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Fintech Drives Financial Institutions to Rethink Outsourcing Strategies

Commenting on financial institutions seeing the need to sharpen their competitive edge and transform the delivery and management of financial services, SMU Principal Lecturer of Information Systems Patrick Thng said, “Banks are starting to realise that because they’re not as agile as fintech providers, they need to tap into the providers’ expertise for innovation.” In the IEOM award-winning paper titled “Reimagining the Management of Outsourcing Life Cycles in the Fintech Era for Financial Services,” Dr Thng, together with SMU Doctor of Engineering candidate, Tristan Lim, introduced a novel outsourcing life cycle management model tailored to address the unique nuances of financial services more effectively. Dr Thng explained why outsourcing management matters, and shared how their strategic risk-based model for fintech outsourcing can address the limitations of existing non-proprietary outsourcing life cycle management models.