Should You Offshore Banking, Financial Services, and Insurance (BFSI) Functions?
Benefits and Examples of Offshore BFSI Teams in the Philippines and Colombia
Banking, financial services, and insurance organizations operate in highly regulated environments where accuracy, compliance, and operational efficiency are critical. As transaction volumes grow and cost pressures increase, many BFSI firms look to offshoring as a way to support operations without compromising control or quality.
Offshoring BFSI functions to the Philippines and Colombia allows organizations to build dedicated support teams for finance, accounting, and operational roles—while maintaining oversight, compliance standards, and service levels.
This page outlines what BFSI offshoring involves, why companies use this model, and which roles are commonly supported offshore.
What Does It Mean to Offshore BFSI Functions?
Offshoring in the BFSI sector involves relocating non-core and support functions to dedicated teams outside your home market. These teams operate as an extension of your organization and follow your internal processes, controls, and reporting standards.
Commonly offshore BFSI functions include:
- Accounting and finance operations
- Transaction processing and reconciliations
- Customer and account support
- Compliance support and documentation
- Reporting and data preparation
In the Philippines and Colombia, organizations can access professionals with experience supporting international financial institutions while maintaining alignment with regulatory and operational requirements.
Why BFSI Organisations Offshore Finance and Accounting Roles
BFSI organisations offshore for practical, operational reasons:
- Rising costs of in-house finance and operations teams
- Difficulty hiring and retaining qualified finance professionals locally
- High administrative workload that limits internal capacity
- Need for scalable teams as transaction volumes fluctuate
- Desire to redirect internal teams toward risk management, strategy, and client-facing work
The Philippines and Colombia offer established talent markets with finance and accounting professionals familiar with structured processes and international reporting standards.
Benefits of Offshoring BFSI & Accounting Functions
Cost Management
Offshoring allows organisations to manage staffing costs more effectively compared to onshore hiring, while maintaining role continuity and output quality.
Access to Qualified Talent
Both the Philippines and Colombia have deep pools of professionals trained in accounting, finance operations, and shared services environments.
Focus on Core Functions
By shifting routine finance and administrative tasks offshore, internal teams can focus on governance, risk, client relationships, and strategic initiatives.
Operational Scalability
Offshore teams can be scaled up or adjusted based on business volume without rebuilding internal hiring infrastructure.
Reduced Compliance Risk
When paired with an Employer of Record model, payroll, statutory contributions, and local labor compliance are managed in-market, reducing administrative and legal exposure.
Book a free consultation with KMC to start saving money, enhancing the patient experience, and mitigating risk with full-service EOR and financial offshoring solutions.
Examples of BFSI & Accounting Work You Can Offshore
Offshore BFSI teams can support a wide range of functions, including:
- Accounts payable and accounts receivable
- Mortgage and loan processing support
- Bookkeeping and financial reporting
- Reconciliations and ledger management
- Financial data preparation and analytics
- Audit and tax support functions
These teams work under your policies, systems, and controls, providing consistency across operations.
BFSI & Accounting Roles We Can Support
Common roles supported through offshore hiring include:
- Accounts Payable Specialist
- Accounts Receivable Analyst
- Junior Accountant
- Bookkeeper
- General Ledger Accountant
- Audit Support Analyst
- Tax Support Specialist
- Billing Analyst
- Financial Reporting Analyst
- Retention or Account Support Roles
Whether or not the exact position you're looking for is listed above, KMC Teams is capable of recruiting professionals for any BFSI industry role your company requires. We specialize in matching highly experienced, skilled, and culturally aligned talent with your unique needs and objectives.
KMC Teams is capable of recruiting any BFSI (Banking, Financial Services, and Insurance) Offshore Team candidates that your company needs.
How BFSI Offshoring Works with KMC Teams
- Define Scope and Requirements
Align on roles, workflows, compliance needs, and reporting structure.
- Recruit and Screen Candidates
Source finance and accounting professionals in the Philippines or Colombia based on experience and role requirements.
- Hire and Onboard
Employment contracts, payroll setup, and onboarding are handled locally.
- Operate and Scale
Teams receive ongoing HR and administrative support while you manage performance, controls, and output.
KMC Solutions is the Philippines’ premier Employer of Record (EOR) and flexible workspace provider, trusted by global businesses to build high-performing offshore teams with speed and full compliance.
Here’s what sets us apart:
Time-to-Hire:
2–4 weeks
Client Retention Rate:
90%+
Global Clients Served:
400+
EOR Countries:
Philippines, Vietnam, Mexico, Colombia
Talent Base Managed:
6,000+ employees
Office Locations:
30+ across 4 countries
Certifications:
ISO 27001, ISO 9001, B Corp, Great Place to Work Best, Place to Work, HR Asia Best Companies to Work
Housing Program:
CASA Co-Living for seamless relocation and retention
See What Some of Our 400+ Clients Say
Talk to KMC Teams
If you are evaluating BFSI, finance, or accounting offshoring in the Philippines or Colombia, KMC Teams can support recruitment, employment, onboarding, and compliance—so your teams can operate effectively and within regulatory expectations.