The Critical Role of Call Center Outsourcing in the Financial Services Industry

Financial Outsourcing services

In the post-COVID-19 world, call center outsourcing services for the financial industry have become increasingly important. But what makes outsourcing so crucial? In today’s landscape, finance and banking play a vital role in every aspect of business. From monthly payroll to financial risk assessment, companies invest significant capital and resources in staff training, accounts management, and employing qualified personnel for seamless financial operations. However, maintaining an in-house team is time-consuming and costly, especially for startups and mid-level firms. Thus, they opt for call center services to impact their business growth positively.

The COVID-19 pandemic has significantly affected the BFSI industry. However, the increasing rate of outsourcing in 2020 highlights its benefits. The demand for call center outsourcing for the financial industry is rising, and businesses must understand why.

Key Considerations for Outsourcing Financial Operations in 2021

Social Media Engagement

Social media is a powerful marketing and customer engagement tool. A BPO company should offer social media solutions for improved customer support. Informing customers about new products and services, updating them about banking features, and using social media analytics to gauge customer behavior are essential functions that BPO financial services must cover.

“Engage with your audience and create a community, not just customers.”

Remote Working Support

The COVID-19 pandemic has brought a remote working revolution to the BFSI sector. From account outsourcing (accounting, auditing, bookkeeping) to debt collection services, various assistance can now be offered remotely. Cloud storage is also a part of this revolution. A BPO company should provide flexible working patterns and a web-based global workforce management system for seamless coordination. The high-speed transition from in-office to at-home offices is achievable with call center outsourcing services for the financial industry.

Future of Work

Digital Commerce for Changing Customer Attitudes

More businesses are closing storefronts and going online, impacting customer buying behavior. Financial services outsourcing agents can assist customers with critical financial transactions, especially those new to online banking. With the older generation entering the online sphere, BFSI customer service agents have additional responsibilities to ensure smooth transitions.

“Adaptability is about the powerful difference between adapting to cope and adapting to win.”

Multilingual Support for a Hyper-Local Approach

As businesses overcome geographical limits, the need for multilingual support becomes crucial. Multilingual call center outsourcing helps with clear and effective communication with customers worldwide. Approaching digital marketing strategies at a hyper-local level is essential for their effectiveness.

“Language is the road map of a culture. It tells you where its people come from and where they are going.”

Priority Client Treatment

Can your BPO partner be a financial management consultancy and business partner, not just a third party? If the outsourcing partner treats you as a priority client and has experience supporting other financial organizations, the partnership can be beneficial. Beyond providing payroll outsourcing services, your BPO provider should help achieve business targets and maximize resources and revenue.

“A partner who understands your business is more than a service provider; they are a part of your team.”

High-End Automation

Financial institutions that do not adopt automation trends may fall behind competitors. Call center services for the financial industry can help replace traditional accounting methods with automated workflows. Additionally, HR outsourcing can introduce HR automation, freeing employees from tedious payroll tasks.

“Automation is not just a tool; it’s the future of efficiency and productivity.”

Wrapping Up

As we move forward, financial organizations and banks should consider these factors for outsourcing to bring agility to the workforce. They should explore new financial services processes and models to facilitate flexibility, omnichannel operation, and a balance between in-person and remote work environments. Call center services for the financial industry and third-party collaboration will be crucial in 2024. Fusion CX can be your best financial services outsourcing partner, with 18 global centers across 9 countries. Contact us to learn how the partnership can benefit you!

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Also Read: 10 Things You Must Know Before Outsourcing Call Center Services

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