Deciding whether outsourcing is right for your business can be challenging.
Below we go through some of our most frequently asked questions to help you decide.
Why do FinTech Businesses outsource?
By outsourcing your services you can improve your capabilities quickly and efficiently which allows your business to expand into new markets and new customer segments.
Outsourcing has the following benefits:
Cost Effective: It reduces costs on recruitment, training and providing benefits to employees.
Improved Flexibility: allows rapid scalability, reduces using sources to hire people, allows more budget flexibility, no long term commitment regarding newly hired personnel and rapid speed to market.
Improves Quality: It reduces risk and improves User Experience.
Is outsourcing cost-effective?
Outsourcing can be a great way to reduce costs for FinTech startups, as it helps companies to optimise the customer buying experience and provide fast, responsive and effective support to gain a competitive advantage in any market.
It reduces costs on recruitment, training and providing benefits to employees.
What are the risks of outsourcing and how can I minimize them?
1. Security: Data and information of your company can be at risk. Make sure the outsourcing company is aware of the information security, data processing methods, and risk management strategies. Sign a Non-Disclosure Agreement (NDA)
2. Quality: Not understanding the business can lead to poor quality service. Make sure that your outsourcing company understands the company and it is able to deliver a high-quality service.
3. Roles and responsibilities: not defining roles and not having a strategy defining clearly in house responsibilities and outsourcing responsibilities can lead to issues. Make sure to have a proper management plan which describes what services you require from the outsourcing company and what roles are required, in addition, establish the communication methods such as who to contact in each department and the frequency of the meetings.
How do I manage Outsourcing?
To begin with, make sure you align with the outsourcing company’s values. Communicate effectively, make a strategy and share your vision and goals. And lastly, choose someone who has knowledge of the industry.
Looking for an outsourcing partner?
Enshored is the leading business process outsourcing for FinTech. We’re here for the innovators, for the scalers. We’re here for the creators, for the makers, for the horizon scanners who saw it and then went out there and built it.
Bring us your disruptive start-up, and we will bring you the people, the framework, the mindset, and track record to power your growth.