Working in the financial services sector is complex and fast paced. It doesn’t matter whether you’re a mortgage broker, accountant, financial planner or CFO of a multinational company – there are so many areas you have to be across to ensure your business is successful. Regulations are ever-evolving, competition is constantly rising, and clients expect better service and more favourable outcomes than ever before.
So how can you stay on top of everything you need to and ensure your client’s needs are met? That’s where Financial Services Outsourcing comes in. By outsourcing many of your day-to-day tasks to a financial services outsourcing partner like Sundaram Business Services, you can unlock a range of benefits that ultimately make your business more efficient, effective and profitable.
Opting for Financial Services Outsourcing Solutions instead of hiring in-house or doing all the work yourself has a range of benefits. The key advantages are:
Financial Services Outsourcing can significantly lower your operational costs. You won't have to worry about in-house infrastructure, recruitment, or training expenses. Additionally, if you are outsourcing overseas, you could reduce your labour costs by 25-50%, allowing you to allocate your resources more strategically.
Outsourcing your financial processes to specialised providers can help you streamline your operations. This means fewer bottlenecks and redundancies in your workflow. As a result, you'll experience faster processing times that benefit both you and your clients.
By outsourcing routine tasks and administrative responsibilities, you can free up your valuable time and resources to allocate elsewhere. Your internal teams can then refocus on high-value, strategic activities, fostering growth and innovation.
When you work with outsourcing partners, you benefit from their robust risk management systems and processes. This can minimise your exposure to financial and operational risks while ensuring that you remain compliant with industry standards.
It’s estimated that as many as 80% of businesses in the banking, financial services and insurance sectors use Business Process Outsourcing (BPO) to expand globally. Rather than taking months or even years to build a reliable team of experts, outsourcing gives you instant access to industry experts with a wealth of knowledge.
At Sundaram Business Services, our expert team is engaged by a wide range of professionals in the financial services industry across four key areas.
Sundaram’s team provides outsourced CFO Support Solutions for both small and large businesses. This enables CFOs to focus on improving business performance and shareholder value, while increasing operational effectiveness and efficiency.
We also offer Business Advisory Solutions for accountants, including two of the top ten firms in Australia. This allows accountants to spend more face-to-face time with their existing clients and take on new ones, without sacrificing the quality or speed of their work.
Sundaram offers Administration And Audit Services for administrators, accounting firms and financial planners. Our team of 70+ professionals handles around 5,000 super funds each year, taking care of everything from setting up the audit to ensuring compliance with regulations in Australia.
Our bespoke, flexible offering solutions ensure our clients can access the exact support they need, in the areas they need it. This gives them more time to spend with their clients, as well as focusing on business growth.
Sundaram provides wealth fund managers with both Platform Support Services and Fund Administration Support Services. Our experienced workforce comprises 400+ support staff, all with a wealth of knowledge in portfolio management and the financial services industry.
Our experts can assist with a wide range of tasks – from client onboarding to year-end tax support. We also offer assistance with the seamless transition of portfolio rebuilds. With our team on hand, portfolio advisors and fund managers have greater control over their own time, while also accessing the data and analysis they need to make more informed decisions on trades.
Sundaram provides crucial Mortgage Support Services for mortgage brokers, aggregators and lenders. We’ve improved efficiency, lowered costs, reduced application turnaround times and ensured accurate reporting for some of Australia’s leading mortgage and financial services companies.
Our expert team can handle many day-to-day operations necessary for mortgage brokers, including loan processing, daily lender updates, commissions management and management reporting.
Sundaram Business Services has provided outsourcing solutions for thousands of businesses in the financial services industry. Here are some examples of our success stories:
A 5-star hospitality provider approached our team to outsource a number of their accounting processes. To ensure we completed the work to the highest possible standard, we conducted a process study at another property owned by the same group. Using this knowledge, we were able to:
Ultimately, we were able to reduce turnaround times by 50% and ensure books closed two days after month-end, down from five days
A top-tier accounting and secretarial firm came to us after experiencing a slowdown in output. The problem? Their accountants were getting sidetracked by repetitive tasks such as verifying compliance documents and certifications, leading to missed deadlines.
Our team focused on the following areas:
Thanks to our changes, the accounting firm’s increased efficiency enabled them to take on more clients, resulting in a 44% increase in their customer base.
One of Australia's top mortgage and financial services firms hired Sundaram Business Services to lower operating costs, enhance process efficiency, and reduce turnaround times for pre-credit, processing, discharge and variations.
Our team conducted an on-site study to identify areas where process improvements could be made. We assisted the client to:
Not only was our team able to lower costs, but we also managed to bring down the turnaround time from three days to just a few hours.
If you’d like to read more examples of Financial Services Outsourcing, you can check out our case studies.
Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across Accountancy, Portfolio Management, Self-Managed Super Funds, and Mortgage Broker Support, our business becomes an extension of yours.
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