NEWS
FinTrU news and press releases
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To continue putting local talent on the global stage, FinTrU is expanding its award-winning Financial Services Academy to the North West.
Join Northern Ireland's 'Best Place to Work 2018' at its newly established
North West Centre of Excellence in Derry/Londonderry.
To continue putting local talent on the global stage, FinTrU is expanding its award-winning Financial Services Academy to the North West.
Join Northern Ireland's 'Best Place to Work 2018' at its newly established
North West Centre of Excellence in Derry/Londonderry.
DARRAGH MCCARTHY
FOUNDER & CEO
Darragh McCarthy is the CEO and Founder of FinTrU. He started his career at Morgan Stanley in 1994 and remained there until late 2012. During his time at Morgan Stanley, Darragh was based in London, Frankfurt and New York and held various responsibilities including Global COO for Institutional Securities, COO for EMEA, Head of Fixed Income Sales North America and Head of Fixed Income Sales EMEA.
In 2013 Darragh founded FinTrU recognising the increasing demand from Global Investment Banks for high-quality resources to navigate the ever-increasing regulatory landscape. Whilst managed as a profit-driven organisation, Darragh also considers FinTrU as having a social purpose to create high-quality professional employment on the island of Ireland.
Darragh has a First Class Honours BComm International from University College of Dublin, Ireland. He has been nominated for EY Entrepreneur of the Year 2018. Darragh speaks fluent German and Dutch.
DARRAGH MCCARTHY
FOUNDER & CEO
Darragh McCarthy is the CEO and Founder of FinTrU. He started his career at Morgan Stanley in 1994 and remained there until late 2012. During his time at Morgan Stanley, Darragh was based in London, Frankfurt and New York and held various responsibilities including Global COO for Institutional Securities, COO for EMEA, Head of Fixed Income Sales North America and Head of Fixed Income Sales EMEA.
In 2013 Darragh founded FinTrU recognising the increasing demand from Global Investment Banks for high-quality resources to navigate the ever-increasing regulatory landscape. Whilst managed as a profit-driven organisation, Darragh also considers FinTrU as having a social purpose to create high-quality professional employment on the island of Ireland.
Darragh has a First Class Honours BComm International from University College of Dublin, Ireland. He has been nominated for EY Entrepreneur of the Year 2018. Darragh speaks fluent German and Dutch.
The Hidden Benefits of Near-Shore Outsourcing
In light of the financial pressures faced by investment banks, there has been a significant increase in outsourcing over the past few years. Traditionally, outsourcing has been viewed as consistent with offshoring given the domicile of the major players. Without question, offshore-outsourcing has resulted in significant cost savings – but what else has it achieved?
Is there an alternative outsourcing arrangement available, such as near-shore, and does it have hidden benefits that make it a more attractive proposition for investment banks to utilise, albeit at a slightly higher cost?
When it comes to outsourcing, value is the deciding factor for investment banks. However, with value, the focus is usually on the cost effective aspect. Price should not be the only focus, the promotion of process improvement through encouragement and reward to provide product quality should be the deciding factor in the search for outsourcing value.
Business-As-Usual (BAU) processes always have room for improvement and increased efficiencies. The idea that a process should constantly be critiqued should be an ethos adopted by all. In many projects, the specified business requirements are based on ‘what we do now’. Often, nobody has questioned whether 'what we do now' is optimised for efficiency, addresses a genuine business need or is simply an accepted workaround to accommodate a constraint of an existing system. Defining, or redefining, the shape of BAU is critical to assuring maximum business efficiency. In the current competitive environment, improvement and progression should be the focus as a business left standing still is a business moving backwards. This value of outsourcing service can only be delivered from an area with a surplus talent and lower cost of living. This is evident in the case study below:
Near-Shore Case Study: Process Improvement
In the duration of a year, a near-shore operation in Belfast was able to implement 12 value additions to improve the process of their client leading to a reduction in risk, increase in data accuracy, enhancements in control and an improvement in efficiency. This has resulted in an increase in tasks undertaken by the team of 50%.
Automated Report Reconciliation
An example of these process improvements is the creation of an automated report reconciliation tool, reducing the workload from 8 resources taking 4 days to 5 resources taking 1 day, creating process efficiency of 84%.
Task
Monthly report
Process Issue
Manual calculation
Belfast Process Improvement
Automation of calculation
Benefits
Improved efficiency
This case study shows that near-shore outsourcing should be the new proposition, providing everything encompassed in value through a cost effective solution along with adding real value through continued process improvement, bringing to light the hidden benefits in near-shore outsourcing.
David Phun
David joined FinTrU in 2014. He was engaged on a Legal Document Digitisation Remediation project for a Tier 1 Investment Bank before working on the Loan Servicing Team for a leading Asset-Management firm.
David is a graduate of the University of Ulster where he gained a Bsc Business with Accounting & Msc Management. Keen to develop a career in financial services, David subsequently came on board with FinTrU through our original graduate Academy intake. The FinTrU Financial Services Academy is a bespoke programme comprising intensive training in financial markets, and financial regulation with a focus on data analysis and management.
As a member of the FinTrU Commercial Real Estate Loan Portfolio Servicing Team, David’s key focus is in the area of Commercial Real Estate Loan Administration and Investor Reporting. David is responsible for identifying and extracting key information from Facility Agreements and producing rate fixing of loans, interest calculations notices, loan drawdowns and annual auditing of loans. In addition to this, David also compiles packs to provide investors with an overview of the overall performance of their investments, alongside, producing E-IRP reports in line with CMSA standards and guidelines.