Outsourcing for the Financial Services IndustryAfaq Ahmad Khan2023-10-27T18:50:10+00:00
Outsourcing for the Financial Services Industry
Should You Outsource?
The inherent liquidity of the financial market in the US makes it the sector with the highest economic activity globally. Post-pandemic, financial firms are transforming to enable business continuity amidst uncertainty.
Considering the GDP of the US in 2018, the percentage for the Finance and Insurance Sector was 7.4%, which amounts to $1.5 trillion. Standardization, AI integration, and Financial Technology reshape what comes next while enabling productivity improvements.
Outsourcing in this vertical has become more relevant in present times as globalization, remote-working, and digital transformation have made providers such as co-sourcers a seamless extension of their client.
The combination of circumstances and trends in the Banking and Insurance industry favors a global business support model through the deployment of outsourcing. In particular, offshoring also supports an operating model for efficiency, effectiveness, and cost optimization.
Financial and Insurance institutions like yours outsource to free themselves of the distractions from non-core operations, providing them with a competitive edge in volatile market conditions by focusing on their differentiated core offering. Third-party involvement can also free you of dealing with day-to-day compliance, certification oversight, and documentation based on regulations while reducing business risk and improving quality of service to end clients. Considering the cost benefits, one may be compelled to opt for outsourcing, which additionally offers flexibility to scale as well.
Outsourcing Services for the
Financial Services Industry
Outsourcing Services for the Financial Services Industry
We provide highly tailored outsourcing for the financial services industry spanning accounting, banking, insurance, lending, and payments.
We support front-end, customer facing services such as customer onboarding and verification (AML, KYC) and customer service as well as back-office administrative functions such as transaction processing, reconciliation and document preparation or compliance and auditing.
Below are examples of functions by
type of financial segment:
Below are examples of functions by type of financial segment:
We understand our clients expect both physical security and information security. Data privacy remains a core element of our security posture. We were recently recognized for maintaining PCI certification for 5 years. Our compliance team works closely with our technology and security team to ensure our clients can outsource with confidence.
While we provide cost savings by outsourcing to us, we are able to also provide coverage of trained resources while your dedicated team may be sick or on vacation by overstaffing at our cost.
We specialize in working with first time outsourcers. This focus has allowed us to develop a high-touch approach to onboarding a new client. We have dedicated teams that establish an implementation plan tailored to our client’s situation and requirements. We then ensure we recruit the right talent, help train them, then ramp up services.
Contact us to discuss our differentiators further.