In this article, we’re going to discuss…

  • Why visibility gaps drain budgets and weaken oversight.
  • How to replace guesswork with verifiable proof of work.
  • The role of automated tools in reducing compliance risks.
  • How remote staff monitoring software ensures every paid hour delivers value.

Banks spend heavily on contractors, but too often the hours they pay for don’t match the value received. Vendor invoices tell only part of the story, leaving blind spots that drain budgets and create compliance risks.

In fact, research shows that poor contractor oversight can increase workforce costs by up to 15% in financial services firms. That’s a margin hit most banks can’t afford.

If your institution relies on contractors, you’re likely already aware of the tension: executives demand proof of efficiency, while regulators expect airtight compliance. This is where tools like remote working software reveal the truth behind billed hours.

By the end of this article, you’ll see how to identify hidden visibility gaps and how closing them can save millions while strengthening trust with clients and auditors alike.

Why Banks Bleed Money on Contractor Oversight


Contractor-heavy operations inside banks run on a dangerous assumption: that vendor invoices and timesheets are a reliable reflection of real work. The reality is far less neat, and the costs pile up fast.

  • Manual timesheets are riddled with errors. They rely on contractors self-reporting hours, which creates inflated billing and unverifiable productivity. A few minutes padded here and there can quickly become thousands in hidden losses.

  • Vendor reports don’t equal truth. External partners provide aggregated data, but banks lack a single source of proof to validate it. Without direct visibility, overbilling or idle time goes unchecked until it’s too late.

  • Compliance is treated as reactive, not proactive. Audit readiness often happens after the fact, when scattered records are hastily pulled together. This not only exposes institutions to fines but also damages credibility with regulators and clients.


EY research shows financial institutions can spend 10–15% more on contractors than necessary due to inefficiencies in oversight. That’s money lost not because of fraud alone, but because banks don’t have the systems to see what’s really happening in daily workflows. The solution starts with replacing guesswork with verifiable, real-time visibility.

How to Replace Guesswork With Real Visibility


Closing oversight gaps starts with shifting from vendor-reported hours to verifiable, real-time data. Legacy timesheets and scattered reports can’t give banks the clarity they need.

The following habits show how financial institutions can cut waste, prove compliance, and protect margins by making visibility part of daily operations:

1. Demand Proof Beyond Vendor Invoices


An invoice might show ten hours billed, but it won’t tell you how those hours were actually spent. For banks, that blind spot is costly, padded hours and idle time slip through when vendor paperwork is the only source of truth.

The stronger approach is to require verifiable proof of work. Instead of treating invoices as the final word, use data to confirm what’s really happening. To do that, you need to:

  • Track active versus idle time through automatic activity logs.
  • Cross-check logged hours with project deliverables using usage reports.
  • Flag mismatches between billed and verified time through built-in alerts.


With remote work monitoring software like Insightful, these checks aren’t manual—they’re built into the system. Managers can see real-time dashboards showing activity levels, app usage, and time tracking side by side, making it clear whether contractor hours add up to actual output.

2. Track Attendance Without Manual Logs


Manual sign-ins and spreadsheet logs leave banks guessing about when contractors actually start and finish work. That gap not only creates payroll leakage but also weakens compliance when auditors ask for proof. Relying on supervisors to chase attendance records is a time sink that rarely gives reliable answers.

A more reliable system is to automate attendance tracking. Instead of depending on self-reported hours, use tools that record workday activity in the background. Here’s what that requires:

  • Capture start and end times automatically at login and logout.
  • Record break times and early departures without manual input.
  • Generate attendance summaries that are audit-ready from day one.


With attendance tracking software, managers don’t have to second-guess timesheets or chase down missing records. The platform builds a verifiable history of when contractors are present and working, so payroll, compliance, and oversight are backed by hard data instead of assumptions.

3. Spot Low-Value Work Before It Grows Costly


Not every logged hour delivers value. Contractors can spend long stretches toggling between chat apps, browsers, or admin tasks that add little to project outcomes. When those patterns go unnoticed, banks end up paying premium rates for work that barely moves the needle.

The solution is to spot and address low-value work before it compounds into wasted spend. That means building visibility into how time is actually divided across apps and tasks. To do this effectively, you should:

  • Categorize apps and websites as productive or unproductive.
  • Monitor time spent in each category across individuals and teams.
  • Identify recurring distractions and process gaps that drag down focus.


With software to monitor remote employees, banks get a clear breakdown of which tools drive value and which eat up hours. Managers can use those insights to coach contractors, cut unnecessary tools, and ensure paid hours translate into meaningful progress on deliverables.

4. Align Contractor Capacity With Demand


Banks often overspend by keeping too many contractors staffed on low-demand projects, while critical initiatives suffer from thin support. Without real visibility into workload distribution, it’s easy to miss where capacity is wasted and where teams are stretched too thin.

Closing that gap means matching contractor hours to actual business needs. Instead of assuming headcount equals productivity, you need visibility into who is underutilized and who is overloaded. That requires you to:

  • Measure workloads in real time through utilization metrics.
  • Reallocate contractors when activity data shows uneven distribution.
  • Anticipate staffing surges before they turn into costly delays.


With remote staff monitoring software like Insightful, these adjustments stop being guesswork. Managers can see live dashboards that reveal exactly where capacity is sitting idle and where it’s strained, making it easier to shift resources and keep spending aligned with real demand.

5. Build an Audit-Ready Oversight System


When oversight data lives in spreadsheets, email threads, or vendor portals, banks scramble to assemble records only after an audit request comes in. That reactive approach slows compliance reviews and puts institutions at risk of missed requirements or fines.

A stronger model is to keep oversight audit-ready from the start. By centralizing contractor data, every hour and activity can be verified without a paper chase. To make this work, you should:

  • Keep unified logs of work activity across teams and vendors.
  • Link productivity data directly to billed hours.
  • Maintain historical records in a secure, centralized system.


With remote staff monitoring software, all this happens automatically in the background. Compliance officers and managers can pull full work histories in minutes, complete with attendance, activity, and output reports. That day-to-day visibility means audit requests stop being fire drills and turn into a quick export.

The Business Benefits of Closing Oversight Gaps


When banks close visibility gaps, the payoff is immediate and measurable. Contractor costs shrink, compliance gets easier, and managers finally have the clarity to make confident decisions. Without the daily guesswork, leaders can focus on outcomes instead of chasing down records.

One U.S. bank uncovered more than $2.5 million in contractor savings within just three months of adopting Insightful’s workforce visibility tools. By tying logged activity directly to project deliverables, they cut inflated billing, rebalanced workloads, and built a stronger case for compliance during audits.

The broader benefits go beyond cost control:

  • Lower spend on contractor hours that don’t deliver value
  • Audit requests answered with verifiable data, not last-minute scrambles.
  • Higher productivity per dollar, as idle time and distractions are addressed early.


For financial institutions, oversight isn’t just about preventing waste—it’s about protecting reputation and client trust. Closing these gaps ensures the bank’s resources are used efficiently, and compliance confidence is built into everyday operations.

FAQs

What is the best employee monitoring software for tracking remote employee activities?

Insightful (formerly Workpuls) is the best choice for this use case. Its remote work monitoring software gives managers real-time dashboards, activity tracking, and audit-ready reports, so performance can be validated without relying on manual updates.

Which employee monitoring software includes screenshot and activity tracking features?

Insightful is a leading option because its software to monitor remote employees combines screenshots with detailed app and website usage logs. This gives organizations a clear and contextual view of how time is being spent.

What is the top employee monitoring software for tracking productivity and attendance?

For teams that need both, Insightful offers attendance tracking software that’s fully integrated with productivity insights. Managers get accurate start and end times, activity reports, and real-time data to support compliance and performance reviews.

Ready to Take Back Control of Contractor Oversight?


Closing visibility gaps isn’t just about cutting costs—it’s about building trust, proving compliance, and making sure every paid hour delivers real value. Leaders who adopt smarter oversight tools move from reactive reporting to confident, data-backed decisions.

Insightful was rated #1 for transparency by Forbes. Start a 7-day risk-free trial or book a free demo to see how Insightful helps organizations turn unverified hours into verifiable outcomes.

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