5 Ways Customer-Centric Fintech BPO Services Help to Accelerate Your Financial Business Growth

The financial industry has changed dramatically; customers want more flexibility and convenience. Technology has also become more important in our lives, and customers expect their financial services to be as easy to use online as any other service. That’s why fintech products and services have become more popular, too. Customers want a better experience with technology, and they want it to suit their needs.

To stand out from the competition, both new and old businesses in the financial sector need to provide excellent customer service experiences – ones that are customized for their target market. FinTech organizations are crucial in ensuring businesses and consumers are financially independent as the economy booms.

It is fast becoming one of the world’s most promising and ambitious industries. More and more people are tapping into fintech applications to use this sector’s benefits and advantages. The current valuation of the Indian Fintech market stands at $31 billion and is predicted to grow at a CAGR of 22% and reach $84 billion by 2025.

With increasing growth and competition in the market, fintech companies are choosing to delegate some tasks to financial call center services outsourcing companies. Fintech BPO services aid financial companies in improving customer service and increasing operational efficiency. As a result, business process outsourcing in the financial technology sector has been a significant driver of industry growth.

What are Fintech Services?

Financial technology, commonly known or termed as Fintech, is a rapidly evolving sector in the financial industry that automates various financial processes for business. Fintech companies are making several financial services more accessible to the public by integrating new technologies — such as Artificial Intelligence (AI), blockchain, and data science. In broad terms, Fintech describes any company that uses the internet, cloud services, mobile devices, or software technology to connect with financial services or use them.

Five Ways Fintech BPO Services Outsourcing Can Help Financial Companies Grow Their Business

Outsourcing financial call center services is strategy companies use to hire third-party business process outsourcing to maintain their everyday operations effectively. Since it reduces the burden on the internal team, it is considered an efficient way of providing personalized and effective customer service for financial businesses.

When effectively set up and managed, an outsourced team can give you several benefits like the following:

Better Query Resolution

Customers can get annoyed by long waits and multiple call transfers when they call a financial center. They want their issues resolved quickly and efficiently. Financial call center services can help by routing the calls to the right team and solving them on the spot. This way, customers can save time and money and be more satisfied with the service. 

Improved Productivity

Non-core functions like back-office work, lead generation, and customer service can take up much time for financial businesses. By outsourcing these tasks to Fintech BPO services, you can save time and resources and concentrate on other critical financial tasks. You can also get high-quality services and improved productivity from skilled outsourcing providers.

Reduced Call Abandonment

Customers can get frustrated and leave if they wait too long on the phone. This can hurt customer satisfaction and brand image and cost you customers. To avoid this, you can hire customer support services for financial companies. They can help you run your call center services better, lower call abandonment rates, and make customers happier.

Enhanced Quality Control

Customer service quality depends on meeting customer expectations. You need to collect and analyze data, train staff, and make improvements to provide excellent customer service. Financial call center services can use live call monitoring and call recording to determine what needs improvement and fix any problems affecting service quality.

Boost in Customer Satisfaction

Customer satisfaction is vital to customer loyalty and brand loyalty. Financial call center services can improve customer satisfaction by communicating well and serving fast and effectively. This can help keep existing customers and get new ones.

How to Choose a Financial Call Center Services Provider

When searching for a financial call center service provider, it is crucial to consider the following aspects:

• Experience: Seek a provider with a proven track record of success in the financial industry. It is ideal if they have worked with institutions similar in size and complexity to your own.
• Expertise: Financial call center services require a deep understanding of the financial industry, including regulatory requirements, financial products and services, and customer needs. Look for a provider with a team of experts who can offer the knowledge and support tailored to your institution’s requirements.
• Reputation: The reputation of a service provider is significant. Look for a provider with a strong reputation for delivering quality customer service and adhering to regulatory requirements.
• Scalability – Financial call center services should be able to adapt to your institution’s needs. Choose a provider that can handle growth and expansion without losing quality.
• Technology – Technology is essential for financial call center services, so choose a provider with a modern technology platform that can manage many calls and provide instant reporting and analytics.

Takeaway

Customer experience (CX) is a critical competitive advantage for the financial services industry. Call center services for the financial industry help businesses save time and money by handling various activities, such as accounting, finance, HR, customer interaction, cross-selling, upselling, and other related business processes. The main benefit of Fintech BPO services is improving operational efficiency and customer experience, and they do more than just inbound and outbound calling. They use advanced technologies like chatbots, artificial intelligence, robotic process automation, etc., to make customer service faster and easier and answer different customer questions.