It’s been over a decade since the global financial crisis, and the financial services industry has undergone some upheaval in that time. Regulatory frameworks have strengthened, receded and, in recent times, come under scrutiny again.
Meanwhile, technological advances have dramatically changed the way the sector interacts with customers and performs day-to-day functions.
Financial services providers must continue to navigate changing regulatory frameworks, increase capacity to handle cybersecurity threats, and embrace the technology required to meet customer expectations. And, above all, they must minimize their risk of exposure to the local and global factors that have spelled the end of less savvy competitors.
Parts of the sector are having an easier time of it than others. The insurance industry, for instance, is going from strength to strength, according to the Deloitte Center for Financial Services, with 2019 “shaping up to be banner year”. But it also warns that “a rising tide won’t necessarily lift all boats equally. There are still plenty of challenges to overcome in the year ahead, as well as opportunities to improve a carrier’s competitive position and bottom line.”
Some global investment management firms, meanwhile, are taking a cautious approach, fearing market volatility and a possible correction. Large firms have maintained profit margins by offering lower cost products, but small to medium-sized firms, unable to take advantage of scale, have had to look to other solutions.
And, of course, all financial services operators have to remain alert to both local and global political situations, such as Brexit, and the effect these will have on consumer sentiment and operating climate.
Finance and accounting outsourcing to the Philippines can enable organizations to continue to grow and remain viable in an environment of constant change. This is particularly true for companies who operate strategically, have identified a hierarchy of core and non-core processes, have a strong culture of performance management, and have developed reliable metrics for measuring outcomes.
Business accelerator service Aurik suggests companies create value by prioritizing their time and outsourcing tasks which are neither core business nor strategic in nature.
Fortunately for financial service and insurance businesses, it’s an industry that’s particularly well suited to offshoring, because:
Some of the more frequently outsourced financial services and insurance roles include:
At Virtual Business Staffing, we have more than 8,300 professional services specialists in our candidate database, and access to an additional 11,000+ outsourcing administrative service providers across the Philippines. Here are a few examples of real candidate profiles:
Since our inception in 2006, Virtual Business Staffing has become one of the biggest managed operations providers in the Philippines. With over 4,000 employees, 6 delivery centers and close to 200 clients, we can help you build a dedicated team in the Philippines, regardless of the roles and level of specialization you require. We have more than 4800 financial services and insurance professionals in our candidate database, and we’ve employed more than 550 financial services and insurance professionals for our clients since 2006.
Ready to take the first step with finance and accounting outsourcing to the Philippines? Call +63 2 34371000 today or send us an email to discuss your company’s financial services and insurance needs. You could have an offshore team set up in the Philippines in as little as 6 weeks.