Todays financial service providers must come to terms with a rapidly changing disrupted market, which includes compliance, cost and customer retention challenges. It’s not an easy task.
Additionally, many large and small financial companies are investing time and money into amalgamating similar functions under a common roof. It reduces redundant processes and improves operational efficiency. It further results in better management of cash, investment, FX, and smarter financial decisions. However, in most cases, the availability of investment for the creation of this centralized treasury isn’t possible due to the lack of infrastructure, manpower, and knowledge.
Back office outsourcing can also provide financial service organizations, banks and fintech companies with the necessary scalability. Instead of dealing with hiring and letting go of workers depending on the company’s current condition, outsource companies will be glad to supply firms with the right number of workers every time. They can add more workers when demands increase or when deadlines approach or trim down the workforce to the essentials when needing to lean up. It’s not only more efficient but also more inexpensive in the long run.
Just like all the other domains and institutions, financial service providers, banks and fintech companies outsource as a way of streamliming their products and services and improving customer service to their clients.
What type of tasks are typically outsourced by financial organizations, banks and fintech businesses?
Outsourcing makes a perfect sense for any financial organization, bank or fintech business struggling to meet these challenges by reducing their in-house costs and expanding their available skill-sets on demand. Below are just some of the many functions that may be outsourced.
Banks and Financial Service Businesses
- Account analysis
- Account ledger analysis
- Application processing
- Appointment setting
- Bank fee/account analysis
- Call center operations
- Card processing
- Credit checking
- Customer support
- Data entry
- Data remediation
- Document processing
- Document transcription
- Helpdesk services
- ID verification
- Interest rate calculations
- Mortgage proposals
- Payment follow up and collection
- Portfolio and fund level reconciliations
- Position reconciliation
- Pre-delinquency management
- Reference checking
- Settlements
- Statement reconciliation
- Technical support
- Telesales and telemarketing
- Transaction monitoring & verification
- Survey/feedback taking
- Upselling
FinTech Businesses
- Accounting and reconciliation
- Application and software development
- Application testing
- Backup management
- Blogging
- Cloud, data, and data storage management
- Contract management
- Customer service
- Data entry
- Database development and management
- Demand forecasting
- Due diligence
- Graphic design
- Help desk services
- Invoicing and collections
- Marketing
- Mobile application development
- Networking and communication
- Payments
- Penetration testing
- Risk management
- Security and disaster recovery
- Social media management
- Sourcing
- Supplier management
- Systems maintenance
- Technical support
- User interface design
- Web development