At present and in the years to come, the role of BPO will expand rapidly. The strategic and analytical areas will create the most impact because they will determine the organizational agility and competitiveness while being customer-centric. Achieving this is a challenge for financial services companies because they already have very complex policies and operations to deal with. Hence, financial services outsourcing is a widely accepted management practice today.
However, choosing the right BPO voice and non-voice process services provider is essential for meeting financial and service-level objectives, delivering consistent results, and predicting trends.
Raising the bar with outsourced services
Business process outsourcing is turning out to be a common practice across all industries. The main reason is that today’s BPO sector is walking in the direction of “cost-plus” value proposals, alert on delivering strategic business efficiency. In short: extracting value beyond cost savings.
Besides an attractive cost reduction option, financial services outsourcing has also become a stipulation to survive the competition. Bank, insurance, FinTech, and all BFSI companies come across many challenges in their day-to-day operations; the pandemic crisis is the latest example.
Some other challenges are meeting changing compliances, both in digital and regulatory fields, evaluate the right budget, time and effort should be spent while dealing with most common issues like:
- Outdated technology – technical vulnerability, high technical legacy expenses, growing inclination towards digitization, and rising financial services complexities. Partnering with a financial services BPO provider can solve this issue. From tech support process outsourcing to instant access to the latest analytical software, the call center can help you with your tech requirements.
- Increased regulatory pressure – tax compliance, local and global regulatory changes, tax transparency, customer security, penalties, and data breaches
- Pressure to increase profit margin – the higher cost of compliance, lower profit margins, income ratio and return on equity decreasing
- Increasing outsourcing costs – Outsourcing to a destination which has lower currency value than yours can be cost-effective. Outsourcing voice and non-voice BPO services in Jamaica is a cost-efficient choice. It has favorable government policies, low currency value, and tax relaxations
Strategic benefits of finance and accounting services outsourcing
A financial services organization’s key objective should be to shape and transform the finance model so that optimal business performance can be achieved in this global economic scenario. With telecommunication call center now taking on more strategic roles than call answering and customer service, cost control and risk management becomes a breeze!
Moreover, BPO voice process services for BFSI companies are more driven by internal controls and analytics tools, secured by encrypted connection, and supported by Omnichannel WFM system. Considering all developments, it comes as no surprise that financial service operations through shared services and outsourcing are becoming more like a mandatory management practice than a choice.
Some of the obvious benefits:
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Investment Flexibility
The best part a company enjoys by outsourcing is that they can choose the service they need. Most financial services call centers give you multiple service options like dedicated, shared, blended, hybrid, etc. Each of these has unique financial flexibility. You can decide where and how you want to invest. The company’s skill to outsource can attract more clients and investors since the performance will improve and sales figures will rise with outsourcing activities.
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Increased business efficiency
Customer service and back-office support for financial services companies can be critical to handle. But, these are important functions for determining smooth business operations. When these activities are outsourced, companies get ample free resources and workforce to improve management and operations.
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Ensured compliance with every documentation
Financial services and banking operations are complex. It should follow every changing compliance and policy while ensuring customer satisfaction. BPO voice process services for banks are extra secure with encrypted connections and multi-layer protected data storage. You can let a Financial Services BPO handle customer care without worrying about data breach.
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Expand business globally
Whether an eCommerce business or BFSI company, one should find market opportunities and tap into the untouched market. It is the key to successful business expansion. One benefit of financial services outsourcing is you get a deeper insight into different markets. Choose a global outsourcing partner that helps in conducting the market survey and consumer research via multiple channels. They also have access to the best resources globally. Hence, your business will expand globally in no time.
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Signs your business needs outsourcing
If you are yet to shift your non-core financial management services to an outsourcing partner, these are signs it might be the time:
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Lack of resources
Suppose your business lacks enough staff and resources, and you find yourself overworked most days. In that case, it’s time you let an expert financial service outsourcing partner handle the customer service, back-office, and sales.
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Lack of technological know-how
The digital shift in the BFSI sector has compelled most organizations to switch to technology and tools. If you need help with seamless transition from traditional to digital service provider, you should consider outsourcing. The technical experts help you incorporate the latest technology into your existing system. Tech support process outsourcing includes solving customers’ problems and inconveniences due to technological transition.
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Unsteady financial decisions
A company’s most responsible area is making financial decisions. If you fail to make steady financial decisions for your business, a reliable financial consultant can help. Trusted BPO companies have expert consultants, software, and processes to find out customized strategy for your unique financial needs. They can make decision-making tasks simpler.
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Your competitors are outsmarting you
If you want to stay ahead of the competition, hiring a global financial service outsourcing company is beneficial. Your global partner has the experience of handling other clients’ projects in different locations and with different target markets. They can help you stay up-to-date and always meet global standards.
Of course, your business processes must be handled proficiently and with greatest care by your BPO company. A competent and experienced outsourcing provider helps you streamline the operations, processes, and implementation and help you boost internal productivity and enhance your competitiveness. Financial services call center will also provide other advantages like reduced operational expenses, saving time, avoiding errors and delays, staffing flexibility, expert consultation, compliance with applicable rules and regulations, data security and 24/7 availability.
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