The Rising Tide of Nearshore Resourcing for FinTech businesses
In the ever-progressive FinTech industry, companies are continually seeking innovative solutions to stay ahead in a dynamic and competitive environment. But with more than 1600 FinTech companies already based in the UK, and estimates suggesting this figure will double by 2030, attracting tech resource is becoming more difficult day by day.
According to a report by Innovate Finance for the Department of International Trade, over 60% of FinTech businesses consider attracting resource to be their greatest challenge, ahead of consumer adoption and sourcing investment and funding. This is due in part to skillset shortages and cost considerations, but also because of industry-specific security concerns. These firms are actively embracing nearshore resourcing as an integral strategy to tackle critical challenges and accelerate growth. The subsequent sections aim to explore this growing trend and its merits.
The Prevailing Challenges in the FinTech Space
From sourcing specialist skills to navigating stringent regulations and safeguarding sensitive data, FinTech companies confront a myriad of unique challenges. Traditional staffing approaches often hinder swift progression, prompting these firms to explore more versatile and efficient alternatives.
Navigating Regulatory Landscapes
As emerging technologies advance at an accelerated pace, adhering to evolving financial regulations becomes increasingly complex. Ensuring sufficient staffing and safeguards in response to regulatory changes is vital for FinTech companies.
The Intellectual Property Dilemma
A core asset of any FinTech company is its intellectual property, which can range from unique code to innovative app features. Protecting these assets from infringement becomes more challenging when engaging with multiple third-party contractors.
The Imperative of Data Security
The sensitive nature of financial data demands exceptional security measures. Ensuring remote workers access and manage this data securely is a crucial requirement that can't be overlooked.
Nearshore Resourcing: The Strategic Advantage
Given the complexities faced by FinTech companies, nearshore resourcing is emerging as a compelling solution. Collaborating with a trusted nearshore partner provides benefits that extend far beyond simply filling skill gaps.
Agile Resource Sourcing
Engaging with a nearshore partner ensures access to a readily available pool of highly-skilled professionals. These teams can swiftly support and enhance the capabilities of existing in-house teams, offering a flexible approach to resource management.
Meeting Regulatory Compliance
A reliable nearshore partner can provide adequate staffing and support during transitions necessitated by regulatory changes. This proactive approach significantly eases the pressure on in-house teams and ensures smooth operations.
Safeguarding Intellectual Property
Nearshore partners can provide a secure framework for protecting a company's intellectual property. Their teams undergo comprehensive screening and are well-versed in confidentiality clauses, providing a safe environment for collaboration.
Enhancing Data Security
A trusted nearshore partner allows companies to implement their own security procedures, ensuring sensitive data remains secure within the company's existing ecosystem. This arrangement significantly reduces the risk associated with remote data access.
Cultural Compatibility
Nearshore resourcing provides the unique advantage of expanding team size without compromising on company culture. Geographical proximity, excellent communication, and high staff retention rates further augment this benefit.
A diagram to illustrate the relationship between FinTech companies and the benefits to using nearshore resourcing.
BrightBox: Your Trusted Nearshore Partner
BrightBox is a UK-based managed delivery partner specialising in FinTech and Financial Services. We bridge the gap between your company and over 2000 trusted nearshore specialists across Europe. Our focus is to deliver high-quality service, minimise risk, and maximise outputs, allowing your company to concentrate on high-level strategy.
Embracing the Future with Nearshore Resourcing
In a nutshell, nearshore resourcing provides an agile, flexible, and secure solution for FinTech companies looking to maintain their competitive edge in a vibrant market landscape. By partnering with trusted nearshore firms like BrightBox, they can confidently tackle ambitious projects, expand their resource pool, and make their mark in this dynamic industry.