The BPO sector has a very deep penetration in the business world and serves almost every sector. So now, the outsourcing industry is not limited to telecom, or energy and utility, new age sectors are also a part of the vast clientele. Among the many industries that depend on the vast experience of the BPO companies, the banking and financial services sectors are worth mentioning. Call center services in the banking sector have been growing and developing for over half a decade now. They are now subjected to machine learning and artificial intelligence. Apart from that, the popularity of the latest FinTech businesses can be accredited to the BPO sector.
So now, let’s not bury the lede and move on to describe more about the various services that the best BPO companies can offer in the banking and financial services sector, both traditional as well as new-age digital.
One of the many important aspects or pillars for any business is customer service/support. However, the customer support operation is widely known as complaint management since the scope of return is negligible for the financial sector.
Outsourcing the banking and financial services to the BPO sector for complaint management gives businesses a much-needed boost in customer satisfaction. Also, considering the growth of the new-age digital FinTech sector, the volume of calls for complaint resolution can be overwhelming. So, with the pre-present infrastructure and the ability to handle a high call volume, none of your customers feel left out.
The loan support process is applicable to both the banking and financial services sectors. Businesses can implement this operation as both inbound and outbound processes for lead generation, loan inquiry, pre-sale support, helpdesk, transactional support, etc.
Suppose you hire the best banking outsourcing company in the USA or any other location globally. In such a situation, financial services businesses can either select a hybrid operation for both inbound and outbound or choose the more concentrated version for either. In general, startups for independent banking firms and FinTech corporations go for hybrid operations, while established organizations outsource the two processes separately. This decision of choice depends on the scale of the potential target audience and the expected call volume.
Customer support is very similar to complaint management, though it has a wider scope of implementation. For example, customer support from call center services is in the inbound process with an official calling number in the banking sector and financial services. Existing customers use this number to connect with the representative’s overcall.
An ideal customer support process includes a modern AI-based IVR that is smart enough to resolve basic queries. In addition, the IVR also records the issue of the customers, which helps in allocating the call to the specific specialist agent.
Collection service is not common among all BPO companies, so the ones that you shortlist should be specific. It is an outbound process for existing customers. The main aim of process outsourcing is to follow up with the customers, manage, and, if possible, conclude the loans for the customers.
The most important aspect of factor or aspect to keep in mind here is the recovery rate, which signifies the total number of successful connections. The higher the collection rate, the better it is for the business in terms of revenue.
However, there is another caveat here. Having a high collection rate is not enough, the customer experience is important too. Call center services in banking sector and financial services maintain a good customer experience while maintaining a high collection rate. The result of this is a high retention rate as well.
Credit underwriting is an expertise-driven outsourcing service that BPO companies can offer. The main objective of credit underwriting is to evaluate the various aspects of the proposed customer-business relations in the financial sector.
Credit underwriting is an important part of both financial services as well as insurance. The BPO companies offering credit underwriting services use various software and tools to analyze customer data and ascertain the positives or risks that relate to selling a specific financial service or insurance. As a result, a good credit underwriting company can minimize the risk of losses for the company, thereby boosting the overall revenue.
For most banking and financial services businesses, the sheer volume of calls is extremely high. This calls it to segregate its inbound query and complaint calls into different categories and route them according. Account support is a part of customer service which takes care of all the inbound calls where customers have issues and concerns with their account.
This issue may be related to the terms of the services or even the dashboard that displays all the account and relationship-related information, including the balance, dates, interest rates, statements, etc.
Hiring call center services in banking sector means you will have to share all the data about your customers and their relations. So, it becomes very important to take a look at their data security before you finalize the contract.
The Ending Note
The BPO sector has been extremely instrumental in streamlining most of the banking and financial sector operations, especially post the digitization wave. However, having said that, we still have a lot of services that most international banking and financial companies outsource to ensure a smooth operation. Such operations include compliance management for the specific country or region.
However, businesses need to be absolutely certain about the company they are outsourcing in terms of their data security. The reason behind this is that your outsourced company will need to have all the customers’ information, including their sensitive financial information.
With a global presence and multilingual capabilities, Fusion BPO service has been the go-to outsourcing company in the BFSI industry. All your financial and banking outsourcing operations are efficiently handled with the employment of best-in-class tools and KPI-based training for the agents. Feel free to get in touch and know-how we can cater to your every business’s financial outsourcing needs. Streamline your banking and insurance operations with Fusion BPO Services. We are the leading multilingual BPO service provider in the financial sector and are driven by technology. Our global presence and industry-leading experience can help you achieve your business goals. Get in touch with us today!