Outsourcing in financial services
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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.
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…
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…
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…
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$) per hour and the estimate is based on a 40-hour work week in a 52-week year. Read more…
We highlight some outsourcing companies in the Philippines that specialize in providing services for businesses in the financial services sector. These companies have a proven track record of providing financial clients with services ranging from virtual assistance, customer service, bookkeeping and even lead generation. They already have the systems and processes in place to be able to adapt to your business needs. You can check each of their company page within our BPO directory to find out more about their services and company information. Read more…
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All amounts are in U.S. dollars (USD$) per annum
“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.”
“It's enabled our staff on the ground in Australia to spend more time responding to customers than trying to grow the business.”
“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.”
“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.”
“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.”
“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.”
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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
Outsource Accelerator is the trusted source for independent information & advisory for Philippines’ Business Process Outsourcing (BPO)
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.
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 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.
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