Alsbridge Report Reveals that Technology is the Key to Making Financial Organizations Stand Out

With so many financial organizations competing in today’s difficult economy, it’s often tough for clients to differentiate one firm from another. Technology can be a competitive advantage in the financial industry, says the latest article from advisory firm Alsbridge, Inc.

Specialized technology is a key driver for clients who are deciding on a financial firm. Consequently, many larger financial organizations have been pressured into expanding their IT staff to fulfill their demands for specialized systems with innovative attributes and functionality.

“Unfortunately, retaining this staff can mean bloated costs for services that could be outsourced,” says Ben Trowbridge, CEO of Alsbridge, Inc. “In fact, many successful small to mid-sized financial firms rely on outsourcing to achieve the same results without their bottom line taking a hit. The key is to use a strategic model to choose the right provider to fit your business needs.”

The outsourcing market has evolved over the last several years, and (in addition to reducing costs) vendors now offer flexible services that can help enable your business. To find the right mix of experience and talent, firms should examine several questions. First, how should the existing IT staff be engaged in the process of choosing an outsourcing vendor? How involved should they be in giving input?

Financial firms should also consider how they will manage risks and remain in control of the business when moving to an outsourced model, whether a vendor can comply with their regulatory requirements, and especially how they can continuously improve cost and efficiency after the outsourcing transition is complete. Relying on a trustworthy consulting firm can be especially helpful in order to fully understand any risks involved.

“Outsourcing isn’t just a way to save money,” says Trowbridge. “It’s a way to achieve strategic initiatives in ways that make sense for your business. With the right guidance and direction, it’s very possible to get the same technology results without having to hire a massive staff and invest in costly equipment and resources on site. Strategic thinking is the key.”

Additional perspective can be found in a new report from Alsbridge titled, “Outsourcing Strategies for Financial Services.”

About Alsbridge Inc.

Alsbridge, Inc. is an award-winning global advisory firm and a distinguished member of the 2010 Inc. 500 fastest growing privately held companies. Alsbridge redefines the way companies reduce costs and improve back office operations.  Our proprietary benchmarking tools and data resources enable clients to utilize the most cost effective and value added sources globally for information technology, business processes and telecommunications networks.  Through a combination of internal optimization and outsourcing, our clients achieve cost savings that support their strategic business objectives. Founded in 2003, Alsbridge is the proven, effective difference. The company’s web site is: www.alsbridge.com. Follow Alsbridge on Twitter @Alsbridge_Inc

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