As the growth of the technology sector continues to impact the traditionality of the finance industry, more institutions are looking for new team members who can provide digital support. However, despite the industries growth, the talent pool within finance seems to shrink more and more every year.
Talented professionals working in the intersection of finance and technology are beginning to turn towards specialized Fintech companies. As a result, Fintech outsourcing services have become a major enabler to successful digital finance strategies.
In this article, we define what Fintech outsourcing services are and take a look at why these services are so important in 2022. Keep reading to learn about CPQi’s outsourcing and augmentation services and how they can help your financial institution become more digitally competitive.
What are Fintech Outsourcing Services?
Fintech outsourcing services are any type of service where a financial institution or financial services company sources staff members, experts, or resources from a financial technology company.
Examples of Fintech outsourcing services include:
- Staff Augmentation: Staff augmentation is the practice of hiring external personnel for a specific purpose within a business. Rather than hiring these professionals as full-time employees, they are borrowed from their own companies by paying pre-determined project fees or rates and can be used both temporarily or for ongoing support.
- Resource Augmentation: Resource augmentation is the outsourcing of digital resources, such as software applications and platforms. Two popular examples of resource augmentation include Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS), in which a Fintech company provides all the necessary coding, software deliveries, updating, and maintenance needed for these technological resources.
- Managed Services: Managed services is where a specific element of a financial institution is fully managed by an outside source. For example, financial institutions using the cloud to power their platforms and infrastructure will often use a third-party service provider to maintain and manage their cloud platform as needed.
In 2022, global law firm Morgan Lewis released its Digital Innovation and Disruption webinar series. This series focused on the growth of outsourcing in financial services, specifically in relation to digital transformation and innovation.
According to Diceus research data included in this series, 44% of CIOs state they are more likely to utilize outsourcing compared to 5 years ago. Additionally, 64% of outsourcing from offshore tech companies is used for software development.
The Benefits of Fintech Outsourcing Services
There are many key benefits to Fintech outsourcing that make it an essential investment for financial institutions. These benefits include:
- Time & Cost Savings: Hiring and onboarding new staff members, as well as sourcing and implementing new technologies, is both time-consuming and costly. With a Fintech outsourcing solution, more time and money are saved with both staff and resources available in real-time. Looking to save time on your day-to-day processes? Check out our RPA implementation services down below:
👉 Learn more about RPA in banking here!
- Immediate Access to Experts: Bringing a new, full-time expert to your team can be difficult – not only in terms of staffing costs but also in finding a qualified professional in a timely manner. Outsourcing staff allows an institution to find the experts they need and work with them quickly – no onboarding processes required, as the provider deals with everything themselves.
- On-Demand Support: When partnered with a Fintech outsourcing team, you can often find a company that offers near-shore offices (like CPQi). This ensures you will always have on-demand support that is within your timezone and is fluent in your native language.
Why Work with CPQi for Fintech Outsourcing?
CPQi is a leader in the Fintech space, largely in part to our total commitment to meeting each client’s individual and unique needs as an institution.
CPQi’s Fintech outsourcing services fall into two main categories:
- Staff Augmentation: For our staff augmentation services, we offer highly specialized professionals trained to deal with a wide variety of client problems, ideas, and challenges. When you work with CPQi, you can always find the Fintech expert you need to support your latest project or business expansion.
- Managed Services: When utilizing our managed services, you receive both the staff and resource augmentation needed to stay up-to-date and thriving in an ever-changing financial industry. We take complete ownership of any projects assigned to us, enabling you to de-risk your organization.
Our offices are based in Canada, the USA, and certain areas of Central and South America, including Mexico and Brazil. With an incredibly competitive rate card, CPQi has the customizable services you need to fit your deadlines and budget.
The Advantage of Hiring CPQi’s Expert Teams
At CPQi, we greatly value the ongoing education and training of our team. By working with us, not only will you have access to professionals cross-trained in both finance and technology but you will also benefit from teams that stay up to date on the latest tech developments and trends.
Each of our teams provides high-quality services backed by deep knowledge of the technology and finance industries. Plus, every CPQi team utilizes a DevOps approach to ensure the utmost efficiency and quality for each new project we take on.
Here is a sampling of the types of specialized expertise available within CPQi’s teams:
- Salesforce Developers
- Informatica ETL Developers
- Java Developers
- Power BI Experts
- Legacy & New Tech Experts
- DevOps Teams
- Data Scientists
- Quality Assurance
Final Thoughts: Reimagine Outsourcing with CPQi
Here at CPQi, we are dedicated to providing specialized support and services to each of our clients.
We offer both staff and resource augmentation, as well as comprehensive managed services, to ensure your institution reaches its digital goals in no time. Our services are customizable for your exact problems and needs so that you end up with the perfect solution for your unique company.
To learn more about our services, visit our website today or get in touch with our team to find out what CPQi can do for you.