Outsourcing in financial services

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

  • Financial services outsourcing
  • Outsourcing advantages
  • Businesses that should outsource
  • Best jobs to outsource
  • Outsourced roles salary comparison
  • Financial outsourcing companies
  • Outsourcing success stories
  • Why outsource to the Philippines?
  • Hiring in-house vs outsourcing
  • Company vs. freelancer/agency
  • Testimonials: outsourcing works!
  • About Outsource Accelerator
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How we can help enhance your financial service business with outsourcing

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

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Top financial services outsourced jobs

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Average annual salary costs (USD )

Average monthly outsourcing expense (USD)

Entry level

Salary:
$400-$500pm

BPO seat fee:
$500-850pm

TOTAL:
$900-$1,350pm

Mid level

Salary:
$700-$800pm

BPO seat fee:
$500-850pm

TOTAL:
$1200-$1,650pm

Mid level

Salary:
$700-$800pm

BPO seat fee:
$500-850pm

TOTAL:
$1200-$1,650pm

Executive level

Salary:
$1,800-$2,200pm

BPO seat fee:
$500-850pm

TOTAL:
$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

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Financial services outsourcing success stories

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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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Testimonials: outsourcing works!

Hear from business owners across the globe who use and benefit from outsourcing.

99.99% applicability: Outsourcing can applied to almost any business in almost any business sector

Transformative: Outsourcing is possibly the most transformative business tool available today

Save 70% on staffing costs: You can save as much as 70% on staffing costs, enabling your company to flourish

Drive innovation & growth: Access to cheaper more abundant resources allows your company to drive innovation and growth

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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