Numerous financial service industries have been turning to outsourcing vendors to preserve their competitive edge and steady growth.
Outsourcing companies or BPOs, after all, offer exceptional services backed by innovation, advanced technology, top-notch expertise, and years of tenure and experience.
These third-party providers are also regularly up-to-date with global industry trends that can enhance organizational processes and performance.
If you’re considering outsourcing some functions of your financial service company, then you should know the current innovations that many banks can access from BPOs.
That said, here are three trends in outsourcing for banking and financial service industries.
1. Enhancing Back-office Operations
back-office operations are crucial to the success of financial service industries, impacting customer relations and experience, banking transactions, and other front office tasks.
If back-office operations are chaotic, company personnel can frequently make mistakes, such as giving delayed, outdated, or erroneous account information to customers.
These mistakes can result in poor service delivery, heavier front office workload, greater operational expenses, unsatisfied clients, and a negative brand image.
Which is why banks must ensure their back-office aligns and collaborates smoothly with the front office. To resolve that, they outsource their backend tasks and services.
These tasks include data capture and entry, account servicing processes, credit verification, lead generation, management of taxes, payment systems, and contract services, and more.
By offloading their backend operations, financial servicing institutions can help reduce turnaround times, allocate staff properly, and balance work volumes, among others.
2. Digital Document Management
Financial service firms now have a higher demand for smoother and more secure document management systems, especially as many of their operations go online and digital.
Achieving that typically entails advanced technologies — and that’s where BPO providers come in to help.
By outsourcing, banks can access modern software for digitizing print documents. These help boost efficiency and accuracy in matching individual and company workflows.
Banks can adopt secure virtual data storage systems, like cloud computing, and the required technical expertise, to make up for any lacking data centers, equipment, and other resources.
BPOs even implement strict data access protocols, install and update robust security mechanisms, and other systems that can safeguard banks’ sensitive details and transactions.
By working with BPOs for digitization, banks can keep information consistent and up-to-date, quicken data search and sharing among departments, and better serve their clients.
3. Maximizing Mobile Channels
In the US, the number of smartphone and tablet users reached nearly 260 million, and mobile banking users almost 60 million, both in 2018.
To better accommodate these clients, banking institutions have partnered with outsourcing companies to maximize mobile channels for delivering services.
Financial service agencies and BPO companies develop solid mobile banking apps with similar self-serve options customers find in the banks’ websites.
As a result, banks and BPO companies can alert customers faster and assist them in ways unique to mobile devices, such as integrating banking app alerts via SMS and social media.
With this emergence of mobile banking and app development, BPO partners of banks have also assigned dedicated specialists to provide responsive customer and technical support.
With these trends in financial service outsourcing, you can upgrade your company’s processes and boost your competitive edge in the market.
Our call center offers these innovative systems and more. When you partner with us, rest assured we’ll support your company’s needs as you focus on your mission-critical activities.
Outsourcing your needs to us can be a strategic, profitable move for your institution. Be sure to contact us today to learn more about our services.