To stay competitive, many superannuation funds are choosing to either outsource their registry platform and servicing operations, or reevaluate their already outsourced administration service provider’s technology and services. As funds modernize their operations, they face obstacles like disparate legacy systems, high expectations from members, and a complicated web of regulations.
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According to a McKinsey & Company survey, cost management, growth and digital capabilities are three top priorities in both business units and corporate centers as they focus on tackling economic uncertainty. In an effort to reduce costs and still show growth, companies are establishing strategies to define a new normal. Outsourcing is a business strategy that includes transferring work from a company’s employees to an external party. Many companies outsource their services and the creation of goods with the goal of decreasing costs such as employees, overhead, equipment and technology.
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Dogs barking, kids fighting in the background, phones ringing while you’re on video conference calls, the joy of getting booted unexpectedly from a Zoom call in the middle of speaking. Life happens when working remotely during the COVID-19 pandemic.
Work dynamics have certainly shifted from a year ago, and they’ll shift again as companies return to the office. The transition begs a host of questions and considerations for returning. What will working in the office look like? Who will come back? How can companies best support the transition to a post-pandemic workforce? How should leaders prepare?
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During the course of the year, a firm will undoubtedly encounter unique situations or unanticipated business events, further straining resources and bandwidth. Given today’s rapidly changing times, it’s inevitable.
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While managing through these challenging times, your business is likely also looking toward the future. With “business as usual” upended, you may be trying to position your firm for whatever comes next while staying ahead of your competitors.
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A crisis might not seem like the time to evaluate your operations, but now is perhaps when opportunities to improve are most visible. Some of these potential areas in need of improvement are reporting, risk assessment, remote access, ability to scale up or down quickly, domain expertise and immediate access to information.
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Given current conditions, many organizations are facing new or amplified challenges with operating efficiently. COVID-19 has forced businesses to work remotely, and they have now found themselves struggling to keep up with resourcing, internal communication and automation. In the early stages of the pandemic, clients had experienced significant spikes in trade volumes, collateral calls and wires activity that posed operational challenges.
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Every business has adjusted its near-term priorities and longer-term outlook in the wake of COVID-19. In the financial services industry, we see that the pandemic has accelerated some trends. For example, we see firms reassessing their use of outsourcing services for the business-as-usual benefits and operational resiliency.
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