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FinTech outsourcing

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FinTech outsourcing2018-01-25T08:16:44+08:00

Mark Wren talks about the 2017 FinTech conference discusses how Cloudstaff outsourcing solutions can help.

It’s very, very exciting. It’s a weeklong event and it was great to meet up with a lot of friends, customers and partners. In total, there was 25,000 people who attended. It’s the largest FinTech event in the world. There were over 400 FinTech startups, software companies, technology companies showcasing the products. It was a fantastic event. I learned a lot.

There are three main messages that I took away. The first session which I thought was very interesting was from Deloitte. And Deloitte run a survey of 200 Senior Executives within the top financial institutions. What they found is that 47% of respondents don’t believe that there’s going to be any significant change in the financial systems over the next 5 years. If you can trust the information that Sanjay Matthews from Oracle presented, so Sanjay was talking about the more agile, the more fast moving financial institutions. And Sanjay was pointing out specifically that in relation to the savings, the investments and the welfare, there is very, very significant momentum.

The third take away that I picked up, again this is from Deloitte, is in relation to the agility within the institutions. Again, the same people who responded to the survey was saying that only 19% of their organizations believe that they are agile enough to be able to implement the new technologies that are coming through.

One of the other key messages which came out, again this is from Deloitte, was in relation to the most successful FinTechs outsourcing some of their work. So the most successful FinTech companies are working with companies like Cloudstaff to outsource the software development, outsource QA, outsource technical support. What they’re finding is that this is helping in terms of delivering higher quality products. It’s helping in terms of improving the capabilities of the organization and it’s helping in terms of managing their costs. And what they’re finding is that this is creating the time for the more experienced people within the organization to focus on building the organization of the future, building the new technologies of the future.

So another topic that I found very interesting is that Clark in Pampanga where Cloudstaff is based is increasingly emerging as the destination of choice for Fintech companies to outsource their software development, technical support and quality assurance. What we’re seeing is the area developing as a FinTech hub to impart to Cloudstaff’s innovative initiatives with the local universities in terms of investing in the graduates, investing in the lecturers and helping to provide state-of-the-art training facilities.

What is this leading to is very highly qualified, very capable software developers who can build the next Fintech application.