Reimagining the Management of Outsourcing Life Cycles in the FinTech Era for Financial Services

Tristan Lim and Patrick Thng

Chapter 8 in FinTech Research and Applications:Challenges and Opportunities, 2023, pp 307-355 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In today’s financial services landscape, staying ahead of the innovation curve and being disciplined at enhancing core service offerings entail careful resource planning. A well-structured outsourcing arrangement can go a long way towards enhancing long term organizational strategic growth. In the post-2014 FinTech era, (i) strategic management with an innovation focus; and (ii) financial technology-associated risks, have brought about changes to outsourcing in the financial services industry. Presently, most outsourcing life cycle models in existing literature seek to provide comprehensive, yet industry-neutral guidelines lacking industry context and depth of coverage. A newly licensed financial institution deciding to embark on outsourcing but is uncertain about how to thread the increasingly complex FinTech and financial regulatory landscape, will likely find domain-specific outsourcing life cycle models useful. A more targeted financial services outsourcing life cycle approach, with a focus on strategy and risk management in today’s context, can contribute more effectively to the application and review of outsourcing implementation. This chapter discusses a new Strategy-Risk outsourcing life cycle model. This is an elegant and simple-to-use end-to-end framework which can be utilized by the financial services industry to guide outsourcing decisions. The chapter also recommends areas for future research.

Keywords: FinTech; FinTech Regulation; Artificial Intelligence; Machine Learning; Cryptocurrencies; Smart Contracts; Financial Fraud Detection; FinTech in Financial Services (search for similar items in EconPapers)
JEL-codes: G2 O3 O33 (search for similar items in EconPapers)
Date: 2023
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