Outsourcing the non-core responsibilities of your company can be a very effective practice, offering multiple benefits to your financial business. Considering the high value they have offered to businesses in the past, many small, medium large banks, insurance companies. Other financial organizations have chosen to outsource financial call center services to a BPO company of their choice. There are multiple advantages of outsourcing your business’s non-core responsibilities. Such as customer support, phone answering services, appointment management, sales, lead generation, complaints management, etc. To a third-party BPO company. However, there are potential risks associated with financial services outsourcing as well.
As a financial business owner, you must know all advantages and potential risks before outsourcing your non-core business operations. This will help your business operations in multiple ways. You will be able to determine the exact areas of your business that need can be improved. With the professional solutions of a BPO company. Secondly, it will help you choose the ideal contact center services to improve your business operations. Thirdly, it will help you save a ton of money as you will not have to spend unnecessarily on bundled services you do not need. You can only choose to outsource the financial call center services you need, pay for customized solutions depending on your necessity. Lastly, you will be able to maximize the contact center solutions, ensuring improved outcomes, better results for your business. This will, in turn, help you maximize revenue generation and increase business profitability.
Now, let’s look at some important aspects you must check before hiring
BPO company to outsource financial call center services
There are multiple important aspects you must look into before you choose the BPO company for your customer support outsourcing. This will not only help you save money on your call center services outsourcing but also enable you to maximize the services for your business’s operations. Some of these critical aspects are discussed here.
-
The global presence of the BPO company
In the current business landscape, you need to take your financial business to the global stage to succeed. You do not want a customer engagement partner who can only cater to your local customers or whose reach is limited to specific geographical locations. Limiting your business’s reach to the local geography will not do much good to your business’s revenue generation practices. Additionally, it will hamper your ability to grab the massive opportunities that a global customer base can offer to your financial business. Hence, you must consider the global reach of the BPO company before you choose one to outsource financial call center services. This will help you engage a single BPO company for your customer engagement. Ensure consistency in your customer support deliveries.
Additionally, a global BPO company can also help you with customer outreach and acquisition when approaching a new marketplace. When targeting a new demographic, it is absolutely critical for you to approach prospects in a language they understand. As a result, your customer service partner must be capable of delivering personalized communications in the native languages of customers. Now, you could engage local contact center companies to communicate with the locals in their native languages. However, this practice would be futile as it would mean that you must hire separate call centers for individual countries. On the other hand, if you outsource financial call center services to a global BPO company with multiple locations worldwide. Engaging a single BPO service provider would be enough. The contact center company would ensure that your global customers receive consistent services regardless of which corner of the Earth they are based.
-
The human resources of the BPO company
Once you decide to engage a call center company for your customer support operations, you must decide what functions to outsource. This will help you determine how many customer support agents to hire and what services to obtain. Then, depending on your business’s requirements, you must engage a BPO company with global resources to cater to your needs. However, you must also factor in your growth plans when choosing the BPO company. As your business grows and acquires more customers, the volume of incoming customer communications will continue to rise. As a result, you need a financial services outsourcing company that can scale its resources on demand and continue to deliver superior customer engagements even during unusual spikes in the volume of incoming customer communications.
However, the capability to increase the number of call center operatives is not all you should be looking at when choosing a BPO company. The call center company must also have the industry-specific technology to counter the challenges. Likely to present themselves with rising customer communication volumes. The call center must also have the technology to analyze market trends and predict the volume of incoming calls. This will help you prepare well and ensure no drop in the quality of customer support deliveries. With adequate operatives available for your customer engagement practices, customers do not have to wait for long durations before their calls and texts are answered by a call center operative. At the same time. Prompt responses will also help you address a greater volume of customer issues and deliver superior customer experiences. Therefore, you must inquire about the global resources of the BPO company you choose to outsource financial call center services.
-
The industry-specific experience & expertise of the BPO company
Most BPO companies today are quite adept at delivering competent call center solutions for multiple industry verticals. As a result, the call center company you decide to hire might have the competency to deliver industry-specialized customer support. However, it would be best if you preferred a BPO company based on its expertise and experience in serving clients in your industry. A BPO company that is serving your industry for the first time might still be able to deliver personalized communications to your customers. However, they may lack the knowledge and expertise to counter adverse situations that could potentially damage your customer relationships. On the other hand, when you outsource financial call center services to a contact center with industry-specific expertise and experience. You can be assured that the call center is equipped with the resources to counter all situations.
In addition, engaging a contact center company with prior experience in your industry will also ensure faster results for your business. A new contact center for the industry will take some time to produce desired results for your financial business. The call center operatives in the company must be trained. Will require some time before they can deliver expert and competent customer service. An experienced call center, on the contrary, has all the tools, resources, and expertise to impact your customer support almost immediately. The only training their customer support operatives might need would be for your products/services and your brand ideology. Their prior experience with financial services outsourcing will help them overcome all challenges and continue to deliver competent customer support. In addition, they can develop new practices using industry-specific knowledge to improve the quality of customer interactions and ensure complete and satisfactory customer experiences.
-
Cost of services charged by the BPO company
Finally, price is the most crucial aspect you must consider when choosing a BPO company for your customer support operations. After all, your budget will significantly impact your choice of the BPO company you hire and the contact center services you obtain. It will dictate the location. The type of BPO company, and the quality and type of contact center services you choose to engage in. For example, if you decide to hire a BPO company in the United States, you will likely have to pay much more for the same services than a call center company in India. The Philippines, Thailand, Indonesia, or other South Asian countries. Hence, you need to give a great deal of thought to the price of the contact center solutions before you choose a BPO company to outsource financial call center services.
However, rather than the amount of money charged by the call center company. You should focus on the value it would add to your business operations. If a BPO company can deliver 5X impact and generate 3X revenue for twice the charge of another call center. You might find more value in the former. So, let’s look at it from another point of view. Let’s say you find a BPO company in an Asian country that offers you the same services as an American call center company for half the price. In such cases, it is more profitable to choose a financial BPO company in the Asian continent. Hence, it would be best to look at the price factor in terms of the value it brings to your business core, non-core operations. Not the number of zeros you must enter on the cheque. This will ensure that the money you spend on a BPO company to outsource financial call center services is worthwhile and delivers substantial returns.
There are a few other business-critical aspects you must look at, including:
- The expansion plans of the BPO company to your target geographical locations,
- The training programs within the organization,
- The technology & capital of the BPO company,
- The experience of past clientele, data security practices
Considering these important aspects will eventually help you choose the financial services outsourcing company that best fits the needs of your financial business.
