South Africa | Business leaders across various industries are embracing outsourcing as a creative solution to expand their talent networks – but without expanding headcount. Global fintech is no exception.
In the ever-changing world of finance and technology, businesses are adopting hybrid models – combining in-house operations with external partnerships.
But like any partnership, it needs work to..eh..work. Just as Henry Ford said: “Coming together is a beginning, staying together is progress, and working together is a success.” But it’s worth the effort. This hybrid model fosters development, cuts costs, and boosts efficiency, especially in fintech. It’s a shift that’s reshaping how things are done.
Why outsource professional services?
The benefits of engaging experts for specific services or tasks are quite diverse. Businesses prioritise time and cost efficiencies, aiming to allocate their resources wisely and concentrate on core operations rather than diverting energy, effort, and funds to non-specialised tasks.
For example, a company may enlist the expertise of a system specialist to swiftly troubleshoot software issues or handle day-to-day tasks, freeing up internal resources that are better focused on achieving strategic objectives.
Professional service outsourcing is not new – but it is drifting into areas that companies would once have said were sacrosanct, core and un-outsourceable.
For instance, HSBC, ranked as the sixth-largest bank globally, strategically outsource its back-office operations, including IT support, research, and customer service, across 64 countries to efficiently serve its vast customer base.
Similarly, Wise, an online money transfer service headquartered in London, relies predominantly on Estonian and Ukrainian developers for its operational needs, showcasing how outsourcing fosters global collaboration and economic growth.
Benefit from top talent
The rise of fintech consultancies, such as Elenjical Solutions in South Africa, highlights this trend in the market. Founded in 2013 by Tinu Elenjical, the firm has carved a niche in the region’s burgeoning fintech landscape. The company specialises in Murex services—a domain previously untapped in the market – and not just in South Africa.
Murex stands at the forefront of providing enterprise-wide, cross-asset financial technology solutions, and back in time the alliance started a new wave of collaborative leadership in African financing market.
This partnership demonstrates the broader market trend where businesses are not just outsourcing for cost benefits but are seeking strategic alliances that bring in-depth expertise.
“Technology is evolving day by day, with Big Data, AI, cloud software, and marketing automation increasing in popularity – and complexity. Why waste time training people in these technologies when you can outsource them to experts who already have years of experience?” empathises Tinu Elenjical, Founder and CEO of Elenjical Solutions.
“It is not just about outsourcing tasks but creating a functional and creative business environment that leverages the best of what each partner has to offer,” he adds.
The narrative of Elenjical Solutions is a testament to the transformative potential of strategic partnerships in the fintech sector. They becoming the ninth company in the world to move a client into the Amazon Web Services (AWS) environment—doing so ahead of schedule and under budget.
Stick to what you’re good at
In line with this strategic mindset, Elenjical Solutions itself outsources. By insourcing staff training company harnesses its strengths, in the fields where they have a competitive edge. Yet, recognizing the limits of prowess, they smartly outsource functions like Legal, Accounting & Payroll to those who specialize in these fields—thereby ensuring a razor-sharp focus on their core operations.
In today’s ever-changing market, the Elenjical Solutions experience clearly shows how companies benefit from sticking to what they’re best at, while teaming up with like-minded specialists in other, complimentary areas.
Instead of trying to do everything on their own, companies are increasingly forming valuable partnerships that encourage sharing skills and growing together. The old way of trying to do it all is fading, and this new approach is becoming the norm for businesses aiming to stay competitive and relevant.
By Brian O’Sullivan