Offshoring your broking team goes deeper than cost reduction

While the perks of having a team locally shouldn’t be understated, offshoring can be an attractive avenue for certain types of organisations.

One company that has taken advantage of an offshore broking team is Finni Mortgages. Head of broker Eva Loisance said that alongside cost savings, the offshore team has enabled the organisation to scale growth.

“While cost savings are a common reason for brokerages to opt for offshore staffing, our primary objective was to quickly and effectively find specialised staff. This approach has enabled us to scale the business more efficiently. Now, our brokers can now focus on more strategic tasks and dedicate more time to providing excellent customer service,” said Loisance.

While there are advantages to having a global workforce, there are also a variety of challenges. Managing teams across borders is a major one, as time zones, varied regulation, and cultural barriers may come into play.

“Communicating with the offshore team can be challenging due to language barriers and cultural differences. Ensuring quality control and maintaining high standards can be complex and time-consuming during the onboarding process and beyond. Additionally, data security is a significant concern and requires constant vigilance,” Loisance said.

Furthermore, maintaining culture can be difficult when that face-to-face interaction is removed. Organisations may have to be proactive about developing a healthy working environment.

Loisance said: “We hold three meetings each week to boost morale and foster team cohesion. On Fridays, a member of the offshore team leads the meeting and asks a personal question for everyone to answer, helping us get to know each other better and have a laugh. Additionally, this year we are taking bonding to the next level by organising a group trip to Boracay in the Philippines in a few months.”

Finni Mortgages facilitates its outsourcing through Cloudstaff. Paul Findlay, director of property service APAC, discussed the process with Broker Daily, saying that the company operates out of the Philippines, India, and Colombia.

Findlay listed some of the major benefits outsourcing can bring an organisation:

• Spend more time growing business
• Access global talent
• Gain a competitive edge
• Increase productivity
• Help support local team/staff
• Improve operational efficiency
• Reduce costs/overheads
• Elevate customer service
• Grow on a budget
• Focus on what’s important

“[There are] Cost benefits, so they can grow. The cost to employ onshore is astronomical at the moment. So, being able to grow their business without having expensive overheads,” said Findlay.

“Retention around local staff is tough at the moment; a lot of people have previously invested in technology hoping that this will help. But technology and AI don’t fix the grunt work that needs to be done that requires people so this is where we can help by adding more people on without adding an astronomical overhead.”

Specifically in the mortgage services industry, some of the offshore talent you can hire specialise in:

• Assistant
• Loan packaging specialists
• Sales and lead gen
• Accreditation administrator
• Loan processing assistant
• QA and reporting

“The challenge is actually getting the right talent making sure your data is protected, making sure you’re going with somebody who is ethical, and that your team are supported,” Findlay said.

[Related: How ANZ is hanging onto assessors in a tight market]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

To reach Jack, email him at: This email address is being protected from spambots. You need JavaScript enabled to view it.