourcing success stories

Fiskerstrand-Hegland

“D&V helps me with the accounting for my UK company. I'm very happy with the help they offer and how they make sure ever thing is on track. I would highly recommend their services.”

Australian Logistics Solutions

“It's enabled our staff on the ground in Australia to spend more time responding to customers than trying to grow the business.”

Seko Omni Channel Logistics

“The team really know their work.They are very professional; their level of communication is amazing.I don't know any people who have bad dealings with OBP. I know a lot of people in the Freight industry that do use OBP, and it's fantastic. So honestly, just do it soon.”

Marlandair Travel Inc.

“Outsourcing with MPM was the best decision I ever mande. It's a hassle free accounting. It saves time and money. They are on-time, accurate, updated and provide solutions to our accounting matters. Unlike doing it on our own, which has a high risk for errors and takes time because I need to make basic familiarity. Highly recommended.”

Associated Banks

“We have been working with RGS on our overdrawn deposit accounts for over two years. RGS has retained almost half of the accounts we send them. Their efforts have been instrumental in helping us significantly reduce our charge-off dollars.”

London Property Online Ltd

“VA Romina has been a superb asset and has been instrumental in helping to get our finances organized. I am grateful for all of Romina's endeavor and professional assistance.”

Why outsource to the Philippines?

Cheap labor costs

Top reason why you should outsource to the Philippines is to save up to 70% on labor cost compared to other developed countries.

You also get to avoid payments for office space, equipment, HR & legal costs, and some taxes but the quality of work remains high.

English language proficiency

Filipino workers naturally have high English language proficiency, whether it be through written or verbal communications.

It is the primary competitive edge of the country over its neighboring nations and one of the reasons why the industry is booming.

Excellent education system

The Philippines has an excellent and robust education system and around 450,000 Filipinos graduate from college each year.

Some universities have even included BPO work preparation in their curriculum to produce highly skilled and knowledgeable workers.

New generation workers

The average age of Filipino workers is 23 years old wherein most of them have grown up amidst the advent of the new technology.

This new generation of workers understands that the outsourcing industry is one of the best employment options right now.

Cultural flexibility

Unlike in their competitor nations, the culture of the Philippines adapts well to most Western developed countries.

Hundreds of years of colonization by the Spaniards and Americans have made the country embrace Western culture naturally.

Familiarity with western lifestyle

Filipinos are able to talk to anyone about the latest on politics, sports, movies, TV shows, and other topics in the West.

They are also avid users of western applications such as YouTube, Google and Facebook as well as other web-based software.

Customer service oriented

One of the innate traits of Filipinos is being hospitable. They are respectful not only to customers but also to their colleagues.

They bring this attitude even to work, which makes them one of the most courteous and welcoming service providers in the world.

Strong government support

The Government has always been supportive of the BPO industry. With new laws being passed to further strengthen the industry.

The Data Privacy law managed to fix that uncertainty, making the Philippines a reliable outsourcing destination.

Improving Philippine economy

Previously, most Filipinos work as Overseas Filipino Workers (OFW). The Philippine economy was highly reliant on OFW remittances.

Many Filipinos still work abroad today, but the trend has slowed down because of the option the BPO industry had presented.

Reduction of potential legal issues

Companies in developed nations have to take care of unnecessary lawsuits or complaints from their existing in-house employees.

These companies will be able to reduce or avoid potential legal issues, as this would fall on the outsourcing service provider.

Established infrastructure

Because outsourcing in the Philippines came a little late, this resulted in a more established and organized BPO infrastructure.

Industry leaders had prepared topnotch BPO centers, facilities and utility setups for clients even before the practice boomed.

Access to latest technology

Philippine telecommunication and internet service firms have upgraded their infrastructures to accommodate the growing industry.

BPO firms have become Omni channel service providers that can offer chat, email and social media service to their clients.

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Hiring in-house vs outsourcing

Salary & benefits
Hiring & training cost
Facilities and equipment
On-boarding and support
Quality control
Legal compliance

In-house
Expensive
Need recruiter/HR
Depreciating assets
Need manager
Time consuming
Can get expensive

Outsourced
Up to 70% cheaper
Provided by BPO company
Conducive workplace
Specialised trainers provided
Quality checks all throughout
Managed by BPO company

Using a BPO company vs. agency vs. freelancer vs. Upwork

Best rates
Quality control
Expand and scale
Operational backup
Leadership team
Trading and upskilling
Facilities and offices

BPO Company

Agency
-
-
-
-
-
-

Freelancer
-
-

Upwork
-
-

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About Outsource Accelerator

Outsource Accelerator is the trusted source for independent information & advisory for Philippines’ Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator is the world’s leading platform and marketplace for outsourcing. It specifically promotes Philippines outsourcing to the world.

The Outsource Accelerator website has over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 600+ BPOs… all designed to make it easier for clients to learn about, and engage with, outsourcing.

Independent trusted advice

Outsource Accelerator is not a BPO, and will never provide outsourcing services. That is why it can be trusted by everyone in outsourcing. We offer advisory services related to outsourcing, but not actually outsourcing.

Derek Gallimore

Derek Gallimore has been in business 20 years, outsourcing 6+ years and living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

How we can help enhance your financial business with outsourcing

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Local expertise & honest advocacy