eBooks and Case Studies
Browse our range of eBooks and case studies for useful insights into industry trends and outsourcing.
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Outsourced financial services is an effective way to improve focus on core business by sending certain process-driven tasks offshore. This may include tasks such as insurance claims processing, loan processing, broker support, paraplanning and more.
With a strong reliance on positive economic conditions and a secure lending environment, financial industry professionals can benefit from a more effective use of both their capital and their time.
The royal commission has changed the finance business model to include increased compliance measures and a transition from a commission structure to a fee-based model. Financial services organisations are now looking for ways to effectively use the resources available to them in terms of both time and capital. This includes cost savings and capital reinvestment.
Offshore staffing solutions are becoming an increasingly common solution for financial services businesses such as mortgage brokers due to the efficiency gains and the variety of tasks that can be completed for a fraction of the price. In fact, if outsourcing is managed correctly, mortgage brokers as an example can expect to add 48% to their bottom line and save 2-3 hours in admin on every deal.
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Many finance professionals are missing the opportunity to write more business because they’re busy with low-value administrative tasks such as loan processing. This time can be better spent in front of clients and prospective clients.
In our highly regulated environment that can change as quickly, future-proofing your business is a necessity. This means building an agile business, creating a remote working environment while saving costs on office space, and having the ability to scale your business.
We realise that time and cost savings aren’t the only factors that influence businesses to offshore work, the quality of output also needs to be of a high standard and tick all the compliance boxes. Beepo staff are all university qualified, often with professional field experience and skills as well as specific industry training. Many businesses find that productivity can improve as much as 20% with the addition of a Philippines-based team member.
Beepo specialises in offering your business an array of roles that support you when and where you need it most. Our professionals are tertiary qualified, and have the capacity and willingness to work hard on delivering the outcomes you require.
This gives you and your local team the freedom to focus on what you need to be doing in order to grow your business. And these tasks are also what’s most likely to keep your staff satisfied and motivated, ensuring you retain those valuable team members.
As a result, your business will experience major efficiency gains by having the right people working in the right jobs. Ultimately this leads to an increase in capacity and sustainable revenue growth.
Identifying the tasks you want to send offshore can come with its challenges. Most organisations tend to outsource the back-office,
process-driven tasks - the tasks that usually consume a lot of time. However, we’re increasingly seeing many organisations looking to fill
more complex and technical roles offshore.
Roles you can outsource include:
Outsourcing can save you up to 70% on employment costs compared with hiring local staff. It also helps improve productivity, efficiency, staff retention rates and importantly, staff satisfaction. However, selecting the right outsourcing provider can really be the conduit to success.
Ideally you’re looking for a provider whose values align with those of your business, and also has experience in the financial services industry. Doing so will ensure your outsourcing journey is nothing short of successful.
How do you go about choosing the right outsourcing provider? Start by asking the right questions to drill down on how the provider operates so that you’re left with a thorough understanding of what they do and how they do it. Some of these questions may include:
It’s probably also worth getting familiar with the myths and truths of outsourcing for financial services to the Philippines.
This step is absolutely crucial in your outsourcing journey and requires careful consideration because not all outsourcing providers are the same. Each has different protocols, inclusions, facilities, T&Cs and contracts so be sure to analyse and compare their service offer, and go with the provider that resonates best with your organisation.
At Beepo, we understand the hardships our clients face when it comes to dealing with ever-increasing labour costs and staff attrition. It’s why
we offer small, medium and large businesses a competitive advantage with outsourcing.
Supercharge your business for growth through outsourcing, speak to us today about a customised solution for your business.