The financial services industry joins the new wave of technology trends to fit its consumer needs. As a result, from the traditional brick-and-mortar banks and institutions, online banking and digital banks rose to popularity.

Business process outsourcing helps banks and FinTech startups reach global consumers by hiring offshore teams in different aspects, such as customer service and web development.  They know that hiring in-house teams for product development costs a lot, especially if they are targeting another location.

Outsourcing trends in financial services

Before, banks and financial institutions keep their processes in-house. This is to protect the welfare of the consumer and the bank. Now, with the data and transactions getting transferred online and services being outsourced, trust circles around the consumer, institution, and the outsourcing company.

Deloitte released an updated record on the outsourcing trend for financial services. Below are some of the topics they are looking at in 2020:

Government frameworks

With international banking, institutions still work on government frameworks of their preferred location to expand to. This includes the required compliances and the codes they need to follow for their operation.

Non Financial risks

Before the internet, Businesses were more focused on handling money. Now, they think of driving forward to grow the business while taking care of their consumers’ welfare, especially when transacting online through their platforms.

Third-party risk management

Institutions should also update and continuously monitor their business with their third-party companies, whether agencies or BPO companies. They need to make sure their third-party performs well in terms of processes, achieving KPIs, and managing risks on their operations.

Credit risks

Credit scores of financial institutions are managed through measuring traditional performance metrics. This includes unpaid loans, the number of delinquent creditors, and the total number of active bank accounts.

Data management

Institutions should also be mindful of managing their data since their operations hugely rely on this. New data requirements include improved data capabilities, which can create bigger risks since they have to update publicly-disclosed data.

Reasons to outsource

Service optimization

Financial institutions should focus on their strength: finding solutions to manage money. They should then outsource the technical aspects that come with it, including website and service optimization

Strengthening customer relations

Financial institutions should maintain the loyalty of their customers. Outsourcing marketing and customer support is a strategic way to attract and convert customers and keep them satisfied with the services they offer.

Blockchain technology application

FinTech companies are also expected to support blockchain technology in their services. Though it may be difficult for them to incorporate a decentralized platform, outsourcing IT services can help them further improve their platform.

Savings with high-quality performance

Nowadays, businesses don’t just outsource to save. Instead, they look for a better performance that can exceed their in-house teams. Some outsourcing countries such as India, the Philippines, and Poland lead in IT and business processes outsourcing.

Services to outsource

Institutions such as Deloitte and Elixirr also identified the top services that financial institutions should outsource.


Primarily, banks are built on trust in handling people’s money and information. A single breach can cost them money and reliability. Outsourcing cybersecurity can help them strengthen this by applying encryption and other layers of security to the institution’s website and mobile app.

Software development

User interface optimization of their website and mobile app should be their next focus. It may be difficult to keep up with the latest trends and what they should add. With this, outsourcing software development helps them.


Outsourced accounting services also make it easier for them to create their general income statement and follow regulatory compliance in tax and additional fees. It can also help in maintaining their credit score and managing the finances to prevent them from bankruptcy.

Customer service

Since they need to build a good relationship with their customers, they should attend to their needs anytime at any channel. This can be achieved by outsourcing call and contact centres that can handle customer concerns better.


Whatever services they outsource, working with compliance is important in a financial institution. They should make sure that their outsourced company runs under proper laws and regulations to ensure consumer safety and the quality of their services.

Financial services outsourcing solution

Most aspects of a business, such as software development, digital marketing, and accounting, can be outsourced to a freelancer or an agency. This can help them try outsourcing through a short period.

One-time services can also be done by hiring a full-time remote employee. However, being in an industry that relies on customer loyalty and satisfaction, it is better if they hire a BPO company. They can make sure that they run on a controlled office, with proper equipment, stable connection, and guaranteed compliance from the government.

Outsource Accelerator, the leading marketplace for BPOs aims to promote outsourcing to the world and encourage small and medium businesses to try it. The company lists over 700 companies and thousands of educational resources about outsourcing, including articles, site videos, and the Outsource Accelerator podcast. To learn more, check out the Top 40 BPO companies in the Philippines guide.

Outsourcing salary comparison chart

All amounts are in U.S. dollars (USD$) per annum

Customer Service$3,337$29,717$22,137$35,275
Copy Writer$4,767$56,600$52,088$62,653
Graphic Artist$3,883$46,658$38,668$37,596
HR Manager$9,506$78,007$46,669$66,518
IT Representatives$5,722$61,758$24,741$59,938
Project Manager$21,458$108,000$57,296$86,029
Software Developer$7,221$81,994$39,913$62,653
Software Engineer$8,333$109,087$44,459$62,653
Technical Support$4,638$36,924$35,225$38,232
Team Leaders$7,152$75,823$31,174$45,428
Virtual Assistance$2,285$42,240$39,066$31,797

Average monthly outsourcing cost guide (USD)

The total cost varies depending on the role and experience level, as well as the BPO facility, service levels and quality.

Total cost $1,200

Entry-level role

Employee salary $400-$500pm BPO facility & service $500-850pm TOTAL COST $900-$1,350pm
Total cost $1,450

Mid-level role

Employee salary $700-$800pm BPO facility & service $500-850pm TOTAL COST $1,200-$1,650pm
Total cost $1,700

Technical role

Employee salary $950-$1,200pm BPO facility & service $500-850pm TOTAL COST $1,450-$2,250pm
Total cost $2,700

Executive level

Employee salary $1,800-$2,200pm BPO facility & service $500-850pm TOTAL COST $2,300-$3,050pm

Using a BPO supplier vs. agency vs. freelancer vs. Upwork

BPO CompanyAgencyFreelancerUpwork
Best rates
Quality control
Expand and scale
Operational backup
Leadership team
Trading and upskilling
Facilities and offices

Proven outsourcing solutions for your business

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About Outsource Accelerator

Outsource Accelerator is the trusted source for independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 4,000 articles, 250+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, outsourcing.

Independent trusted advice and implementation

Outsource Accelerator is the leading outsourcing advisory for the Philippines, as well as offering a full spectrum of brokerage, implementation and co-management services.

Derek Gallimore

Derek Gallimore has been in business 20 years, outsourcing 8+ years and living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

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