6 Key Steps to Fintech Offshoring Success
In our previous blogs, we discussed the benefits of offshoring fintech services, how offshoring can meet the challenges in the fintech sector, and how to choose the right offshore service provider for your business’ fintech requirements. Now we’ll share with you what are the best practices that you can apply to ensure the success of your fintech offshore operations.
Given the complexities of data security, information management, and compliance to industry standards, it pays to be fully prepared when you need to outsource fintech-related responsibilities to an offshore team. This will help you avoid making costly mistakes that will compromise the quality and security of your fintech services. The worst part is that it could even snowball into a negative customer experience with damaging effects to your organisation’s revenue and reputation.
Here are some recommended tips to make sure that you and your fintech offshore team are on the same page that will ultimately spell success for your fintech ventures.
1. Develop a well-defined plan
Before you even select an offshore partner, make sure you have a clear idea of what you want to accomplish with your fintech enterprise. Ask yourself: What is the general vision of your fintech product? Make sure you clearly identify the goals that you want to achieve. Apply the S.M.A.R.T. rule in goal-setting: Specific, Measurable, Achievable, Relevant, and Time-Bound. Some companies fail to set realistic goals that lead to wrong expectations when it comes to offshoring. As a result, misunderstandings can occur between the company and the offshore service provider. This can cause wasteful delays and inefficient “band-aid solutions”.
Aside from stating your goals, mention the particular tasks and the technical aspects required from the offshore service provider. List down the functions that you want your fintech product to provide. Whilst fintech development involves specialised skills, it is expected that you should also do your research so you’ll be aware of the technical requirements. This will also be the basis of your budget allocation for the services of your fintech offshore team.
2. Communication is key
A successful partnership with an offshore service provider is built on trust. A vital element to establishing that trust is communication. In fact, around 25% of outsourcing projects fail because of poor communication between the client and the provider. Make sure that you have their complete attention when you discuss your plan in detail. Your offshore partner should listen to and fully understand your business needs and – more importantly – the needs of your fintech product’s end users.
You must also be ready to listen to their recommendations. Fintech offshore consultants should come up with customised strategies to achieve the goals you have in mind. Your initial plan may require some fine-tuning, based on their suggestions, so prepare to adapt when needed. What’s important is that you and your offshore partner are in full agreement on the best approaches to meet your goals before moving forward.
Ensure open channels of communication with your fintech offshore team at every stage of your project. This doesn’t mean you should micro-manage them. Given the intricacies of fintech services, it’s always a good idea to keep abreast of the developments so you and your offshore partner can immediately address issues along the way.
3. Test the waters
Don’t give carte blanche to your fintech offshore team by sharing all your data assets right away
Start working on small projects first so you can assess if the offshore service provider can truly understand and meet your business goals. This is also an opportunity to find out if they can be entrusted with sensitive data for more complex projects, especially when it comes to fintech development. Every successful undertaking that you have with your offshore partner will make you feel more confident in their capabilities to future-proof your fintech ventures.
4. Expansive expertise
Consider working with an offshore provider that not only offers specific fintech talent but also has a wide range of expertise and experience in building dedicated teams for different industries. An offshore partner with a multi-sectoral business background can provide you with new and different perspectives that can be beneficial to your fintech project.
This will come in handy when unexpected problems arise that are beyond your scope of expertise. A reliable offshore service provider is one that offers the best of both worlds: the ability to build a dedicated team of fintech specialists and the capacity to work out the best business strategies and solutions. That’s the kind of collaborative partnership that you’d want to maintain on a long-term basis.
5. Focus on the end-user
Fintech services will continue to evolve. This will largely depend on the customers’ shifting needs and other factors that will drive changes in banking and financial processes. You and your fintech offshore service provider should be as flexible and as adaptable to variations that can — and will — occur.
Keep in mind that your fintech project is aimed at the end-user. Collect and analyse customer feedback then update your service accordingly with your fintech offshore consultants. Your fintech product should be customised to solve your end-users’ problems, so it’s important to have an offshore partner who can create tailor-fit solutions for you.
6. Seamless fit to your organisation
Your onshore staff might feel apprehensive by the presence of an offshore team. Rest assured that your offshore service provider will actually provide leverage for your onshore colleagues. A major benefit is that they can now focus on their core business duties, instead of dealing with the complications of fintech services.
Your offshore partner must also have a change management process in place. This will ensure that your fintech offshore team will be seamlessly integrated into your corporate culture and working environment, without causing any major disruptions that can hamper day-to-day operations.
The preferred choice among IT outsourcing companies in Australia
To succeed in the fast-paced world of fintech, you’ll need an offshore service provider who can offer bespoke solutions to keep up with the high demand for skilled fintech talent. ASW Global is known for its industry-leading process in building dedicated, offshore teams for a variety of businesses based in Australia, NZ, US, and UK. If you need offshore staff to perfectly fit in your organisation’s fintech and IT-related roles, we have a designated IT recruitment panel who are experienced in attracting the best talent from Vietnam, Malaysia, and the Philippines.
ASW Global is among the first Australian companies to secure the ISO27001 Information Security Management System certification. We regularly implement our strict policies on data security, privacy, and confidentiality by training our internal staff and offshore teams.
Discover how we can help you expand your business with our fintech offshore staff solutions. Book a free consultation with us today.