Financial institutions looking for cost reduction strategies to promote business growth and long-term efficiencies can benefit from banking BPO. Business process outsourcing is an effective tool for improving customer service, reducing operating costs, and streamlining program administration.
The modern consumer expects their lender, credit union, or bank to offer personal attention, cohesive service, and better customer solutions. The various challenges posed by the COVID-19 pandemic have created an especially difficult situation for the finance industry. How do you deliver first-rate customer service while handling day-to-day operations from a remote setting? The answer lies in banking BPO services.
Banks and lending institutions can outsource a range of functions – from back-office accounting to inbound calls and transaction processing — to encourage productivity, engender loyal customers, and improve overall transparency.
Now more than ever, it’s crucial for banks to be agile, scalable, and connected. The BPO banking process is designed for just this purpose. Outsourcing non-core tasks lets financial institutions deliver faster, more precise resolutions while freeing up time and valuable resources.
What services do banks outsource?
Banking and financial services BPO is a viable tool for credit organizations, private banks, investment banking, retail & wholesale banking, and asset management.
Some of the most commonly outsourced services include:
- General accounting
- Netting system operations
- Application screening
- Customer support operations
- Cash flow forecasting
- Account set-up and management
- Account closures
- Bank statement processing
- Bill payments
- Check processing
- Statutory account filings
- Customer acquisition management
- Liquidity management
- Credit evaluation
- Account verification
- Anti-Money Laundering analytics
- Calculating state and federal payroll taxes
- Transaction process management for loans and credit cards
- Fraud mitigation and detection
- Regulatory compliance monitoring
- IT management
Benefits of banking BPO services
Banking BPO has become an increasingly prevalent strategy to maximize resources and drive down costs. One of the advantages of using a third-party outsourcing partner is instant access to a skilled yet cost-efficient workforce that excels in different capacities. Financial institutions are able to position themselves for stability and growth while focusing on the company’s core competencies.
Some of the primary advantages of outsourcing bank business process services include:
- Market agility
- Better quality of customer service
- Reduced operational costs
- Regulatory compliance
- Improved supply chain stability
- Higher customer retention rates
- Access to the latest telecom infrastructure
- Enhanced cross-selling opportunities
Improve agility with Banking BPO services
In today’s uncertain economy, banks need the ability to scale and adapt their services quickly and efficiently. Banking BPO processes provide the means to make that happen. Moreover, BPO services for the financial industry are entirely flexible, offered on a month-to-month basis. There are no start-up costs or long-term contracts, and every campaign is strictly monitored for quality assurance.
To learn more about BPO for banks and lending institutions, contact Executive Boutique Call Center for a customized quote. Our Philippine call center is PCI DSS compliant and certified.