How Fintech can Benefit from Offshoring Solutions

April 21 ,2022
How Fintech can Benefit from Offshoring Solutions

Financial technology – fintech, for short – has grown exponentially to become a standard component for secure and efficient banking and financial services. It is being described as a “disruptive innovation” in traditional banking and its far-reaching applications will continue to evolve to meet the ever-changing demands of consumers. From paying bills online to doing major transactions with financial institutions to the world of cryptocurrency, fintech has changed the way we interact with money and how we manage it.

In line with this revolution, there is a high demand for talent in the fintech field as businesses need to provide and ensure safe and secure digital financial services for their consumers. The problem is the scarcity of onshore talent who are skilled enough to develop, maintain, and manage this.

The solution: Offshoring high-quality talent to fill this crucial gap. Here are reasons why offshoring is the smart and sustainable solution to support businesses with their fintech capabilities.

1. Wider access to richer tech talent

Offshoring provides a wider pool of talent specialising in the complexities of fintech. Countries such as Vietnam, Malaysia, and the Philippines are known to have highly skilled IT workers that are more than capable of managing fintech applications for international markets.

Recruiting quality candidates with the fintech skillset and experience that your company needs can be challenging. That’s why the best option is to partner with an offshore provider that has a specific recruitment team exclusively assigned to sourcing highly qualified tech talent to match your business requirements.

2. Faster delivery of services

Unlike outsourced staff, a fintech offshore team is dedicated to work solely on your company’s assigned tasks, and not for anyone else. They are treated as regular employees of your company, but based offshore. Because they are focussed on your business, they are expected to deliver faster time-to-value.

More importantly, this will translate to better customer service. Fintech offshore consultants can streamline processes for maximum efficiency, ensure accuracy, and maintain optimum operations to avoid downtime and delays for the end-users.

3. Focus on core functions

Running an in-house fintech staff can be costly in terms of time and resources. Aside from providing essential IT infrastructure, you also have to consider managing their HR provisions such as payroll and benefits. These aspects alone require a lot of adjustment and effort from your end, which will become a never-ending distraction to your core responsibilities to the business.

Fintech offshore specialists already have the resources that they need, as supplied by the offshore service provider. They have the facilities to set up the required IT systems – hardware and software – and are responsible for the HR administration of the fintech offshore team. This leaves you with more time and energy to focus on developing and refining strategies for business growth.

4. Strict adherence to data security

One of the major concerns in fintech is maintaining the protection of sensitive data. There is also the misconception that the business owner will lack control over the offshore team, which can compromise security and affect the quality of service. On the contrary, because the offshore team is dedicated to your company as a regular employee, you are still very much in control of their work processes. This includes strict compliance of your company’s data security regulations.

What’s more, fintech offshore staff are already trained to use the necessary tools, software, and digital platforms to fulfil your requirements, especially with regard to cybersecurity maintenance. It is highly recommended to partner with an offshoring company that has accreditation from international data security standards. For compliance, the offshore provider must also regularly conduct internal data security training for all offshore teams, which adds value to the service provided to your company.

How Fintech can Benefit from Offshoring Solutions

5. Flexibility to scale

One of the best reasons for having fintech offshore staff is its nature to scale up or down, depending on the business goals that you want to achieve. As your business grows, so will your requirements. An experienced fintech offshore team can be integrated into your operations smoothly to ensure the continuity of your business expansion.

In the same way, the offshore team can be scaled down easily as needed. The overall objective, in terms of scalability, is that the offshore provider will ensure that you will always have the skilled staff you need to run your business continuously and successfully.

6. Expanding business perspectives

As more companies compete in the digital landscape, the need to develop omnichannel platforms to enhance customer experience becomes more imperative. Fintech offshore consultants have the expertise and acumen to offer new insights and explore opportunities for business growth.

For example, a fintech digital marketing agency can design online shopping websites with interactive functions and payment options — based on reliably accurate user experience data – that make it easier and more convenient for customers to use.

7. Adaptability to digital trends

The digital marketplace can be blindingly fast-paced that it can feel overwhelming for business owners from just trying to keep. A dedicated fintech offshore team has its pulse on the ever-shifting trends and can adapt quickly by making improvements without disrupting the business.

Cryptocurrency, for example, is gaining legitimate popularity from growing businesses to established financial institutions. Cryptocurrency is powered by blockchain technology that processes and transfers information in an instant. It also greatly reduces the risk of fraud because of its high security measures against hacking. Another advantage is that it eliminates the usual in-between processes that make transactions with traditional banking services slower.

As cryptocurrency is becoming more stable, the number of users is steadily rising and more financial establishments are beginning to take notice. Fintech offshore consultants are needed now more than ever to help businesses adapt to this rapidly evolving trend.

The Premium Offshore Staff Provider for Fintech Services in Australia

Fintech is here to stay. Now is the perfect opportunity for companies to explore the value of fintech offshore staff solutions to future-proof their business.

ASW Global was born in response to the lack of onshore IT talent for businesses based in Australia, NZ, US, and the UK. Ten years later, we are now a recognised industry leader for successfully building dedicated offshore teams for a wide variety of industries. We provide our client partners exclusive access to a rich pool of highly skilled IT talent. Our strength lies in our sources and in our tried-and-tested recruitment process. Our specialised team of tech recruits target the most qualified talent from Malaysia, Vietnam, and the Philippines to perfectly match the job roles required.

Data security is always a priority at ASW. We are among the first Australian companies to obtain ISO 27001 compliance certification, one of the most stringent international standards for data security. In line with this, we conduct regular training sessions and provide resources on data security compliance for our internal departments and for your offshore staff.

If you’re interested to learn more on how we can build your offshore team to support sustainable and significant growth for your business, contact us to book a free consultation.