Financial Services


Outsourcing for finance

The financial services industry continues to navigate changing regulatory frameworks and the increasing need to monitor cybersecurity threats, while also embracing the technology required to meet customer expectations. Businesses need to identify strategies to keep up with these market changes while improving the quality of their service and achieving business growth.

On top of this, a current global talent shortage has left almost 69% of businesses1 with difficulty sourcing and retaining skilled talent. It’s fair to assume that employers might have their ‘pick of the bunch’ from a large pool of quality, skilled workers with global unemployment hitting well over the 200 million mark2. However, despite the sudden employment losses or financial turmoil experienced by employees during this time, there is research to suggest that applicants are now in control3, wanting more value-based benefits from potential employers rather than just financial gain.

Considering alternative resourcing strategies, like outsourcing, is a way finance businesses can open up to a global pool of quality talent and reap the following benefits:

  • Cost savings: Outsourcing can save your business money by having day-to-day tasks completed in a lower-cost economy, where employment costs are up to 70% less.
  • Expert support: Outsourcing providers are experts in providing insights and advice at each stage of the outsourcing process. Their expert advice can help your business get the best out of your outsourcing journey and ensure it is optimised for success.
  • Improve business flexibility and availability: Outsourcing can help your business become more agile and flexible by opening up 24/7 availability.
  • Business growth: Outsourcing can free up funds that can be used to reinvest back into the growth of your business. With the additional support of an offshore team member(s), you can increase the capacity for your business to take on more work.
  • Improved staff satisfaction rates: Outsourcing can help you to identify roles and tasks that would be best suited to send to an offshore employee. That way, your local team can focus on what they do best and what motivates them, improving job satisfaction for employees in the long run.

Finance functions, roles and tasks

We offer support across a variety of finance functions, roles and tasks. Our professionals are tertiary qualified and have the capacity and willingness to work hard on delivering the outcomes you require. Identifying the tasks you want to send offshore can come with its challenges. Most organisations tend to outsource the back-office, process driven tasks - the tasks that usually consume a lot of time. However, we’re increasingly seeing many organisations looking to fill more complex and technical roles offshore.


Finance tasks

There are an array of finance tasks you can outsource in your business including, but not limited to:

  • Claims lodgement and management
  • Client retention activities
  • Customer care
  • Database management
  • Financial analysis of data to identify business opportunities
  • Financial modelling
  • General administration support
  • Insurance quoting
  • Loan maintenance
  • Managing direct and indirect tax matters
  • Meeting compliance requirements
  • Planning for the purchase of equipment, services and supplies
  • Preparing loan serviceability calculators
  • Preparing financial reports
  • Producing SOA and ROA documentation
  • Responding to insurance claim enquiries
  • Revising and preparing tax payments and returns
  • Valuations, pricing and serviceability.

Outsourcing companies - how to choose your provider

Choosing the wrong outsourcing provider can be detrimental to your success.

Selecting a provider with values that align with your business objectives is the ultimate goal. Doing so will ensure your outsourcing journey is nothing short of successful. How do you know you’re choosing the right outsourcing provider? Start by asking the right questions. These questions should drill into their operations so that you’re left with a thorough understanding of how they operate. Some of these questions may include:

  • Can you detail your standard security policies and infrastructure to manage data, security and privacy?
  • What tools do you have in place to ensure staff members remain online and productive 100% of the time?
  • What productivity reporting do you provide as a standard?
  • If things are not working out, what is the notice period and termination fees?
  • How does your recruitment process ensure you find the best candidate for my role?

This step is absolutely crucial in ensuring your outsourcing journey is a success. Remember, not all outsourcing providers are the same. They all have different protocols, facilities, T&Cs and contracts. Analyse, compare and choose the provider that resonates with your firm the most.

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