Financial services encompass a wide range of sub-categories that include banking, lending, and accounting, just to list a few. Regardless of what industry you belong to, your company can benefit from outsourcing financial services as a means of fostering business growth and enhancing your customers’ experience. Learn how Executive Boutique can help grow your business and generate new leads while promoting customer retention.
Finance Industry Outsourcing on the Rise
The finance sector is the number one industry utilizing third-party call centers. It comprises 26% of global market shares in the call center industry, according to a Finances Online report.
With banks, for instance, staff have the monumental task of:
- Answering customer questions through phone calls or emails
- Generating new leads via outbound calls
- Handling new signups (such as from promotional credit card offers or loyalty programs)
An institution’s in-house team normally consists of niche-specific experts. These employees are better utilized in matters relating to their specialized expertise, such as reviewing and interviewing loan applicants. The time-intensive task of taking phone calls and providing general customer service can be allotted to a third-party in order to re-direct internal staff to duties where their expertise comes into play.
Now, let’s have a look at some of the financial services that businesses outsource to Executive Boutique.
Benefits of Outsourced Accounting Jobs
At Executive Boutique, our accounting outsourcing services include:
- General bookkeeping
- Statutory account filings
- Income tax return preparation and filing
- VAT returns and reports
Research shows that 37% of small businesses outsource some or all of their accounting and IT duties to a third-party.
Whatever the industry, you have employees, and you have to pay them. Reviewing invoice sheets is a time-intensive process and can be a whole job in of itself, especially if you have hundreds of employees. Managing an in-house payroll department can be cost-prohibitive, not to mention high-maintenance.
Our payroll outsourcing services include:
- Depositing funds and issuing checks
- Calculating payments and withholding calculations
- Calculating federal and state payroll taxes
Outsourcing payroll tasks eases the strain on your in-house staff and reduces mistakes that can lead to employee complaints and/or stiff penalties from the IRS or other government collection agencies.
Outsourced finance and accounting demands intricate knowledge of region-specific tax codes and compliance. This is why your company needs a dedicated and experienced third-party service like Executive Boutique.
Outsourcing Banking Services
The banking industry is becoming increasingly competitive as institutions vie for profit margins and market share. This is why more banks are turning to business process outsourcing (BPO) services. 90% of banks that are already outsourcing have indicated satisfaction with the arrangement, according to The Global Treasurer report.
Common BPO services for banks include:
- General and back-office accounting
- Liquidity management
- Netting system operations
- Cash flow forecasting
- Cash management – processing bank statements, opening and closing accounts, scheduling payments, etc.
Outsourcing of financial services by banks has become an increasingly common cost-cutting tool. The immense savings in overhead costs allow for investment in other areas, such as lead generation programs, ads, and other investments geared towards customer acquisition/retention.
Let Us Serve Your Financial Institution
From banks to accounting firms, to lending agencies, your customers entrust you with their hard-earned finances. Focus on serving them and leave non-core business processes to a PCI-compliant call center like Executive Boutique.