Should You Offshore Your Banking, Financial Services, and Insurance? Offshore BFSI Benefits, Examples, and More
In today's challenging BFSI landscape, companies are eyeing offshoring to the Philippines as a smart move to streamline operations and cut costs. It's not just about saving pennies; it’s about tapping into a goldmine of skilled Filipino professionals who bring efficiency and quality to the table. This strategy is the answer to pressing issues like resource allocation and customer satisfaction, steering BFSI firms towards a path of sustainable growth and competitiveness.
The Philippines stands out in offshoring, offering a workforce that's not only highly skilled in finance but also fluent in English and culturally attuned to Western business practices. By moving functions like customer service and back-office operations to the Philippines, BFSI companies unlock significant savings and agility, essential in today’s fast-evolving financial world.
KMC Teams stands out as a pivotal partner in this journey, offering tailored offshoring solutions that fit the unique needs of BFSI companies. Their expertise in connecting businesses with top-tier Filipino talent ensures that offshoring transitions are smooth and efficient, translating into operational savings and enhanced service quality. With KMC Teams, BFSI companies can confidently navigate the complexities of offshoring, unlocking the full potential of this strategic move in today's dynamic financial landscape.
What Does it Mean to Offshore BFSI?
Offshoring in the BFSI sector means entrusting key operations to talent beyond your local shores, specifically to the capable hands in the Philippines. It's about moving common operations - like data processing, customer service, fraud detection, and compliance management - to a place where they can be handled more efficiently and cost-effectively.
Picture your back-office tasks, routine customer interactions, and even complex analytical functions being managed smoothly by highly skilled professionals who align with your quality standards. Offshoring isn't just delegation; it's about creating a seamless extension of your business that operates under the same ethos but with added advantages of global diversity and cost benefits. With a partner like KMC Teams, this transition becomes less about crossing geographical boundaries and more about bridging the gap towards operational excellence and customer satisfaction in BFSI.
Why should you offshore your BFSI & Accounting (Banking, Financial Services & Insurance) & Accounting
There are various reasons to offshore finance functions, as long as you have a trusted partner like KMC Teams to find reliable candidates, match them to your needs, and handle everything from compliance to payroll and more.
Some of the main benefits of offshoring roles in the BFSI industry include reduced costs, access to global talent, the ability to focus on core competencies, improved client experiences, and risk mitigation.
Reduce Costs
Offshore accountants and financial experts are often available at a significantly reduced cost compared with domestic candidates. In fact, we can help you reduce costs by as much as 70%!
Access to Global Talent
Instead of spending months searching for someone in your country with the right skills, offshoring finance roles gives access to global talent. KMC helps you find the perfect candidate from a pool of 5 million.
Focus on Core Competencies
By offshoring essential financial functions, you free up your staff and resources to focus on core competencies. That keeps you ahead of the curve, and your competition.
Enhanced Client Experience
With dedicated experts handling recruitment for finance industry-related roles, you can provide a better client or customer experience without straining your in-house resources.
Risk Mitigation
While offshoring BFSI & Accounting (Banking, Financial Service & Insurance) has all these benefits, it still comes with risks like tax & legal compliance and data security. Partnering with an EOR like KMC mitigates all tax and legal risks while ensuring your company data is secure.
Book a free consultation with KMC to start saving money, enhancing your business, and mitigating risk with full-service EOR and financial offshoring solutions.
Examples of BFSI & Accounting Jobs You Can Offshore
There are various banking, financial services, and accounting jobs your business can offshore to optimize operations for reduced costs and higher in-house efficiency.
Accounts Payable
Optimize your budget by offshoring your business’ accounts payable and keep your ledgers balanced, organized, and compliant.
Mortgage Processing
Offshore experts can efficiently organize your personal or business loan documentation and verify everything for smoother processing.
Accounts Receivable
Ensure cash flow by letting offshore solutions handle accounts receivable for an always-balanced financial situation.
Bookkeeping and Financial Reporting
Maintain clean and compliant books without spending exorbitant amounts on in-house experts. Plus, offshore solutions can help you reduce stress and take advantage of tax breaks during taxation.
Financial Data Analytics & Reporting
Provide data to stakeholders at a lower cost, maintain compliance, improve decision-making, and enhance your business’s financial health by offshoring financial data analytics and reporting.
List of BFSI & Accounting Roles We Hire for Your Company
KMC Teams offers comprehensive financial offshoring solutions and can help you find critical talent to help your business thrive. Our hiring solutions can help you fill a variety of professional Banking, Financial Services, Insurance, and Accounting positions including:
- Accounts Payable Specialist
- Junior Accountant
- Bookkeeping Specialist
- AP & AR Analyst
- Tax Senior
- Audit Senior
- Senior Accountant
- GL Accountant
- Retention Agent
- Bookkeeper
- Billing Analyst and many more
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.
Why Choose KMC Teams?
KMC Teams employs over 5000 skilled candidates for 400+ growing clients. Our cutting-edge AI-powered solutions, industry-leading 86% retention rate, and dedication to every client guarantees that you not only hire the best match for your organization, but that you have a reliable partner that handles everything from compliance, HR, and payroll to benefits, office space, and more.
Click to book a free consultation to tell us about your specific objectives today!
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