How Financial Services Outsourcing Benefits BFSI Sector

Business process outsourcing or BPO is a well-established entity in the finance sector; the efficiency and benefit of outsourcing to a BPO is gaining prominence in times of surging remote operations. On-demand call center services do not just require a highly skilled and very secure technologically upgraded infrastructure but also the knowledge of highly experienced agents who handle complex financial queries and customers’ grievances. Superior CX comes only when the customer support team has real financial expertise, which comes from years of experience in the particular domain.

All credit to the industry’s accelerating competition, growing consumer demands, and higher expectations from shareholders for effectiveness and convenience, the financial sector – similar to others – is now relying on finance services outsourcing to meet customer care requirements.

This is why more and more financial organizations are teaming up with finance outsourcing BPO service partners that can establish a track record of exceptional CX and other non-core financial services like sales support and back office.

And when you find the right BPO services provider, you will discover other advantages like data security, risk assessment and management, crisis management, productivity, competitive advantage, cost-efficiency, analytical ability, and improved decision making in crucial areas of customer service and loyalty, among many others.

Financial businesses are in the middle of key alterations in terms of options and investments in delivery channels. The financial services call center, which was primarily considered a cost-effective channel for customer service, is today a powerful third-party service delivery provider and has the capability for substantial revenue generation.

Customer service – source of differentiation

Service delivery can be a source of important differentiation between contact centers of different financial organization types, from banks to insurance. Every service communication builds the foundation for consumer’s perception towards the overall eminence of the company. In retaining existing clients and acquiring new business, a company’s ability to implement and manage service delivery directly impacts. Customer satisfaction is based on how well a company exceeds or meets a customer’s expectations.

Aspects that affect customer experience

For the financial sector, some aspects determine how satisfied customers will be. The delivery of service is influenced by the financial services call center agent’s behavior, information technology, human resource, office environment, voice process services, and internal processes that change orientation. Some studies showed that phone channels and other primary modes of communications could build a correlation between customer and effective service delivery, leading to more satisfied customers.

Effective Service Delivery

In the financial sector, performance is evaluated in both internal and external quality assurance, customers’ overview of the service quality, particularly those obtained via focus groups and surveys.

When communicating with a bank or financial services company via the call center, the expectations of customers are not dependent on past experiences with the company, other branches, or even with rival call centers. Instead, they are customer’s own experiences developed from myriads of multichannel quality service deliveries and effective selling techniques. When evaluating their own service quality, financial institutions need to evaluate themselves on objective measures which extend across industries.

Importance of financial services outsourcing

For financial services providers or the banking sector, spotting the right outsourcing financial services outsourcing partner is very crucial as they play several important roles like providing 24-hour support, delivering cost efficiencies, cross and up sales support, multilingual support, revenue generation, responding to customer queries over multiple channels like social media, chat, email and messaging app other than a phone call, capitalizing on sales opportunities beyond typical geographic locations and market. Call centers also offer targeted promotion and packaged services to different audiences and more.

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