While redefining the financial services industry’s possibilities in a post-COVID 19 world, the importance of financial services outsourcing takes center stage. But what makes outsourcing so crucial? In the present-day, finance and banking play an enormous role for every business and in every aspect. From monthly payroll to financial risk assessment, companies spend capital and resources on staff training, accounts management and employ qualified staff for seamless financial operations. However, maintaining an in-house team is time-consuming and costly, especially for startups and mid-level firms. Thus, they outsource BPO financial services to have a long and short-term impact on their business growth.
The COVID-19 pandemic has affected the BFSI industry. But, the increasing rate of outsourcing in 2020 only indicates the benefits it provides to a company. So, there is no taking away the fact that the demand for call center outsourcing for the financial industry is rising.
The market research reports point towards some distinct factors to reflect on in 2021 when outsourcing financial operations. Take a look at the list of 6 things that a Gen-Z financial service company should consider.
- Social-Media engagement
Social media is a great marketing and customer engagement tool. A BPO company should offer social media solutions for improved customer support. Informing customers about new products and services of a bank, updating them about new banking features, and using social media analytics to gauge customers’ behavior are essential functions that BPO financial services must cover.
- Remote working support
Financial services are always traditional-model inclined. But, the COVID-19 has brought a remote working revolution for the BFSI sector as well. From account outsourcing (accounting, auditing, bookkeeping) to consulting services, today, every kind of assistance can be offered remotely. Cloud storage is also a part of this revolution. Thus, a BPO company should provide more flexible working patterns and a web-based global workforce management system for seamless coordination.
The high-speed switch from in-office to at-home-office can be possible with financial services outsourcing.
- Digital commerce to cater to changing customer attitudes
More businesses are closing their storefronts and going online since the global pandemic. Although temporarily, this has impacted customer buying behavior. The demographic that find brick and mortar stores more convenient are shopping online today. The more at-risk are the ones with age above 65. Financial services outsourcing agents can help them with critical financial transactions if they are doing it online for the first time.
With the older generation entering online, a slew of additional responsibility for BFSI customer service agents came along.
- Multilingual support for the hyper-local approach
Why is multiple language dexterity necessary in finance? As we overcome geographical limits, it becomes easier for global businesses to expand. The cultural intersection at an ever-growing pace made multilingual support so crucial for financial organizations. Multilingual call center outsourcing for the financial industry can help with clear and effective communication with customers from different corners of the world.
Besides, for digital marketing strategies to show results, approaching at a hyper-local level is essential. It has become the critical differentiator for mid-tier BFSI companies.
- You are the priority client
Can your BPO partner be a financial management consultancy and business partner and not just a third party? Is it capable of providing you with crucial financial advice when you need it? Can you leave your sensitive financial data with an external agency? If the outsourcing partner treats you as a priority client and has experience in supporting other financial organizations, then yes, the partnership will be useful. Ensure that other than providing payroll outsourcing (payroll processing, reconciliation, payroll accounting) services; your BPO services provider also walks the extra mile to help achieve business targets. It should contribute to maximizing resources and revenue for your business.
- High-end automation
Financial institutions that do not adopt the trend for automation may lag being their competitors. Miscommunications, slower processes, and errors related to manual tasks could burn out resources and performance. Financial Services Outsourcing can help you get rid of traditional accounting methods and replace them with automated workflows.
Not just core financial automation, with HR outsourcing (HR consultancy, Employee hiring), you can zero in on HR automation. It frees employees from tedious payroll tasks.
- Artificial Intelligence can also help finance companies proficiently collect big data, recognize potential market threats, and present insights to perk up their performance.
As we advance, finance organizations and banks should consider all of these factors for outsourcing to bring agility to the workforce. They should hunt down new financial services processes and models to facilitate flexibility, Omnichannel operation, and strike the right balance between in-person and remote work environments. Of course, financial services outsourcing and third-party collaboration will be the right move in 2021. Fusion can be your best financial services outsourcing partner, with 18 global centers spread across 9 different countries. Call us to know how the partnership can benefit you!