• CALL CENTER & CUSTOMER SERVICE

    CALL CENTER & CUSTOMER SERVICE

     
  • OUTSOURCED DATA ENTRY & DATA CLEANSING

    OUTSOURCED DATA ENTRY & DATA CLEANSING

     
  • TECHNICAL PRODUCT SUPPORT

    TECHNICAL PRODUCT SUPPORT

     
  • DESKTOP AND LIGHT SERVER SUPPORT (LEVEL 1 & 2)

    DESKTOP AND LIGHT SERVER SUPPORT (LEVEL 1 & 2)

     
  • GENERAL PRODUCT SUPPORT

    GENERAL PRODUCT SUPPORT

     

Choosing Your Financial Services Outsourcing Provider
12 Feb

By Claire Ponsaran | Posted on Feb 12, 2018 5:17:30 AM 0 Comments

A UK study found that finance workers are among the most stress in the world. According to respondents, stress levels will continue to rise in the banking and finance sector because of increased workloads, growing business expectations, and a lack of staff.

But this doesn't have to remain the status quo for long.

All these factors can be reduced through financial services outsourcing whereby a team of trained finance workers in a remote location can serve as an extension of regular staff. The outsourced team can work side-by-side with regular employees to ease the burden of a demanding job from their weary shoulders. At the same time, outsourcing can help you meet some business goals that include widening profit margins and improving productivity.

If you're thinking about outsourcing fintech support work to a service provider, you're not the only one. To help you decide which service provider to partner with, here are a few tips to consider.

#1 First on the plate is to address any and all security concerns with your prospect vendor.

People and businesses trust financial institutions to help them manage their money and other financial assets. It's important that their personal and business information stay secure in every transaction they make. Security issues, particularly data privacy and regulatory compliance, must be addressed as soon as you and your prospects can sit down and talk.

Your prospect vendor should be able to provide irrefutable proof (i.e. technical documentation, compliance certification, etc.) that they're more than capable of protecting your customers' identifying information as well as your company's data. The processes, including the cross-border exchanges of information through digital means, must be kept secure at all times.

#2 Request for more information from your prospect vendor about a viable contingency plan they have in place.

Providers of financial outsourcing services will have a risk-management plan in place. No system is perfect, which means it's best to work on the good side of Murphy's Law rather than against it. Risk mitigating measures may range from the use of data encryption technology to performing regular security checks and retraining of employees.

Business practices and processes as well as the management structure will have to be modified to fit the outsourcing arrangement. Your prospect vendor for financial outsourcing services should have the expertise in managing the operational, legal and reputational risks to your organization during the transition phase.

As part of their contingency plan, your prospect vendor should demonstrate a high level of adaptability. New requirements can change due to legislative changes or technological advancements, and your prospect should be ready to shift gears and apply the necessary modifications immediately.

#3 Ask your prospect vendor about the breadth of their operational and technological capacities, including the consistency of their power supply and internet connection.

Successfully outsourcing to an offshore location greatly depends on the reliability of power and internet services, and the level of technology that's currently available to your prospect service provider. Financial institutions and fintech companies need to deliver their services continuously because their clients are located in different countries and they access those services at different times of day or night.

Some outsourcing companies are more capable than others in delivering quality fintech services to clients. Your prospect vendor for financial outsourcing services must have demonstrable proof that their employees have the technical and communication skills required to perform the tasks with a high level of competence and accountability.

 

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Tags: fintech outsourcing, financial services outsourcing, fintech support

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Offshore outsourcing can be daunting for those who are new to this business activity. But, it's not so difficult when you have a global partner that has expertise and years of experience in outsourcing. You may be looking for relief from doing so much in a day. And, you wanted quality work done on time and within budget. What you need is competent help, and that's what Rethink Staffing provides.

Outsourcing to the Philippines, but don't know where to start? Rethink Staffing can help you find skilled and competent workers to hire as business support staff.

 


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