Top 3 Advantages of Outsourcing for your Startup FinTech Company

As the shift to digital processes accelerated since the rise of COVID19, the world is also gearing up for a cashless society. As of 2019, the worldwide fintech market value is at $5.5 trillion but is expected to grow at a 23.58% compound annual growth rate (CAGR). This results in a surge in demand for fintech teams. Fintech companies also feel the need to scale up their teams to ensure that they have enough manpower to compensate with the increasing need.

One smart business strategy is to outsource. The right outsourcing partner can supply the great high-performing teams and business competencies to help your startup company handle operations so you can focus on innovation and further growing the company. Here are 3 important contribution of outsourcing you should consider:

1. Access to top notch talent

A survey from Deloitte saw an increase of 49% from 20% in companies seeking manpower services through outsourcing as they innovate. For fintech startups, innovation is crucial especially with utilizing existing and emerging technologies such as AI, blockchain, cryptocurrency, IoT, biometrics to revolutionize financial services.

This can only be achieved by having great, high-performing and top-tier fintech talent to help them conceptualize and develop their solutions. Only startups who engage the most innovative, intelligent, and creative development talent will succeed.

2. Increase speed to market

For any type of startups, most especially fintech, speed matters. Allowing your competitors to market faster is a major disadvantage so you need to build teams, execute business solutions and innovate fintech processes more effectively. With outsourcing, there is less ramp-up time and faster progress because they have industry experience and have proven solutions and services from other clients. In addition, having team members in multiple time zones ensures continued progress. 

3. Cost Effectiveness

For startups, savings is not just important but a need. Since funds are more limited than highly established companies, having the avenue to allocate funds is always a smart move. With outsourcing, there’s no need to pay cost in recruitment, training, officespace, hardware/software and even employee benefits. You can allocate those resources to innovation and other operating expenses for your company. The right outsourcing partner can usually offer up to 70% savings in general operational cost. 

Finding the right outsourcing partner is worth the effort. You can choose a partner with a track record of satisfied clients through a high Net Promoter Score (NPS). It means they already know your industry and business landscape. Their proven expertise on similar projects means building you great, high-performing teams, speed to market, and cost savings.

An NPS of >60 represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

Aside from outsourcing fintech teams, you can also outsource the following for your fintech company:

• IT Outsourcing for Fintech

Services can range from software product development to help desk support making the technology in your “fintech” well-equipped

• Call Center Outsourcing for Fintech

Online services often mean 24/7 availability allowing you to reach your clients round the clock

• Back Office Outsourcing for Fintech

Fintech thrives on efficiency. For startups especially, money can be tight over the first few years. Back office outsourcing can also provide fintech companies with the necessary scalability through HR, payroll, and other administrative tasks

In summary, choose an outsourcing company that can help you put your business forward by providing you the following:

• Collaborative partnership
• Access to talent through their A+ recruitment process
• Cost savings of up to 70%
• Ability to scale quickly and predictively
• Hitting milestones and targets
• Adaptability in technological advancement
• Established Information Security
• Operational excellence
• Information and data security
• 71 Net Promoter Score: Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Our business solutions enable high performance and optimized operations for businesses of all sizes and stages. Infinit-O offers a broad range of outsourcing solutions, including healthcare; financial services; research and data, back office support; and customer experience.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

We partner with the world’s fastest-growing tech companies who want to scale and advance their brand.

Demonstrated by our world-class Net Promoter Score of 71, we deliver the highest quality outsourcing services using our unique data driven approach – combining powerful technology and high performance teams within our highly-engaged and agile culture.

Our expertise includes CX, engineering, data science & analytics, sales & marketing, and back office services.