With the increase in cashless payments, internet dependency, and global expansion, the BFSI sector has transformed to cope with the modern-day market where online payment systems like PayPal have appeared as competition. Thus, it is crucial to reach out to a broader market. Cutting-edge customer expectations and global presence has forced the financial services sector to come out of conventional ways and rely on BPO services.
Bringing customer relationship management to the digital arena requires additional resources and skilled professionals. Financial services outsourcing can help a BFSI company maintain a robust digital architecture and create an unparalleled customer experience.
How do financial organizations and banks satisfy customers in a digital-savvy world?
The financial services sector identifies the impact of digital transformation. This is why some of the oldest banking companies and digitally-innate fintech institutions work hand in hand to offer the best customer experience today. From underwriting the internal process to account outsourcing (accounting, auditing, bookkeeping), banks and financial firms are on their way to digitize each touchpoint of the customer lifecycle. With the availability of industry-specific BPO services, you can expect professional and error-free functions when you outsource.
There are ways in which a bank can ensure improved customer experience via digitization.
Enhancing customer experience
The financial institutions and banks work with an abundance of customer data. If used correctly, this data can help with accurate customer profiling. Does a customer want to purchase a house? Offer home insurance and home loan. Need finance for higher studies? Offer an education loan. The sector has classified its services and invested in technology for ensuring their customer get a quick and consistent customer experience through different digital platforms.
Why make a customer visit the bank for the necessary paperwork? With digital platforms, the most important services can be offered online. Bank apps and net banking are technologies where the BFSI sector is investing. Outsourcing financial services for improving customer service has also become a widespread practice. Domain-centered customer care support services in some countries like the US, Albania, and the Philippines have increased in demand. Financial Services Outsourcing in Canada has also gained momentum after the importance of remote customer care grew. Remote customer support has not only helped customers but also the banks to manage time and resources optimally.
- Regulated customer onboarding functions
Customer onboarding functions like KYC (know your customer) and CDD (customer due diligence) should be highly organized. These due diligence processes are critical functions to the company’s success but very time-consuming. Some BPO financial services include due diligence and risk management support. It helps the banks and credit unions evaluate the risk of new customers and figure out the relationship the banking institutions can develop with the customers through their new products and services.
BPO services can help BFSI companies navigate through the jumbled-up compliances and save them from unexpected financial losses due to the breach of compliances.
Digitization of KYC process has facilitated customer onboarding. It was previously difficult to identify a client’s business status from annual reports, operating countries, and official website. It involved reading and analyzing every data minutely. With the use of Natural Language Processing and Machine Learning, reading and extracting data have become easy. Thanks to call center outsourcing services in United States and United Kingdom that make better utilization of automation and help a financial business transition from traditional to automated processes.
- Omnichannel for mobile banking
Today, people are used to carrying their banks wherever they go. Also, for financial transactions and bill payments, the convenience of any time anywhere is growing in demand. Mobile apps have changed the digital banking scenario. However, the need for 24/7 customer support has also increased with the advancement in technology. For not-so-tech-savvy customers, understanding the apps can be challenging. Thus, hiring live chat support services to ensure that customer service is provided 24/7, 365 days. Chat agents for financial BPO services are trained professionals who can handle any enquiries. They can help customers with technical troubleshooting, answer questions not included in FAQs, or cross-sell or up-sell a service between an inquiry.
How Financial Services Outsourcing help overcome the challenges of digital transition?
Digital customer experience brings plenty of benefits. However, customers face some common challenges in the digital journey and there are ways to overcome those challenges through outsourcing.
BPO services outsourcing for educating customers
When it comes to a bank or financial institution, customers feel safer when they see a physical presence, like a branch or an office, where in-person interaction can occur when needed. So, a combination of the physical and digital model is necessary when a bank digitizes its operations and services. It helps customers guide them throughout their journey. BPO services for BFSI companies are based on blended models. They use digital as well as manual resources to provide a personal touch in brand communication.
Irrespective of how sophisticated your digital assets are, winning customers’ trust is a challenge if the personal touch is missing. Infusing trust by educating customers via multiple channels and managing leads are the primary tasks of BPO services providers.
From the time banks and credit unions implement digital architecture, they become omnichannel by default. Thus, omnichannel customer service from a company like Fusion is vital to success. Fusion has vast experience in the related domain and can deliver cost-efficiency, 24/7 customer support, and help the sales team cross-sell and up-sell. BPO services offered by Fusion for the financial services sector are compliant with PCI DSS regulation, ensuring robust data security. If your financial institution needs help to improve the digital customer experience, give us a call right now!