Reasons that Make Financial Services Outsourcing a Must Have

The success or failure of a business depends largely on the loyalty it can achieve from its customers. It is like the most crucial virtual wallet that any brand can have. The higher the loyalty, the better it is for its scalability and future prospects, let alone with revenue generation. Having said that, not all businesses currently favor financial services outsourcing in Canada or other call center hubs, the reason being most of these are fintech startups with very weak experience in any particular market. However, there is absolutely no replacement for sales and customer service outsourcing for established financial corporations and banking institutes.

If you look closely, there is a reason why most organizations prefer outsourcing their inbound and outbound processes. The benefits of the same are well known. However, this article is for the new fintech startups and banking sector companies that haven’t considered outsourcing yet. The intention is to elaborate on why financial services outsourcing is extremely beneficial for you.

• Better Resource Management

No one could do it better than outsourcing when to the perfect call center management. Now, the point here is the BPO companies themselves do not offer resource management services, it comes as a result of other operational outsourcing.

Call centers for financial services outsourcing have a huge portfolio of services, and sales and customer service are two of the most common ones. So, once you outsource the customer service and sales process, you have very little to invest your resources in. So, you can manage your resources to improve the quality of your core products and services.

• Cost Management

One of the most significant and crucial reasons you can get to consider financial services outsourcing is cost management. Any well-known BPO company already has a decent tenure of experience in handling outsourced processes. As a result, they have the entire setup ready to execute the process without wasting any time.

On the flip side, running an in-house call center for outbound and inbound processes would mean you will have a lot of expenses to meet to just get the infrastructure ready. The costs are servers, data security, lead management, customer relationship tools, KPI, analytics, onboarding, etc. Plus, the employee wages and benefits are just the add-ons.

So, outsourcing the call center processes would mean not having to make all of these expenses. All you need to pay for outsourcing is the overhead cost for the number of agents you want to place to handle your customer service process. This results in a great cost-saving spree for your business, be it established or just a startup.

• Better Efficiency

No one can deny this fact – sales and customer support financial services outsourcing can bring better efficiency. The main reason that powers this is the fact the kind of experience the BPO companies have is incomparable. This translates to hiring skilled agents, implementing an uncompromised onboarding and training purpose, and using KPI tools to monitor the agents’ performance constantly.

The data collected from the KPI tools can help analyze the agents’ shortcomings during the working tenure. Following this, the BPO company then arranged for detailed feedback from the QA team, re-training, and refreshers courses. These ensure that the agents can produce better results in the customer communication campaigns.

• Customer Service on Multiple Channels

One of the most useful developments that the BPO sector has undergone is the implementation of multichannel customer communications. Such communication has facilitated brands to develop a better and deeper engagement with their customers.

Customer service outsourcing call centers use multiple channels, like social media, on-call support, live chats, emails to connect with the customers. Being available on multiple channels means the customers find it extremely convenient to connect with the brand or its representatives at their preference.

This serves as the perfect way to enhance customer satisfaction, thereby boosting the loyalty and retention rate. It also means that organic offline publicity via recommendations and word-of-mouth is at its best and holds amazing results.

• Customized Solutions

The modern-day BPO companies are good enough to tailor their offerings to suit the business needs. The personalization of services extends to tailoring the number of agents you need, the channels of communication you would implement, and the volume of calls you expect depending on your customer base.

Moreover, what’s even more exciting is that the charges for the services depend on the way you customize it and not on the total bundled expense. So, it’s a win-win situation for your business in the financial and banking sector.

• Availability of the Latest Technology

Every established BPO company updates with the development of technology. It keeps on updating its service offerings based on the technology available at its disposal. Whether with security, data compliance, or even the artificial intelligence and machine learning side of data processing, the technology is the friendliest in the BPO sector.

Financial services outsourcing companies use such technology to upgrade their customer service to maximize your business efficiency and boost your market goodwill. Unfortunately, this is fairly difficult or expensive to implement for an in-house customer communication process.

The Last Summary

Financial services outsourcing in Canada, the USA, or other countries around the world have been widespread and highly preferred among both fintech startups and public and private sector banks and insurance corporations. So, if you haven’t considered outsourcing your customer service and sales and marketing process. Then, all of these reasons might just help you make a decision.

You can also follow up with some of the BPO companies and their past clients to verify if at all these benefits are true or not. You won’t be disappointed at all.