How To Take Your Fintech Company To The Next Level

January 6, 2020

The road to success for new Fintech companies is paved with challenges. This is because the whole Fintech industry is founded on innovative software that constantly changes as technology advances. Solid funding, specialist financial staff, and an inherent ability to adapt quickly are the cornerstones of success in this industry.

For Fintech startups, finding and hiring specialist staff can be a significant challenge, particularly when the industry is under constant motion. Smart Fintech recruitment demands a diverse range of specialist staff to help companies achieve a competitive edge, but this is costly and can often be outside the financial capabilities of startups.

The key to a lack in specialist resources for short term projects is to include outsourcing and co-sourcing in a company’s business model. This allows the company to optimise its flexibility and adapt quickly in a highly competitive market space.

Fintech outsourcing vs Fintech co-sourcing

The big difference between outsourcing and co-sourcing is the amount of control and flexibility that the company retains over the project. Fintech outsourcing is popular for large, complex or long term projects, whilst co-sourcing is popular for multiple short term projects that require a dedicated skill set for a fixed period of time.

Advantages of Fintech recruitment using outsourcing or co-sourcing models

Of course, Fintech companies don’t need to select one business model over another, they can use both outsourcing and co-sourcing to achieve their goals. Whilst there are specific benefits to each of these business models, there are also five advantages that are common to both of these models.

1. Access to specialised skills: Outsourcing or co-sourcing is becoming increasingly popular due to one simple fact – access to specialised staff is easy. Funding a major recruitment drive to find specialised staff who might only be needed for a short term project is no longer needed. Instead, Fintech companies can quickly access R&D staff who are highly creative and capable of conceptualising and developing innovative solutions without the commitment of in-house employment.
2. Reduced delivery costs: Fewer financial resources are required when outsourcing or co-sourcing. The cost savings involved in Fintech recruitment, infrastructure and deliverables cannot be understated and are important elements to achieving success within this rapidly changing industry.
3. Optimal flexibility: When Fintech companies can quickly scale up or down to meet deadlines or goals they remain flexible and adaptable. They can pick and choose their employees to suit specific projects without the need of committing to a team of in-house experts. This provides the ultimate flexibility for Fintech startups.
4. Faster deliverables: Using outsourcing and co-sourcing, companies can quickly pull together an expert team to focus on solving a specific problem, bringing a new product to market very quickly. This speed can give them an edge on the competition, maximising the company’s growth and profits.
5. High quality solutions: With access to some of the best R&D specialists in the world, Fintech companies can create a team of experts who are up to date with new technologies. Finding the right talent has always been one of the barriers to success, but outsourcing and co-sourcing remove this limitation and give Fintech startups the intellectual capital they need to succeed.

To find out how outsourcing or co-sourcing can help your Fintech business succeed in a competitive market space, call Outsourced on +61 2 8484 0400 or send us an enquiry today.