Why FinTech Companies Should Outsource

Financial technology, or fintech, has undeniably changed the way people deal with their finances, especially during the Covid-19 pandemic where contactless transactions are still encouraged to lessen the risk of transmission. Through the use of software and other technology, fintech companies make financial services ranging from online payments to cryptocurrency more accessible to the public. 

With more and more people using these services, fintech companies are recognizing the need to scale up their operations to ensure that they can keep up with the surge in demand without compromising the quality of their service. To reduce the workload of your in-house staff and enable them to focus more on core competencies, consider outsourcing your company’s non-core functions from a reputable provider.

You can opt to outsource a wide variety of business processes such as IT services, customer service, and back office operations including finance and accounting. Having a dedicated team to manage your finances can go a long way to help in the company’s growth because it gives you the following benefits:

1. Access to qualified F&A professionals

In order to properly handle your finance and accounting (F&A) functions, you need a team of individuals who have adequate expertise and experience in the industry. Fortunately, with the right outsourcing partner, you can have access to a pool of world-class F&A talent that can help you put your business forward as well as an A+ recruitment process that will save you on time and resources.

Outsourced F&A professionals also regularly receive training and extensive courses so they will be up to date with the latest accounting trends, solutions, and tools.

2. Increased business efficiency

With a skilled F&A team at the helm, you can be assured of a higher level of accuracy when it comes to monitoring of accounting processes and compiling regulatory financial reports. This helps limit the risk of losses to your company as a result of errors, penalties, and litigation expenses that can come at staggering costs.

Your outsourced finance team can also provide you valuable insights about potential financial risks and opportunities that are helpful in making business decisions.

3. Best value for money

Outsourcing your F&A processes entails savings on overhead expenses as well as recruitment and labor costs without compromising the quality of service delivered. It also gives you access to specialized accounting systems such as Quicken Premier, Master Investor, etc., and enables remote work, which lessens the need to invest in additional office space and IT infrastructure.

Depending on the needs and demands of your company, you can also choose to scale up or down the services you avail from your outsourcing provider, which further saves you on resources that you can in turn allot to other revenue generating activities.

Aside from financial services, you can also outsource the following teams to support the expansion of your company:

• Customer experience (CX) team

Over the years, customer experience has become an important factor for the success of any business. Having a dedicated CX team in your operations will allow you to provide great service during every stage of a transaction including handling inquiries and concerns in a timely manner. All these can contribute to building a loyal customer base that can help your business move forward.

• Marketing team

Achieve your revenue goals faster by having outsourced sales and marketing professionals in your team. With their expertise and experience, they will be able to come up with strategies and techniques to effectively market your offerings and services to your target customers and increase sales.

• IT support team

With more people relying on online services including fintech, having an outsourced IT support team in your company is a more cost-efficient way to ensure all systems, networks, hardware, and other tech concerns are well-managed to avoid downtimes and even data breaches.

Partnering with a reputable and trusted outsourcing provider can help fintech companies have a competitive advantage over their competitors, so make sure to choose the one that promises:

• 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 is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.

Ready to elevate your investment management operations? Get in touch with us now for bespoke solutions tailored to your unique needs!