Nowadays, network-thinking is becoming more prevalent in everyday business life. This is also seen in international financial services, which have been part of this dramatic change. Many organisations outsource financial services, but due to a network-approach, the service providers are no longer seen as external actors. Rather, the service providers are part of their customers’ inhouse processes.
This new way to approach outsourcing from a network perspective brings many advantages to both parties. Organisations can outsource their financial services and at the same time make their service providers part of their in-house processes. This leads to a situation where organisations may gain cost savings through outsourcing and the service provider knows their customers’ processes thoroughly. When a network-approach is applied, service providers can help their customers to improve and enhance their businesses in the best way possible. In this kind of relationship, the service provider can develop and customise their services based on their customers’ changing needs and wishes.
The network-approach is one of the major changes that have affected outsourcing financial services. The more an organisation and their external service providers are like business partners, the more each of them can benefit from their business relationship.
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Jussi Ala-Risku is a Business Director of Rantalainen Accounting Services and specialises in international customer relationship management.
The article is originally published within the GGI newsletter no. 04. Read the complete pdf newsletter here.