Solving Finance Challenges Through Offshoring

Navigating The Financial Services Headwinds

Australian financial institutions operate in a dynamic yet challenging environment. From banks to fintechs, firms wrestle with obstacles that hinder growth and profitability.

Tedious Talent Search and Upskilling

A competitive labour market makes it tough to recruit and retain skilled professionals like bookkeepers, executive assistants, UX/UI designers, and customer relationship specialists. The Financial Services Council projects a shortfall of 10,000 financial professionals in Australia by 2027 Financial Services Council, 2024 Workforce Report. This gap slows service delivery, delays projects, and strains existing teams, impacting client satisfaction and growth.

Unprecedented Operational Costs

Rising wages, office overheads, and infrastructure expenses in Australia squeeze profit margins. Average salaries for financial analysts in Sydney have increased by 15% since 2020, according to SEEK data SEEK Australia, Salary Trends 2024. These costs challenge firms to optimise operations while maintaining high service standards and regulatory compliance.

Stringent Regulations

The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) enforce rigorous standards, requiring robust compliance frameworks. Managing these demands in-house diverts resources from core business activities. Non-compliance risks hefty fines, reputational damage, and operational setbacks.

The Fight for Innovation

Australian financial institutions face pressure to adopt cutting-edge technologies like AI, sustainable tech, and automation. However, sourcing specialised IT talent locally is costly and competitive. Without access to skilled professionals, firms struggle to innovate and meet evolving customer expectations.

Nothing More Strategic than Offshoring

Offshoring to the Philippines is more than a cost-cutting tactic; it’s a strategic move to unlock efficiency, scalability, and innovation. Here’s how it transforms operations for Australian financial services firms.

Access to Global Financial Talent

The Philippines boasts a highly educated, English-proficient workforce with strong financial literacy. With over 700,000 graduates annually, including many in finance and accounting, the talent pool is vast. Specific roles ideal for offshoring include:

Philippine professionals align culturally with Australian businesses, sharing a strong work ethic and customer-centric mindset, ensuring seamless collaboration.

Cost-Effective Direction

Offshoring can reduce labour costs by up to 70%, according to industry benchmarks, Deloitte, 2023 BPO Report. These savings allow firms to reinvest in innovation, client acquisition, or enhanced services. For example, redirecting savings from back-office operations can fund digital transformation initiatives, strengthening competitiveness.

Scaling like No Other

Offshoring enables rapid scaling of operations to meet demand spikes or seasonal needs without the constraints of local hiring. The time zone difference between Australia and the Philippines supports 24/7 operations, ensuring continuous processing and round-the-clock customer support. This flexibility enhances resilience and responsiveness.

Foolproof IT Systems

Data security is a top concern for financial firms. Our operations adhere to international standards like ISO 27001, with stringent protocols to protect sensitive data. Compliance with APRA and ASIC requirements is embedded in our processes, ensuring offshore teams meet Australian regulatory standards.

Just Focus on Business Strategy

By offloading repetitive, non-core tasks like transaction processing or regulatory reporting, onshore teams can focus on strategic priorities such as client relationships, product development, and digital innovation. This shift drives growth and enhances service quality.

We Foster the Offshoring Integrity

Vault Outsourcing specialises in tailored offshoring solutions for Australian financial services firms. With over a decade of industry experience, we deliver custom teams, seamless integration, and end-to-end support. Our process is straightforward:

Change Makers for an Asset Loan Provider

A mid-sized Australian asset loan provider was experiencing rapid growth but struggled to hire skilled loan processing officers locally due to talent shortages and high costs.

The Challenge

High loan application volumes increased turnaround times, risking client dissatisfaction. Local hiring costs were eroding margins, and the team could not handle a 29% surge in asset loan applications, limiting market share growth.

The Solution

We established a dedicated team of 8 Asset Loan Processing Specialists in our Philippine facility. The solution included:

Tangible Turnouts

Within six months, the client achieved:

These outcomes boosted the client’s bottom line and market competitiveness.

This team-up demonstrates how strategic offshoring addresses capacity and cost challenges, empowering Australian financial firms to scale efficiently and enhance service delivery.

Offshoring to the Philippines offers Australian financial services firms a proven path to overcome talent shortages, reduce costs, ensure compliance, and drive innovation. With access to skilled talent, significant savings, and scalable operations, firms can focus on what matters most: growth and client success. Ready to explore how offshoring can transform your operations? Contact Vault Outsourcing today to meet our experts for free!