Many financial service providers have turned to outsourcing partners to help them stay competitive and keep up company-wide growth. These financial outsourcing vendors, also known as BPOs, offer impeccable services through innovation, the latest technology, an abundance of professional expertise, and years of experience in the financial sector. Since these third-party service providers also stay up-to-date with global trends that enhance organizational processes and performance, they help their clients stay ahead of the curve as well.
BPO companies handle non-core business services on behalf of their clients with their deep expertise and specialized approaches.
With that being said, let’s take a look at some of the current innovations that finance service providers can access through BPOs.
Latest Financial Outsourcing Trends
Optimized Back-Office Operations to Improve Business Growth
Back-office services are critical for business success, not only in the financial industry but in every organization. These services impact many aspects of the business, including customer relations, banking transactions, and front-office functions.
With mismanaged back-office services, mistakes are much more prevalent within companies. Delayed, outdated, and erroneous account information can easily be used by personnel. And these results lead to poor service delivery, a heavier workload for the front-office staff, greater operational cost, and a negative brand image.
In order to keep all processes flowing smoothly, financial institutions need to ensure that their front-and-back-office functions collaborate and align. And that’s where BPOs can really create a world of difference.
Outsourcing providers focus on data capturing, accounting outsourcing, risk management, lead generation, credit verification, tax management, outsourcing contracts, and payment systems. All of which are back-office tasks that do not form part of the organization’s core functions.
When banks offload their backend operations to BPOs, they can reduce their turnaround times, balance their workflow, meet customer demand rates, and allocate staff properly, to name but a few benefits.
Expanding the Use of Mobile Channels
In 2018, there were nearly 260 million smartphones in use in the USA alone, with roughly 60 million mobile banking users. To accommodate these mobile clients, banks started partnering with outsourcing vendors to help maximize their channels for mobile service delivery.
Solid mobile apps with self-serve options similar to those found on the bank’s website keep being enhanced. And as a result, financial providers and BPOs can assist their clients faster in ways unique to mobile, including the integration of banking app alerts via SMS.
Digital Management of Documents with Business Process Outsourcing
There’s a much higher demand for smoother and more secure document management systems from financial providers as more operations go online and digital. But to achieve this effectively, you need advanced technologies that work with cloud services. And BPOs have these technologies in place.
When banks outsource, they also gain access to the kind of software they need to digitize their print documents. Access to these programs enhances efficiency and accuracy on both individual and company-wide workflow levels.
Banks now have the ability to adopt secure virtual solutions like cloud computing. Plus, they’re backed by technical expertise from their outsourcing partners. This makes up for lacking data centers, equipment, and other resources needed for this transformation.
A Shift to Omnichannel Solutions in Financial Service Outsourcing
Modern consumers require a more personalized and streamlined banking experience. Outsourcing vendors can handle the migration to omnichannel platforms that enhance the user experience on any device.
These platforms allow for real-time data collection and analysis. This means that financial institutions can constantly work on enhancing their customer experience offering by partnering with an outsourcing provider.
Wrapping Up
With the outsourcing trends we’re seeing in the financial services sector, it’s easier than ever for banks to upgrade their processes and core competencies to boost their competitive edge and achieve rapid growth.
Here at DayBPO, we offer all of these services and more. When you partner with us, you can rest assured that we’ll support your company’s needs. Our services focus on freeing up more time for you to focus on the mission-critical functions of your brand.
Outsourcing can be a strategic and profitable move for your organization. Keen on learning what you stand to benefit from outsourcing? Get in touch with our team of experts today!