Transcript of the video:
Tell us about your business
We’re a Financial Services Business. We provide service to clients in mortgage brokering, personal finance, superannuation, personal insurance and general financial planning.
How long have you been in the business?
We’ve been going 17 years now. The company has changed some times, but the company’s essentially the same. We originally started as a mortgage brokering business and we’ve grown from there.
Why did you decide to outsource?
I think outsourcing is the way of the future. Outsourcing, I think, is going to become more and more prevalent, and it’s certainly a model that suits our line of business. Most of our work is done away from the office. It’s done in clients’ homes and clients’ businesses, and having people working in the office is not ideal for us.
Do you think it’s important to trust the business you choose and why?
This is a critical task, being in the business that we are in and dealing with people’s personal information at all times. Having reliable people and people that we can trust is paramount to the way that we operate. A lot of the information that we have is highly confidential. In all honesty, we don’t provide outsourcing with confidential information, but should something happen, it’s critical that we have a relationship with someone that we can trust. Protocols are in place to protect that data out there. It (trust) is critically important to us. I couldn’t stress that enough.
Why did you choose us?
I had a working relation with your other division, on the website, and I was impressed with the service, and it was almost a natural progression that I would then move towards what you’re doing. It was simply because of the support I’ve had previously made logical sense for me to continue our relationship.
What limitations have you found with outsourcing?
Very few. I guess Tanya (Virtual Assistant) can’t make me a cup of coffee? But no, I haven’t really found any limitations. I’ve actually found it works very well. If it was to be a limitation, the change of hours, which most of the time suits me, where Tanya would usually start 10 in the morning because of the 2-hour time difference, and she knocks off after 6. Sometimes that’s going to be an issue if I’m not around after 5 o’clock and there’s still stuff that needs to be done, and I’ll see it the next morning. But many times it is to my advantage that Tanya starts at 10 o’clock because it gives me some time to prepare my day and I’m ready to pass on work to her that needs to be done. I can’t say that I’ve seen any limitations at all.
Tanya has been with me for 12 months now, I think I know her very well. The trust is there, but we still don’t take any data outside of Australia.
What does your industry think about outsourcing?
I think the financial services industry, in my opinion, is leading outsourcing. You only have to look at the big banks doing all their processing in India. It’s not unusual for us to do an application and get a phone call at 7 o’clock at night from Bangalore. It’s certainly not a negative feeling that the industry has towards outsourcing, so they’re pretty much embracing it, and I would expect it’s going to continue to grow.
How do you see the future of outsourcing?
I think it’s going to grow. There’s no question in my mind that the advantages of outsourcing far outweigh the disadvantages, with the growth of IT and the applications that are available to use. It’s so much more easy to do business with a laptop than a mobile phone. So I think it’s definitely going to grow. You asked about limitations earlier and perhaps I should say now that I do find a limitation – it’s internet connection. If your internet is down, you’re effectively out of business for that period of time. Not that it happens very often, but we don’t have the best internet sometimes in this country.
What would you say to a person looking at outsourcing?
I would reflect on my initial reaction to outsourcing, which was possibly one of concern and a bit of trepidation. But having done it, I would say I wouldn’t hesitate. Go and give it a try, but if it’s not for you, but I think you will find that it’s probably going to be good for you. There’s benefits in terms of the way you can work, and obviously, there’s the reduced cost of not having somebody work full time in your office. The advantages far outweigh the disadvantages.