Over the last decade, the options for outsourcing software development have increased exponentially. Outsourcing allows businesses to engage an external team of the size, scope and duration required for a project.
It’s this control over budget and access to expert knowledge that’s made software development outsourcing a viable option for today’s financial institutions. While offshoring countries including India, China and Malaysia are typically selected due to cheaper labour options, organisations that require continuous collaboration, communication and engagement throughout a project often opt for nearshore providers.
With nearshoring, businesses are able to move operations and projects to a location closer to home that provides the highly-skilled base, infrastructure and resources that allow them to retain their efficiencies and competitiveness. It also offers lower costs and optimum time-to-market schedules for new projects and products, with any issues resolved in real-time without delay.
For example, companies located in London, one of the world’s leading financial hubs, might choose to nearshore to another European country due to them sharing similar laws and working hours. Additionally, the geographical advantages of nearshoring mean a company’s staff and external developers can meet in person quickly, efficiently and at minimal expense. Such meetings can help to mitigate any project confusion and any unwanted surprises that can arise in the eleventh hour.
Cost reduction, desk capacity and demand driven by digital transformation are some of the biggest drivers for nearshoring. So, whether it’s achieving strategic objectives or simply keeping the lights on, these organisations need to tap into advanced technologies like machine learning and automation. That’s why banks like Citibank, Santander and Deutsche Bank have developed nearshore operations to help them effectively innovate and solve problems in what remains a challenging operating environment.
Nearshoring is about gaining access to affordable talent that can help to establish greater process efficiency and accelerate the development cycle, making it the ideal outsourcing option for today’s financial organisations.
Find Out More
Stay tuned to the Neueda blog for part two of our nearshoring series to learn about all of the benefits of nearshoring and some of the world’s emerging hotspots. Can’t wait that long? Download our free guide: