Outsourcing demand propels eo Financial Services

13 September 2011

| By Andrew Tsanadis |

An increased demand for outsourcing services by smaller to medium sized superannuation funds is driving eo Financial Service's growth.

"Our business will continue to grow among the smaller to medium-sized funds because many of them can't afford to cost-structure internally and will need to outsource some of their services," an eo spokesman said.

"We're quite young in the financial services industry, so the biggest driver for us is creating awareness of our services in the super industry," he added.

Megan Bolton, eo's chief executive officer, said the changing industry landscape meant eo was well positioned to provide services for new clients.

She added that new appointments in a number of key areas at the executive and operational level had allowed the company to focus on providing more comprehensive services for its clients.

Recent appointments have included a strategic change manager, business intelligence analyst and business analyst, as well as an expansion of eo's member services team.

"We're also looking at acquiring businesses to help expand our current service offering so we can continue to adapt to changing industry needs and provide progressive solutions," Bolton said.

A spokesperson from the company said one of the main areas of growth would be in retaining existing staff levels as well as developing training programs to take on new employees.

"Thirty per cent of our staff have been hired in the last six months to a year and we're looking to continue that growth," he said.

"We're constantly looking at high-end staff. When Megan came on a few years ago the executive team was relatively new, so learning and development is very important to the business."

The spokesperson also said eo had bolstered human resources in compliance, governance and operations, and upgraded IT infrastructure and software systems

While he was unable to comment on any new ventures specifically, the spokesperson said eo was "actively looking" at acquiring businesses that were in line with its current services.